DAVOS: Japanese trade minister Hiroshige Seko on Friday urged Nissan and Renault to maintain a stable alliance and expressed hope that executives from the automakers would take part in productive talks.
The Renault-Nissan alliance has been shaken by the arrest of the automakers’ former chairman Carlos Ghosn on suspicion of financial misconduct. Ghosn, the architect of the alliance, resigned as Renault CEO and chairman this week.
“As I have been saying up till now, we think a stable Nissan-Renault alliance must continue. We hope the executives of the two companies can engage in fruitful discussions,” Seko told reporters on the sidelines of the World Economic Forum in Davos.
Asked whether he met French Finance Minister Bruno Le Maire in Davos, he said they had met at a session but only exchanged greetings and did not hold any talks on the automakers’ alliance.
Renault, Nissan must maintain stable alliance: Japan’s trade minister
Renault, Nissan must maintain stable alliance: Japan’s trade minister
- ‘As I have been saying up till now, we think a stable Nissan-Renault alliance must continue. We hope the executives of the two companies can engage in fruitful discussions.’
Closing Bell: Saudi benchmark index edged up to close at 10,549
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 58.39 points, or 0.56 percent, to close at 10,549.08.
Total trading turnover reached SR1.59 billion ($425 million), with 218 stocks advancing and 37 declining.
The parallel market, Nomu, added 222.72 points, or 0.96 percent, to finish at 23,519.01, as 43 stocks rose and 21 retreated. Meanwhile, the MSCI Tadawul Index increased by 6.11 points, or 0.44 percent, to close at 1,393.42.
Leading the day’s gains was Alkhaleej Training and Education Co., whose shares jumped 7.63 percent to SR20.45. Other strong performers included Consolidated Grunenfelder Saady Holding Co., up 6.60 percent to SR9.69, and Abdullah Saad Mohammed Abo Moati for Bookstores Co., which rose 6.48 percent to SR48.98.
On the downside, Naseej International Trading Co. recorded the largest decline, falling 2.44 percent to SR34.44, while National Gas and Industrialization Co. dropped 1.79 percent to SR93.10 and Nama Chemicals Co. slipped 1.32 percent to SR23.99.
Saudi Aramco Base Oil Co., or Luberef announced the signing of a memorandum of understanding with Saudi Aramco for a GIII+ production facility in Jazan.
The 18-month agreement, which may be renewed, is a key step in the Group III+ Project aimed at enhancing production capacity. The MoU is non-binding, and any future approvals, formal agreements, or financial impacts will be disclosed in line with regulatory guidelines. Luberef ended the session at SR96.10, down 0.26 percent.
Meanwhile, the Power and Water Utility Co. for Jubail and Yanbu, or Marafiq, reported receiving official notice of higher energy product prices used in production. The company estimated the financial impact for 2026 at 5.6 percent of total cost of sales, based on its most recent audited 2024 statements.
The effect is expected to appear in the first quarter of the 2026 fiscal year. Marafiq said it is working to mitigate the impact through improved production efficiency, enhanced plant reliability, optimized asset utilization, and cost reductions. The stock closed at SR36.80, up 1.03 percent.
