Business

Zain awarded ‘Best Mobile Operator’ – Co named ‘Best Internet Service Provider’ in Kuwait for 2017

KUWAIT CITY, Feb 20: For the sixth time, Zain, the leading telecommunication company in Kuwait, was awarded ‘Best Mobile Operator’ and ‘Best Internet Service Provider’ in Kuwait for the year 2017 from Service Hero, the creators of Kuwait’s only customer satisfaction index. The company ranked first among the telecommunications sector …

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Indian jeweller denies fraud allegations – ‘There is nothing, there is nothing in it’

NEW DELHI/MUMBAI, Feb 20, (RTRS): Indian billionaire jeweller Nirav Modi, one of the prime accused in the country’s largest ever bank fraud, denies allegations levelled against him by Punjab National Bank (PNB), his lawyer said on Tuesday. “There is nothing, there is nothing in it,” Vijay Aggarwal, a lawyer representing …

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Bank reserves rise to KD 5 bln in Dec – Credit growth slows to 3.2%; money supply growth increases

KUWAIT CITY, Feb 19: Bank credit contracted for the third consecutive month in December, with growth slowing to 3.2% y/y. Outstanding credit declined by KD 65 million, despite the usual end-of-quarter spike in lending for the purchase of securities. Business credit was particularly weak, registering its largest monthly decline in …

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VAT may delay over year

KUWAIT CITY, Feb 18: “Kuwait, Qatar, Bahrain and Oman will need more time than expected for implementing the GCC agreement to introduce Value Added Tax, even though Saudi Arabia and the United Arab Emirates have already implemented the tax”, says the Deputy Director of Financial Affairs Department at International Monetary …

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US leads, Norway exits, and OPEC in the waiting – OPEC must think on long-term basis

Last week was bad news for OPEC from all angles. Nothing seemed to go right for the oil organization, as oil prices fell by more than $8 per barrel despite OPEC’s full adherence to daily productions cuts of 1.8 million barrels. USA is bound to become the top leader in …

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Police arrest three in PNB fraud case

NEW DELHI, Feb 17, (RTRS): India’s federal police arrested two employees at Punjab National Bank believed to be at the centre of a staggering $1.77 billion fraud, a police source said on Saturday, in the first arrests so far in the country’s biggest-ever bank scam. The arrests late on Friday …

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Prices slip on expectations of surging US shale

The positive momentum that propelled oil prices to four year highs appears to have slipped since the start of the month. A combination of bearish oil data out of the US showing crude stocks building for the second week in a row and US crude production breaking through the symbolic …

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Kuwait Ports Authority tells KGL to evacuate

KUWAIT CITY, Feb 17: The Director-General of the Kuwait Ports Authority (KPA), Sheikh Yousef Al-Abdullah Al-Sabah, said the Kuwait & Gulf Link Transport Co (KGL) has been notified to evacuate 270,000 square-meters of land at Doha Port which is under dispute and is seen land stolen from the government, reports …

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GOFSCO hails sponsorship of ‘Maker Faire Kuwait 2018’ – Move reinforces its corporate social responsibility strategy of supporting young makers

KUWAIT CITY, Feb 14: Gas & Oil fields services company (GOFSCO), one of the largest integrated service providers in Kuwait specializing in the upstream oil and gas sector, both onshore and offshore, recently hailed a successful silver sponsorship of the renowned ‘Maker Faire Kuwait 2018’ which was held under the …

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Kuwait company seeks to boost refining capacity – KPI to buy stake in Duqm refinery

KUWAIT CITY, Feb 14 ,(KUNA): Kuwait Petroleum International (KPI) will sign an agreement Thursday to aquire 50 percent share of Oman’s Duqm refinery, said oil Minister Eng Bakheet Al-Rashidi. In a statement to KUNA, Minister Al-Rashidi said that the Supreme Petroleum Council approved this step in cooperation with Kuwait Oil …

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