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Greece in crisis over state TV closure – Setbacks follow failure of key gas privatisation

Posted by on 12/06/2013
Filed under Business, Top Stories

Greece in crisis over state TV closure – Setbacks follow failure of key gas privatisation

Greece in crisis over state TV closure – Setbacks follow failure of key gas privatisation

ATHENS: Greece’s government faced an internal revolt and public outrage yesterday over the sudden closure of state broadcaster ERT, hours after the humiliation of seeing its bourse downgraded to emerging market status. The twin setbacks, coupled with the derailing of a troubled privatisation programme, reversed a rise in investor confidence that had prompted Prime Minister […]

FATCA to impact Kuwait financial services industry

FATCA to impact Kuwait financial services industry

Posted by on 12/06/2013
Filed under Business

FATCA to impact Kuwait financial services industry

KUWAIT: The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 by the US Congress to target non-compliance by U.S. taxpayers using foreign accounts. FATCA requires foreign financial institutions (e.g., banks, and investment and asset management companies) (FFIs) to report information about financial accounts held by US taxpayers, or by foreign entities in which […]

FASTtelco launches FT Market Watch for KSE

FASTtelco launches FT Market Watch for KSE

Posted by on 12/06/2013
Filed under Business

FASTtelco launches FT Market Watch for KSE

KUWAIT: FASTtelco, the leading internet service provider in Kuwait, specializing in providing innovative Internet and data communications solutions, has successfully launched the innovative “FT Market Watch Service”, a unique value added service rededicated to monitor Kuwait Stock Exchange (KSE). This service enables brokerage firms and users to receive real-time updates on Kuwait Stock Exchange transactions […]

Indians in Kuwait cash in on rupee’s record plunge – Volume rises despite fear among expats

Posted by on 11/06/2013
Filed under Business, Top Stories

Indians in Kuwait cash in on rupee’s record plunge – Volume rises despite fear among expats

Indians in Kuwait cash in on rupee’s record plunge – Volume rises despite fear among expats

KUWAIT: Despite the lingering fear and uneasiness among the expatriate population in Kuwait, Indians crowded foreign exchange centers across the country yesterday to cash in on the unprecedented plunge of the Indian rupee as the currency plummeted to an all-time low of 59 against the US dollar. A Kuwaiti dinar fetched 207.468 rupees yesterday, a […]

Police scuffle with anti-G8 UK protesters

Posted by on 11/06/2013
Filed under Business, Europe, Top Stories, World

Police scuffle with anti-G8 UK protesters

Police scuffle with anti-G8 UK protesters

LONDON: Police scuffled with scores of anti- G8 demonstrators in central London and surrounded a building where protest organisers were meeting yesterday before a summit of world leaders in Britain next week. Isolated scuffles broke out when police moved in to arrest individuals as a main group of around 30 to 50 activists, mostly dressed […]

Hard times for Iran middle class battling US sanctions – Devaluation of rial pushes prices of imported products high

Posted by on 11/06/2013
Filed under Business, Middle East, Top Stories, World

Hard times for Iran middle class battling US sanctions – Devaluation of rial pushes prices of imported products high

Hard times for Iran middle class battling US sanctions – Devaluation of rial pushes prices of imported products high

TEHRAN: Like many middle class Iranians, 55-year-old Maryam has seen the bright future she once envisioned for her family thwarted by the country’s economic pains. Leaning over an elegantly framed photo of her four children, Maryam bemoans the missed opportunities and financial woes that have put an end to her plans. “Sometimes even thinking about […]

Etihad Airways’ Al-Ain Contact Centre honoured

Posted by on 11/06/2013
Filed under Business

Etihad Airways’ Al-Ain Contact Centre honoured

Etihad Airways’ Al-Ain Contact Centre honoured

KUWAIT: Etihad Airways’ Al-Ain Contact Centre received the award for “Best Facilities” at the INSIGHTS Middle East Call Centre Awards, held June 4, 2013, in Dubai. This is the second consecutive year the contact centre has received the honour. Peter Baumgartner, the airline’s Chief Commercial Officer, said: “Once again, our Al-Ain Contact Centre has proven […]

Proteges Third Generation officially launched in Kuwait

Posted by on 11/06/2013
Filed under Business

Proteges Third Generation officially launched in Kuwait

Proteges Third Generation officially launched in Kuwait

KUWAIT: Proteges – the mentorship program that provides young people with opportunities to learn life and leadership skills was officially launched at a press conference at The Chairman’s Club in Burgan Bank Tower. Members of the Proteges program were joined by executives from KIPCO Group – the program’s main sponsor. Speakers at the press conference […]

Fitch Upgrades Gulf Bank’s Viability Rating to ‘bb-’, affirms IDR at ‘A+’

Posted by on 11/06/2013
Filed under Business

Fitch Upgrades Gulf Bank’s Viability Rating to ‘bb-’, affirms IDR at ‘A+’

Fitch Upgrades Gulf Bank’s Viability Rating to ‘bb-’, affirms IDR at ‘A+’

KUWAIT: Gulf Bank announced yesterday that Fitch Ratings, one of the world’s leading international credit rating agencies, has upgraded the bank’s Viability Ratings to ‘bb-’ from ‘b+’. The Bank’s other ratings have been affirmed at Long-term Issuer Default (IDR) ‘A+’, Short-term IDR ‘F1’, Support Rating ‘1’ and Support Rating Floor ‘A+’. The Outlook on the […]

Kuwait to issue new banknotes – Indian rupee in ‘freefall’

Kuwait to issue new banknotes – Indian rupee in ‘freefall’

Posted by on 10/06/2013
Filed under Business

Kuwait to issue new banknotes – Indian rupee in ‘freefall’

KUWAIT/MUMBAI: The Central Bank of Kuwait (CBK) announced yesterday that it will release new currency notes with “modern and enhanced security features” to cope with latest counterfeiting challenges in the printing industry. “The CBK has decided to release new Kuwaiti banknotes of all denominations to cope with the developments to improve hallmarks, security features and […]

Dubai loans lean on local banks – Liquid local banks help drive fiscal recovery

Posted by on 10/06/2013
Filed under Business, Top Stories

Dubai loans lean on local banks – Liquid local banks help drive fiscal recovery

Dubai loans lean on local banks – Liquid local banks help drive fiscal recovery

LONDON: Dubai’s loan market has entered a new phase in its post crisis recovery, underpinned by a liquid local bank market, which is helping to fill the void left by European lenders still reeling from the emirate’s financial meltdown in 2008. Island resort Atlantis, The Palm is in the market with an $800 million refinancing, […]

Saudi set to sell more crude to India in July

Saudi set to sell more crude to India in July

Posted by on 10/06/2013
Filed under Business, Middle East

Saudi set to sell more crude to India in July

NEW DELHI: Top oil exporter Saudi Arabia is selling more crude to India in July as two refiners have asked for additional cargoes, industry and company sources familiar with the plan said, in part to make up for a loss of supplies from Iran. Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals Ltd stopped buying […]