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Kuwait Times - - BUSINESS -

Kuwait oil price up $1.95 to $42.51 pb

The price of Kuwaiti oil went up by $1.95 to $42.51 per bar­rel on Mon­day af­ter be­ing at $40.56 pb last Fri­day, said a state­ment by Kuwait Petroleum Cor­po­ra­tion (KPC) yes­ter­day. At the global level, the price of oil was up due to ex­pec­ta­tions that ma­jor OPEC mem­bers and other in­ter­na­tional play­ers will aim at re­duc­ing oil pro­duc­tion by next week. The price of Brent crude was up by $2.04 to set­tle at $48.90 per bar­rel. The West Texas In­ter­me­di­ate also fol­lowed suit, go­ing up by $1.80 to $47.49 pb. Mean­while, the OPEC daily bas­ket price rose Mon­day by $2.00 to stand at $44.34 a bar­rel, com­pared with USD 42.33 last Fri­day, the or­ga­ni­za­tion said yes­ter­day. OPEC bul­letin pub­lished that the an­nual rate of its bas­ket price for 2015 was $49.49 pb.

US dol­lar sta­ble against KD at 0.304

The ex­change rate of the US dol­lar was sta­ble at KD 0.304 while the rate of the euro went up to KD 0.323 com­pared with num­bers yes­ter­day, said the Cen­tral Bank of Kuwait (CBK) yes­ter­day. Ac­cord­ing to the CBK, the rate of the Ster­ling Pound was up to KD 0.380 while the rate of the Swiss France was sta­ble at KD 0.301. The Ja­panese yen stood firm at KD 0.002.

Bahrain’s Arcapita buys US hous­ing schemes

In­vest­ment man­age­ment firm Arcapita said yes­ter­day it had ac­quired a pri­vately-held port­fo­lio of three hous­ing schemes for se­nior ci­ti­zens in the United States for around $110 mil­lion. The “se­nior liv­ing com­mu­ni­ties”, lo­cated in the metropoli­tan ar­eas sur­round­ing Wash­ing­ton DC and Atlanta, fol­low the Bahrain-based com­pany’s ac­qui­si­tion of three sim­i­lar schemes in Col­orado for a to­tal of $87 mil­lion ear­lier this year. The prop­er­ties will be man­aged by an af­fil­i­ate of Ar­bor Com­pany, a com­mu­nity man­age­ment com­pany, it added.

Eti­had sets pric­ing guid­ance for sukuk

Eti­had Air­ways has set fi­nal pric­ing guid­ance of around 215 ba­sis points above midswaps for its planned sukuk, ex­pected to be at least $500 mil­lion in size, ac­cord­ing to one of the banks ar­rang­ing the trans­ac­tion. The Is­lamic bond, which once com­pleted will be Eti­had’s de­but US­dol­lar debt sale, re­ceived orders of up to $1.3 bil­lion, the bank said yes­ter­day. Or­der books are ex­pected to close as early as later in the day, it added. Ini­tial guid­ance, re­leased on Mon­day, was in the low-to-mid 200 ba­sis points range over midswaps. HSBC, JP Mor­gan and Na­tional Bank of Abu Dhabi are the sukuk ar­rangers. They are joined by Abu Dhabi Is­lamic Bank, Dubai Is­lamic Bank and First Gulf Bank as bookrun­ners. The bond is ex­pected to price this week, as re­ported by Reuters on Mon­day.

Morocco in­fla­tion eases to 1.6% year/year in Oct

Morocco’s an­nual con­sumer price in­fla­tion eased to 1.6 per­cent in Oc­to­ber from 2.3 per­cent in Septem­ber due to a slow­ing in food price rises, the High Plan­ning Author­ity said yes­ter­day. An­nual food in­fla­tion eased to 2.2 per­cent from 4 per­cent in the pre­vi­ous month, while non­food price in­fla­tion rose slightly to 1.2 per­cent in the 12 months to Oc­to­ber from an an­nual 1.1 per­cent in Septem­ber. Ed­u­ca­tion costs rose 2.8 per­cent, but com­mu­ni­ca­tions were 0.3 per­cent less ex­pen­sive, the agency said with­out giv­ing de­tails. On a month-on-month ba­sis, the con­sumer price in­dex eased to 0.3 per­cent in Oc­to­ber, down from 0.7 per­cent in Septem­ber as food price in­fla­tion fell to 0.8 per­cent from 1.1 per­cent.

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