Saudi Arabia settles lower, worst weekly performance in over a month
The kingdom's stock index (.TASI), opens new tab shed 1.02% on Thursday, underperforming its peers in the Middle East. It was down 2.5% for the week.
Official data on Wednesday showed the country's crude oil exports in March fell to 5.754 million barrels per day from 6.547 million bpd in February.
Oil prices, a catalyst for stock markets in the Gulf, also dropped by more than a percent after Bloomberg reported OPEC+ was discussing a production increase for July, which raised worries that global supply could exceed demand growth. O/R
Dubai's benchmark index (.DFMGI), opens new tab snapped two consecutive sessions of decline, ending 0.26% higher. UAE-based insurer Dubai Insurance (DINC.DU), opens new tab was the top gainer on the index, jumping 15% to a near 21-year high.
The index has been bolstered by a slew of business agreements between the U.S. and UAE announced last week during President Donald Trump's Gulf Tour.
Elsewhere, the main stock indices in Abu Dhabi (.FTFADGI), opens new tab and Qatar (.QSI), opens new tab ended the session flat on Thursday. Qatar's benchmark index saw its biggest weekly rise since October 2024.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab, closed up 0.44% ahead of an expected rate cut by the country's central bank later on Thursday.
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Wales Online
30 minutes ago
- Wales Online
4-day working week brought in at Welsh company employing hundreds of staff
4-day working week brought in at Welsh company employing hundreds of staff It's one of 17 companies which took part in a national trial to test a four-day working week with no increase in hours or reduction in pay Bron Afon in Cwmbran has successfully completed a four-day working week trial (Image: Google Maps ) A Welsh company has confirmed its plans to continue with a four-day working week, following the success of a national trial. Housing association, Bron Afon, was one of 17 companies to take part in a six-month pilot, which concluded with all participants opting to extend the shorter working week. The trial, which began in November, 2024, was organised by the 4 Day Week Foundation and involved nearly 1,000 workers across a range of industries. The aim was to test whether reducing the traditional working week from five days to four would impact productivity and employee wellbeing. Bron Afon, which boasts a workforce of around 400, claimed the results had been overwhelmingly positive. For our free daily briefing on the biggest issues facing the nation, sign up to the Wales Matters newsletter here The Cwmbran-based organisation shared that it had been able to maintain its performance and customer satisfaction, while also seeing significant benefits for its employees. Alan Brunt, chief executive of Bron Afon Community Housing, said: "Almost as soon as we started talking about it, our teams got together to set about making it work which was brilliant. Article continues below "We've closely monitored our performance and customer satisfaction. We're happy with the results so far and will continue to make sure we're delivering for our customers." Nearly two-thirds of workers across all companies involved in the trial reported a reduction in burnout, with 40% saying they had seen improvements in their mental health, while almost half said they felt more satisfied with life overall. Following the 100% success rate, director of 4 Day Week Foundation, Joe Ryle, commented: "With greater knowledge, expertise and experience of what it takes to successfully implement a four-day week, we're really pleased to see such a high success rate. "People are happier, businesses are thriving, and there's no turning back. "We've proved it again and again: a four-day week works and should now be implemented more widely across the economy." Having seen the benefits first hand, Bron Afon is now committed to continuing with the four-day week, with Mr Brunt adding: "I expect that most organisations will be doing this in the next 10 years or so." The campaign's success closely aligns with the results found by a group appointed by the Welsh Government last year. The group, established under the Workforce Partnership Council (WPC), spent a year studying the pros and cons of a four-day working week. The project revealed five major benefits, including: Improved work-life balance: Shorter work hours with no pay-cut help workers better balance work and personal life. Better health: Reduced hours help prevent burnout, lower stress and improve physical and mental wellbeing. Attraction and retention: Boosts recruitment and retention by offering distinctive benefit and effective pay increase (for fewer hours worked). Greater inclusivity: Supports workers with caring responsibilities, fostering a more inclusive workspace. Increased productivity and organisational performance: Due to increased feelings of wellbeing, those who are feeling well rested and happier tend to produce work more efficiently and of higher quality. Article continues below
The Guardian
39 minutes ago
- The Guardian
Reeves's fearsome challenge: to balance backbenchers and bond markets
It was Bill Clinton's political adviser James Carville, way back in the 1990s, who said that in another life he would like to 'come back as the bond market' – in preference to a president or a pope – because 'you can intimidate everybody'. Even Donald Trump, that most wilful of politicians, has been forced to retreat in the face of bond market moves in recent months, ditching the most extreme of his 'reciprocal' tariffs after US Treasury yields jumped. And despite the traditional status of US Treasuries (government bonds) as a safe haven for global investors, it is still not clear how well financial markets will be able to swallow the $3.3tn increase in debt coming down the tracks if Trump's 'big beautiful bill' is passed. So when investors dumped gilts (UK government bonds) on Wednesday, as Rachel Reeves wept in the Commons, it was an abrupt reminder that Labour backbenchers were not the only audience the government must placate. Like many other major economies hit by a succession of shocks in recent years, the UK's relatively large debt pile means policymakers have to keep one eye on the markets they are relying on to fund their borrowing. And some analysts argue that the UK appears particularly vulnerable to crises of investor confidence, after the Liz Truss debacle of 2022. Given this backdrop, Reeves's team have always said their strict fiscal rules are not 'self-imposed' but there to prevent the government running up against the real-world constraints of the bond markets. As the chancellor put it in a recent speech, 'it is not me 'imposing' borrowing limits on government. Those limits are the product of economic reality.' Wednesday bond market moves supported her point, with the yield (in effect the interest rate) on government debt ticking up, as Keir Starmer appeared to hesitate in giving the chancellor his full backing. The market move suggested that, while Reeves may have lost credibility with Labour backbenchers after what many see as catastrophic misjudgments over winter fuel and welfare cuts, she does, apparently, retain the confidence of the bond markets. That matters, because this Labour government is operating in a very different, much more constrained fiscal environment than its predecessors. Government debt in the UK was running at about 30% of GDP in the early 00s, when Tony Blair was prime minister. Then came the global financial crisis, prompting multibillion-pound bailouts and a deep recession, and more than doubling the debt-to-GDP ratio to 70% by the time Labour left office. The decade and a half since has been marked by sickly economic growth, and another two 'once in a lifetime' economic shock: Covid, and the energy crisis prompted by Russia's invasion of Ukraine. Government debt is now close to 90% of GDP and is heading higher. The interest on that has cost the taxpayer more than £100bn in the last fiscal year – as much as 8% of public spending. In other words, what appear to be tiny moves in interest rates, if sustained, can cost taxpayers billions. The fact that Reeves's 'headroom' against her fiscal rules evaporated between the autumn budget and March's spending review was caused more by rising interest rates on government debt than a slowing economy – and this was driven as much by global events, including US tariffs chaos, as by decisions at home. Reeves hopes the squeeze on the public finances will ease as economic growth picks up – but that feels challenging, given the highly uncertain international context and the unavoidably long-term nature of many of Labour's pro-growth policies. By Thursday, the jump in gilt yields had partly reversed, after Starmer made clear Reeves continued to have his backing – perhaps not surprisingly, as there is scant evidence he wants to abandon her broad approach. Some of the chancellor's allies argue that she has emerged strengthened for the internal rows ahead, because she can point to investors' jitters to show there are limits to what the markets will tolerate. But after this week's welfare climbdown, her autumn budget looks like a fearsomely difficult balancing act, between restive backbenchers and sceptical investors.
South Wales Guardian
44 minutes ago
- South Wales Guardian
Ryanair and easyJet cancel hundreds of flights amid air traffic control strikes
Ryanair said it was forced to make 170 cancellations on Thursday and Friday as the strikes affect flights to and from France – and also flights over the country to destinations such as the UK, Greece, Spain and Ireland – impacting more than 30,000 passengers. Luton-based rival easyJet said it had cancelled 124 flights today and was scrapping 150 tomorrow due to the industrial action. EasyJet said customers have been contacted directly and have the option to transfer to another flight for free or receive a refund, but advised all passengers to check the status of their flights in case of further disruption over the next two days. 'While this is outside of our control, we will do all we can to minimise the impact of the strike action,' easyJet said. Ryanair chief executive Michael O'Leary renewed calls on EU Commission President Ursula von der Leyen to take 'urgent action' to reform European Union air traffic control (ATC) services in light of the disruption, which comes at the start of the European summer holidays. Mr O'Leary said: 'Once again, European families are held to ransom by French air traffic controllers going on strike. 'It is not acceptable that overflights over French airspace en route to their destination are being cancelled/delayed as a result of yet another French ATC strike. 'It makes no sense and is abundantly unfair on EU passengers and families going on holidays.' EasyJet echoed the plea, asking for 'long-term solutions'. It said: 'On behalf of our passengers we are extremely unhappy with the strike action, particularly given the current performance of French ATC which has been the leading cause of airspace delays in Europe this summer. 'Long term solutions must be found for our customers and crew who suffer repeated disruption.' Airlines have long-campaigned for an overhaul of ATC services across Europe. Ryanair said it wants the EU to ensure ATC services are fully staffed for the first wave of daily departures, as well as to protect overflights during national ATC strikes. 'These two splendid reforms would eliminate 90% of all ATC delays and cancellations, and protect EU passengers from these repeated and avoidable ATC disruptions due to yet another French ATC strike,' Mr O'Leary added. Ryanair also said on Wednesday it had been hit by the recent conflict in the Middle East, and it cancelled more than 800 flights last month. It is among those to have cancelled and rerouted flights amid the conflict between Israel and Iran, as well as continued attacks in Gaza, which last week saw flights halted at Dubai airport in the United Arab Emirates (UAE).
