Wednesday , October 17 2018

Business

Venezuela – a lesson to be learned

Venezuela is one of the founding members of OPEC and used to export around three million barrels per day — a volume that Kuwait is aiming to achieve and produce soon. However, Venezuela today is producing less than 1.4 million barrels per day and is on the brink of collapse. …

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Bitcoin could ‘bring internet to a halt’, BIS report warns

‘Cryptocurrencies cannot be trusted’ ZURICH, June 18, (AFP): The Bank for International Settlements in a report warned digital currencies like bitcoin could overwhelm and break the internet if they continue to grow. The BIS, often described as the central bank for central banks, also warned, in a 24-page report published …

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Real estate market liquidity dips 12.9% in May

Listed companies’ Q1 earnings rise 6.2% to KD 562.2 million Local Real Estate Market – May 2018 The latest released data by the Ministry of Justice -Real Estate Registration and Authentications Department- (after excluding the crafts activity and the coastal strip system) indicate a decrease in real estate market liquidity …

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OPEC will squeeze oil ‘buffer’ to historic lows with production hike

Falling inventories add to conundrum facing industry LONDON, June 14, (RTRS): The oil industry will face the biggest squeeze on its spare production capacity in more than three decades if OPEC and its allies agree next week to hike crude output, leaving the world more at risk of a price …

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Rolls Royce to cut 4,600 jobs to boost profits

Cuts to save 400 million pounds a year LONDON, June 14. (RTRS): Rolls- Royce is to cut 4,600 jobs over two years in the latest attempt by boss Warren East to cut costs and make Britain’s best known engineering company more profitable and dynamic. East, a softly-spoken former tech boss, …

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Rising fuel prices drive US wholesale inflation to its highest level in 6 years

PPI excluding food, energy, trade gains 0.1 pct WASHINGTON, June 13, (Agencies): A jump in fuel prices drove US wholesale inflation in May to its highest level in more than six years, signaling inflation may continue to rise, according to government data Wednesday. Meanwhile, wholesale prices for US-milled steel had …

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KIB successfully closes $250mn syndicated Murabaha facility

Stan Chart sole coordinating bank, FAB acts as Investment Agent Bank for deal KUWAIT CITY, June 13: KIB has successfully closed a US$ 250 million 3-year Syndicated Murabaha Financing Facility with a consortium of international and local banks, which was oversubscribed. Standard Chartered Bank was the sole Coordinating Bank, while …

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Family Business Council – Gulf welcomes new Chairman

Omar K. Alghanim elected as Chairman of Board of Directors of FBCG KUWAIT CITY, June 13: The Family Business Council – Gulf (FBCG), the leading membership organisation for GCC family businesses, has announced the appointment of Omar K. Alghanim as its new Chairman of the Board of Directors. Omar K. …

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CBK directs banks to provide investment data on qtrly basis

‘Large amount of money legally seized, following distortion drive’ KUWAIT CITY, June 12: The Central Bank of Kuwait (CBK) has issued a circular for banks operating in accordance with Islamic Shari’a, requesting them to provide direct investment data on a quarterly basis in a collective manner (bank and subsidiary companies), …

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Ali Alghanim & Sons becomes exclusive distributor for Sumitomo tires in Kuwait

After amicable business transfer from Al-Buhaira company KUWAIT CITY, June 12: Ali Alghanim & Sons Automotive Company, the exclusive importer of Land Rover, BMW, MINI, Rolls-Royce and McLaren vehicles in Kuwait, announced Monday that it has signed an exclusive distributorship agreement with Sumitomo Rubber Middle East and became the official …

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