Business

Oil price to stay at $50-55: Kuwait – Strategy on track

KUWAIT CITY, Sept 6, (AFP): Kuwaiti Oil Minister Essam al-Marzouk has said he expects oil prices to stay between $50 and $55 a barrel and that the market will rebalance by the end of the year. Marzouk, who heads an oil producers’ committee that monitors compliance to output cuts, told …

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Kuwait bourse treads water in volatile trade – Ooredoo gains 20 fils; Agility slips

KUWAIT CITY, Sept 6: Kuwait stocks trod water on Wednesday after last session’s modest rebound on FTSE inclusion hopes. The price index clipped 2.56 pts in volatile session to settle at 6,918 points even as the broader trend remained mixed. The KSX 15 benchmark edged 1.83 pts higher to 993.91 …

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Kuwait, Saudi bourses gain in August

Kuwait Financial Centre “Markaz” recently released its Monthly Market Research report. In this report, Markaz examines and analyzes the performance of equity markets in the MENA region as well as the global equity markets for the month of August 2017. Markaz report stated that the performance of MENA markets were …

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Kuwait index ‘lifted’ by FTSE hopes; volume up – Agility gains 15 fils; Zain slips

KUWAIT CITY, Sept 5: Kuwait stocks pulled higher on Tuesday as it re-opened after the five-day break. The price index climbed 28.46 points to 6,920.56 points buoyed by FTSE inclusion hopes and survey report showing rising investors’ bullishness over Kuwait shares. The KSX 15 gauge rose 7.18 pts to 992 …

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India ‘freezes’ bank accounts of suspected shell companies

NEW DELHI, Sept 5, (RTRS): India has frozen the bank accounts of 209,032 suspected shell companies as part of a crackdown on illegal transactions and tax evasion, the finance ministry said on Tuesday. The latest action against shell companies — which have no active business operations or assets — comes …

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Total sells Norwegian assets to Kuwait – $317m deal

PARIS, Sept 4, (AFP): French oil giant Total said Monday it has agreed to sell its remaining stake in a Norwegian oil field to Kuwait so that it can focus on its recent acquisition of Denmark’s Maersk Oil. “Total has signed an agreement to divest its remaining 15-percent interest in the …

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‘Feedback is the goal – anonymous feedback’ – Saudi Arabian ‘honesty’ app takes internet by storm

RIYADH, Sept 4, (AFP): Fizzing with boyish exuberance, Saudi programmer Zainalabdin Tawfiq could be mistaken for a college freshman, but the popularity of his “honesty” app has shone a spotlight on the conservative kingdom’s nascent tech scene. Tawfiq catapulted to fame when he took time out of his day job …

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Boursa closes week’s trading in green zone – Volume dips 15.68 pct

Boursa Kuwait ended last week in the green zone. The Price Index closed at 6,892.10 points, up by 0.10% from the week before closing, the Weighted Index increased by 0.24% after closing at 430.57 points, whereas the KSX-15 Index closed at 984.90 points up by 0.44%. Furthermore, last week’s average …

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Need to cut dependence on oil – Kuwait’s govt sole source of income … is it sustainable?

For how long will Kuwait depend on oil as its only source of income? Is it sustainable on a long term basis, especially since we know well that oil prices are unlikely to go beyond $70 per barrel in the coming years? This is not only because of the arrival …

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India rushes to defend bank note ban as doubts grow – Critics say bold monetary experiment has failed

NEW DELHI, Aug 31, (RTRS): India’s government scrambled to defend its attempt to crack down on the shadow economy by banning high denomination banknotes, after data showed almost all of the abolished currency had made it back into the banking system. Prime Minister Narendra Modi personally led the shock move …

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