Business

Grand Hyper, Kuwait's leading retailer distributed 5 Chevrolet Captiva cars to the winners of Grand BIG WIN contest of their mega promotion that ended last month, at a ceremony in their Grand Hyper Shuwaik store.
Car winners Analle Morales, Zageerudheen, Ismail Mohammed, Shahid Usman and Ibrahim Khalil were handed over with Chevrolet Captiva Cars. Customers Those who purchase for an amount of KD 5 were able to be a part of this Car promotion.
 
“Grand Hypermarket conducts grant promotions thrice every year and it reflects Grand family’s commitment to their loyal customers, more so because the customers are offered prizes as well quality products at best prices.
Mr. Ayyoob Kachery- Regional Director; Mr. Mohammed Suneer- CEO, Thahseer Ali - Director Retail Operations and Rahil Bassim- COO were also present at the event held at the Grand Hyper Shuwaik Store.


Al Muzaini Company, the leading exchange house in Kuwait with more than 80 years of experience within the industry is proud to announce the latest opening of its 124th branch in Aswaq Al Qurain Kuwait on Tuesday, 6th of September 2022 by Mr. Hugh Fernandes the General Manger and members of Al Muzaini Management.
Mr. Hugh Fernandes, the General Manager of Al Muzaini Company said: ‘We are extremely delighted to introduce our latest branch opening in Aswaq Al Qurain. We continually invest in our product to ensure convenience and ease of remittances. Since customers expect excellent service when it comes to money transfers and foreign exchanges, our commitment is towards delivering a Reliable and safe service each and every time and it is our number one priority.


Oil prices fell on Wednesday ahead of a key US report on inflation and after industry data showed US crude inventories unexpectedly rose last week, signalling a potential hiccup in demand.
Brent crude futures fell 74 cents, or 0.8 per cent, to $95.57 a barrel at 0651 GMT.
US West Texas Intermediate crude futures fell as much as $1.13 to $89.37. It was last down 88 cents, or 1pc, at $89.62 a barrel.
“The oil price and the Asian market all showed a weak trend,” said Leon Li, a Shanghai-based analyst at CMC Markets, adding that market uncertainty over US July inflation data “limits the rebound of oil prices today”.
The Consumer Price Index (CPI) report will be released at 1230 GMT on Wednesday. US consumer prices are expected to have risen at a slower pace in July due to a sharp drop in the cost of gasoline, but that is not expected to stop the Federal Reserve from at least several more sharp interest rate hikes which could curb economic activity and fuel demand.
Meanwhile, US crude stocks rose by about 2.2 million barrels for the week ended Aug 5, according to market sources citing American Petroleum Institute figures. Analysts polled by Reuters had forecast that crude inventories would rise by around 100,000 barrels. Official government data is due on Wednesday at 10:30am EDT. “Whatever crude demand destruction that occurs from a weakening global economy won’t be able to drag down oil prices much lower given how low the supply outlook remains,” said Edward Moya, senior market analyst at Oanda. “Much attention is falling on Iran nuclear deal talks and that could be a wildcard in providing much-needed supplies.” The European Union on Monday put forward a “final” text to revive the 2015 Iran nuclear deal which would boost Iran’s crude exports. A senior EU official said he expected a final decision on the proposal within “very, very few weeks”. Adding to supplies, the operator of the giant Kashagan oilfield in Kazakhstan has started gradually restoring output after an emergency shutdown last week caused by a gas leak. The Kashagan oilfield produces about 300,000 barrels per day. Though concerns over a potential global recession have weighed on oil futures recently, US oil refiners and pipeline operators expect energy consumption to be strong for the second half of 2022, according to a Reuters review of company earnings calls.


The rupee made a strong recovery in the interbank market on Wednesday, rising by more than Rs10 against the dollar.
According to the Forex Association of Pakistan (FAP), the rupee gained 88 paise by 9:50am to reach Rs237.5 compared to yesterday’s close of Rs238.38.
Later, the local currency recovered further and was being traded at Rs228 around 12:50pm, up Rs10.38 compared to yesterday’s close, according to Mettis Global — a web-based financial data and analytics portal.
FAP Chairperson Malik Bostan said that the lower import bill for July had helped reduce the country’s trade deficit, which in turn had eased the pressure on the rupee.

Business and economy journalist Khurram Husain said the rupee’s recovery was due to a sharp drop in import payments after all letters of credit for oil in July were cleared and exporters rushed to close their open positions.
“August likely to see lower oil-related payments with near record stockpiles of petrol & diesel in the country today. Rupee reverting to where it should be after a brief spell of extraordinary pressure in July,” he tweeted.
According to Mettis Global, today’s remarkable recovery is “primarily attributed to the improved economic fundamentals as the import bill in July 2022 has been reduced to $4.86 billion, down by 38.31 per cent, compared to $7.88bn in the previous month”.
Accordingly, the trade deficit for July narrowed to $2.64bn compared to a deficit of $4.96bn in the preceding month, a slump of 46.77pc.
Bostan said part of today’s recovery was also based on expectations that the International Monetary Fund (IMF) would release its tranche soon.
“The difference of Rs10 between the rates in the open market and interbank market due to the smuggling of dollars into Afghanistan has been equalised because of tighter security at the border,” Bostan said. “The transfer of dollars into Afghanistan has stopped, the effect of which has strengthened the rupee.”
Mettis Global Director Saad bin Naseer said the PKR was stabilising over the bleak demand outlook amid rising inflation as seen in the slump in fuel and cement sales during July.
Referring to the IMF’s statement yesterday that Pakistan has completed all prior actions for the seventh and eighth review, he said the clarity on that front and expected inflows were also supporting the local currency.
“However, further strengthening of the US dollar or a flare-up in tensions between US and China over Taiwan could prove as downside risks for the rupee,” he added.

Import bill dips
Data released by the Pakistan Bureau of Statistics (PBS) on Tuesday showed the import bill dropped by 12.81 per cent to $4.86 billion in July from $5.57bn over the corresponding month of last year. On a month-on-month basis, the import bill dipped by 38.31pc.
In June alone, the import bill edged up to $7.74bn from $6.28bn over the same month last year, reflecting an increase of 23.26pc.
The import bill had increased 43.45pc to $80.51bn during fiscal 2021-22, up from $56.12bn a year ago.
Pakistan’s trade deficit declined by 18.33pc to $2.64bn in July from $3.23bn over the corresponding month of last year. The month-on-month decline in trade deficit was recorded at 46.76pc.
In FY22, the trade deficit reached an all-time high of $48.66bn from $30.96bn a year ago, indicating an increase of 57pc on the back of higher-than-expected imports.


VIENNA, Aug 2: Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al-Ghais of Kuwait promised Monday to do all in power to guarantee a stable and balanced global oil market. In statements to KUNA and Kuwait’s state TV on his first day at office, Al Ghais expressed firm determination to spare no effort to continue OPEC’s instrumental role in the global oil market since its inception in 1960. The new Secretary General pointed out that he looked forward to working hardly and constructively with member states and non-member partners, particularly of the OPEC Plus alliance, to add more to OPEC’s successes and achievements.

The organization principles focus on promoting dialogue among producers, consumers and all concerned parties to ensure the stability and balance of oil supplies and prices, he clarified. Al-Ghais noted that the world was facing a number of difficult challenges with significant impacts on the oil market. He explained that the coronavirus pandemic had created a state of uncertainty throughout the global economy and the recent geo-political developments caused supply disruptions for many commodities including oil and negatively affected investment policies particularly in the energy sector.

“These challenges make me determined to make every effort to achieve the OPEC goals of stabilizing and balancing the global oil market,” the Secretary-General concluded. Al Ghais was appointed by acclamation for a three-year term at the Special Meeting of the OPEC Conference held on 3 January 2022. He is a respected oil technocrat and well-known OPEC figure who brings a great wealth of experience from both his diplomatic background, as well as his extensive experience in the energy and oil sectors in both OPEC Founder Member Kuwait and internationally.

The Secretary General’s career in the global oil industry spans 30 years. He advised six Kuwaiti oil ministers on the global oil market and its developments over the past years. Al Ghais is also a veteran of the Kuwait Petroleum Corporation (KPC). He served at KPC’s offices in Kuwait; Beijing, China; and London. Before taking the position of OPEC Secretary General, he was the Deputy Managing Director for International Marketing at KPC. He was a leading member of Kuwait’s delegation to the meetings of OPEC and the Declaration of Cooperation (DoC) between OPEC Member Countries and non-OPEC oil-producing countries. He served as Kuwait’s Governor for OPEC from 2017 to 2021. He was also a Member of the Organization’s Internal Audit Committee, which he later skillfully chaired. Al Ghais was the first Chairman of the DoC’s Joint Technical Committee (JTC) following the inception of the historic framework in December 2016.

He led the Committee with great distinction in its first year, and subsequently served as a Member of the JTC until June 2021. He also played a key role in drafting and developing the landmark Charter of Cooperation (CoC). The CoC was endorsed by OPEC Member Countries and several non-OPEC producing countries in July 2019 at the Sixth OPEC and non-OPEC Ministerial Meeting. (KUNA)


KUWAIT: Kuwait International Bank (KIB) continues to play an active role in enhancing financial literacy within the community through its various educational engagements – including several initiatives and engagements dedicated to support the national “Let’s Be Aware” awareness campaign. As part of these efforts, KIB has been rolling out a series of awareness-focused educational initiatives across its social media platforms and digital channels, most recently discussing the risks associated with investing in virtual assets and currencies, including cryptocurrencies.

Addressing this timely topic, the General Manager of the Investment Department at KIB, Jamal Al-Barrak, emphasized the importance of conducting extensive research prior to engaging with any investment tools, be it shares, real estate or any other investment instrument, including – and especially – virtual currencies. He noted that it is vital that novice or amateur investors familiarize themselves with all the aspects of the tools they are considering, to safeguard both their assets and their data security, and achieve the best possible outcome required from such a venture.

Diving deeper into the topic, Al Barrak outlined the main reasons behind the emergence of digital currencies and the factors that contributed to its rise in popularity since 2008 – with the topic reaching a peak level of interest today. Al Barrak noted that the urgent need for quick income, especially in light of the opportunities presented by the technological and digital revolution that affected all business sectors, aided in promoting virtual currencies as an easy method to profit and generate revenue through in vestment. This prompted many individuals to actively trade in this type of asset, hoping that its value will continue to increase over time.

While the creation of virtual currencies may have been mainly driven by a quest to liberate the existing economy, in an effort to circumvent the global restrictions and regulatory frameworks imposed on traditional currencies and monetary trade, Al Barrak noted that the absence of sovereign control over digital currencies has been continually posing risks for investors. Without a central supervisory authority to monitor, evaluate and regulate the issuance of encrypted currencies, in a manner that protects investors and traders and reserves their rights, fraudulent trading can easily take place and may expose investor’s assets and finances to extreme losses.

He also pointed to the threats associated with trading in unrecognized currencies, given how the anonymity of their issuance can allow for trading under false identities; potentially making it a tool for illegitimate use and illegal transactions, such as money laundering operations, electronic fraud, and so forth. Al Barrak also touched upon some of the difficulties that arise when monitoring price movements of cryptocurrencies or attempting to control its market value. “These currencies are considered an intangible asset, which cannot be used in the real world and can only really be invested in “online”, which means a single electronic incident or digital mishap can lead, within seconds, to a sudden rise or a sharp fall in a virtual currency’s price value”, Al Barrak indicated. From this viewpoint, Al-Barrak went on to elaborate on some of the cybersecurity risks that come with investing in virtual currencies which can pose serious threats to a trader’s assets.

He noted that an entire digital platform, set for the trading and storage of an encrypted currency, remains exposed to all sorts of cyber hazards, attacks, and intrusions, along with the fact that thousands of people can be trading digitally on these platforms with millions of dollars’ worth of investments. Al-Barrak clarified that each platform accordingly plays a role in controlling trade.

However, a currency’s value can easily drop in a matter of moments and cause rapid price fluctuations across the entire trade, in instances where its platform gets hacked electronically and goes out of service. Adding to that, Al Barrak stated that one of the other main factors contributing to both constant and sudden fluctuations in price for any virtual currency, is the high speed at which positive or negative news about this asset is circulated between traders, in addition to the wider audience reach facilitated within the high-tech digital environments in which they operate.

According to Al Barrak, such open and free mediums can allow for rumors to be easily spread among digital investors, as well as news from online portals of unknown origins, without the censorship or supervision imposed on traditional media. He added: “One leaked conversation about a particular cryptocurrency to speculators can directly cause either an abrupt collapse or a major rise in its value, with every trader rushing to withdraw and protect their assets from potential loss, before even verifying the authenticity of that news. Something that can affect the accuracy of currency valuation, as well as the financial analysis of its charts


Majid Al Futtaim Communities' commitment to sustainable living and lifestyles has been recognised with Waterfront City Business Park in Beirut, Lebanon, having been awarded the prestigious LEED Certification, the most widely used green building rating system in the world, at Gold level. Waterfront City is amongst Beirut’s most outstanding mixed-use communities, being a vibrant and cosmopolitan destination overlooking the waters of the Mediterranean designed to deliver an exceptional quality of life and great experiences for everyone who lives, works and plays there. Strategically located on the Dbayeh seaside just off the highway, Waterfront City Business Park is the region's first and only grade A office facility. Covering 72,000 sqm with 60 per cent of the masterplan dedicated to green open spaces, the pedestrian-only zone features twelve purpose-built office buildings with unobstructed views of the central Boulevard that runs through the area. The Business Park features multiple open plazas, lush landscaping, an amphitheatre where people can gather to socialise and enjoy community events, numerous food and beverage outlets, and retail facilities.

LEED certification acts as a globally recognised symbol of achievement and leadership when it comes to sustainability, providing a comprehensive framework for buildings that save money, improve efficiency, lower carbon emissions and create healthier places for people. LEED-certified buildings are widely viewed as critical to help address climate change and enhance the resilience of local communities.

The award of LEED Gold Certification for the Waterfront City Business Park is the latest of many sustainability awards and accreditations achieved by Majid Al Futtaim Communities’, part of Majid Al Futtaim Properties, world-class destinations across the Middle East.

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