WASHINGTON: Leaders of the G7 advanced economies on Monday pledged to use all their tools to safeguard the economy and help workers hurt by the coronavirus pandemic.
As the outbreak caused more countries to shut down and brought the global economy to a screeching halt, the leaders stressed the need to join forces and move quickly to address the damage.
“We resolve to coordinate measures and do whatever it takes, using all policy tools, to achieve strong growth in the G7 economies and to safeguard against downside risks,” the leaders said in a statement following an emergency videoconference.
The measures are aimed to “support immediately and as much as necessary the workers, companies, and sectors most affected,” the statement said.
In addition, the leaders instructed their finance ministers to consult weekly to implement policy measures and “develop further timely and effective actions.”
They noted the disruption to supply chains due to transportation shutdowns, as well as the harm to families.
The leaders called on global institutions like the International Monetary Fund to “swiftly” deploy financial assistance to countries that need it.
“We are committed to working together with resolve to implement these measures to respond to this global emergency,” they said.
And they said they are “determined not only to restore the level of growth anticipated before the COVID-19 pandemic but also to build the foundation for stronger future growth.”
G7 pledge to ‘do whatever it takes’ to safeguard economy
https://arab.news/2rcdh
G7 pledge to ‘do whatever it takes’ to safeguard economy
- ‘We resolve to coordinate measures and do whatever it takes, using all policy tools, to achieve strong growth in the G7 economies and to safeguard against downside risks’
- Measures are aimed to ‘support immediately and as much as necessary the workers, companies, and sectors most affected’
Closing Bell: Saudi main index slips to close at 11,228
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64.
The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.
On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.
The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.
The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.
Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.
Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56.
Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55.
Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34.
On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier.
The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.
Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent.
United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent.
Tas’heel ended the session at SR146.80, down 0.28 percent.
