Business

Wal-Mart to give hike to most of its workers – Largest US private employer

NEW YORK, Jan 22, (AP): Wal-Mart is giving raises to the vast majority of its US employees as part of the world’s largest retailer’s previously announced investment in its workforce. The move comes as it seeks to hold onto workers in an increasingly competitive market. Wal-Mart Stores Inc on Wednesday …

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NBK posts KD 282.2 mln net profit for 2015-16 – Total assets up 8.3% y/y to KD 23.6 bln; Board proposes cash dividends of 30 fils/share

KUWAIT CITY, Jan 21: National Bank of Kuwait (NBK) reported net profits of KD 282.2 million (USD 929.7 million) for the year 2015 compared with KD 261.8 million (USD 862.6 million) in 2014, growing 7.8% year-on-year. 77.8 billion) up 8.3% compared to year-end 2014, while total shareholders’ equity increased by …

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KSE extends bear run, ends 38.94 pts in red – KIPCO drops 10 fils; Mabanee Co gains

KUWAIT CITY, Jan 21: Kuwait stocks sagged on Thursday to wind up the week on a sour note. The bourse slid 38.94 points to 4,946.33 pts weighed by continuing fragility in global markets and sliding oil prices. The bourse has been markedly bearish since last week and has closed lower …

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No sign Saudi Arabia will ride to oil market rescue – Reforms to reduce spending key to long-term oil policy

RIYADH/DUBAI, Jan 21, (RTRS): Low oil prices have pushed top exporter Saudi Arabia to hasten difficult economic reforms and cut spending on popular benefits, but it has few options beyond sticking with a strategy to defend its market share – no matter how low prices sink. A return of Iranian …

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Cheap oil slamming stocks – Good for consumers

NEW YORK, Jan 21, (AP): Wall Street is drowning in oil. Stocks are having their worst start to a year in history in part because of a rapid plunge in the price of oil. The price of crude is down 28 percent this year already, which in turn has dragged …

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Red tape and political risks could stall investment in Iran – Threat sanctions could ‘snap back’ looms large

DUBAI, Jan 20, (RTRS): A multitude of business regulations – 182,000 by one minister’s count – stands in the way of a rapid flow of foreign investment into Iran after the lifting of nuclear sanctions ended its long isolation from global commerce. Other factors that could stall investment include residual …

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KSE index tumbles below 5,000 pts mark – NBK drops 30 fils; Zain flat

KUWAIT CITY, Jan 20: Kuwait stocks fell sharply on Wednesday to end below 5,000 pts mark amid fresh sell-offs triggered by further decline in oil prices. The price index skidded 98.94 pts in a broad decline to hit a fresh multi-year low of 4,985.27 pts tracking the slide in regional …

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UAE halts foreign banks waivers on state-linked lending – Many regional Gulf and Asian lenders to be significantly impacted 

DUBAI, Jan 20, (RYTRS): The United Arab Emirates (UAE) central bank has removed waivers given to foreign banks allowing them to use their group’s capital reserves to calculate lending to the government and state-owned entities, sources aware of the matter told Reuters. The change, related to 2012 legislation to counter …

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US firms moving operations out of China – Companies cite worsening conditions

BEIJING, Jan 20, (AFP): One out of four US companies active in China has moved some operations out of the country or is planning to, as conditions worsen in the world’s second-largest economy, an American business group said Wednesday. Foreign investment has been a key part of China’s transformation in …

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Al Sayer launches Lexus ‘F’ technology – All-new GS F and RC F unveiled under the F series

KUWAIT CITY, Jan 19: Mohamed Naser Al Sayer Tuesday launched the “F” technology from Lexus powered by innovative engineering, setting new benchmark for the Middle East luxury high performance car segment. Under the F line two of the most powerful Lexus cars ever made: GS F performance-oriented, four-door sports sedan …

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