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https://www.nationthailand.com/business/40005940

ECB slows crisis stimulus for next quarter as rebound takes hold

The European Central Bank will slow down the pace of its pandemic bond-buying program in the final three months of 2021, an acknowledgment that the euro areas recovery is strong enough to endure with less support.

The Governing Council decided it will conduct purchases at a “moderately lower pace” than the roughly 80 billion euros ($95 billion) of monthly acquisitions deployed in the past two quarters. ECB President Christine Lagarde justified the decision by saying the economy’s “increasingly advanced” rebound could be maintained with less monetary help.

She also cautioned that the global spread of the delta variant could yet delay the full reopening of the economy. Officials, who revealed new forecasts showing inflation will still undershoot their target, reiterated a pledge to keep the 1.85 trillion-euro program running until March 2022 or later if needed, signaling they’re not yet ready to discuss ending the measure.

The ECB’s move to persist with stimulus contrasts with major central banks elsewhere, a stance Lagarde was keen to emphasize. The U.S. Federal Reserve and the Bank of England have signaled their intention to gradually unwind crisis-era aid.

“The lady isn’t tapering,” she said, describing the ECB’s decision on Thursday as “a recalibration of the pandemic emergency purchase program for the next three months.”

That timetable makes the December meeting a crucial one for the future of the central bank’s stimulus program.

New staff forecasts showed a stronger near-term outlook for prices and growth, though still insufficient to fulfill its mandate. Inflation will average only 1.5% in 2023, below its 2% target.

Lagarde’s balanced message to investors meant the ECB was able to dial down its level of stimulus without provoking an immediate market backlash. The euro trimmed gains as she spoke, trading little changed on the day at around $1.1821 as of 3:34 p.m. Frankfurt time.

“This is not a tapering decision, as ECB President Lagarde stressed,” Elga Bartsch, head of macro research at the BlackRock Investment Institute, said in an emailed comment. “Asset purchases look here to stay as the new policy framework paves the way for looser for longer monetary policy in the euro area.”

Follow the press conference on our live blog

With supply-chain disruptions and resurgent virus infections threatening to undermine the recovery and medium-term price pressures likely to remain well below its goal, officials have insisted in recent weeks that the euro-area economy is in a different state than the U.S. and remains reliant on ECB support.

Yet some governors have started to warn publicly that maintaining an ultra-accommodative stance for too long also carries risks. Austria’s Robert Holzmann and Klaas Knot of the Netherlands both told Bloomberg in separate interviews last week that emergency asset purchases should end in March, hinting at heated discussions about the policy path in the months ahead.

The ECB’s main guide will be financing conditions across the 19-nation bloc. Government bond yields and the euro slid over the summer months, before picking up again recently in anticipation of Thursday’s announcement.

Policymakers also took the following decisions:

– The deposit rate remains at -0.5%.

– Interest rates won’t rise until projections show inflation sustainably at 2% and underlying price pressures are consistent with that goal.

– An older asset-purchase program continues at 20 billion euros a month.

– Long-term loans to banks will continue to support lending.

Published : September 10, 2021

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https://www.nationthailand.com/business/40005939

Russian oil shipments to the U.S. set to surge in Ida wake

The prolonged shutdown of Gulf of Mexico oil production in the wake of Hurricane Ida is creating an opportunity for Russia to expand its share of the U.S. oil market.

Imports of Russian oil from the Urals to the U.S. are set to increase in September and October as 77% of U.S. Gulf offshore production remains shut 10 days after Ida made landfall on the Louisiana coast, according to people with knowledge of the situation. Gulf coast refineries looking for oil in the absence of supply from the Gulf are supporting higher prices for medium sour Russian oil that is similar to grades produced in the Gulf of Mexico.

Three cargoes of Urals crude have been bought by U.S. refiners over the past few days, said traders involved in the market. The shipments will be loaded in the second half of September and arrive in the U.S. by mid-October, they said.

While it’s not uncommon for U.S. fuel makers to buy Urals, the heightened interest in the aftermath of Ida is said to be supporting prices. Urals is trending at a 7-month high, with bids of $1.05 below the Dated Brent benchmark on Wednesday, compared with a discount of $1.95 per barrel before the hurricane hit. Prices strengthened even with the prospect of OPEC bringing more production online.

Ida has knocked out 20.6 million barrels of oil production so far, more than any other storm in the past 13 years. Royal Dutch Shell is still assessing damage to West Delta-143, a critical offshore transfer station that funnels a large portion of Gulf of Mexico crude to the coast. With the platform down, Shell shut the production of medium sour Mars. The company just declared force majure on a 2-million-barrel cargo of Mars crude to China’s Unipec, said people with knowledge of the matter.

As power is restored in Louisiana and refineries restart they will continue to need more crude to resume fuel production. Exxon Mobil’s refinery in Baton Rouge is awaiting more crude oil to restore normal operations. The U.S. Department of Energy is trying to soften the blow from Ida by loaning oil from its strategic reserves. It has loaned so far 1.8 million barrels to refiners including Exxon.

Published : September 10, 2021

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https://www.nationthailand.com/business/40005937

Alibaba sex crime suspect release shows China #MeToo woes

A decision by Chinese prosecutors to drop charges against a former Alibaba Group Holding manager accused of rape underscores the raft of challenges facing women who seek to navigate Chinas justice system.

Police had launched an investigation into the man, whose surname is Wang, on allegations of “forcible indecency” — a broad category that encompasses sexual assault and stops short of rape. But ultimately they said they couldn’t prove that his behavior following an alcohol-fueled dinner with clients amounted to a criminal offense. Wang was released after the maximum 15 days of detention on the lesser charge of “indecency.”

What’s more, the female employee will likely face a difficult time seeking recourse in civil courts. China’s system provides much stronger protection for the defendant than the U.S., for example, where the more likely version of events usually wins the day.

Some Chinese legal scholars have said the courts need 85% certainty the incident occurred, a standard that typically involves providing evidence like a video recording or screenshot, according to Darius Longarino, a senior fellow at Yale Law School’s Paul Tsai China Center who has worked extensively on China’s sexual harassment civil legal framework.

“Overall, Chinese courts tend to give little weight to testimony in general, which creates problems for survivors whose cases depend solely on testimony,” said Longarino, who added that companies also have a role to play.

“The Alibaba case shows that companies need to institutionalize their anti-sexual-harassment measures and not leave it up to individual managers, making ad hoc decisions without a guiding policy,” he added. “MeToo incidents in China will keep happening without a larger change in workplace cultures.”

China earlier this year revised its law on sexual harassment to better define areas such as speech, images or physical acts while also mandating that employers take reasonable measures to prevent, investigate and respond to complaints. But they still don’t clearly define what legal responsibilities are placed on companies, making it difficult to implement in practice.

In the Alibaba case, the female employee handed out leaflets and screamed in the cafeteria last month after company employees went a week without taking action on accusation of sexual assault against her boss. She also published an 8,000-word account of the ordeal that went viral on social media.

Alibaba responded by firing the accused manager. Two senior employees at the e-commerce giant resigned and Chief Executive Officer Daniel Zhang issued a mea culpa, calling the company’s handling of the incident a “humiliation.”

More people are turning to social media to publicize their cases to pressure judicial authorities, said Michelle Miao, associate professor who specializes in Chinese criminal law and human rights at the Chinese University of Hong Kong. “When the case gets national attention, it will be good pressure on the authorities to make sure that they will act fast,” Miao said.

China doesn’t disclose official statistics on sexual violence. The number of rape cases that went to trial in Chinese courts almost doubled to 2,881 in 2017 from 1,473 in 2014, according to a report from the China Family Planning Association, Tsinghua University and a non-government organization called Love Matters. As is the case globally, only a small fraction of sexual assaults or abuse are ever officially reported.

Officials have generally treated feminism and related activism like the #MeToo movement with suspicion. Chinese authorities detained — and later released without charges — five young women activists for planning a street campaign against sexual harassment in 2015. Three years later, an influential social media account called Feminist Voices with 180,000 followers on Weibo was banned.

The state has also used its power to erase accusations from public discourse. Three years ago, a former intern at state broadcaster China Central Television filed a sexual harassment lawsuit against a popular host, accusing him of making unwanted sexual advances. The anchor denied the charges, and a scheduled second court hearing was canceled and hasn’t been rescheduled. Meanwhile, the plaintiff’s social media accounts have been suspended, tens of thousands of supportive posts were scrubbed, and the case has been ignored by state media.

Still, the #MeToo movement has persisted, with an increasing number of women speaking out publicly about their experiences of sexual assault, braving a patriarchy culture that shames the victims. And occasionally the state will amplify claims that fit its political agenda.

After a widespread social media campaign, pop superstar Kris Wu was arrested on charges of sexual assault, which he denies. The government condemned Wu, and used the scandal as fodder for its campaign against the excesses of celebrity. The Alibaba case blew up just as Beijing was rolling out additional measures to tame the power of the country’s tech titans.

Lilian Shen, a volunteer who works with sexual harassment and domestic violence victims in Shanghai, said few people in China have the will or the means to take legal action, even though her group doesn’t advertise its services because “we wouldn’t be able to handle the demand.”

“For the authorities, feminism is scary,” she said. “They see it as radical, as a Western import and as involving half the population — it’s a fear of disorder.”

Published : September 10, 2021

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https://www.nationthailand.com/business/40005935

U.S. stocks drop with worries mounting over growth

U.S. stocks fell in volatile trading as mixed economic data kept investors on edge about the timing of stimulus tapering even as the relentless spread of the Covid-19 delta variant undermines global growth.

The S&P 500 notched a fourth straight decline after erasing an intraday gain that had brought it to within 0.4% of its all-time high. The dollar weakened and 10-year U.S. Treasury yields declined. European equities fell, with the Stoxx 600 erasing the initial advance it saw after the European Central Bank said it will slow its emergency support but keep policy accommodative.

Thursday’s volatility came as data showed initial unemployment claims in the U.S., where calls for the Federal Reserve to start reducing its asset purchases have been growing, fell to a pandemic-era low as the labor market continues to recover. At the same time, there’s increasing evidence that the delta variant may impede the recovery. More U.S. companies have been expressing concern about it. Microsoft Corp. on Thursday indefinitely delayed a full reopening of its offices. The Biden administration plans to order executive branch employees, federal contractors and millions of health-care workers to be vaccinated and require large private employers to mandate shots or testing.

Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, pointed out that the afternoon swoon in stocks coincided with a Treasury auction and follow-on activity in the bond market where investors were buying Treasuries aggressively, pushing down yields.

“It looked like algorithms or other quick-moving traders were at work in the equities market following what happened in the bond market,” Zaccarelli said. Underlying that, “there’s a general feeling in the market that growth is slowing down in the U.S. There’s concern that what’s happening with the delta variant is impacting consumer behavior, potentially business behavior,” he said.

While Thursday’s jobs report showed a stronger-than-expected labor market, other recent readings on the economy have been mixed. The Federal Reserve’s Beige Book survey showed U.S. economic activity decelerated in the past two months as consumers pulled back on spending due to safety concerns. However, shortages meant inflationary trends remained stubborn, according to the findings. Further evidence of global price pressures came from China, where factory-gate inflation surged.

Still, calls for a reduction in bond purchases are strengthening. Fed Bank of New York President John Williams said it could be appropriate for policy makers to begin tapering this year. Dallas President Robert Kaplan said based on the current outlook he would back a September announcement of a tapering in bond purchases and a possible start in October.

Chinese technology stocks slid after officials told firms including Tencent Holdings Ltd. and NetEase Inc. to end their focus on profit in gaming. The selloff extended to the U.S., where NetEase and Alibaba Group Holding declined.

Digital Realty, which manages technology-related properties, tumbled 5% after entering into forward sale agreements with banks for 6.25 million shares at $160.50 each.

Stocks:

– The S&P 500 fell 0.5% as of 4 p.m. New York time.

– The Nasdaq 100 fell 0.4%.

– The Dow Jones Industrial Average fell 0.4%.

– The MSCI World index fell 0.4%.

Currencies:

– The Bloomberg Dollar Spot Index fell 0.2%.

– The euro was little changed at $1.1826.

– The British pound rose 0.5% to $1.3837.

– The Japanese yen rose 0.5% to 109.71 per dollar.

Bonds:

– The yield on 10-year Treasuries declined four basis points to 1.30%.

– Germany’s 10-year yield declined four basis points to -0.36%.

– Britain’s 10-year yield was little changed at 0.74%.

Commodities:

– West Texas Intermediate crude fell 1.9% to $67.97 a barrel.

– Gold futures rose 0.2% to $1,796.70 an ounce.

Published : September 10, 2021

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40005934

Biden administration sets goal of replacing all jet fuel with sustainable alternatives by 2050

WASHINGTON – The Biden administration announced a goal Thursday of replacing all jet fuel with sustainable alternatives by 2050, setting forth a plan to dramatically boost production of fuels made from waste or plants to drive down the environmental cost of flying.

The use of what are called sustainable aviation fuels is in its infancy, with a handful of refineries in operation around the world. But airlines are banking on them as a major part of their efforts to cut emissions and become carbon neutral by the middle of the century.

In a fact sheet announcing the plan, the White House said speeding adoption of the new fuels and other steps to reduce emissions from flying “will transform the aviation sector, create good-paying jobs, support American agriculture and manufacturing, and help us tackle the climate crisis.” Aviation accounts for about 3% of U.S. greenhouse gas emissions.

The federal government’s new goal targets annual production of 3 billion gallons of the fuels by 2030 – a level the White House says would enable a 20% cut in carbon emissions from flying compared with doing nothing. Production on that scale would represent just over a tenth of the fuel airlines consumed in 2019 but would be a huge leap from the estimated 4.5 million gallons that is estimated to have been produced in the United States last year.

Currently, the alternative fuels have to be combined with conventional jet fuel, and eliminating fuel made from crude oil would require technological breakthroughs to allow engines to run entirely on the alternatives.

As part of the administration’s push, the Departments of Transportation, Energy and Agriculture have agreed coordinate their efforts to develop the fuels, carrying out research, developing fueling infrastructure and encouraging the production of raw materials.

In March, members of Airlines for America, a trade group for major carriers, set a 2030 target of producing 2 billion gallons of alternative fuels. On Thursday, Nicholas Calio, the group’s chief executive, said airlines had agreed to the administration’s more ambitious goal.

“To get there, we must work together – industry and government,” Calio said. “These goals are important, but they are meaningless without action. A4A and our members are taking and are committed to action, and we are committed to working together, across this industry and with Congress and the administration, to make these goals a reality.”

The Biden administration is pushing to dramatically cut emissions from the transportation sector, which is the biggest source of greenhouse gases in the United States. In August, the president signed an executive order calling for half of new cars and light trucks to be battery powered or plug-in hybrids by 2030, and has proposed fuel economy rules to start driving down emissions in the meantime.

But the prospects of improving fuel efficiency of jets or switching to electric-powered flights are limited, so the aviation industry is banking on alternative fuels to meet its emissions goals.

Sustainable aviation fuel refers to a number of different kinds of jet fuel made from ingredients other than crude oil. A refinery owned by World Energy in Paramount, Calif., for example, uses waste fat, oil and grease. While the alternative fuels can’t currently replace conventional jet fuel entirely, they can be mixed with it and used with existing engines and refueling systems.

Burning the fuels still produces carbon dioxide. The emissions savings come from either growing sources of carbon – which pulls carbon dioxide out of the atmosphere – or using waste as an ingredient. Determining the benefits requires a complicated analysis known as a life cycle assessment.

Using the fuel from the Paramount refinery cuts carbon emissions by 80% – a figure airlines have widely adopted in marketing materials – but Nikita Pavlenko, a fuels researcher at the International Council on Clean Transportation, cautioned that “the picture is much more complicated.”

A review by Pavlenko’s organization found that sustainable jet fuels produced by some methods could result in substantially smaller emissions savings, and in some cases lead to even higher emissions. It would probably fall to the Environmental Protection Agency or other government regulators to assure that fuels used by American carriers were actually cutting emissions.

At the same time, some research has concluded there are methods of making the fuels that could drive emissions below zero. United Airlines said Thursday it is planning to work on such an approach with Honeywell and biofuel firm Alder Fuels using forestry and crop waste.

“To scale SAF [sustainable aviation fuel] as quickly as necessary, we need to look beyond existing solutions and invest in research and development for new pathways like the one Alder is developing,” said Scott Kirby, the airline’s chief executive.

But there are also questions about how much waste or other ingredients are available to be turned into fuel.

“There’s not nearly enough used cooking oil to go around,” Pavlenko said.

In the short term, the cost of the alternative fuels is likely to hold back their adoption. Before the pandemic scrambled the industry, airlines paid about $2 per gallon for jet fuel. Airlines for America says the alternative fuels can cost at least three times as much.

Government subsidies could help bridge the gap. In May, a coalition of airline trade organizations and unions wrote to congressional leaders proposing a $1.50 per gallon tax credit for fuels that reduce emissions by half, rising to $2 for those that drive down emissions even further – an idea President Joe Biden endorsed in his budget.

The industry has also called for grants and loan programs to support investments in production facilities.

Published : September 10, 2021

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https://www.nationthailand.com/business/40005928

SET down as investors wait on Europe QE decision

The Stock Exchange of Thailand (SET) Index closed at 1,629.12 on Thursday, down 11.33 points or 0.69 per cent. Transactions totalled THB91.09 billion with an index high of 1,646.07 and a low of 1,626.95.

In the morning session, Krungsri Securities expected Thursday’s index to fluctuate between 1,630 and 1,650 points due to a lack of fresh positive sentiment.

It also forecast slow trading as investors waited to see whether the European Central Bank would reduce its €80-billion monthly quantitative easing programme at its meeting on Thursday.

With higher inflationary pressure affecting fund flows, investors were advised to focus on high-profile stocks, said Krungsri Securities.

The 10 stocks with the highest trade value today were ADVANC, KBANK, INTUCH, CPALL, GULF, U, PTT, AOT, BANPU and LHFG.

Related news:

• SET Index falls in opening trade
• Gold price nose-dives on opening
• Baht could wane today as investors offload Thai assets

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 30,008.19, down 173.02 points or 0.57 per cent.

China’s Shanghai SE Composite Index closed at 3,693.13, up 17.94 points or 0.49 per cent, while the Shenzhen SE Component Index closed at 14,698.53, up 10.45 points or 0.07 per cent.

Hong Kong’s Hang Seng Index closed at 25,716.00, down 604.93 points or 2.30 per cent.

South Korea’s KOSPI closed at 3,114.70, down 48.29 points or 1.53 per cent.

Taiwan’s TAIEX closed at 17,304.33, up 33.84 points or 0.20 per cent.

Published : September 09, 2021

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https://www.nationthailand.com/business/40005913

Gold price nose-dives on opening

The price of gold dropped heavily, by THB200, in morning trade on Thursday.

AGold Traders Association report at 9.25am said the buying price of a gold bar was THB27,650 per baht weight and selling price THB27,750, while gold ornaments cost THB27,151 and THB28,250, respectively.

At close on Wednesday, the buying price of a gold bar was THB27,850 per baht weight and selling price THB27,950, while gold ornaments cost THB27,348 and THB28,450, respectively.

The spot gold price on Thursday morning was moving around US$1,790 (THB58,573) per ounce after Comex gold fell by $5 to $1,793.50 per ounce at close on Wednesday. This spelt the second consecutive day of decline, due to pressure over the appreciation of the dollar after the US announced that the number of job openings in July increased.

Related news: 

• Baht could wane today as investors offload Thai assets
• SET Index falls in opening trade

The Hong Kong gold price also dropped by a large margin – HK$70 – to $16,610 (THB69,910) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : September 09, 2021

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40005912

SET Index falls in opening trade

The Stock Exchange of Thailand (SET) Index fell by 0.12 points or 0.01 per cent to 1,640.33 on Thursday morning. Krungsri Securities expected the index to swing around 1,630-1,650 points on Thursday due to a lack of fresh factors.

Investors were expected to go slow on trading to follow Thursday’s European Central Bank meeting to see whether the bank would reduce its quantitative easing, which works out to €80 billion per month.

“After higher inflationary pressures, which will affect fund flows, it is advised that focus should be placed on investing in stocks which are in the news,” Krungsri Securities said.

It recommended selective buying of the following companies’ shares as an investment strategy:

• AOT, KBank, BBL, CPN, CRC, HMPro, AAV, BA, Mint, Amata and WHA, which would benefit from the country’s reopening.
• Hana, KCE, TU, CPF, GFPT, Asian, EPG, NER, Sun and APure, which would benefit from the depreciation of the baht.

The SET Index closed at 1,640.45 on Wednesday, up 4 points or 0.24 per cent. Transactions totalled THB89.92 billion with an index high of 1,641.29 and a low of 1,627.17 as the SET bounced back after sliding almost 1 per cent in the first two days of the week.

Related news:

• Baht could wane today as investors offload Thai assets
• Investments in EEC expected to help economy grow 5 per cent
• BoI’s Asean investment framework gets Cabinet okay

Published : September 09, 2021

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40005910

Baht could wane today as investors offload Thai assets

The baht opened at 32.74 to the US dollar on Thursday, strengthening from Wednesday’s closing rate of 32.78.

The Thai currency is likely to move between 32.65 and 32.80 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said investors were awaiting results of a key European Central Bank meeting today as the baht drifts sideways.

The baht might be volatile and weaken during the day as many foreigners opt to offload their Thai assets, he said.

The key resistance level for the baht would be from 32.90 to 33.00 to the dollar, which is the level at which exporters might sell the US currency, Poon said.

Related News 

Baht could seesaw today: market strategist

Baht expected to move sideways as investors await clarity on various issues

Baht opens the week stronger against the dollar

Meanwhile, the baht’s key support level would be from 32.50 to 32.60, the level some importers are waiting for so they can buy the dollar, he added.

Published : September 09, 2021

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40005891

Gatess firm buys part of Saudi princes Four Seasons Stake

Bill Gates will take control of the Four Seasons hotel chain after his investment firm agreed to acquire a stake from Saudi Prince Alwaleed bin Talals Kingdom Holding Co., in a bet that luxury travel will rebound from a pandemic-induced slump.

Gates’s Cascade Investment will pay $2.2 billion in cash to boost its stake in Four Seasons Holdings to 71.25% from 47.5%, according to a statement Wednesday.

The lodging industry has been hobbled by a drastic slowdown in global travel as the world struggles to halt the spread of Covid-19. Vaccination campaigns helped fuel a lodging rebound led by leisure travelers, but luxury hotels are still lagging behind lower-quality properties, according to data from STR.

Gates, 65, and Alwaleed, 66, have known each other for decades. In 2017, the Microsoft Corp. co-founder described the prince as an “important partner” in their charitable work, and he was one of a few Western executives to voice support for Alwaleed after he was detained and accused of corruption by Crown Prince Mohammed Bin Salman.

Four Seasons shareholders took the company private in 2007, when it managed 74 hotels, with Gates and Alwaleed leading the deal. The new owners expanded the company’s footprint to more markets in a bid to capitalize on what was then a booming market for luxury travel.

The chain now manages 121 hotels and resorts, and 46 residential properties, and has more than 50 projects under development, according to the statement. Its landmark Kingdom Tower in Riyadh is among the two dozen hotels it owns across the Middle East and Africa. That property is popular among the consultants and bankers who commute from nearby Dubai and have helped transform Saudi Arabia’s economy.

It has also expanded efforts to attach its brand to luxury homes, as real estate developers realized that affluent buyers would pay more to live in a condominium or residential community associated with the hotel brand.

Kingdom Holding, which will retain 23.75% of the hotel chain, plans to use proceeds from the transaction for investments and to repay debt. Four Seasons Chairman Isadore Sharp, who founded the company in 1960, will keep his 5% stake. The deal is expected to be completed in January.

Alwaleed has made a series of deals since he reached a “confirmed understanding” to secure his release from detention in 2018. Shortly after, he invested about $270 million in music streaming service Deezer. In February, he sold a stake in his Rotana Music label to Warner Music Group Corp.

Cascade, which is run by Gates’s money manager, Michael Larson, first invested in Four Seasons in 1997, when it was publicly traded. The investment firm also manages the endowment of the Bill and Melinda Gates Foundation.

Gates and Melinda French Gates ended their 27-year marriage last month. He has a net worth of $152.2 billion, according to the Bloomberg Billionaires Index, and she has received almost $6 billion of shares in public companies, filings show. More precise details of how the ex-couple’s fortune is being split remain confidential.

Alwaleed’s wealth has been almost cut in half since 2014 and now stands at $18.4 billion. In an earlier interview, he attributed the decline to a slump in Kingdom Holding’s shares and not because of any agreement or settlement he made during his detention. About half of the prince’s wealth is tied to shares in the holding company, in which he owns a 95% stake.

Alwaleed’s holdings include shares of Citigroup, ride-hailing firm Lyft and Accor.

His investment company reported a loss last year of 1.47 billion riyals ($392 million). The value of his other holdings — including Saudi real estate, public and private equities, jewelry and a superyacht — helped mitigate some of the losses, according to figures previously provided by the firm.

Shares of Kingdom Holding rose 1.1% on Wednesday, giving it a market value of almost 40 billion riyals.

Published : September 09, 2021