Thursday , December 13 2018

Business

Health minister cancels KD 10m worth ‘tenders’

KUWAIT CITY, June 2, (KUNA): Minister of Health Sheikh Dr Bassel Al-Sabah has ordered cessation of tenders’ awarding worth more than KD 10 million, in implementation of the Cabinet resolution to trim expenditures. The MoH said in a statement that the minister ordered review of all the tenders and related …

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‘Long-term strategy but one worth pursuing’ – In search of more gas, Gulf states turn to shale

By Kamel Al-Harami Independent Oil Analyst It is time to look for another technology or methodology to search and explore for more natural gas in our region, especially since Saudi Arabia, Kuwait and others in the region are surrounded by rich gas producing countries like Qatar, Iran and, to a …

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Oil price rise boosts Kuwait’s fiscal position; credit growth remains ‘modest’ during March

 Inflation up fractionally to 0.7% y/y in April but continues to be subdued by soft food and housing figures By National Bank of Kuwait KUWAIT CITY, June 2: News on the Kuwaiti economy over the past month has been mixed. The strong rally in oil prices should lift confidence and …

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Chinese firm caught illegally shipping goods to Iran, N. Korea

US may soon claim up to $1.7 bln penalty from China’s ZTE NEW YORK, June 2, (RTRS): The Trump administration may soon claim as much as $1.7 billion penalty from ZTE Corp, as it looks to punish and tighten control over the Chinese telecommunications company before allowing it back into …

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PAI grants local company an initial permission to produce robot planes

Project first of its kind in GCC KUWAIT CITY, May 31: The Public Authority for Industry (PAI) has granted a local private company the initial approval to produce robot planes, reports Al-Qabas daily quoting sources. Sources said this project is the first of its kind not only in Kuwait but …

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Kuwait’s economic growth recovering slowly – Belgian Finance House report

‘GCC current account balance again becomes positive’ BRUSSELS, May 30, (KUNA): The six-member Gulf Cooperation Council (GCC) countries have implemented significant fiscal consolidation and this has improved the fiscal balances of most countries in the region, according to a report released in Brussels Tuesday. The report titled “Economic developments in …

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NBK leads the way in partnership with RippleNet

Deal to offer instant cross-border payments service KUWAIT CITY, May 29: The National Bank of Kuwait (NBK) continues to introduce innovative and the newest technology solutions to meet the needs of customers, having partnered with RippleNet to offer customers a fast, safe and convenient cross-border payments service, and making NBK …

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Dubai cancels corporate fines to boost business

Govt spending on infrastructure helping economy, but real estate, equity markets slumping DUBAI, May 29, (RTRS): Dubai is exempting companies from administrative fines in a fresh effort to stimulate business, which has been dampened by new taxes and slumping asset markets. A decree by Dubai ruler Sheikh Mohammed bin Rashid …

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OPEC production reduction scheme a success: Al-Ghais

‘Oil surplus down by 20m barrels’ KUWAIT CITY, May 29: Kuwaiti Governor in the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais said the recent official figures showed that the oil surplus decreased by 20 million barrels – lower than the decline rate in the last five years, affirming there …

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Kuwait’s banking sector profits grew 8.9%: KPMG

Total assets reach $251.9 bln, up 5.9% in 2017: report KUWAIT CITY, May 28: KPMG has recently released the third edition of the ‘GCC listed banks results’ report. The report shows that the banking sector in Kuwait saw a healthy profit of 8.9 % compared to 2016. The total assets …

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