JERUSALEM: Israeli Prime Minister Naftali Bennett told the head of Unilever on Tuesday that Israel will “act aggressively” against Ben & Jerry’s over the subsidiary's decision to stop selling its ice cream in the Israeli-occupied West Bank and contested east Jerusalem.
British consumer goods conglomerate Unilever acquired the Vermont-based ice cream company in 2000. Ben & Jerry’s said in a statement on Monday that it had informed its longstanding licensee — responsible for manufacturing and distributing the ice cream in Israel — that it will not renew the license agreement when it expires at the end of 2022.
Bennett's office said in a statement that he spoke with Unilever CEO Alan Jope about what he called Ben & Jerry’s “clearly anti-Israel step,” adding that the move would have “serious consequences, legal and otherwise, and that it will act aggressively against all boycott actions directed against its citizens.”
The announcement was one of the highest-profile company rebukes of Israeli settlements in the West Bank and east Jerusalem, territories Israel captured in the 1967 Mideast war. Most of the international community considers these settlements illegal under international law and an impediment to peace with the Palestinians.
Approximately 700,000 Israelis now live in settlements, around 500,000 in the occupied West Bank and 200,000 in east Jerusalem. Israel considers the entirety of Jerusalem its capital, while the Palestinians seek it as capital of a future state.
Ben & Jerry’s said its announcement that sale of its ice cream in territories sought by the Palestinians for an independent state was “inconsistent with our values.”
Israel's Foreign Ministry criticized the decision on Monday as “a surrender to ongoing and aggressive pressure from extreme anti-Israel groups” and said the company was cooperating with “economic terrorism.”
Avi Zinger, CEO of Ben & Jerry’s Israel licensee, told public broadcaster Kan on Tuesday that the parent company had long pressured him to cease distribution in the Israeli occupied territories, but he refused because it would violate Israeli law.
He called Ben & Jerry’s decision to not extend its license “the biggest accomplishment” of the BDS movement that advocates boycotts, divestment and sanctions of Israeli institutions and businesses in what it says is a nonviolent campaign against Israeli abuses against Palestinians.
Israeli PM vows ‘aggressive’ action over Ben & Jerry’s ban
https://arab.news/vqf7p
Israeli PM vows ‘aggressive’ action over Ben & Jerry’s ban
- Ben & Jerry’s said it will not renew the license agreement with Israel when it expires at the end of 2022
- Ben & Jerry’s said the sale of its ice cream in territories sought by the Palestinians for an independent state was “inconsistent with our values”
Saudi POS spending hits $3bn, fueled by jewelry sales
RIYADH: Jewelry spending in Saudi Arabia hit SR320.7 million ($85.4 million) between April 20 and 26, marking a weekly rise of 18.2 percent, according to the latest official figures.
The point-of-sale transactions bulletin issued by the Saudi Central Bank showed that this sector was one of the few that registered positive growth over the seven-day period.
The overall point-of-sale value decreased by 0.8 percent to SR11.3 billion during the week, with the number of transactions dropping 1.1 percent to 199.7 million.
Spending on electronics and electronic devices saw the second-largest increase, at 3.5 percent, to reach SR152.7 million. The number of transactions in this area increased 0.8 percent to 1 million.
Food and beverages spending followed with a 0.6 percent uptick to SR1.65 billion, accounting for the largest share of the week’s POS value.
Expenditure on education saw the biggest decrease, dipping by 17.5 percent to SR137.2 million, followed by hotels with a 13.7 percent drop to SR254.6 million.
Spending in restaurants and cafes saw a 2.1 percent fall to SR1.64 billion, although it still claimed the second-largest share of the POS value. Outlays on miscellaneous goods and services dropped 2.7 percent to SR1.34 billion.
Spending in the leading three categories accounted for approximately 40.8 percent, or SR4.6 billion, of the week’s total value.
Recreation and culture spending dropped by 7.4 percent to SR210.4 million, and expenditure on furniture decreased by 1.3 percent to SR224.9 million.
The clothing and footwear sector saw the smallest decline at 0.1 percent to SR607 million, with the number of transactions dropping by 1.9 percent to 4.6 million.
Geographically, Riyadh dominated POS transactions, representing around 36.1 percent of the total, with expenses in the capital reaching SR4.1 billion — a 0.1 percent increase from the previous week.
Jeddah followed with a 0.5 percent decrease to SR1.7 billion; Dammam came in third at SR602.5 million, up 1.7 percent.
Madinah experienced the most significant decrease in spending, dropping by 7.7 percent to SR421.1 million. Makkah followed with a 5.7 percent reduction to SR420.7 million.
Among Saudi cities, only Riyadh, Dammam, and Alkhobar experienced growth in transaction numbers. Riyadh reached 65.8 million transactions, reflecting a marginal uptick, while Dammam climbed to 8.5 million and Alkhobar to 4.5 million, marking modest gains compared to other regions.
Oil Updates — crude drops, poised for biggest monthly fall in 3 years
SINGAPORE: Oil prices extended declines on Wednesday and were set for their largest monthly drop in more than three years as the global trade war eroded the outlook for fuel demand, while fears of mounting supply also weighed.
Brent crude futures fell by 83 cents, or 1.29 percent, to $63.42 per barrel by 10:30 a.m. Saudi time. US West Texas Intermediate crude futures dropped 92 cents, or 1.52 percent, to $59.50 a barrel.
Brent and WTI have lost 15 percent and 17 percent respectively so far this month, the biggest percentage drop since November 2021.
Both benchmarks slumped after US President Donald Trump’s April 2 announcement of tariffs on all US imports. They then sank further to four-year lows as China responded with its own levies against US imports, stoking a trade war between the top two oil-consuming nations.
Trump’s tariffs on imports into the US have made it probable the global economy will slip into recession this year, according to a Reuters poll.
China’s factory activity contracted at the fastest pace in 16 months in April, a factory survey showed on Wednesday.
Worries about demand amid the trade war have weighed on investor sentiment, said ANZ bank senior commodity strategist Daniel Hynes.
“There are also concerns that recent strength in US economic data was only temporary, due to stockpiling ahead of the tariffs that now appears to be abating,” he added.
US consumer confidence slumped to a nearly five-year low in April on growing concerns over tariffs, data showed on Tuesday.
Recent signs of a de-escalation in the trade wars, including a pair of orders Trump signed on Tuesday to soften the blow of his auto tariffs, eased some jitters among global investors.
That said, analysts believe the oil market will stay under pressure as the Trump administration continues to prioritize lower oil prices to manage inflation.
Oil prices were also undermined by fears of mounting supply from the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+.
Several OPEC+ members will suggest a ramp-up of output hikes for a second straight month in June, sources told Reuters last week. The group will meet on May 5 to discuss output plans.
On the supply front, US crude oil inventories rose by 3.8 million barrels last week, market sources said on Tuesday citing American Petroleum Institute data.
US government data on stockpiles is due at 5:30 p.m. Saudi time on Wednesday. Analysts polled by Reuters expect, on average, an 400,000 barrel increase in US crude oil stocks for last week.
Saudi Arabia’s PIF starts selling 7-year sukuk, document shows
RIYADH: Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, has begun accepting bids for the sale of benchmark-sized, dollar-denominated 7-year Islamic bonds, or sukuk, according to an arranging bank document seen by Reuters on Wednesday.
The indicative price for the sukuk sale has been placed around 145 basis points over US Treasuries, the document shows.
Last week, Reuters reported through sources that Gulf issuers, including Saudi Arabia’s $925 billion sovereign wealth fund, are preparing a series of bond offerings despite market volatility caused by US President Donald Trump’s tariff policies.
Saudi Arabia, Azerbaijan sign SME deal to strengthen trade ties
RIYADH: Saudi Arabia and Azerbaijan have signed a comprehensive agreement focused on strengthening economic collaboration through the development of small and medium-sized enterprises, in a move that underscores both nations’ commitment to enhancing bilateral trade and investment.
The memorandum of understanding was formalized during the 8th session of the Saudi-Azerbaijani Joint Committee, held in Riyadh. It was signed between Saudi Arabia’s Small and Medium Enterprises General Authority, known as Monsha’at, and Azerbaijan’s Small and Medium Business Development Agency, known as KOBIA.
The SME agreement aligns with Saudi Arabia’s Vision 2030 strategy, which prioritizes economic diversification and entrepreneurship. For Azerbaijan, it marks another step in forging strategic partnerships in the Gulf region to bolster private-sector growth and create new market opportunities for innovative enterprises.
In a statement posted on X, Monsha’at said: “In the presence of H.E Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, and the Deputy Prime Minister of the Republic of Azerbaijan, Samir Sharifov, Monsha’at, signed a MoU with ‘KOBİA’ Agency, as part of the 8th session of the Saudi-Azerbaijani Joint Committee activities, to strengthen cooperation in supporting the SMEs and entrepreneurship’s growth between the two countries.”
The agreement encompasses a broad range of initiatives, including knowledge exchange, joint training programs, and support for technical innovation. It also promotes investment opportunities, cross-border partnerships, and institutional collaboration through exhibitions and shared platforms.
In a separate announcement, the Saudi Ministry of Investment revealed the signing of two additional memorandums of understanding between private-sector companies from both countries.
“These agreements cover the development of maritime infrastructure and the establishment of industrial and medical facilities in the Kingdom, including the production of biotechnology and oncology medicines, the establishment of research and development centers, and infrastructure for re-export warehouses,” the Ministry noted in a post on X.
The joint committee also reviewed a series of potential joint ventures aimed at strengthening cooperation across mutually beneficial sectors. These initiatives are closely aligned with both countries’ long-term goals for economic diversification.
Officials from Saudi Arabia and Azerbaijan emphasized the importance of fostering dynamic SME ecosystems as engines of job creation, innovation, and global competitiveness. By aligning policy frameworks and enabling institutional collaboration, the two nations aim to unlock greater private-sector engagement and regional trade expansion.
Closing Bell: Saudi main index closes in red at 11,746
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Tuesday, losing 38.43 points, or 0.33 percent, to close at 11,746.20.
The total trading turnover of the benchmark index was SR6.87 billion ($1.83 billion), as 86 stocks advanced, while only 157 retreated.
The MSCI Tadawul Index decreased by 5 points, or 0.33 percent, to close at 1,493.77.
The Kingdom’s parallel market, Nomu, dipped, losing 89.34 points, or 0.31 percent, to close at 28,331.37. This comes as 35 stocks advanced, while 43 retreated.
The best-performing stock on the main index was Arabian Contracting Services Co., with its share price surging by 9.88 percent to SR131.20.
Other top performers included Al-Baha Investment and Development Co., which saw its share price rise by 4.94 percent to SR4.25, and Sumou Real Estate Co., which saw a 3.93 percent increase to SR 46.25.
The worst performer of the day was Alistithmar AREIC Diversified REIT Fund, whose share price fell by 3.39 percent to SR9.41.
Saudi Tadawul Group Holding Co. and Saudi Kayan Petrochemical Co. also saw declines, with their shares dropping by 2.94 percent and 2.83 percent to SR185 and SR5.83, respectively.
On the announcements front, Alinma Bank announced its interim financial results for the first three months of the year, with net profit amounting to SR1.5 million, a 1.3 percent dip compared to the previous quarter.
The bank’s total comprehensive income saw a 56 percent increase in the first quarter of 2025 to reach SR1.6 million.
Saudi Ceramic Co. also announced its financial results for the same period, with its net profit dipping by 88.4 percent to SR20.8 million compared to the previous quarter. Similarly, the company’s total comprehensive income saw a decrease of 88.7 percent to SR20.8 million.
Saudi Ceramic Co.’s share price traded 3.15 percent higher on the main market to reach SR27.85.
In the first quarter of 2025, Astra Industrial Group’s net profits saw a 30.7 percent quarter-on-quarter increase to reach SR171.8 million. The group attributed the increase to an uptick in gross profit in the pharmaceuticals sector and a decrease in finance costs in the specialty chemical sector.
The group’s share price traded 0.52 percent lower to reach SR153.
