
Saudi Arabia issues tender to buy 655,000 metric tons of wheat
Saudi Arabia has issued a tender to buy 655,000 metric tons of wheat for the August to October 2025 shipment period, the General Food Security Authority (GFSA) said on Thursday.
The deadline for submissions of price offers is Friday, May 16, and the results are expected on Monday, May 19, European traders said.
Some 11 consignments of 12.5% protein wheat are sought to be sourced from optional origins, according to a tender the agency sent traders.
The shipments will be distributed to different ports, with 240,000 tons to Jeddah for arrival between August 15 and October 15.
Saudi Arabia's PIF strikes multi-billion investment deals with US asset managers
About 240,000 tons was for shipment to Yanbu also for arrival between August 15 and October 15, 120,000 tons to Dammam for arrival between August 15 and September 30 and another 55,000 tons to Jizan for arrival in the first half of October, traders said.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Recorder
25 minutes ago
- Business Recorder
S&P lowers outlook on Volvo Cars rating citing US tariffs, competition in China
STOCKHOLM: S&P on Friday lowered the outlook for its BB+ credit rating on Volvo Cars to 'negative' from 'stable', saying U.S. tariffs and tougher competition in China were hurting the company's growth prospects. The Sweden-based automaker, which is majority-owned by China's Geely, last month withdrew its earnings guidance and announced cost cuts, which will include laying off some 3,000 mostly white-collar workers amid a slowdown in demand. 'The negative outlook on Volvo Cars reflects its large exposure to U.S. import tariffs and the increasing marginalisation in the Chinese market,' S&P said in a statement. 'We expect Volvo Cars' profitability and cash generation after investments to come under pressure in 2025-2026, partly alleviated by a substantial cost reduction programme.' The United States represented 16% of Volvo Cars sales in 2024, while China accounted for 20%. Volvo Cars to cut 3,000 jobs in restructuring Volvo Cars produces only one of its models in the United States, and relies on imports for the rest, leaving the company more exposed to U.S. tariffs than many of its European peers. S&P said a proposed 2027 U.S. ban on automakers controlled by a Chinese entity also weighed on the outlook. In the most recent twist in the trade turmoil sparked by President Donald Trump, a U.S. court on Thursday temporarily reinstated sweeping new tariffs, a day after another U.S. court had ordered an immediate block on them.


Business Recorder
29 minutes ago
- Business Recorder
Japan's Dai-Ichi Life to take 15% stake in British insurer M&G
PARIS/LONDON: Japanese insurer Dai-ichi Life will take a 15% stake in British financial group M&G and has agreed a long-term partnership, sending shares in M&G sharply higher and marking the latest overseas foray by a Japanese firm. The tie-up, in which Dai-ichi Life becomes M&G's biggest single shareholder, is expected to deliver at least $6 billion of new business for M&G and $2 billion of new business for Dai-ichi Life over the next five years, M&G said on Friday. M&G shares rose more than 8% in early trading, hitting their highest since June 2021. The stock was last up nearly 6% at 1050 GMT. M&G CEO Andrea Rossi told Reuters the agreement would help the firm accelerate growth in Asia via Dai-ichi Life's distribution network. He said the Japanese firm would also help fuel the growth of its European private markets business. M&G has been seen as a takeover target in the past, but Rossi said the tie-up would strengthen M&G's competitive position as a standalone firm. 'I can see us having a great independent future in front of us,' he said. The two companies will 'pursue opportunities to co-invest in new asset management capabilities' under the tie-up, and M&G will become Dai-ichi Life's preferred asset management partner in Europe. Asset management has seen a spate of consolidation and collaboration deals in recent years as firms try to bulk up in order to compete with U.S. giants like BlackRock and Vanguard. Japanese firms have also become more active in the insurance and asset management market outside of Japan, with British rival Legal & General announcing a tie-up with Meiji Yasuda in February, while DWS is in talks to form a joint venture with Nippon Life in India, Reuters reported this month. Under the deal, Dai-ichi Life will have the right to appoint a director to the board of M&G for as long as it holds at least a 15% shareholding, the British company said. In 2023 M&G was linked with a potential bid by Australia's Macquarie, which the British money manager at the time dismissed as speculative. Active asset managers have come under pressure from inflation and from investors turning to passive investment funds, which charge lower fees. M&G reported an unexpected rise in annual profit in March, helped by cost-cutting and growth in its asset management business. Dai-ichi Life earlier in May said it would raise its stake in UK-based Capula Investment Management to 15%, from just under 5%, and in April agreed to buy a 15.1% stake in Australian investment manager Challenger for around $550 million.


Business Recorder
an hour ago
- Business Recorder
Global LNG: Asian spot prices flat as weak demand, rising Europe supply caps gains
SINGAPORE: Asian spot liquefied natural gas (LNG) prices were flat this week after three weeks of gains, as low demand from Asian buyers and increased supply in Europe capped gains. The average LNG price for July delivery into north-east Asia was at $12.40 per million British thermal units (mmBtu), industry sources estimated. Despite extremely weak production at Malaysia's Bintulu export terminal, which had been undergoing maintenance and delaying shipments, demand in Asia has also been soft with limited appetite this week, said Martin Senior, head of LNG pricing at Argus. 'Prices (are) still out of reach of price sensitive buyers in Asia, with limited requirements posted this week,' he said. Buying interest seems to be stemming primarily from trading houses and portfolio majors, added Masanori Odaka, senior analyst at Rystad Energy. 'If prices fall another $1/mmBtu, then we will see interest from some Asian buyers,' he said, adding that while the arbitrage for U.S.-sourced LNG to Asia is closed this week, factoring in full shipping, the arbitrage for Nigeria supply to Asia is open. S&P Global Commodity Insights assessed its daily North West Europe LNG Marker price benchmark for cargoes delivered in July on an ex-ship basis at $11.211/mmBtu on May 29, a $0.52/mmBtu discount to the July gas price at the Dutch TTF hub, with ample waterborne LNG cargoes and pipeline supply easing sentiment. Global LNG: Asian spot LNG prices rise to two-week high amid renewed demand Argus assessed the price for July delivery at $11.30/mmBtu, while Spark Commodities assessed the June price at $11.175/mmBtu. 'Improving renewables supply and recovering pipe-gas flows from Norway to the continent worked in tandem with an influx of LNG to meet the current demand across Europe,' said Aly Blakeway, manager of Atlantic LNG at S&P Global Commodity Insights. 'For now, European demand remains relatively sluggish with procurements of LNG and the pace of injections seeing a relative slowdown on the week.' Meanwhile, the U.S. arbitrage to northeast Asia via the Cape of Good Hope decreased this week, but still pointed towards Europe, said Spark Commodities analyst Qasim Afghan. The U.S. arbitrage to northeast Asia via Panama closed out for the first time in over three weeks, and is now also marginally pointing to Europe. In LNG freight, Atlantic rates dropped for a fourth straight week to $29,500/day on Friday, while Pacific rates held steady at $20,750/day, he added.