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Tuesday , November 13 2018

Business

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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Kuwait oil up

The price of Kuwaiti oil went up by 36 cents to settle at $19.50 per barrel compared to $19.14 pb last Wednesday, said Kuwait Petroleum Corporation (KPC) Friday. In the world market, the price of oil rose due to a surge of cold wave that hit the US and Europe, …

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Credit grows by 6.5 pct in Nov – Pvt deposits dips

KUWAIT CITY, Jan 22: Credit saw a healthy increase in November 2015, with growth slipping only slightly to 6.5% y/y. Total credit rose by KD 189 million during the month, a pace that was slightly ahead of the monthly average during the previous 12 months. Household borrowing remained robust, with …

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Low oil price chance for Gulf economic reforms: ministers – ‘We saw an opportunity to have people do the right thing’

DAVOS, Switzerland, Jan 22, (AFP): The sharp drop in the price of oil, the lifeblood of Gulf economies, is an opportunity to end subsidies and introduce reforms in the energy-rich region, ministers said Friday. “With low prices … it is the right time” to cut subsidies on oil products, Kuwait’s …

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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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