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Oil Sector Slump Pulls Saudi Arabia's Second-quarter GDP Down

Saudi Arabia's economy contracted 4.8% year over year in the second quarter due to a steep drop in oil activities, flash data from the country's General Authority for Statistics showed Thursday.The contraction reversed the 3% real gross domestic product growth in the first quarter, driven by a 24.7% decline in oil-related operations, which offset modest annual gains of 0.9% in government services and 0.6% in non-oil sectors.By sector, oil activities knocked 5.4 percentage points off real GDP growth. In contrast, non-oil activities added 0.4 percentage points, while government activities and net taxes on products contributed 0.1 percentage points each.Meanwhile, the kingdom recorded a 4.9% quarter-on-quarter fall in seasonally adjusted real GDP for the second quarter, extending the 1.2% downturn in the previous three-month period.The quarterly decline reflected a 21.5% plunge in oil activities and a 0.5% dip in non-oil-related operations, counterbalanced by a minor 0.2% uptick in government activities.The oil industry dragged seasonally adjusted quarterly GDP growth down by 4.5 percentage points, alongside minor negative contributions from the non-oil sector and net product taxes, which eroded gains by 0.3 and 0.1 percentage points, respectively. On the flip side, government activities registered a slight positive contribution of 0.03 percentage points.

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International15d ago

Spain's Quarterly GDP Growth Accelerates to 0.7% in Q2, Flash Data Shows

Spain's quarterly gross domestic product growth accelerated to 0.7% in the second quarter, from 0.6% in the prior three-month period, preliminary data from the National Statistics Institute showed Thursday.The consensus estimate for the period was a 0.6% gain.Annually, the Spanish economy grew 2.7%, consistent with the prior reading and against market expectations of a 2.5% rise.

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Oil & Energy15d ago

EMEA Oil Update: Brent Extends Rally for 2nd Consecutive Day

Brent futures contract extended gains for a second day on Thursday as intense military escalations between the US and Iran stoked severe supply disruption fears.Brent gained 2.4% to $92.89 per barrel. Murban futures edged up 0.1% to $88.08/bbl.According to Saxo Bank analysts, the ongoing crude rally is directly fueled by fresh US-Iran hostilities and growing apprehension over a broader regional conflict.The escalation follows unprecedented joint military actions on Wednesday, where the US and Saudi Arabia targeted Iran-backed paramilitary forces in Iraq in retaliation for drone strikes on Saudi energy infrastructure, marking the first time Riyadh has publicly joined US air strikes.This coincided with a heavy wave of direct US strikes against Iran authorized by US Central Command following missile attacks on American forces in Jordan.Energy markets remain on edge as geopolitical friction threatens global supplies.Talks have stalled over Tehran's insistence on control of the Strait of Hormuz, and conflict has actively spread to the Red Sea amid Houthi threats of a Saudi blockade.RBC Capital Markets analysts noted in a Tuesday note that current oil prices may still be underestimating the risk of prolonged supply disruptions.Despite temporary dips earlier in the week driven by brief pauses in bombing and premature optimism over diplomatic channels, commercial traffic through the Strait of Hormuz remains severely restricted.

Asia15d ago

ASE Technology Unit to Acquire Plant, Facilities for NT$6.3 Billion

ASE Technology (TPE:3711) unit Advanced Semiconductor Engineering will acquire a plant and facilities in Kaohsiung from AUO (TPE:2409) for NT$6.3 billion.The property, located in Luzhu District, has a total building area of 96,571.82 square meters, according to a Thursday Taiwan Exchange filing.The acquisition will be used to expand the leading-edge advanced packaging capacity at its Kaohsiung plant, ASE Technology said.

TPE:2409TPE:3711

Asia15d ago

Shimizu's Net Income Balloons 397% in Fiscal Q1

Shimizu (TYO:1803) posted a 397% year-over-year increase in net income attributable to shareholders of the corporation to 55.3 billion yen for the three months ended June 30 from 11.13 billion yen.The construction and engineering firm's net income per share increased to 81.36 yen from 16.33 yen a year ago, according to a Tokyo Stock Exchange filing on Thursday.Net sales jumped 9.3% to 482.8 billion yen from 441.8 billion yen in the year-ago period.In a separate filing, the company raised its forecast for the fiscal year ending March 31, 2027, with an attributable profit of 165.50 billion yen, EPS of 243.72 yen, and net sales of 2.31 trillion yen.

TYO:1803

Equities15d ago

Shell Kicks off New $3 Billion Stock Repurchase Plan

Shell (SHEL.L, SHELL.AS) launched a $3 billion stock repurchase program to reduce its share capital, according to a Thursday filing.Under the three-month plan, the energy major will also buy back shares worth $1.23 billion, which it could not repurchase under its previous program that was suspended due to its planned acquisition of ARC Resources.The repurchased shares will be cancelled.

$SHEL.L$SHELL.AS

Asia15d ago

Imeik Technology Development Secures China Medical Device Approval for Gel Product; Shares Up 3%

Imeik Technology Development (SHE:300896) obtained medical device registration from China's medical products regulator for its new medical cross-linked sodium hyaluronate-hydroxypropyl methylcellulose gel.The product is indicated for improving mild-to-moderate temporal depression in adults, according to a Wednesday aftermarket filing with the Shenzhen bourse.The registration is valid until July 2031.Shares of the biomedical products manufacturer rose 3% in recent trade.

SHE:300896

Asia15d ago

MicroPort NeuroScientific Unit Stent System Enters Chinese Regulator's Special Review Procedure

MicroPort NeuroScientific (HKG:2172) unit's Artemis Dream Self-Expanding Intracranial Rapamycin Eluting Stent System entered the National Medical Products Administration's special review procedure.The move came after the system, developed by MicroPort NeuroTech (Shanghai), passed the regulator's special review application for innovative medical devices, according to a Thursday Hong Kong bourse filing.The product has been developed to tackle the clinical challenges of intracranial arterial stenosis.The inclusion will shorten the product registration review cycle, expedite market launch, and boost the company's product portfolio for the treatment of ischemic cerebrovascular diseases.

HKG:2172

Asia15d ago

Tokyo Gas' Fiscal Q1 Attributable Profit Slides 65%

Tokyo Gas (TYO:9531) posted a 65% year-over-year decline in attributable profit for the fiscal first quarter to 35.6 billion yen from 101.7 billion yen.EPS was 107.15 yen, compared with 282.35 yen a year earlier, according to a Tokyo bourse filing on Thursday.Net sales rose 4% to 673.4 billion yen from 647.3 billion yen for the three months ended June 30.For the fiscal year ending March 31, 2027, the company expects attributable profit of 137.0 billion yen, EPS of 418.28 yen and net sales of 2.947 trillion yen.The company plans to pay interim and year-end dividends of 60 yen per share each for the current year, higher than the year-ago period.

TYO:9531

Asia15d ago

Suzhou Tianmai Thermal Technology Seeks Up to 786 Million Yuan from Convertible Bond Issuance; Shares Rise 5%

Suzhou Tianmai Thermal Technology (SHE:301626) plans to raise up to 786 million yuan from the issuance of up to 7.86 million convertible corporate bonds, according to a Thursday filing with the Shenzhen Stock Exchange.The bonds hold a term of six years with an initial conversion price of 267.33 yuan per share, with an interest rate beginning at 0.1% in the first year up to 2% in the sixth year.Proceeds from the fundraising will go to the company's conductive and heat dissipation products intelligent manufacturing base construction project.Shares rose 5% during afternoon trading on Thursday.

SHE:301626

Asia15d ago

Osaka Gas' Fiscal Q1 Attributable Profit Plummets 27%

Osaka Gas (TYO:9532) posted a 27% year-over-year drop in attributable profit for the fiscal first quarter to 35.7 billion yen from 48.5 billion yen.Earnings per share were 93.38 yen, compared with 122.59 yen a year earlier, according to a Tokyo bourse filing on Thursday.Net sales rose 1.5% to 478.0 billion yen from 471.0 billion yen for the three months ended June 30.For the fiscal year ending March 31, 2027, the gas company expects an attributable profit of 145.0 billion yen.The company raised its full-year EPS forecast to 380.73 yen from 377.75 yen and net sales to 2.170 trillion yen from 2.070 trillion yen.The revision was due to the increase in city gas' unit selling price under the fuel cost adjustment system.For the current year, the company intends to distribute interim and year-end dividends of 65 yen per share apiece, an increase from the previous year.Shares of the company fell more than 2% in recent trade.

TYO:9532

Asia15d ago

Larsen & Toubro's Business Vertical Gets Limited Notice to Proceed for Power Plant Project

Larsen & Toubro's (NSE:LT, BOM:500510) business vertical, L&T Energy CarbonLite Solutions obtained a Limited Notice to Proceed from NTPC for a power plant project.The project involves the construction of two state-of-the-art 800 megawatt ultra-supercritical generating units under a thermal power plant in Chhattisgarh, according to a Thursday Indian bourse filing.The company will secure the Notice to Proceed once the project gets environmental clearance and the Limited Notice to Proceed period is completed.

BOM:500510NSE:LT

Asia15d ago

Sasbadi Holdings Arm Bags Contract Worth MYR315,000 for English Language Proficiency Testing Services

Sasbadi, a wholly owned subsidiary of Sasbadi Holdings (KLSE:SASBADI), has received a letter of acceptance for a contract worth 315,000 ringgit from the Ministry of Education Malaysia, according to a Wednesday filing to the Malaysian bourse.The contract is for the provision of English language proficiency testing services for English option teachers attending the Professional Up-Skilling of English Language Teachers (PRO-ELT) Enhance Programme for 2026.The project will be executed from Aug. 5 to Dec. 4 this year, and is expected to contribute positively to the earnings and net assets of the parent company for the financial year ending Aug. 31, 2027.

KLSE:SASBADI

Asia15d ago

Australian Shares Retreat; Ampol Reports Higher H1 Profit, Says Queensland Refinery to Undergo Major Maintenance in August

Australian shares closed lower on Thursday, as investors reacted to fresh escalations in the conflict in the Middle East as well as the US Federal Reserve's monetary policy decision.The S&P/ASX 200 Index fell 0.78%, or by 70.90 points, to close at 8,967.70 after setting a new 100-day high.Brent crude oil futures fell to trade around $91 per barrel even as the US conducted fresh strikes against targets in Iran.The US Federal Reserve, under new Chair Kevin Warsh, kept monetary policy unchanged. Overnight on Wall Street, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 1.5%, 1.7%, and 2.2%, respectively.On the domestic front, Australia's export prices rose 1.1% in the June quarter following a 0.5% increase in the March quarter, while growth in import prices accelerated to 5.7% from 0.1%, data from the Australian Bureau of Statistics showed.The number of total dwellings approved in Australia in seasonally adjusted terms recorded an increase of 7.2% month on month to 18,328 in June and 8.9% year on year, according to figures from the Australian Bureau of Statistics.In company news, Ampol (ASX:ALD) said its first-half unaudited group replacement cost operating profit (RCOP) earnings before interest, taxes, depreciation, and amortization (EBITDA) clocked in around AU$1.6 billion, jumping from the AU$649 million reported in the prior-year period. It added that the Lytton refinery in Queensland will undergo major maintenance starting in August. Ampol's shares earlier hit an all-time high.Domino's Pizza Enterprises (ASX:DMP) reaffirmed its fiscal 2026 underlying profit after tax guidance of AU$118 million to AU$122 million despite expecting a statutory loss after booking around AU$300 million in mostly non-cash balance sheet write-downs.Lastly, National Australia Bank (ASX:NAB) said the business lending balances of its business and private banking (B&PB) division jumped 10% year over year to AU$180 billion in the June quarter from AU$165 billion.

ASX 200ASX:ALDASX:DMPASX:NAB

Asia15d ago

Zhejiang Hailiang to Raise Copper Foil Subsidiary Stake to 67.29%

Zhejiang Hailiang (SHE:002203) plans to acquire a 18.6916% stake in its controlling subsidiary Gansu Hailiang New Energy Materials for 971.6 million yuan, according to a Thursday filing with the Shenzhen bourse.The move will raise the company's stake to 67.29% from 48.60%, with the acquisition involving shares from controlling shareholder Hailiang Group and investment funds Shenzhen Capital New Materials Fund and Gongrong Jintou.Shares of the copper products manufacturer were down nearly 2% in recent trade.

SHE:002203

Asia15d ago

SYNergy ScienTech Signs Battery Cell Manufacturing Pact With C-LiFe

SYNergy ScienTech Corp (TPE:6558) has entered into a battery cell contract manufacturing agreement with C-LiFe Technologies, according to a Wednesday filing to the Taiwan stock exchange.The company's shares were down over 2% in Thursday's trade.Under the pact, both parties will jointly establish large-scale battery cell manufacturing capabilities in Taiwan, which is expected to facilitate the integration of both parties' production resources.The agreement is valid for a term of five years from the date of execution and may be extended by mutual consent.This collaboration is expected to facilitate the integration of both parties' production resources.

TPE:6558

Asia15d ago

CSPC Innovation Pharma Subsidiary Gets FDA Clinical Trial Approval for CRB-701 Cancer Drug; Shares Slide 4%

CSPC Innovation Pharmaceutical (SHE:300765) subsidiary CSPC Jushi Biopharmaceutical received U.S. Food and Drug Administration clinical trial approval for its CRB-701 drug, according to a Wednesday after-hours filing with the Shenzhen Stock Exchange.The drug received approval for its TEMPO-1 randomized controlled clinical trial for the drug targeting Nectin-4, an antigen expressed in urothelial carcinoma as well as in cervical cancer and head and neck squamous cell carcinoma.Shares fell 4% during afternoon trading on Thursday.

SHE:300765

Equities16d ago

Shell Reports Higher H1 Income, Revenue

Shell (SHEL.L, SHELL.AS) reported Thursday that its attributable income and revenue for the first half increased year over year.Income attributable to shareholders for the six months ended June 30 was $16.52 billion, compared with $8.38 billion earlier. EPS moved to $2.91 from $1.39.The energy company's revenue was $164.36 billion, compared with $134.64 billion a year ago.Meanwhile, the board declared a quarterly dividend of $0.3906 per share for the second quarter. It paid $0.3580 per share in the year-ago period.

$SHEL.L$SHELL.AS

Asia16d ago

Amorepacific's Q2 Attributable Net Income Surges 147%; Shares Rise 7%

Amorepacific (KRX:090430) posted a 147% year-over-year increase in net income attributable to owners of the parent to 88.3 billion won from 35.8 billion won for the second quarter.Sales rose 17% to 1.176 trillion won from 1.005 trillion won for the three months ended June 30, according to a Thursday filing with the Korea Exchange.Shares of the beauty and cosmetics company jumped almost 8% in recent trade.

KRX:090430

Asia16d ago

China National Culture, Bingo Form AI Entertainment Joint Venture

China National Culture Group (HKG:0745) has signed a joint venture agreement with Bingo (HKG:0822) to establish a Hong Kong-based venture focused on AI infrastructure for the digital entertainment industry, according to a Wednesday filing with the Hong Kong bourse.Under the agreement, China National Culture will hold a 60% stake in the joint venture, and Bingo will own the remaining 40%.The parties will negotiate the details, including the investment amount, and execute a supplemental agreement.The joint venture will develop AI-powered infrastructure for intellectual property management, content compliance, intelligent settlement and copyright protection.Shares of China National Culture were up nearly 10% in Thursday afternoon trade, while Bingo Group were up 3%.

HKG:0745HKG:8220

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Asia15d ago

Australian Shares Retreat; Ampol Reports Higher H1 Profit, Says Queensland Refinery to Undergo Major Maintenance in August

ASX 200ASX:ALDASX:DMPASX:NAB