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Aramco to Enter South American Retail Market with Esmax Acquisition

Deal unlocks new market opportunities and advances Aramco’s global Downstream expansion. Photo: Aramco
Deal unlocks new market opportunities and advances Aramco’s global Downstream expansion. Photo: Aramco
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Aramco to Enter South American Retail Market with Esmax Acquisition

Deal unlocks new market opportunities and advances Aramco’s global Downstream expansion. Photo: Aramco
Deal unlocks new market opportunities and advances Aramco’s global Downstream expansion. Photo: Aramco

Saudi Arabian oil giant Aramco has agreed to purchase a 100% equity stake in Chile's Esmax Distribución SpA (Esmax) from Southern Cross Group, the company said in a statement on Friday.

"The transaction is subject to certain customary conditions, including regulatory approvals," the statement said.

Esmax is a leading diversified downstream fuels and lubricants retailer in Chile. Its national presence includes retail fuel stations, airport operations, fuel distribution terminals and a lubricant blending plant.

“Aramco’s planned acquisition of Esmax would be its first Downstream retail investment in South America, recognizing the potential and attractiveness of these markets while advancing Aramco’s strategy of strengthening its downstream value chain,” said the statement.

“This transaction would enable Aramco to secure outlets for its refined products and help expand its retail business internationally. The acquisition would also further unlock new market opportunities for Valvoline branded lubricants, following Aramco’s acquisition of the Valvoline Inc. global products business in February 2023.”

Aramco Downstream President Mohammed Al Qahtani said the agreement creates a platform to launch the Aramco brand both in Chile and South America, “unlocking significant potential to capitalize on new markets for our products.”

“We are excited to have the outstanding people of Esmax join the Aramco family as we continue to execute on our downstream strategy,” he added.

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Business

Gold Heads for First Weekly Rise in Five on Easing Fed Rate-Hike Bets

A salesman arranges gold bangles inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India, May 7, 2019. (Reuters)
A salesman arranges gold bangles inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India, May 7, 2019. (Reuters)
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Gold Heads for First Weekly Rise in Five on Easing Fed Rate-Hike Bets

A salesman arranges gold bangles inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India, May 7, 2019. (Reuters)
A salesman arranges gold bangles inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India, May 7, 2019. (Reuters)

Gold rose 1% on Friday and was set for its first weekly gain in five, as investors dialed back expectations for US rate hikes following softer-than-expected jobs data.

Spot gold was up 1% at $4,165.29 per ounce, as of 0612 GMT, after earlier hitting its highest level since June 23. US gold futures for August delivery gained ‌1.3% to $4,178.50.

Bullion ‌was on track for a weekly gain ‌of ⁠1.8%, its first since ⁠the week ended May 29, as weaker-than-expected nonfarm payrolls and private payrolls data tempered concerns around inflation and higher-for-longer interest rates.

The dollar was headed for a weekly drop, making greenback-priced bullion more affordable for holders of other currencies.

"What we're seeing is a reduction in the pricing of Federal Reserve interest rate hikes ⁠for the rest of this year, as ‌well as Q1 next year, and ‌that has been primarily driven by a rather lackluster labor market data ‌yesterday," said Kelvin Wong, a senior market analyst at OANDA.

Nonfarm ‌payrolls increased by 57,000 jobs last month, sharply lower than the 110,000 expected by economists in a Reuters poll.

Traders are now pricing in roughly a 54% chance of a rate hike in September, down ‌from 66% before the data, according to the CME FedWatch tool.

Higher interest rates typically weigh ⁠on non-yielding ⁠gold, as they make interest-bearing assets more attractive.

Rate-hike expectations have not fully disappeared, said Wong, adding that gold could still face pressure later this year, with prices potentially falling towards $3,500 an ounce.

Meanwhile, the World Gold Council said central banks were back in buying mode in May and, based on the latest reported data, official gold reserves increased by a net 41 tons during the month.

Spot silver rose 2.1% to $62.28 per ounce, platinum gained 2.4% to $1,655.15, and palladium climbed 0.9% to $1,278.89. All three metals were near their highest levels in more than a week and headed for weekly gains.

Business

ECB's Lagarde Says She Can't Rule Out Early Departure

President of European Central Bank Christine Lagarde addresses the media during a press conference after an ECB's governing council meeting in Frankfurt, Germany, Thursday, June 11, 2026. (AP Photo/Michael Probst)
President of European Central Bank Christine Lagarde addresses the media during a press conference after an ECB's governing council meeting in Frankfurt, Germany, Thursday, June 11, 2026. (AP Photo/Michael Probst)
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ECB's Lagarde Says She Can't Rule Out Early Departure

President of European Central Bank Christine Lagarde addresses the media during a press conference after an ECB's governing council meeting in Frankfurt, Germany, Thursday, June 11, 2026. (AP Photo/Michael Probst)
President of European Central Bank Christine Lagarde addresses the media during a press conference after an ECB's governing council meeting in Frankfurt, Germany, Thursday, June 11, 2026. (AP Photo/Michael Probst)

European ‌Central Bank President Christine Lagarde said it was still possible she could leave before her term ends in late 2027 to weigh in on French politics in the run up to next year's presidential election, Reuters said.

Responding to a question from French newspaper Les Échos whether she would rule out leaving early, perhaps ‌to take ‌part in the French political ‌debate, ⁠she said: "It's possible. I believe ⁠that a European voice needs to be heard in the French presidential debate."

Lagarde has previously played down resignation rumors, saying a ship's captain would not leave during turbulent times, as inflation ⁠surged on an oil-price spike ‌triggered by the ‌Iran war. She said then that her baseline ‌was to remain in the job until ‌her term expires at the end of October 2027.

While she did not repeat this line, she appeared to rule out running ‌in the French election next spring, saying this was not on ⁠the ⁠agenda.

"I would speak with a French and a European voice, because I am profoundly both," Lagarde said on her possible role in the election.

"I would tell them that France must play a decisive role in the economic future of our continent. And that without this European environment and anchoring, our economic prospects would, at the very least, be unclear," she said.

Business

Turkish June Monthly Inflation at 0.99%, Matches Forecast

Workers deliver water bottles to a restaurant next to Galata bridge on a summer day in Istanbul, Türkiye, June 26, 2026. (AP)
Workers deliver water bottles to a restaurant next to Galata bridge on a summer day in Istanbul, Türkiye, June 26, 2026. (AP)
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Turkish June Monthly Inflation at 0.99%, Matches Forecast

Workers deliver water bottles to a restaurant next to Galata bridge on a summer day in Istanbul, Türkiye, June 26, 2026. (AP)
Workers deliver water bottles to a restaurant next to Galata bridge on a summer day in Istanbul, Türkiye, June 26, 2026. (AP)

Turkish consumer price inflation stood at 0.99% month-on-month in June, while the annual figure was 32.11%, data ‌from the ‌Turkish Statistical Institute ‌showed ⁠on Friday.

In a ⁠Reuters poll, monthly inflation was forecast to be 0.99%, ⁠with the annual ‌rate ‌seen at ‌32.1%, as ‌continued uncertainty around the Iran war drives expectations of ‌a slower-than-anticipated disinflation trend.

The data also ⁠showed ⁠the domestic producer index rose 1.80% month-on-month in June for an annual increase of 28.09%.

Türkiye's exports totaled $24.94 billion in June, while imports reached $35.3 billion, ‌leaving ‌a foreign trade ‌deficit ⁠of $10.38 billion, Trade ⁠Minister Omer Bolat said on Friday. 

Bolat ⁠said exports ‌in ‌the first ‌six ‌months of the year rose 3.6% ‌from a year earlier to $136.06 ⁠billion, ⁠while imports increased 4.6% to $189.15 billion.