Business

NBK’s Board of Directors OKs 6.5 pct capital increase – Subscription period set to start on May 18, and close on June 16

KUWAIT CITY, May 15: National Bank of Kuwait announced that its Board of Directors approved calling-in the bank’s planned 6.5 percent rights issue with the subscription period set to start on Wednesday, May 18, 2016 and to conclude with the close of business on Thursday, June 16, 2016. The subscription …

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NREC Q1 net profit up 9.8 pct to KD 3.6 mln – EBITDA rises 1.9% to KD 4.5 mln in first quarter

KUWAIT CITY, May 14: National Real Estate Company (NREC), a leading regional developer with development projects exceeding $1 billion in Egypt and the UAE, announced first quarter net profits of KD 3.6 million, an increase of 9.8% from the same period last year. The company’s positive outlook for bottom-line growth …

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ABK posts operating profit of KD 22.1 mln in Q1 – Total assets up 26.3% to KD 4.5bn; EPS 5 fils

KUWAIT CITY, May 14: Al Ahli Bank of Kuwait (ABK) today announced an operating profit of KD 22.1 million for the first quarter of 2016, after a one-off investment loss of KD 2.3 million on investments disposal, compared to KD 21.8 million for the corresponding period in 2015. Net profit …

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OPEC ‘will’ stay strong – Oil demand rising

According to recent reports in international media, OPEC is on the verge of breaking up. They claim that this oil organization will no longer be able to function especially after its recent failure in the Doha meeting in February because of disagreement among the OPEC members. It is a known …

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Moody’s confirms Kuwait’s Aa2 govt issuer rating – Negative outlook

KUWAIT CITY, May 14, (KUNA): Moody’s has confirmed the Aa2 ratings of Kuwait, Qatar, the United Arab Emirates and Qatar but assigned negative rating outlooks, while it downgraded the ratings of Saudi Arabia (to A1 stable), Bahrain (to Ba2 negative) and Oman (to Baa1 stable). In its online ratings for …

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OPEC signals greater oil glut in 2016 – Forecast decline in non-OPEC supply is uncertain

LONDON, May 13, (Agencies): OPEC said the global oil market is oversupplied and signalled the glut may increase this year, as surging output from its members makes up for losses from other countries whose production has been hit by a price fall. Supply from the Organization of the Petroleum Exporting …

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IMF warns of hit to economy, markets from Brexit – Lagarde backs BoE view on recession risk

LONDON, May 13, (RTRS): International Monetary Fund chief Christine Lagarde said on Friday there were no economic positives to Britain leaving the European Union and that the impact would range from “pretty bad to very, very bad”. Her blunt warning came as the IMF said the country risks falling into …

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Apple invests $1 bln in Chinese ride-hailing service – Didi Chuxing says this is largest investment ever received

NEW YORK, May 13, (RTRS): Apple Inc said on Thursday it has invested $1 billion in Chinese ride-hailing service Didi Chuxing, a move that Apple Chief Executive Tim Cook said would help the company better understand the critical Chinese market. The tech giant’s rare investment gives it a stake in …

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Kuwait oil up

Kuwait oil price went up $2.24 on Thursday, reaching $41.51 per barrel (pb) against $39.27 pb last Tuesday, Kuwait Petroleum Corporation (KPC) said Friday. Meanwhile, the OPEC daily basket price gained $1.91 on Thursday, standing at $43.31 a barrel, compared to $41.40 on Wednesday, OPEC announced Friday. The annual average …

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Kuwait, Japan seek to ‘boost’ ties, investment opportunities – PM meets chief of Kuwait-Japan Friendship Committee

TOKYO, May 12, (KUNA): In the presence of Kuwait’s Deputy Prime Minister, Finance Minister and Acting Oil Minister Anas Al-Saleh, visiting Kuwaiti and Japanese businessmen on Thursday discussed ways of expanding economic relations and investment opportunities. The one-day meeting in Tokyo, headed by Deputy President of the Chamber of Commerce …

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