Tuesday , October 16 2018

Business

Oil price above $71: Is it good news for producers? – Output cuts strategy working so well

Of course, oil price above $71 level is good news for all oil producing countries, as they are enjoying higher income, closing the gaps of borrowing money, and witnessing an increase in the value of their currency particularly the Russian rubles against other foreign currencies. Most importantly however is for …

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Kuwait inflation set to hit multi-year low, IMF report – Non-oil growth on track to reach 2.5% this year: Executive Directors

WASHINGTON, Jan 24, (KUNA): A International Monetary Fund report released Wednesday finds non-oil growth in Kuwait has picked up modestly over the past two years and inflation “is on track to reach a multiyear low.” The report comes after IMF’s Executive Board concluded the Article IV consultation with Kuwait in …

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KOTC and Hyundai seal gas deal – Contract worth $213.360mn to build 3 tankers

KUWAIT CITY, Jan 24, (KUNA): Kuwait Oil Tanker Company (KOTC) and South Korean construction firm Hyundai Heavy Industries have co-signed a contract worth $213.360 million to build three immense gas tankers, as part of a major KOTC fleet overhaul. The deal entails the construction of three liquefied gas tankers at …

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AUB wins ‘Sukuk Deal of the Year – Kuwait 2017’ award – Bank honored for its superior performance in issuance of $200mn Additional Tier 1 Capital Sukuk

KUWAIT CITY, Jan 24: Ahli United Bank (AUB) has announced winning of the Sukuk Deal of the Year — Kuwait 2017 award granted by the prestigious global magazine, International Finance, at a presentation ceremony held in Dubai recently and attended by a number of decision makers from leading financial and …

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Shuaa Capital in talks to acquire more shares in Kuwait’s Amwal

DUBAI, Jan 22 : Dubai-based Shuaa Capital is in discussions to acquire Amwal International Investment Company, after buying a minority stake in the Kuwaiti investment bank in July, according to a report from The National. Shuaa, the top investment bank in the Arabian Gulf region before the 2008 financial crisis, …

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Oil at $70 is no quick fix for Gulf economies – At current prices, Kuwait, UAE and Qatar heading for budget surplus this year: analysts

DUBAI, Jan 23, (Agencies): Rising oil prices are easing fears of a financial crisis in the Gulf, but they look unlikely to trigger another economic boom in the region, a quarterly Reuters poll of private economists shows. The Brent oil price has surged to three-year highs around $70 a barrel, …

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Amazon opens store with no cashiers – Get your stuff and go

SEATTLE, Jan 23, (AP): No cashiers, no registers and no cash — this is how Amazon sees the future of store shopping. The online retailer opened its Amazon Go concept to the public Monday in Seattle, which lets shoppers take milk, potato chips or ready-to-eat salads off its shelves and …

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NBK reports KD 322.4mn net profit for FY2017 – Bank’s solid YoY growth achieved in a global challenging operating environment: Al-Sayer

KUWAIT CITY, Jan 22: National Bank of Kuwait (NBK) reported net profits of KD 322.4 million ($1,068.3 million) for the year 2017 compared with KD 295.2 million ($978.2 million) in 2016, growing 9.2% year-on-year. Total assets as of year-end 2017 reached KD 26.0 billion ($86.3 billion) up 7.4% compared to …

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Kuwait Expo 2018 will boost country’s economy – official

Kuwait all set for Arab Water Conference in May KUWAIT CITY, Jan 22, (KUNA): Kuwait Expo 2018 is a great opportunity to boost economic and commercial ties between Kuwait and the world, said Undersecretary of Foreign Trade Sector in the Ministry of Commerce and Industry. The expo held from February …

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Crude prices reach highest level in 3 years

Oil prices reached highest levels seen in 3 years, as Brent crude touched USD 70/b at the start of 2018. Key drivers are supply issues in Libya, ongoing issues in Venezuela that has affected supply from OPEC members and declining inventory in the US, although US supply is expected to …

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