Business

KSE declines as weak oil dampens sentiment – NBK sheds 20 fils; Zain unchanged

KUWAIT CITY, May 19 : Kuwait stocks headed south Thursday tracking regional cues to end the week on a sour note. The price index slid 39.05 pts on broad selling to close at 5,324.05 points as weak oil prices dampened the sentiments. The KSX 15 benchmark dropped 13.94 points to 830.9 …

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European banks still wary on Iran trade over sanctions risk – Lenders cautious despite assurances from US and Europe politicians that they can resume ties

LONDON, May 19, (RTRS): European banks are holding back from business with Iran partly due to worries they might breach remaining sanctions, despite assurances from US and European politicians that they can legally resume ties, officials said on Thursday. International measures against Iran — including banking restrictions – were lifted …

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KSE swings 19.84 pts up on renewed buying – Americana gains 20 fils, NBK flat

KUWAIT CITY, May 17: Kuwait stocks swung higher on Tuesday stemming the two-day fall. The price index climbed 19.14 points in a lackluster trade to 5,367.28 pts helped by value buying in select counters. The sentiment was largely fickle even as the investors kept a wary eye on the oil …

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KPMG explains impact of VAT on Kuwait’s construction sector – VAT readiness could take several months

This article will discuss the impact of VAT on the VAT-registered contractor when making a supply of construction services and other related services to their clients. Construction Services Construction services can be broadly defined to include a wide range of building and construction services that are performed by businesses. They …

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US ‘reveals’ how much Treasury debt Saudi Arabia owns in March – Kingdom holds $116.8 bln, ranked 13th largest foreign holder of Treasury securities

WASHINGTON, May 17, (AP): Foreign holdings of US Treasury securities rose in March, with the Treasury Department revealing for the first time in four decades how much Saudi Arabia owns. In its latest report, Treasury said Monday that that total holdings increased 0.8 percent to a record $6.29 trillion. The …

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UASAC holds annual ordinary meeting – Company records a net profit of KD 704,435

KUWAIT CITY, May 17: UASAC’s General Assembly held its annual ordinary meeting on Monday 16th May 2016 headed by Basel Abdul Wahab Al Zaid in his capacity as a Chairman of United Arab Shipping Agencies Co. (Kuwait) and as a representative of United Arab Shipping Company (shareholders). The meeting was …

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Govt spending key driver of Kuwait construction sector – One of the few countries in GCC spending money after 2008 economic slump: experts

KUWAIT CITY, May 16: Kuwait is probably one of the few countries in the GCC that is spending money after the 2008 economic slump, says Senior Vice President at Hill International Middle East Jeff Badman. In a report published by constructionweekonline.com Sunday, Badman pointed out that Kuwait was booming in …

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Kuwait index extends losses; volume drops – Americana dives 80 fils; KIPCO gains

KUWAIT CITY, May 16: Kuwait stocks headed south on Monday extending the losses to second session. The price index dropped 27.56 pts to  5,384.14 pts amid selling in select counters. The banks  remained mostly muted whereas other heavyweights closed mixed. The KSX 15 benchmark eased 2.31 pts to 842.69 points …

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Gulf Bank posts KD 8.8 mln net profit in Q1 – Total assets up by KD 65 mln to KD 5,459 million

KUWAIT CITY, May 16: Gulf Bank announced a net profit of KD 8.8 million in Q1 2016.  This figure is down by KD 1 million year over year.  Operating income increased by KD 2.5 million or 6% to 44 million compared to Q1 2015. Furthermore, operating profit before provisions/ impairments …

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KIPCO holds its annual achievement awards – UFM named ‘Group Best Company of Year 2016’

KUWAIT CITY, May 16: KIPCO — the Kuwait Projects Company — has announced the winners of its annual achievement awards. The awards were presented by KIPCO’s Board Member, HE Abdullah Bishara, and Group Chief Operating Officer, Samer Khanachet, at the company’s 10th Annual Gala Dinner which took place in the Sheikha …

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