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Burgan Bank’s operations in Turkey fully hedged against lira fluctuations

Posted by on 15/08/2018
Filed under Business

Burgan Bank’s operations in Turkey fully hedged against lira fluctuations

Burgan Bank’s operations in Turkey fully hedged against lira fluctuations

Eguren: We are not anticipating any major impact KUWAIT: Burgan Bank Group commented yesterday, in light of the current situation in Turkey, that Burgan Bank A S – Turkey has not had any major impact on its profitability in its operations as a result. It stated that its strategic decision to fully hedge its investment […]

Indian expatriates rush to remit money as rupee hits record low

Posted by on 14/08/2018
Filed under Business, Top Stories

Indian expatriates rush to remit money as rupee hits record low

Indian expatriates rush to remit money as rupee hits record low

KUWAIT/ISTANBUL: Large crowds of expats were seen at many money exchange companies in Kuwait yesterday as the Indian rupee continued its free-fall against major currencies across the world. One Kuwaiti dinar traded at 230.60 Indian rupees yesterday as the rupee touched an all-time low of 70 against the dollar, following a broader weakness in other […]

Tourists get surprise bonanza from Turkey woes

Posted by on 14/08/2018
Filed under Business, Top Stories

Tourists get surprise bonanza from Turkey woes

Tourists get surprise bonanza from Turkey woes

ISTANBUL: The collapse of the Turkish lira has caused trauma as Turks see their purchasing power slashed, but bargain-hunting foreign tourists visiting the country at the peak of the summer season are cashing in on a currency windfall. Visitors, mainly from Saudi Arabia and Asia, formed long queues in Istanbul outside luxury stores like Louis […]

China revs up spending plan as economy cools, investment falls

China revs up spending plan as economy cools, investment falls

Posted by on 14/08/2018
Filed under Business

China revs up spending plan as economy cools, investment falls

BEIJING: The Chinese government is expediting plans to invest billions of dollars in infrastructure projects as its economy shows signs of cooling further, with investment growth slowing to a record low and consumers turning more cautious about spending. With its trade war with the United States threatening to pile more pressure on China’s already slowing […]

World stocks regain footing as lira pulls out of nosedive

Posted by on 14/08/2018
Filed under Business

World stocks regain footing as lira pulls out of nosedive

World stocks regain footing as lira pulls out of nosedive

NEW YORK: – World share markets fought to regain their footing yesterday, as Turkey’s lira pulled out of its recent nosedive and reassuring data from Germany helped offset the latest wobbles in China’s giant economy. US stock indexes rose yesterday as upbeat quarterly reports from a clutch of companies boosted earnings optimism and bank stocks […]

Trump piles pressure with tariffs on steel and aluminum

Posted by on 11/08/2018
Filed under Business, Top Stories

Trump piles pressure with tariffs on steel and aluminum

Trump piles pressure with tariffs on steel and aluminum

  ISTANBUL:  The embattled Turkish lira tumbled over 16 percent to new record lows against the dollar as strains with the United States intensified, but President Recep Tayyip Erdogan defiantly proclaimed Turkey would emerge victorious in an “economic war”. Compounding the lira’s agony, President Donald Trump said Friday he had doubled steel and aluminum tariffs […]

Saudi reassures Canada on oil supply

Posted by on 09/08/2018
Filed under Business, Middle East, Top Stories, World

Saudi reassures Canada on oil supply

Saudi reassures Canada on oil supply

Saudi Arabia expels Canada’s envoy, blocks grain imports RIYADH: A row over human rights in Saudi Arabia will not have any impact on Saudi oil supplies to Canada, its energy minister said yesterday, reassuring customers after Riyadh froze new trade with Canada and ruled out mediation efforts. Saudi Arabia, angered by Canada’s demand last week […]

US sanctions whack Russia’s rouble, Turkey’s lira free-falls

Posted by on 09/08/2018
Filed under Business

US sanctions whack Russia’s rouble, Turkey’s lira free-falls

US sanctions whack Russia’s rouble, Turkey’s lira free-falls

NZ dollar dives as central bank stays loose LONDON: Alarm bells were ringing on Thursday as harsh new US sanctions drove drove down Russia’s rouble Turkey’s lira plunged as worries mounted that Ankara was sliding towards a full-blown economic crisis. A rally in Chinese stocks had helped Asia offset the latest escalation in the Sino-US […]

Philippines boosts rates despite economic growth slowdown

Posted by on 09/08/2018
Filed under Business

Philippines boosts rates despite economic growth slowdown

Philippines boosts rates despite economic growth slowdown

MANILA: The Philippine central bank hiked its key interest rates by a decade-high 50 basis points yesterday as it moved to curb inflation, while downplaying the impact its action would have on slowing economic growth. The monetary authority acted hours after the government announced a 6.0 percent growth in the second quarter, a sharp slowing […]

Afghans return home in record numbers as Iran currency plunges

Posted by on 09/08/2018
Filed under Business, Subcontinent, World

Afghans return home in record numbers as Iran currency plunges

Afghans return home in record numbers as Iran currency plunges

Jobless Afghans cross border in search of work HERAT, Afghanistan: Migrant workers squeezed into battered taxis pull into the Four Seasons of Freedom hotel in western Afghanistan, part of a wave of Afghans forced to leave Iran after a currency implosion wiped out their earnings. A record 442,344 Afghans have voluntarily returned or been deported […]

ASEAN marks 51st anniversary; fastest growing economies with combined output of $2.5 trillion

Posted by on 08/08/2018
Filed under Business, Kuwait, Other News

ASEAN marks 51st anniversary; fastest growing economies with combined output of $2.5 trillion

ASEAN marks 51st anniversary; fastest growing economies with combined output of $2.5 trillion

ASEAN’s success rests on its open, inclusive and outward-looking nature: Chairman KUWAIT: Diplomats from the Association of South East Asian Nations (ASEAN) marked its 51st anniversary at the Malaysian Embassy yesterday with native cuisines and cultural performances. The event was graced by Assistant Foreign Affairs Minister of Kuwait Ali Sulaiman Al-Saeed, Ambassador of Thailand, the […]

China slaps additional 25% tariffs on US goods

Posted by on 08/08/2018
Filed under Business

China slaps additional 25% tariffs on US goods

China slaps additional 25% tariffs on US goods

Chinese exports accelerate despite US tariffs, surplus remains strong BEIJING: China is slapping additional import tariffs of 25 percent on $16 billion worth of US goods ranging from oil and steel products to autos and medical equipment, the commerce ministry said, as the world’s two largest economies escalate their trade dispute. “This is a very […]