Business

KSE resumes slide with 36.73 pts dip – Americana falls 20 fils; Agility flat

KUWAIT CITY, Jan 25: Kuwait stocks swung lower on Monday as it resumed its downtrend after a modest rebound in the last session. The bourse dropped 36.73 pts in lackluster trade to 4,938.22 points as sentiment soured again amid drop in oil prices. The KSX 15 benchmark slipped 9 pts …

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IT, health care, tourism are priorities – Saudi Arabia presents plan to move beyond oil

RIYADH, Jan 25, (RTRS): Saudi Arabia outlined ambitious plans on Monday to move into industries ranging from information technology to health care and tourism, as it sought to convince international investors it can cope with an era of cheap oil. A meeting and presentation at a luxury Riyadh hotel was …

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Al Habtoor leads global initiative to alleviate poverty – KAHF extends invitation to well-known philanthropists around the world

DUBAI, UAE, Jan 24: Khalaf Ahmad Al Habtoor, Chairman of the Al Habtoor Group and Founder of the Khalaf Ahmad Al Habtoor Foundation (KAHF), is leading a global initiative to alleviate poverty. The Chairman said today that he has extended an invitation to well-known philanthropists around the world to join …

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Iran to buy 114 Airbuses to revamp fleet – First major deal after lifting of sanctions

TEHRAN, Jan 24, (AFP): Iran said Sunday it will buy 114 Airbus planes to revitalise its ageing fleet, in the first major commercial deal announced since the lifting of sanctions under its nuclear agreement. Transport Minister Abbas Akhoundi said a deal on the purchase would be signed between national carrier …

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KSE index rebounds amid bargain buying NBK jumps 20 fils; KIPCO flat

KUWAIT CITY, Jan 24: Kuwait headed north amid bargain buying on Sunday following sharp losses during last week. The bourse closed 28.62 pts higher at 4,974.95 after trading briefly above the 5,000 pts mark even as oil prices wound up the week with a sentiment boosting uptick. The KSX 15 …

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VIVA records KD 43 mln net profi t in 2015 – Total revenues reach KD 277 mln, a strong growth of 16% compared to 2014: CEO

KUWAIT CITY, Jan 24: VIVA, Kuwait’s fastestgrowing and most developed telecom operator, announced its financial results at the end of the 2015, with net profits of KD 43 million, a 6 percent increase compared to 2014. Dr Mahmoud Ahmad Abdul Rahman, VIVA’s Chairman, commenting on the financial results: “VIVA reached …

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Boubyan Bank logs KD 35.2 mln profit in 2015 – EPS clocks 17.09 fils; board recommends distribution of 5% of cash dividends, 5% in bonus shares

KUWAIT CITY, Jan 23: Boubyan Bank profits continues to grow in 2015 achieving  a growth rate of 25%. The bank’s net profits amounted to KD 35.2 Million compared to KD 28.2 Million in 2014, while the earning per share amounts to 17.09 fils compared to 13.70 fils for 2014. The …

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Kuwait crude oil industry should start cost cutting – Hard times yet to come; KPC must act

After our Amir initiated the cost cutting process in the Amiri Diwan and instructed the government to follow suit, it is time for our Kuwaiti oil industry to work on reducing the expenses of the biggest sector of the country by 10-15 percent immediately. It is the minimum that Kuwait …

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Kuwait indices hit significant low levels – Market cap loses around KD 1.56 bn during week

Kuwait Stock Exchange (KSE) ended last week in the red zone. The Price Index closed at 4,946.33 points, down by 6.07% from the week before closing, the Weighted Index decreased by 7.08% after closing at 330.24 points, whereas the KSX-15 Index closed at 767.74 points down by 7.32%. Furthermore, last …

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Saudis slam ‘irrational’ oil price – Crude hits new 12-year low under $27 on supply glut

LONDON, Jan 23, (AFP): The world’s biggest oil exporter Saudi Arabia declared this week that ultra-low oil prices were “irrational” as crude hit new 12-year lows under $27 on the global supply glut. The market’s dramatic slump culminated on Wednesday with New York crude collapsing to $26.19 per barrel – …

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