Rising gold prices threaten some factories with closure

August 12, 2013

Rising_gold_pricesJeddah, Aug 12: The rising prices of gold during the past two weeks caused stagnation in the Saudi market, and pushed gold merchants to activate sales because factories didn’t halt their production, according to the National Committee for Precious Metals.

The price of the precious metal has registered the second weekly decline, while the dollar has recovered from its lowest value since seven weeks ago.

Speculation about the US Federal Reserve to reduce the bonds purchase program with a value of $85 billion a month was triggered by the low price of gold, which reached its lowest levels this week.

“Gold merchants didn’t lose because of the declining world prices, because most of them deal with gold as physical balance, and most merchants have sufficient gold accounts,” said Ahmad Al-Sharif, member of the National Committee for Precious Metals.

Gold prices declined by 0.2 percent, to $1,308 per ounce, and the market is about to close at 0.25 percent. Delayed US gold contracts, which will be delivered in December declined by $2, to $1,307.90 per ounce.

Silver prices stabilized at $20.19 per ounce, while platinum gained 0.1 percent to $1,488 per ounce. Palladium rose 0.1 percent to $736.97 per ounce.

Meanwhile, the National Committee for Precious Metals is attempting to ferret out illegal gold sellers, which had controlled as much as one-quarter of the gold market.

“Workshops have been organized, which held unknown names in the gold trade, or operated from places that didn’t have defined headquarters contained products with ambiguous origins were combated,” said Al-Sharif. “We are working on a mechanism to combat violating workshops, and educate consumers and merchants who deal with such workshops. We advise merchants, and gold market clients to buy gold from approved individuals.”

He pointed to the existence of “workshops alien to the market” that had a large share before prices rose, which control 25 percent of the market.

“After the rising prices a large number of these workshops sold their stocks and changed their activities because they were illegal dealers,” he said. “After strict controls and the correction of labor status these violating workshops will be eliminated, because most of them are illegal workers who practice their business in un licensed areas.”

“At the present time, and because of the strict control of the Passport Department and the Ministry of Labor, these workshops have 10 percent of the market share,” he said.

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News Network
May 3,2020

Jeddah, May 3: Saudis and expats who spread rumors on social media could be jailed for up to five years and fined SR3 million ($800,000) under measures to counter false information regarding the coronavirus pandemic.

The move follows warnings by Saudi Arabia’s Ministry of Health, Ministry of Interior, General Presidency of the Two Holy Mosques and other government entities that people should rely on trusted news sources and not third parties for information on the Kingdom’s handling of the COVID-19 outbreak.

The Saudi Public Prosecutor warned that legal action will be taken against individuals who spread misinformation and rumors.

On Saturday, media spokesman for the Riyadh region police, Col. Shakir Al-Tuwaijri, highlighted a video circulating on social media in which a person spreads rumors about steps taken to curb the spread of the coronavirus.

Other false claims include a planned change in curfew hours, warnings of food shortages, and a suggestion that health authorities are deliberately concealing the number of cases in the Kingdom.

In a recent case, a Riyadh resident claimed to know when worshippers will be allowed to return to the Grand Mosque.

All suspects have been arrested and face legal action, police said.

Dimah Al-Sharif, a Saudi legal counsel and member of the International Association of Lawyers, urged people to be responsible regarding content they access on social media.

“Receivers should not save such content or share it with others, and should delete it if possible since they, too, will be liable,” she said.

“Under Saudi laws to counter cyber-crime, we are not allowed to produce, prepare, send or save any unauthorized content or rumors.”

Individuals who breach regulations can be jailed for up to five years and face fines of SR3 million, as well as confiscation of the device(s) used in the crime, she said.

In addition, the judicial ruling will be published in newspapers at the offender’s expense.

The Kingdom’s Public Prosecution Office took to social media to warn users about the consequences of spreading rumors and misinformation.

@bip_ksa tweeted: “Receiving information from its official sources is a moral obligation and commitment, and legal responsibility. Do not fall victim to malicious rumors and news from anonymous sources that violate the procedures and effort, and cause terror regarding the Coronavirus, in order to avoid strict criminal accountability in this regard.”

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Agencies
June 29,2020

Protests condemning the Israeli plan to annex parts of the occupied West Bank are set to take place in the United States and Europe on the same day prime minister Benjamin Netanyahu plans to begin the process.

The demonstrations will be held on Wednesday in Chicago, San Diego, Brooklyn, Los Angeles and San Francisco. Other Western cities will also witness similar protests, including Toronto, Madrid and Valencia.

Students for Justice in Palestine, Jewish Voice for Peace, and American Muslims for Palestine are among the pro-Palestinian groups organizing the protests.

The Samidoun Palestinian Prisoner Solidarity Network, one of the organizers, urged "direct actions and popular mobilizations in [Palestinian] refugee camps, cities and villages," and professed "loyalty to the martyrs" on its call for the events.

Another group, Al-Awda or the Palestinian Right to Return Coalition, decried "72 years of genocide, ethnic cleansing and dispossession" of Palestinians.

It also tied their demonstrations to the protests against anti-black racism in the US and beyond.

"We demand the defunding and dismantling of US police alongside the defunding and dismantling of Zionist colonialism and racist Israeli apartheid," Al-Awda said on its website.

Netanyahu has set July 1 as the date for the start of cabinet discussions on the annexation plan.

He has been driven ahead by US President Donald Trump, who unveiled a “peace” plan for the Middle East in January that effectively sidelines the Palestinians altogether.

The plan, which Trump himself has described as the “deal of the century,” envisions Jerusalem al-Quds as “Israel’s undivided capital” and allows the Tel Aviv regime to annex settlements in the occupied West Bank and the Jordan Valley. The plan also denies Palestinian refugees the right of return to their homeland, among other controversial terms.

The Palestinians want the West Bank as part of a future independent Palestinian state with East Jerusalem al-Quds as its capital.

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Agencies
July 2,2020

With the launch of the Emirates Mars Mission less than a couple of weeks away, the spacecraft that will carry the UAE's Hope Probe to outer space has already been fuelled, it was announced today.

At a virtual briefing by the Mohammed bin Rashid Space Centre (MBRSC) today, the media was informed that scientists are busy giving finishing touches to the Hope Mars Mission, which will give mankind a complete picture of the Martian atmosphere once the UAE's indigenous probe reaches the Red Planet's orbit in 2021.

As the monitoring continues, final charging of the batteries is also ongoing, scientists said.

The space engineers averred that with this mission, the momentum in the region for space awareness will continue not only among young Emiratis but also among other youngsters in the Arab world.

The Hope Probe is scheduled to take off from Japan's Tanegashima Space Centre on July 15 at 00:51:27 UAE time.

The first Arab space mission to the Red Planet remained on track despite the challenges arising from the Covid-19 pandemic.

The spacecraft will provide the first global pictures of the Martian atmosphere and data will be shared freely with over 200 research centres across the world. It will help answer key questions about the global Martian atmosphere and the loss of hydrogen and oxygen gases into space over the span of one Martian year.

450 engineers, technicians and experts are involved in the project.  This comprises of 12,000 tasks in 6 years and entails 5.5 million working hours.

It includes 200 new technologies and 15 scientific partnerships with global universities and institutions.

The spaceship will travel 495 million km. It has a cruise speed of 121,000km/hour.

MBRSC is responsible for the execution and supervision of all stages of the design, development and launch of the Hope Probe. The UAE Space Agency is funding and supervising procedures and necessary details for the implementation of this project. After its launch in mid-July and following a journey of several months, the probe is expected to enter the Red Planet's orbit in 2021, coinciding with the Golden Jubilee of the Union.

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