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Kuwait Times - - BUSINESS -

Com­mer­cial Bank of Qatar (CBQ) will ask share­hold­ers on Nov. 16 to ap­prove a 1.5 bil­lion riyals ($412 mil­lion) rights is­sue, the Gulf state’s third-largest lender by as­sets said yes­ter­day. The lender, which had an­nounced on Sun­day that it would seek ap­proval for a cap­i­tal in­crease of up to 17 per­cent, said in yes­ter­day’s bourse fil­ing that it in­tends to of­fer 58.8 mil­lion new shares at 25.5 riyals each. That would equate to in­creas­ing to­tal share cap­i­tal to 3.85 bil­lion riyals, rep­re­sent­ing an 18 per­cent cap­i­tal hike, Reuters cal­cu­la­tions show. The bank said that share­hold­ers would be al­lowed to buy one new share for ev­ery 5.5 held but gave no in­di­ca­tion when it hopes to launch the pro­posed is­sue.

Dubai govt picks HSBC to ar­range air­port fi­nanc­ing

The govern­ment of Dubai has cho­sen HSBC to ar­range ini­tial fund­ing of $3 bil­lion towards the ex­pan­sion of Al-Mak­toum In­ter­na­tional Air­port, ac­cord­ing to a state­ment on UAE state news agency WAM. The fi­nanc­ing will be raised by a con­sor­tium of Dubai state en­ti­ties, com­pris­ing of the Depart­ment of Fi­nance, state-owned fund In­vest­ment Cor­po­ra­tion of Dubai, and the Dubai Avi­a­tion City Cor­po­ra­tion. The funds will come from a va­ri­ety of sources and will in­clude con­ven­tional and Is­lamic tranches, the state­ment added. Dubai ruler Sheikh Mo­hammed bin Rashid alMak­toum in Septem­ber 2014 ap­proved a $32 bil­lion in­vest­ment to ex­pand the emi­rate’s sec­ond air­port, with an aim to han­dle up to 120 mil­lion pas­sen­gers a year by 2022.

Kuwait’s oil ex­ports to Ja­pan up 33.7%

Kuwait’s crude oil ex­ports to Ja­pan in Septem­ber surged 33.7 per­cent from a year ear­lier to 6.83 mil­lion bar­rels, or 228,000 bar­rels per day (bpd), up for the sec­ond straight month, govern­ment data showed. As Ja­pan’s fifth­biggest oil provider, Kuwait sup­plied 7.0 per­cent of the Asian na­tion’s to­tal crude im­ports, the Ja­panese Nat­u­ral Re­sources and En­ergy Agency said in a pre­lim­i­nary re­port. Ja­pan’s over­all im­ports of crude oil edged down 0.8 per­cent year-on-year to 3.24 mil­lion bpd for the third con­sec­u­tive month of fall. Ship­ments from the Mid­dle East ac­counted for 87.1 per­cent of the to­tal, up 3.4 per­cent­age points from the year be­fore.

Kuwait oil price down $1.10 to $44.51 pb

The price of Kuwaiti oil went down Mon­day by $1.10 to $44.51 per bar­rel af­ter be­ing at $45.61 pb last Fri­day, said Kuwait Petroleum Cor­po­ra­tion (KPC) yes­ter­day. In world mar­kets, oil prices plunged due to fears that OPEC mem­bers would not com­mit to cut­ting down pro­duc­tion agreed upon in full and due to ob­jec­tions by a num­ber of coun­tries. The price of fu­ture con­tracts of the Brent crude went down 29 cents to $49.42 per bar­rel, the same case with the West Texas In­ter­me­di­ate which went down 23 cents to $48.47 pb.

US dol­lar sta­ble against KD at 0.303

The ex­change rate of the US dol­lar was sta­ble against the Kuwaiti di­nar at 0.303, the same case with the euro which stood at KD 0.332 com­pared to Mon­day’s rates, said the Cen­tral Bank of Kuwait (CBK) yes­ter­day. The CBK said that the rate of the Ster­ling Pound rose to KD 0.370, the Swiss Franc was at KD 0.306. The rate of the Ja­panese Yen was un­changed at KD 0.002.

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