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Equifax close to $700m settlement for data breach

July 21, 2019

Equifax close to $700m settlement for data breach

Washington
US credit agency Equifax is close to a $700 million settlement agreement with authorities over the theft of sensitive personal data of nearly 150 million customers, the Wall Street Journal reported.
The company, which gathers data on consumers to help lenders determine borrowers’ creditworthiness, revealed in 2017 that hackers had stolen the personal details, including names, dates"... Continue Reading

Temporary recession grips Kuwait’s realty market

July 21, 2019

Temporary recession grips Kuwait’s realty market

Sluggish property sales in the second-quarter of 2019, which followed a not-so-active first-quarter, has left many players in the real estate sector wringing their hands. While the industry consoles itself by saying that second-quarter sales were down on account of the holy month of Ramadan and the holidays, the impact of the exodus of expatriate families on the market cannot be denied.

The"... Continue Reading

No hope for any increase in oil prices

July 21, 2019

No hope for any increase in oil prices

KUWAIT CITY, July 20: Kuwait’s total reserve of gold and cash is close to KD 12 billion ($36 billion) as of end of last month. Our total deficit in this year’s budget is close to KD 8 billion.

Our estimated oil price for the current budget is $55 per barrel. The crude oil production is at 2.7 million barrels per day, with"... Continue Reading

Kuwait’s GDP growth picked up in Q1; domestic credit improves

July 21, 2019

Kuwait’s GDP growth picked up in Q1; domestic credit improves

KUWAIT: While concerns over the global economy have risen over the past few months, the performance of the Kuwaiti economy has been mostly steady or slightly improving. Oil prices, although under pressure from the global outlook, rose in 2Q19, on supply cuts by the OPEC+ group of oil producers and geopolitical tensions. Indicators of non-oil activity including consumer spending and credit growth have picked"... Continue Reading

90% of Kuwaiti graduates prefer government jobs

July 21, 2019

90% of Kuwaiti graduates prefer government jobs

KUWAIT CITY, July 20: More than 90 percent of the graduates prefer employment in the government which increases the government burdens. The first part of the state budget is allocated to salaries and wages and despite plans to encourage Kuwaitis to join the private sector, figures and statistics reveal the low employment of Kuwaitis in non-governmental organizations, reports Al-Qabas daily.

Kuwaiti"... Continue Reading

Recession grips Kuwait’s real estate market

July 21, 2019

Recession grips Kuwait’s real estate market

KUWAIT: Kuwait’s domestic property market was sluggish in the first quarter of 2019 largely due to the fasting month of Ramadan and subsequent holidays, according to experts. Speaking to KUNA, Al-Dlaijan Property Manager Suleiman Al-Dlaijan said housing and investment rates remained the same, adding that majority of housing traders were brokers and not home seekers.

... Continue Reading

Kuwait at AA … outlook stable: S&P

July 21, 2019

Kuwait at AA … outlook stable: S&P

KUWAIT CITY, July 20, (KUNA): Standard and Poor’s (S&P) kept Friday Kuwait credit rating at AA with stable outlook, and said it could raise rating if the Gulf country carried out wide-scale political and economic reforms. S&P released a report about credit rating of the State of Kuwait regarding rationale behind the rating.

It"... Continue Reading

Sharjah Finance Department strengths ties with Japan finance industry

July 21, 2019

Sharjah Finance Department strengths ties with Japan finance industry

A delegation from Sharjah Finance Department (SFD) visited Tokyo, Japan and met with key Japanese finance officials to discuss various possibilities that can help bolster relationships between the two sides.

The meetings were held at the Japan Bank for International Cooperation (JBIC) and was attended by Sharjah’s delegation"... Continue Reading

MP commends Cabinet decision to increase ‘housing loan’ for women

July 20, 2019

MP commends Cabinet decision to increase ‘housing loan’ for women

MP Safaa Al-Hashem commended the recent decision of the Cabinet to increase the housing loan for women, describing it as the fruit of cooperation between the Parliament and the government. During talks with State Minister of Housing Affairs Jenaan Boushehri, it was highlighted that although the report on the proposal to increase the housing loan for women was withdrawn from the parliamentary agenda; the matter"... Continue Reading

Move to avoid double taxation on income and capital

July 20, 2019

Move to avoid double taxation on income and capital

BRUSSELS, July 18, (KUNA): Kuwait Ministry of Finance and Luxembourg Ministry of Finance on Wednesday in Luxembourg, initialled a Protocol amending the Convention for the Avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital.

Aseel Al-Munifi- Assistant Undersecretary for Financial"... Continue Reading

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