Business

OPEC will squeeze oil ‘buffer’ to historic lows with production hike

Falling inventories add to conundrum facing industry LONDON, June 14, (RTRS): The oil industry will face the biggest squeeze on its spare production capacity in more than three decades if OPEC and its allies agree next week to hike crude output, leaving the world more at risk of a price …

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Rolls Royce to cut 4,600 jobs to boost profits

Cuts to save 400 million pounds a year LONDON, June 14. (RTRS): Rolls- Royce is to cut 4,600 jobs over two years in the latest attempt by boss Warren East to cut costs and make Britain’s best known engineering company more profitable and dynamic. East, a softly-spoken former tech boss, …

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Rising fuel prices drive US wholesale inflation to its highest level in 6 years

PPI excluding food, energy, trade gains 0.1 pct WASHINGTON, June 13, (Agencies): A jump in fuel prices drove US wholesale inflation in May to its highest level in more than six years, signaling inflation may continue to rise, according to government data Wednesday. Meanwhile, wholesale prices for US-milled steel had …

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KIB successfully closes $250mn syndicated Murabaha facility

Stan Chart sole coordinating bank, FAB acts as Investment Agent Bank for deal KUWAIT CITY, June 13: KIB has successfully closed a US$ 250 million 3-year Syndicated Murabaha Financing Facility with a consortium of international and local banks, which was oversubscribed. Standard Chartered Bank was the sole Coordinating Bank, while …

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Family Business Council – Gulf welcomes new Chairman

Omar K. Alghanim elected as Chairman of Board of Directors of FBCG KUWAIT CITY, June 13: The Family Business Council – Gulf (FBCG), the leading membership organisation for GCC family businesses, has announced the appointment of Omar K. Alghanim as its new Chairman of the Board of Directors. Omar K. …

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CBK directs banks to provide investment data on qtrly basis

‘Large amount of money legally seized, following distortion drive’ KUWAIT CITY, June 12: The Central Bank of Kuwait (CBK) has issued a circular for banks operating in accordance with Islamic Shari’a, requesting them to provide direct investment data on a quarterly basis in a collective manner (bank and subsidiary companies), …

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Ali Alghanim & Sons becomes exclusive distributor for Sumitomo tires in Kuwait

After amicable business transfer from Al-Buhaira company KUWAIT CITY, June 12: Ali Alghanim & Sons Automotive Company, the exclusive importer of Land Rover, BMW, MINI, Rolls-Royce and McLaren vehicles in Kuwait, announced Monday that it has signed an exclusive distributorship agreement with Sumitomo Rubber Middle East and became the official …

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World stocks, dollar steady after US-North Korea summit

Oil eases; gold locked below $1,300 as mkt braces for Fed meeting NEW YORK, June 12, (Agencies): World stock markets were little changed on Tuesday while the US dollar fell slightly against an index of major currencies, as investors brushed aside a long-awaited US-North Korea summit aimed at denuclearizing the …

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Oil prices stall as hedge funds take profits

John Kemp is a Reuters market analyst. The views expressed are his own. — Editor By John Kemp Investors continue to reduce their bullish position in crude oil futures and options, after a blistering rally over the last year, but now the profit-taking has spread to refined fuels such as …

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Kuwait’s real estate sales strong in Q1

Sales driven by higher volumes and rise in average deal size; home and land prices continue to ease KUWAIT CITY, June 11: The first quarter of 2018 saw a pick-up in real estate activity, driven in particular by strong sales in March. Sales reached KD 767 million in 1Q18, 45% …

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