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

Posted by on 28/07/2015
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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 […]

Greece pushes for quick cash injection – Debt problem to keep Greek banks in months-long freeze

Posted by on 27/07/2015
Filed under Business, Europe, Top Stories, World

Ooredoo posts KD 359.1m revenue for H1 of 2015

Posted by on 27/07/2015
Filed under Business

Ooredoo posts KD 359.1m revenue for H1 of 2015

Ooredoo posts KD 359.1m revenue for H1 of 2015

KUWAIT: National Mobile Telecommunications Company K.S.C.P – NMTC (Ooredoo) yesterday announced its financial results for the first half of 2015: Financial highlights * Total customer base increased to 24.0 million at the close of H1 2015, versus 21.6 million for the same period in 2014, amounting to growth of 11.3%. * Revenues for H1 of […]

Warba Bank invests in US real estate

Posted by on 27/07/2015
Filed under Business

Warba Bank invests in US real estate

Warba Bank invests in US real estate

KUWAIT: Warba Bank has announced investing in a real estate in New York state in the US, consisting of nine floors with 85 residential units stretching over 18,000 square feet. The process was made through a fund where the bank is a main investor, Warba said in a statement yesterday, adding that the real estate […]

GCC labor market needs decisive action

Posted by on 27/07/2015
Filed under Business

GCC labor market needs decisive action

GCC labor market needs decisive action

KUWAIT: Most GCC countries are facing important challenges linked to their demographic evolution and their oildependent economic structure. Kuwait and Saudi Arabia fit in this description. The national population – and therefore the labor force – of both countries is expected to keep growing fast, putting pressure on their economies to create a vast amount […]

Almunayes General Trading Est: Kuwaiti ambition with international vision – Six decades of success

Posted by on 26/07/2015
Filed under Business

Almunayes General Trading Est: Kuwaiti ambition with international vision – Six decades of success

Almunayes General Trading Est: Kuwaiti ambition with international vision – Six decades of success

KUWAIT: 1. Almunayes General Trading Est was established in 1947; 15 years prior to Kuwait’s independence. How did the company progress during these years? Our founder, Abdullatif Abdulkarim Almunayes, began with a small business by selling Almunayes Tea in different packings imported from Ceylon, which was registered in 1954. Through winning over customers, who appreciated Almunayes […]

KSE ends in the green zone – BAYAN INVESTMENT WEEKLY REPORT

Posted by on 26/07/2015
Filed under Business

KSE ends in the green zone – BAYAN INVESTMENT WEEKLY REPORT

KSE ends in the green zone – BAYAN INVESTMENT WEEKLY REPORT

KUWAIT: Kuwait Stock Exchange (KSE) ended last week in the green zone. The Price Index closed at 6,286.50 points, up by 0.16% from the week before closing, the Weighted Index increased by 0.34% after closing at 424.41 points, whereas the KSX-15 Index closed at 1,028.29 points up by 0.29%. Furthermore, last week’s average daily turnover […]

ABK announces net profit of KD20.44m – Net profits rise by 7.2%; Operating income up 4.6%

Posted by on 26/07/2015
Filed under Business

ABK announces net profit of KD20.44m – Net profits rise by 7.2%; Operating income up 4.6%

ABK announces net profit of KD20.44m – Net profits rise by 7.2%; Operating income up 4.6%

KUWAIT: Al Ahli Bank of Kuwait (ABK) yesterday announced a net profit of KD20.44 million for the first half of 2015, demonstrating a 7.2% increase from KD 19.07 million over the same period in 2014. Operating income also saw a 4.6% jump from the same period last year with KD 62.64 million versus KD 59.89 […]