Tuesday , February 20 2018

Business

Gulf states say goodbye to tax-free ‘reputation’ – UAE doubles price of tobacco and ups soft drinks prices

DUBAI, Oct 1, (AFP): Hard hit by a drop in oil income, energy-rich Gulf states will next year introduce value-added tax to a region long known for being tax-free. Some have hailed introducing VAT as the start of “exciting, dramatic” change in the region, but the measure is also expected …

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Kuwait’s stocks inch lower; volume soars – NBK spikes 25 fils; Agility jumps 11 fils

KUWAIT CITY, Oct 1: Kuwait’s stocks inched lower on Sunday on the first day of trading after FTSE decision to upgrade the bourse to an emerging market. The price index dived 8.1 points in a slightly volatile trading to close at 6,671.63 points with mixed boards as investors were uninspired …

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FTSE lifts Boursa Kuwait – Inflow of $1.8bn seen possible

KUWAIT CITY, Sept 30, (KUNA): The Financial Times Stock Exchange (FTSE) Russel has promoted Boursa Kuwait to an emerging market, Chairman of Kuwait’s Capital Markets Authority (CMA) Board of Commissioners Nayef Al-Hajraf tweeted Friday. Al-Hajraf dedicated the prominent achievement to His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah. He …

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Lack of transparency in KPC embarrassing oil minister

Kuwait Petroleum Corporation (KPC) is the only Kuwaiti oil company that publishes its financial results, and profit and loss accounts globally on an annual basis. None of the companies in the Middle East or in Africa and even the OPEC national oil companies does the same. KPC is the only …

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Oil prices gain in Sept on signs of physical mkt tightening

By the standards of 2017, September has so far been a good month for oil prices. Both Brent and West Texas Intermediate (WTI) are up by 8% or more to the $56 and $50 per barrel (bbl) levels, respectively, amid signs that the physical markets are tightening. For Brent, the …

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Kuwait expects an inflow of $1 bln of foreign investment – Market gears up for possible upgrade in FTSE Emerging Markets Index

KUWAIT CITY, Sept 27: The Kuwait Stock Exchange is waiting for a $1 billion inflow of foreign investment following the announcement of a possible rise in the FTSE Emerging Markets Index, which will be announced on Friday after the US markets close, reports Al-Anba daily quoting an unnamed source. The …

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Kuwait’s bourse ‘stems’ 3-day fall; volume soars – Agility spikes 35 fils; CBK gains

Kuwait City, Sept 27: Kuwait’s bourse stemmed a three-day decline on Wednesday as investor sentiment positive ahead of FTSE decision to upgrade Kuwait to emerging market. The price index gained 4.04 points in a slightly volatile trade to 6,768.74 points. The KSX-15 benchmark rose 7.29 points to 1002.18 points while …

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Kuwait 5th regionally, 52nd globally in competitiveness – Drop in index

KUWAIT CITY, Sept 26, (Agencies): Kuwait’s ranking in the Global Competitiveness Index dropped from 38th with a score of 4.53 in 2016-2017 to 52nd out of 137 countries with a score of 4.4 in 2017-2018. According to the report released by World Economic Forum, competitiveness is defined as the set …

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Commercial Bank of Qatar looks to Asian funding amid Gulf crisis – Move to raise $250 mln-plus on Taiwanese bond market

DOHA, Sept 25, (RTRS): Qatar’s third-largest lender, Commercial Bank of Qatar (CBQ), is considering borrowing money on the Taiwanese bond market, its group chief executive told Reuters, as a crisis in the region makes it harder to raise funds. The plan to tap Asian markets is because Qatari banks have …

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Sales total KD 1.5bn in Aug, down 5.4% y/y

Real estate activity remained relatively stable in August. Seasonality pulled the monthly sales figure down slightly to KD 154.5 million. Sales across all sectors totaled KD 1.5 billion year-to-date (ytd), down 5.4% from the same period last year. The residential sector was particularly strong in 2017, compensating for the subdued …

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