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Gold set for longest weekly losing streak since ’99

Posted by on 01/08/2015
Filed under Business, Top Stories

Kuwait oil price rises

Kuwait oil price rises

Posted by on 31/07/2015
Filed under Business, Kuwait, Other News

Kuwait oil price rises

KUWAIT: Kuwait oil price climbed to $50.27 per barrel on Wednesday from $49.90 pb the day before, Kuwait Petroleum Corporation (KPC) said yesterday. In international markets, the Brent crudes’ forwards rose 10 cents, 0.51 percent, reaching $53.38 pb. Forwards of the American crude also moved up, by one percent, after posting record fall since six […]

Zain Group generates revenue of $1.9 billion – Zain records net income of $269 million

Posted by on 30/07/2015
Filed under Business

Zain Group generates revenue of $1.9 billion – Zain records net income of $269 million

Zain Group generates revenue of $1.9 billion – Zain records net income of $269 million

KUWAIT: Zain Group, a pioneer of mobile telecommunications across the Middle East and Africa, announces its consolidated financial results for the six months ended 30 June, 2015. Active customers served reach 46.3 million as at 30 June, 2015. Zain is the market leader in six of its eight operations by customer numbers. Performance Indicators For […]

Kuwait travelers exhibit high future travel optimism

Posted by on 30/07/2015
Filed under Business

Kuwait travelers exhibit high future travel optimism

Kuwait travelers exhibit high future travel optimism

KUWAIT: Future travel optimism among Kuwaiti travelers is high in the Middle East and Africa region, according to the latest Global Travel Intentions Study 2015 launched by Visa (NYSE:V), the global payments technology company. 91% of travelers from Kuwait plan to travel over the next year. This optimism is reflected largely by the Millennial generation […]

Kuwait readies sukuk laws as budget deficit hits $9bn

Kuwait readies sukuk laws as budget deficit hits $9bn

Posted by on 29/07/2015
Filed under Business, Kuwait, Other News

Kuwait readies sukuk laws as budget deficit hits $9bn

KUWAIT: Kuwait is preparing legislation to facilitate issues of Islamic bonds by the government as it assesses options to finance a big budget deficit caused by low oil prices, Finance Minister Anas al-Saleh said yesterday. “It is among the priorities of the government,” Saleh said of the sukuk legislation. He was speaking via Twitter in […]

$11.5bn contracts awarded for Zour

$11.5bn contracts awarded for Zour

Posted by on 29/07/2015
Filed under Business, Kuwait, Other News

$11.5bn contracts awarded for Zour

KUWAIT: National Petroleum Co said it awarded four contracts worth $11.5 billion (10.5 billion euros) to international consortia yesterday to build a 615,000 barrel per day refinery. A $4.25 billion contract for the main manufacturing units went to Spain’s Tecnicas Reunidas, China’s Sinopec Engineering and South Korea’s Hanwha Engineering and Construction Corp, spokesman Khaled Al-Assoussi […]

Gold loses traction, closes 5-1/2 year low

Gold loses traction, closes 5-1/2 year low

Posted by on 28/07/2015
Filed under Business

Gold loses traction, closes 5-1/2 year low

LONDON: Gold lost ground yesterday, moving closer to last week’s 5-1/2 year lows below $1,100 per ounce, with expectations for a near-term US interest rate hike seen keeping momentum firmly with the bears. While the market has been fixated on US monetary policy, traders said further selling yesterday may have come on the back of […]

Wall St slumps after China stocks stumble – Dow hits lowest level in five months

Posted by on 28/07/2015
Filed under Business

Wall St slumps after China stocks stumble – Dow hits lowest level in five months

Wall St slumps after China stocks stumble – Dow hits lowest level in five months

NEW YORK: Wall Street began the week in the red yesterday and fell sharply on concerns about China’s slowing growth in the wake of the biggest drop in Shanghai shares in eight years. China’s top securities regulator, China Securities Regulatory Commission, said yesterday that Beijing would continue to buy shares to stabilize the stock market. […]

Oil prices retreat as Opec production hits new highs – NBK Economic Report

Posted by on 28/07/2015
Filed under Business

Oil prices retreat as Opec production hits new highs – NBK Economic Report

Oil prices retreat as Opec production hits new highs – NBK Economic Report

KUWAIT: International oil prices retreated in June as OPEC continues to ramp up production, putting pressure on prices. Although oil prices were jittery ahead of the deadline for a final agreement over Iran’s nuclear program as well as the unfolding of the Greek debt crisis, dated Brent, the international benchmark retreated to $60.65/bbl. It was […]

Ooredoo announces partnership with Huawei

Posted by on 28/07/2015
Filed under Business

Ooredoo announces partnership with Huawei

Ooredoo announces partnership with Huawei

KUWAIT: Ooredoo Kuwait, a member of the international Ooredoo Group, announced its partnership with the leading company Huawei. The partnership will bring together an elite team of global Huawei consultants and engineers to support Ooredoo in providing ubiquitous connectivity to its local customers while guaranteeing an exceptional user experience for all. The agreement underscores the […]

Gulf Insurance Group reports 23.4% net profit growth for H1

Posted by on 28/07/2015
Filed under Business

Gulf Insurance Group reports 23.4% net profit growth for H1

Gulf Insurance Group reports 23.4% net profit growth for H1

KUWAIT: Gulf Insurance Group (gig) announced a net profit of KD 7.5 million (US$ 24.8 million) for the first six months of 2015, compared to KD 6.1 million (US$ 20.1 million) for the corresponding period in 2014, representing a double digit growth of 23.4%, with Earnings Per Share (EPS) at 41.75fils. In the second quarter […]

FDI in Arab states fell 8% last year

FDI in Arab states fell 8% last year

Posted by on 27/07/2015
Filed under Business, Kuwait, Other News

FDI in Arab states fell 8% last year

KUWAIT: Foreign direct investment into Arab states dropped 8.0 percent last year with the United Arab Emirates and Saudi Arabia accounting for close to half the total fall, a report said yesterday. Arab states attracted FDI worth $43.9 billion in 2014 compared with $47.5 billion the previous year, the Kuwait-based Arab Investment and Export Credit […]