Saudi Arabia Files Charges against Automobile Establishments, Showrooms for Violating Competition Law

A vehicle showroom in Saudi Arabia (Asharq Al-Awsat)
A vehicle showroom in Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Files Charges against Automobile Establishments, Showrooms for Violating Competition Law

A vehicle showroom in Saudi Arabia (Asharq Al-Awsat)
A vehicle showroom in Saudi Arabia (Asharq Al-Awsat)

The Board of Directors of the General Authority for Competition (GAC) has given the green light to file charges against 79 establishments for violating the Competition Law and its executive regulations.

The board decided to initiate criminal cases against 64 establishments and study settlement requests by the remaining 15 entities.

Violations included agreeing to fix prices and dividing markets according to geographic regions, which led to reducing competition and affecting the interests of consumers.

On Wednesday, the GAC Board of Directors held its 85th meeting in Riyadh, during which it decided to initiate criminal proceedings against a number of establishments and study settlement requests for others in several sectors.

The board reviewed the results of a survey in the education and industry sectors, and agreed to implement the necessary measures against six establishments and ordering them to correct their conditions. It also approved settlement requests submitted by two establishments that provide cold and hot drinks and pastries, after reviewing the results of the study and investigation.

The board also examined the results of the study and investigation with 10 institutions operating in the field of contracting, and decided to dismiss the cases against them for lack of jurisdiction.

Moreover, the board reviewed the results of an inquiry pertaining to an establishment operating in the waste collection and transportation sector, and decided to close the case because it was not found to be in violation of the Competition Law and its executive regulations.

Similarly, results of a study concerning five companies operating in the retail sales and electronic devices sector, led to closing the case after it was not found to be in violation of the Competition Law and its executive regulations.



Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.