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Zain Assigns Sultan Al Deghaither as CEO

Zain newly-appointed CEO Sultan al-Deghaither (Asharq Al-Awsat)
Zain newly-appointed CEO Sultan al-Deghaither (Asharq Al-Awsat)
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Zain Assigns Sultan Al Deghaither as CEO

Zain newly-appointed CEO Sultan al-Deghaither (Asharq Al-Awsat)
Zain newly-appointed CEO Sultan al-Deghaither (Asharq Al-Awsat)

Mobile Telecommunication Company Saudi Arabia (Zain) announced that its Board of Directors, on Sunday approved the resignation of its CEO, Peter Kaliaropoulos to make way for the Sultan al-Deghaither to lead the company.

Zain also indicated that as of July 1, Deghaither will be the CEO as part of succession planning to talented and experienced Saudi executives and consistent with government policy initiatives.

Zain Chairman Prince Naif bin Sultan bin Mohammed, on behalf of the Board and the company, stated that Kaliaropoulos led Zain in delivering its first ever net profit and accelerated a customer-focused operating culture and the development of Saudi talent.

Prince Naif extended his sincere appreciation to Kaliaropoulos for his efforts and contribution to the transformation of Zain.

The Prince welcomed the appointment of Deghaither and said, “Sultan Al Deghaither is a talented executive having worked his way up the organization ladder. He will take over the leadership of the company with tremendous operational, technical and customer management expertise having led many complex projects that repositioned Zain Saudi as a company of reference for data quality and service in Saudi. The Board has the utmost confidence in his leadership skills to continue growing Zain Saudi in the future.”

Deghaither started his journey with Zain Saudi when the company itself had just begun its operations, as radio planning and optimization manager in 2009 where he participated in building the engineering department. Moreover, he was instrumental in leading the commercial launch of the first 4G Network in Saudi Arabia back in 2011.

Among his many achievements, Deghaither led one of the biggest projects in Zain Saudi history (Project Reload) with a total investment of SR4.5 billion. He was appointed as chief technology officer after the successful completion of the project. Thereafter he was appointed as chief operating officer with the added responsibility of regulatory affairs as well as innovation and digital transformation.

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Japan's Nikkei Falls, Australia and New Zealand Dollars Tumble amid Israel's Strike on Iran

Arrangement of various world currencies including Chinese Yuan, Japanese Yen, US Dollar, Euro, British Pound, Swiss Franc and Russian Rouble pictured in Warsaw, January 26, 2011. REUTERS/Kacper Pempel
Arrangement of various world currencies including Chinese Yuan, Japanese Yen, US Dollar, Euro, British Pound, Swiss Franc and Russian Rouble pictured in Warsaw, January 26, 2011. REUTERS/Kacper Pempel
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Japan's Nikkei Falls, Australia and New Zealand Dollars Tumble amid Israel's Strike on Iran

Arrangement of various world currencies including Chinese Yuan, Japanese Yen, US Dollar, Euro, British Pound, Swiss Franc and Russian Rouble pictured in Warsaw, January 26, 2011. REUTERS/Kacper Pempel
Arrangement of various world currencies including Chinese Yuan, Japanese Yen, US Dollar, Euro, British Pound, Swiss Franc and Russian Rouble pictured in Warsaw, January 26, 2011. REUTERS/Kacper Pempel

The Australian and New Zealand dollars tumbled on Friday as Israel's strike on Iran hammered global stocks and drove investors into safe-haven assets, with domestic bond yields diving to over a month lows.

The commodity-sensitive currencies often track global risk sentiment and tend to take a hit when equity markets slide.

The Aussie plunged 0.9% to $0.6474, having risen 0.5% overnight to as high as $0.6534. It was already showing signs of fatigue as the currency has been unable to break a key resistance level of $0.6550 overnight even as the greenback slid due to another round of soft data.

For the week, it is down 0.3%.

The kiwi dollar dropped 1% to $0.6011. It gained gaining 0.7% overnight, hitting a high of $0.6071. Support comes in around $0.5990, while resistance is at the multi-month top of $0.6080. For the week, it is down 0.1%.

Israel said early on Friday that it struck Iran. Oil prices jumped over 6%, Wall Street futures dropped over 1%, while safe-haven currencies like the Japanese yen and Swiss franc rose.

Local bonds also rallied. Australia's ten-year government bond yields slid 11 basis points to 4.133%, the lowest since May 1, while New Zealand's ten-year government bond yields dived 8 bps to a six-week low of 4.529%.

Sean Callow, a senior analyst at ITC Markets, said the trend for the Aussie is still up given the pressure on the US dollar from a sluggish US economy and investor unease over the U. policy outlook.

"Investors are likely to expect that Israel's strikes will be contained to a relatively short period, not something that will dictate market direction multi-week," he said.

Also, Japan's Nikkei share average fell on Friday, mirroring moves in US stock futures, oil and other stock markets on news that Israel had conducted a military strike on Iran.

As of 0106 GMT, the Nikkei was down 1.5% at 37,584.47.

The broader Topix fell 1.28% to 2,7473.9.

"The market was selling stocks on caution for geopolitical risks, but the news was not driving a fire sale because investors still wanted to monitor the development of the attacks," said Naoki Fujiwara, a senior fund manager at Shinkin Asset Management.

Chip-making equipment maker Tokyo Electron fell 5.5% to drag the Nikkei the most. Uniqlo-brand owner Fast Retailing lost 2.1%.

Exporters fell as the yen strengthened, with Toyota Motor and Nissan Motor falling 2.75% and 1.5%, respectively.

All but three of the Tokyo Stock Exchange's 33 industry sub-indexes fell.

Energy sectors rose as oil prices jumped, with oil explorers and refiners gaining 3.6% and 2.2%, respectively.

The utility sector rose 0.7%.