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UNGC Seeks to Attract 50 Saudi Companies for Sustainability Development Program

The Federation of Saudi Chambers signed on Thursday an agreement to host the UNGC Network Saudi Arabia in Riyadh. (Asharq Al-Awsat)
The Federation of Saudi Chambers signed on Thursday an agreement to host the UNGC Network Saudi Arabia in Riyadh. (Asharq Al-Awsat)
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UNGC Seeks to Attract 50 Saudi Companies for Sustainability Development Program

The Federation of Saudi Chambers signed on Thursday an agreement to host the UNGC Network Saudi Arabia in Riyadh. (Asharq Al-Awsat)
The Federation of Saudi Chambers signed on Thursday an agreement to host the UNGC Network Saudi Arabia in Riyadh. (Asharq Al-Awsat)

The Federation of Saudi Chambers signed on Thursday an agreement to host the UN Global Compact Network Saudi Arabia in Riyadh, with direct support from the United Nations Resident Coordinator Office.

The agreement aims to enhance the role of the private sector and the continuity of corporate sustainable partnerships aligned with the 2030 agenda and Saudi Vision 2030.

In remarks to Asharq Al-Awsat, Natalie Fustier, the UN resident coordinator in Saudi Arabia, said that the Kingdom was committed to achieving progress in the UN 2030 Agenda and all 17 sustainable development goals.

She stressed the need to further encourage the participation of the private sector, to achieve sustainable development goals promptly.

Fustier added that she was looking forward to making the local network of the Global Compact in Saudi Arabia a model for the region and beyond.

For her part, Maryam Telmesani, chair of the Global Compact Network Saudi Arabia, told Asharq Al-Awsat that the Network had already attracted 36 Saudi companies and was seeking to increase the number to 50 companies by the end of 2022.

The UNGC is a non-binding pact to encourage businesses and firms worldwide to adopt sustainable and socially responsible policies.

Telmesani added that the establishment of the Global Compact Network in the Kingdom was part of the UN efforts to expand the scope of partnership with the private sector, to promote sustainable long-term partnerships aligned with the 2030 Agenda and Vision 2030.

She noted that since 2015, a significant number of companies were able to demonstrate the transformative impact of their technologies, products, services, and business models in a measurable manner.

Acting Secretary-General of the Federation of Saudi Chambers Hussein Al-Abdulqader said that the Federation was keen to host the local network of the UNGC, to enhance and enable the participation of the private sector in implementing the UN Sustainable Development agenda.

He added that the UNGC - the largest voluntary initiative aimed at promoting corporate social responsibility - included more than 12,000 members of businesses and organizations from 170 countries around the world.

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Dollar Inches Higher as Fed's Signals No Rush to Cut Rates

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
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Dollar Inches Higher as Fed's Signals No Rush to Cut Rates

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo

The dollar inched up on Thursday after the Federal Reserve indicated it was in no rush to cut rates further this year due to uncertainties around US tariffs, while the pound slipped ahead of the Bank of England's policy decision.

The Swiss franc weakened slightly after the Swiss National Bank lowered its policy rate to 0.25%, while the Swedish crown was steady after its central bank held rates steady.

US policymakers projected two quarter-point interest rate cuts were likely later this year, the same median forecast as three months ago, even as they expect slower economic growth and higher inflation. On Wednesday, the Fed held its benchmark overnight rate steady in the 4.25%-4.50% range, Reuters reported.

"We're not going to be in any hurry to move," Fed Chair Jerome Powell said. "Our current policy stance is well-positioned to deal with the risks and uncertainties we face ... The right thing to do is to wait here for greater clarity about what the economy is doing."

Powell's comments and the Fed statement underscored the challenge faced by policymakers as they navigate President Donald Trump's plans to levy duties on imports from US trading partners and the impact on the economy.

"There is probably not enough in the Fed communication to build fresh USD shorts," said ING FX strategist Francesco Pesole.

Traders are pricing in 63 basis points of Fed easing this year, about two rate reductions of 25 bps each, and around a 50% chance of a third. Markets are fully pricing in the next cut in July, LSEG data showed.

The dollar index, which measures the US currency against six rivals, was 0.3% higher at 103.69 but stayed close to the five-month low of 103.19 touched earlier this week. The euro was down 0.3% at $1.0871.

EUROPE'S CENTRAL BANK BONANZA

Sterling touched a more than four-month high of $1.3015 in early Asian hours before retreating back to $1.2975 ahead of the BoE policy decision, where the central bank is expected to keep rates on hold.

With UK inflation stuck firmly above its 2% target, the BoE has cut borrowing costs by less than the European Central Bank and the Fed since last summer, contributing to the country's sluggish growth rate.

Data on Thursday showed pay growth was little changed and other signs of stability in the jobs market.

"The latest labour market data won't do much to build conviction amongst the Monetary Policy Committee as they continue to balance a weak economy and sticky inflation," said Matt Swannell, chief economic adviser to the EY ITEM Club.

"A decision to hold the bank rate later today seems inevitable."

The Swiss franc weakened slightly against the dollar and euro after its central bank cut its interest rate to 0.25%, its fifth successive cut, and said it was prepared to intervene in the FX market as necessary.

In a busy day for central banks, Sweden's central bank kept its policy rate unchanged at 2.25%, as expected.

The Swedish crown was slightly weaker against the stronger dollar and up on the softer euro. The crown has been the best performing major currency against the dollar this year on expectations of a ceasefire in Ukraine and improved domestic economic prospects.

The yen was a shade stronger at 148.54 per dollar, a day after the Bank of Japan kept rates steady and warned of heightening global economic uncertainty, suggesting the timing of further hikes will depend on the fallout from US tariffs.

The yen has risen nearly 6% this year as traders bet that the Japanese central bank will hike rates this year as well as benefiting from geopolitical tensions leading to safe asset flows.

Elsewhere, Turkey's lira was steady at 38 per dollar after plunging to a record low of 42 per dollar on Wednesday as authorities detained President Tayyip Erdogan's main political rival.

The Australian dollar fell 0.7% to $0.6312 after Australian employment posted a surprise fall in February, ending a strong run of impressive gains, as the red-hot labour market loosened a little, although the jobless rate remained steady.

The New Zealand dollar fell 1% to $0.5760 even as data showed the economy crawled out of a recession and grew at a faster-than-expected pace of 0.7% last quarter, although underlying details were soft.