Kuwait Times - - BUSINESS -

US dol­lar sta­ble against KD at 0.306

The ex­change rate of the US dol­lar was sta­ble against the Kuwaiti di­nar at 0.306 while the euro went down to KD 0.219, said the Cen­tral Bank of Kuwait (CBK) yesterday. The CBK added that the rate of the pound ster­ling was sta­ble at KD 0.375 while the Swiss franc went down to KD 0.297. The Ja­panese yen was still at KD 0.002.

Egypt buys 55,000 tons of su­gar di­rectly CAIRO/HAM­BURG:

The pur­chase of 55,000 tons of su­gar by Egypt’s state com­mod­ity buyer GASC on Mon­day was a di­rect, non-ten­der deal, traders said yesterday. GASC, the Gen­eral Au­thor­ity for Sup­ply Com­modi­ties, said on Mon­day had bought the white su­gar for de­liv­ery be­tween Jan 7 and Jan 20. Deal­ers said on Tues­day the pur­chase was made in Egyp­tian pounds from Mul­ti­trade/ED&F Man. No price was avail­able. “This was di­rect pur­chas­ing with­out a ten­der being is­sued,” one Euro­pean trader said. “We did not know any­thing about it be­fore it was re­ported on Reuters.” GASC was not im­me­di­ately avail­able for com­ment yesterday. GASC had can­celled to previous in­ter­na­tional ten­ders to buy 55,000 tons of white su­gar on Dec. 10 and Dec. 21. Traders said that only one sup­plier submitted an of­fer in each of the can­celled ten­ders. “One of­fer is not suf­fi­cient to con­sti­tute a ten­der and GASC has been strug­gling to at­tract more of­fers,” an­other Euro­pean trader said. “I sus­pect a de­ci­sion was made to un­der­take a di­rect, non-ten­der pur­chase.” “We do not have the de­tails but my feel­ing is that GASC may well have paid more in the private deal than in an in­ter­na­tional ten­der,” the trader said.

Par­malat shares jump on buy­out of­fer

Shares in Ital­ian dairy Par­malat soared 10 per­cent yesterday af­ter its lead­ing in­vestor of­fered to buy out other share­hold­ers and take the com­pany private. Lac­talis, one of the world’s big­gest dairy groups, of­fered to buy the re­main­ing 12.26 per­cent of the com­pany it took con­trol of fol­low­ing a 3.4-bil­lion-euro hos­tile takeover in 2011. “Af­ter more than five years as lead­ing share­holder of Par­malat, Lac­talis Group in­tends to pro­vide Par­malat with a new dy­namic, which can be more eas­ily and ef­fec­tively achieved in the long term with­out re­course to the stock mar­ket,” said the French group, the world’s top pro­ducer of cheese and the com­pany be­hind Pres­i­dent camem­bert. Lac­talis said the of­fer price of 2.80 euros per share was a premium of al­most 15 per­cent over Par­malat’s av­er­age stock price dur­ing the past three months, and was at a level un­seen since 2011. If suc­cess­ful, Lac­talis will spend 636 mil­lion euros to gain full con­trol.

SABB of­fers 0.35 riyals/share div­i­dend for H2 2016

Saudi Bri­tish Bank (SABB), the king­dom’s sixth­largest bank by as­sets, said yesterday its board had pro­posed a cash div­i­dend of 0.35 riyals ($0.0933) per share for the sec­ond half of 2016. This is in line with the bank’s pay­ment of 0.35 riyals for the same pe­riod last year.

SRI­NA­GAR: A Kash­miri woman car­ries freshly smoked fish in a bas­ket on the out­skirts of Sri­na­gar yesterday. The smoked fish which is known lo­cally as ‘Fahre’ is prepared by slowly smok­ing over grass, is one of the tra­di­tional foods in the Hi­malayan state, and is usu­ally con­sumed as part of the Kash­miri win­ter cui­sine. —AFP

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