FINANCE & ECONOMY

July 2, 2020

Agility Public Warehousing Co. is seeking to save more than $150m as the Kuwait-based logistics company tackles the fallout of the coronavirus pandemic.

The firm put in place measures “including reduction in spend, personnel measures, and other steps to adjust costs in various business lines to realities on the ground,”"... Continue Reading

July 2, 2020

The government is allegedly discussing the possibility of cutting subsidies for citizens as part of a larger economic reform plan aimed at alleviating the economic impact of COVID-19. During the weekly cabinet meeting, Barrak Ali Barrak Al Shitan, Minister of Finance, proposed raising the cost of electricity, water and fuel by 25 to 30 per cent, according to some news reports.

Al"... Continue Reading

July 1, 2020

KUWAIT CITY, June 30: Kuwait stocks slipped into a shallow trough on Tuesday as it wrapped up the month on a lackluster note. The All Shares Index slipped 13.85 in choppy session points to 5,130.72 pts weighed by select counters across the sectors.

The Premier Market dropped 13.23 pts to 5,607.07 points while Main Market was down"... Continue Reading

July 1, 2020

KUWAIT: Kuwait’s State Audit Bureau (SAB) said Monday it approved 545 out of 849 contracts since March 12 with a value of some KD 1.101 billion ($3.5 billion). Auditing process taking place at the start of the contracts contributed to saving around KD 44 million ($141 million) for the State’s Treasury, said Fatma Darwish, SAB’s senior auditor for social affairs, said in a statement. She"... Continue Reading

July 1, 2020

KUWAIT: Thousands of people headed to malls and traffic jams returned yesterday as Kuwait entered the second phase of easing of coronavirus restrictions. Malls, restaurants and cafes, in addition to public parks, reopened following a closure that exceeded three months.

Curfew hours were also relaxed to start from 8 pm instead of"... Continue Reading

June 30, 2020

A ground station that will track and communicate with a satellite built by American University of Ras Al Khaimah (AURAK) students has opened on the University’s campus.

The ground station is capable of communicating with satellites in orbit by sending commands and receiving telemetry, images and science data back from them.

June 30, 2020

PDI (www.pdisoftware.com), a global provider of ERP, Fuel Pricing, Logistics and Marketing Cloud solutions for the convenience retail and petroleum wholesale industries, today announced it has enhanced its Offers and Insights business capabilities with PDI Insights Cloud, formerly SwiftIQ, to include real-time data and analytics that can help support convenience and fuel retailers and consumer packaged goods (CPG) brands as they begin to recover from the COVID-19 pandemic. Insights Cloud is now available to global convenience retailers and CPG (known internationally as fast-moving consumer goods) brands, giving them the ability to monitor daily and weekly trends as well as access more granular, receipt-level data....... Continue Reading

June 29, 2020

Entersekt, a global specialist in digital security solutions, today released its updated guidance for financial institutions, Securing the Mobile Banking Channel, a white paper. This follows the FBI warning that an increase in attacks on banking applications by cybercriminals and fraudsters is likely, as consumers stuck at home during the COVID-19 pandemic rely more heavily on these platforms. And with recent research pointing to a marked distrust in banking communications among banking customers in the United Kingdom, it has never been as important for financial institutions to get the security of the mobile channel right. “Current solutions to digital fraud have failed to alleviate consumer uneasiness around mobile banking security and have had a negative impact on the user experience,” said Christian Ali, SVP product, Entersekt. “Meanwhile,...... Continue Reading

June 29, 2020

Merz Pharmaceuticals GmbH, a leading neurotoxin company and subsidiary of Merz Pharma GmbH & Co. KGaA, and Teijin Pharma Limited, the core company of the Teijin Group’s healthcare business, jointly announced today that Teijin Pharma has been granted approval by Japan’s Ministry of Health, Labor and Welfare (MHLW) to market Xeomin® (incobotulinumtoxinA) for intramuscular injection in 50,"... Continue Reading

June 29, 2020

Moody’s Analytics has won seven categories in this year’s Risk Technology Awards. Five are repeat wins. 3 years in a row: Credit Data Provider of the Year Wholesale Credit Modelling Software of the Year 2 years in a row: Enterprise-Wide Stress Testing Product of the Year IFRS 9 – ECL Modelling Solution of the Year IFRS 9 – Enterprise Solution of the Year First-time wins: Credit Stress-Testing Product of the Year Life and Pensions ALM System of the Year “We’re honored to have earned seven Risk Technology Awards this year,” said Steve Tulenko, President of Moody’s Analytics. “It is particularly gratifying that these awards recognize both our longstanding capabilities, like credit data and modeling, and newer offerings like pensions ALM and IFRS 9 accounting.” “We congratulate Moody’s...... Continue Reading