Tuesday , September 18 2018

Business

KOC wins billion dollar lawsuit filed by Korean contracting firm in 2014

‘PIC committed to concept of sustainable dev, its practices in Kuwait’ KUWAIT CITY, Aug 19: The International Arbitration Commission in London Friday ruled in favor of the Kuwait Oil Company (KOC) in the billion dollars lawsuit filed by a Korean contracting company in 2014, reports Al-Anba daily. This is a …

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Oil sector to produce 1,500 mw of solar cells, says Al-Rasheedi

KUWAIT CITY, Aug 18: Oil Minister and Minister of Electricity and Water Bakheet Al- Rasheedi was recently quoted as saying the oil sector will produce 1,500 megawatts of solar cells before the end of this year, reports Al-Anba daily. In a press statement Al-Rasheedi said the Ministry of Electricity and …

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Turkish lira slump is temporary, says head of National Popular Movement

KUWAIT CITY, Aug 18: Head of National Popular Movement Saoud Rashid Al-Hujailan says the fall in the value of Turkish lira to a record low is just a temporary “summer cloud” that will not continue, reports Al-Anba daily. He stressed that Turkey will remain the “iron man that will not …

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Kuwait current account surplus reaches highest in 3 years

KUWAIT CITY, Aug 18: Kuwait’s current account reached its highest surplus in three years in Q1 2018, standing at $5.58 billion, or 17 percent of quarterly GDP, according to a new report from the Central Bank of Kuwait. According to the report, an increasing trade surplus and higher oil prices …

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Expenditure for fiscal 2018/19 reaches 3.6 pct in first quarter

‘49 pc of projects are ongoing’ KUWAIT CITY, Aug 16: The first quarter follow up report on the annual plan for fiscal 2018/2019 revealed the expenditure for this period reached 3.6 percent, approximately equal to that of the same period in fiscal 2017/2018, reports Al-Anba daily. The report disclosed 49 …

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Record turnout for purchase of Turkish lira in Kuwait

Luxury Turkish products now less expensive KUWAIT CITY, Aug 16: An unprecedented turnout of Kuwaitis – both individuals and traders – who thronged the exchange markets to benefit from the sharp drop in the value of Turkish lira was witnessed on Wednesday, Aug 15, reports Al-Nahar daily. The decline in …

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Kuwait aspires to be active aviation center, says official

KUWAIT CITY, Aug 15, (KUNA): Kuwait through its new visionary schemes seeks to be an active hub for air transportation for passengers and cargo, affirmed Directorate General of Civil Aviation Chairman Sheikh Salman Sabah Al-Salem Al-Humoud Al- Sabah on Wednesday. Sheikh Salman, in a statement marking first commercial flight by …

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CBK introduces free SMS alerts

KUWAIT CITY, Aug 15:  Kuwait’s Central Bank (CBK) has instructed all local and foreign banks in the country to provide their clientele with the Short Message Service (SMS) free of charge, giving them real-time transaction alerts. The SMS service encompasses all debit card transactions as well as online banking, but …

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Kuwait Audit Bureau to host INTOSAI committees’ meetings in September

KUWAIT CITY, Aug 15, (KUNA): The Audit Bureau announced on Wednesday it would host annual meeting of INTOSAI’s Capacity Building Committee (CBC) and a meeting for Intosai’s Donor Steering Committee (IDSC) for five days as of Sept 3. The forecast meetings will be “the grandest event for the higher audit …

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KFH and Markaz say Turkish lira slide impact on their investments minimal

Kuwait Finance Center’s investments in Turkey amounts to $5.72mn, less than 2% of shareholders’ equity DUBAI, Aug 14, (Agencies): Kuwait Finance House (KFH), the country’s second-biggest lender by assets, said on Tuesday that its Turkey financing portfolio is stable and diversified between the Turkish lira and major foreign currencies. The …

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