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Kuwait''s Investment Dar Files for Legal Protection
24 minutes agoThe company, which has debts of over three billion dollars, said the move aims at pushing through a debt restructuring plan that is backed by more than 80 percent of creditors but is opposed by a minority. If the request is accepted by authorities, it will halt all legal actions against Kuwait''s
CNOOC to buy into SAmericas Bridas for $3.1 bln
3 hours agoChina National Offshore Oil Corp plans a joint venture with Argentinas Bridas Energy Holdings, paying $3.1 billion to take a 50 percent stake in Bridas Corporation, the company said on Sunday. Bridas Corp, currently wholly-owned by Bridas Energy, will become equally owned by the partners and
Saudi to set up index fund for foreigners
3 hours agoForeigners are currently able to invest in the exchange the Arab world s largest through swap agreements, but are barred from direct ownership. Analysts say the new fund marks a gradual, but clear, step toward opening the Saudi market to foreign investments
Du offers savings on international calls across fixed and mobile
4 hours agoDu is today offering its business customers across the UAE better value, convenience and increased flexibility than ever before through its new Business "Premier-Call Select DUO" plan, offering significant calling benefits across fixed and mobile calls
Investment Dar submits financial protection application
5 hours agoKuwaiti sovereign wealth fund, Investment Dar Co, has submitted an application to the country''s Special Circuit Court of Appeal for legal protection under the country''s Financial Stability Law to implement a restructuring plan, Bloomberg has reported. Dar is not seeking financial support in
Kuwaits Commercial Bank profit plunges in 2009
5 hours agoIt had allocated 455 million dollars as provisions for loan and investment portfolios. Bank assets dropped to 12.5 billion dollars at the end of 2009 compared to 14.8 billion dollars at the end of the previous year. Bank shareholder s equity weakened from 1.7 billion dollars to 1.53 billion
Kuwaits Global reports loss for second year
6 hours agoThe company has been severely impacted by the global financial crisis and in December 2008 it defaulted on all of its estimated three billion dollars in debt. But last December, it struck a deal with creditors to restructure 1.73 billion dollars in debt, promising to repay all the loans within
du announces new business plan offer
6 hours agoThis recent initiative is in line with du s commitment to delivering value through innovation. The Premier Call Select DUO plan provides our business customers with guaranteed cost savings, and also offers them the flexibility and convenience of being able to enjoy the service from any fixed
CBK posts 2009 results
6 hours agoIn addition to the loan and investment provisions, the bank has KD91.9m of retained earnings available as an additional cushion, the bank said in a statement. While we believe that the government and the Central Bank of Kuwait have taken the right action to support the economy, the outlook remains
OPEC to maintain output quota
6 hours agoThe Organization of Petroleum Exporting Countries, whose member countries together pump about 40 percent of the world''s crude oil, will likely keep its official quota at 24.84 million barrels a day when it meets on Wednesday. At the next OPEC meeting, changes in policy will not be necessary,"
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