Thursday , October 18 2018

Business

Commercial companies face payment ‘delays’ from govt – Low oil price bites oil-producing countries

According to some local media reports, commercial companies are facing delays of up to 180 days and even a year in some cases in receiving payments from the government sector following the completion of their projects. This is becoming a usual phenomenon in almost all oil-producing countries, more apparently in …

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Kuwait bourse ends down as volume soars – Market cap slides 0.81% to KD 22.94bn

Kuwait Stock Exchange (KSE) ended last week in the red zone. The Price Index closed at 5,394.84 points, down by 0.29% from the week before closing, the Weighted Index decreased by 0.91% after closing at 351.69 points, whereas the KSX-15 Index closed at 806.94 points down by 0.95%. Furthermore, last …

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Omar Alghanim wins prestigious CEO Award – Receives Knowledge and Education Development CEO Award

KUWAIT CITY, June 18: Alghanim Industries CEO Omar Kutayba Alghanim has received the Knowledge and Education Development CEO Excellence Award from the Middle East Excellence Awards Institute, which recognizes business leaders who have contributed to growth and development of the Gulf region and greater global economy. The award was conferred …

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Singapore exports surge 11.6 pct in May – Rise led by pharmaceutical and gold shipments

SINGAPORE, June 17, (AFP): Singapore exports surged in May on increased pharmaceutical and gold shipments as traders seek a safe haven from market turmoil but analysts warned Friday the surprise jump did not indicate a wider economic recovery. Non-oil domestic exports soared 11.6 percent year-on-year for the month, led by …

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Turkey cbank seen cutting rates by 50 bps – Inflation at 3-yr low

ISTANBUL, June 17, (RTRS): Turkey’s central bank is expected to lower the top end of its interest rate corridor for the fourth straight month next week, a Reuters poll showed, as inflation stays near a three-year low and after the US Fed reined in its projection for rate hikes. All …

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Crude rallies in May on supply cuts – Outlook for non-OPEC supply growth in 2016 lowered

Bullish sentiment propelled oil prices to their fifth consecutive monthly gain in May. Oil prices continued their bull run in May, closing higher for the fifth month in succession. Brent crude, the international benchmark, closed at $49.6 per barrel (bbl), up 3 percent month-on-month (m/m). Brent actually breached $50 during …

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Kuwait oil price down

The price of Kuwaiti oil dropped Thursday by $1.26 to settle at $42.74 per barrel after being at $44 the day before, said Kuwait Petroleum Corporation (KPC) Friday. At the global level, the price of oil retreated by four percent yesterday due to speculation over the UK possible detachment from …

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Higher oil revenue, reforms to cut Saudi deficits: study – NTP 2020 key

RIYADH, June 16, (AFP): Higher oil revenues coupled with a wide-ranging economic diversification plan will combine to cut projected Saudi budget deficits in 2016 and 2017, an economic report said on Thursday. Riyadh-based Jadwa Investment scaled down its projection for the 2016 budget shortfall to $75 billion from $107 billion. …

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Kuwait bourse winds up week with 4.48 pts gain – Humansoft Holding jumps 100 fils; KIPCO drops

KUWAIT CITY, June 16: Kuwait stocks nudged higher on Thursday to wind up the week on a firm note. The price index rose 4.48 pct in a lackluster trade to 5,394.84 pts helped by Kharafi Group controlled Americana’s fresh stake sale talks. Banks and other blue chips closed mixed even …

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Scandal-hit VW turns its sights to electric cars – US authorities extend deadline in ‘dieselgate’ scandal

FRANKFURT, June 16, (AFP): Embattled auto giant Volkswagen unveiled Thursday plans to launch more than 30 all-electric models by 2025 as it seeks to reposition itself as a leading player in environmentally sustainable modes of transport. VW, currently entangled in a global engine-rigging pollution scandal, said in a statement that …

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