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Sunday , November 18 2018

Business

US leads, Norway exits, and OPEC in the waiting – OPEC must think on long-term basis

Last week was bad news for OPEC from all angles. Nothing seemed to go right for the oil organization, as oil prices fell by more than $8 per barrel despite OPEC’s full adherence to daily productions cuts of 1.8 million barrels. USA is bound to become the top leader in …

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Police arrest three in PNB fraud case

NEW DELHI, Feb 17, (RTRS): India’s federal police arrested two employees at Punjab National Bank believed to be at the centre of a staggering $1.77 billion fraud, a police source said on Saturday, in the first arrests so far in the country’s biggest-ever bank scam. The arrests late on Friday …

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Prices slip on expectations of surging US shale

The positive momentum that propelled oil prices to four year highs appears to have slipped since the start of the month. A combination of bearish oil data out of the US showing crude stocks building for the second week in a row and US crude production breaking through the symbolic …

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Kuwait Ports Authority tells KGL to evacuate

KUWAIT CITY, Feb 17: The Director-General of the Kuwait Ports Authority (KPA), Sheikh Yousef Al-Abdullah Al-Sabah, said the Kuwait & Gulf Link Transport Co (KGL) has been notified to evacuate 270,000 square-meters of land at Doha Port which is under dispute and is seen land stolen from the government, reports …

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GOFSCO hails sponsorship of ‘Maker Faire Kuwait 2018’ – Move reinforces its corporate social responsibility strategy of supporting young makers

KUWAIT CITY, Feb 14: Gas & Oil fields services company (GOFSCO), one of the largest integrated service providers in Kuwait specializing in the upstream oil and gas sector, both onshore and offshore, recently hailed a successful silver sponsorship of the renowned ‘Maker Faire Kuwait 2018’ which was held under the …

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Kuwait company seeks to boost refining capacity – KPI to buy stake in Duqm refinery

KUWAIT CITY, Feb 14 ,(KUNA): Kuwait Petroleum International (KPI) will sign an agreement Thursday to aquire 50 percent share of Oman’s Duqm refinery, said oil Minister Eng Bakheet Al-Rashidi. In a statement to KUNA, Minister Al-Rashidi said that the Supreme Petroleum Council approved this step in cooperation with Kuwait Oil …

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Indian bank reports $1.8b ‘fraud’ at Mumbai branch – Report sends PNB shares plunging over 9%

MUMBAI, Feb 14, (AFP): India’s second-largest state-run bank said Wednesday it had detected fraud of almost $1.8 billion at one of its branches, sending its shares plunging more than nine percent. The Punjab National Bank (PNB), one of several state-owned lenders the government is trying to clean up, said transactions …

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KFH bags 28 international renowned awards in 2017 – Awards culminate KFH-Group outstanding performance in all fields

KUWAIT CITY, Feb 13: Kuwait Finance House (KFH) continued its outstanding performance in all indicators and bagged 28 international renowned awards in 2017 at the Group level from prestigious international institutions. The awards were in recognition of the Bank’s distinguished performance in all fields, prestigious status and leading Islamic financial …

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World growth raised to 3.9%; US inflation on the rise

The broad-based global economic recovery gained further steam, including in the US, where the inflation narrative appeared to shift toward a more hawkish scenario. After months of solid data, the IMF raised its 2017 growth estimate for the world economy to 3.7% and upgraded its forecast for 2018 and 2019 …

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Gulf’s rate reprieve may end as US spreads stop narrowing – Market conditions may change as loan demand picks up

DUBAI, Feb 13, (RTRS): A dramatic narrowing of spreads between interest rates in the United States and the Gulf cushioned the region’s economies last year, but the trend may be close to ending as demand for loans picks up and monetary policy tightens further. Any move towards significantly higher regional …

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