US stocks tumble to end bruising week as OPEC deal lifts oil prices
NEW YORK: Wall Street closed out a bruising week on an ugly note on Friday as unease over the US-China trade war prompted another sell-off, while an OPEC deal lifted oil prices. Major US indices fell more than two percent to close the market’s worst week since March and one that left both the Dow and S&P 500 in negative territory for the year.
European and Asian markets were mixed, with London, Paris and Tokyo gaining and Hong Kong and Frankfurt falling modestly. The Dow finished 2.2 percent lower at 24,388.95. The blue-chip index lost 4.5 percent for the week.
The declines on Wall Street followed a mixed US jobs report that had initially helped lift stocks early in the session, in part because it was seen as boosting the likelihood that the US Federal Reserve could soon pause interest rate hikes.
But the market quickly went negative, with the losses accelerating following hawkish comments from White House trade advisor Peter Navarro in a CNN interview that emphasized that the United States would raise tariffs on China if a deal is not reached.
Investors have been rattled by the US-initiated arrest of a top Chinese Huawei executive that was seen as exacerbating the US-China clash. Huawei Chief Financial Officer Meng Wanzhou, who appeared in a Canadian court on Friday, faces US fraud charges related to sanctions-busting business dealings with Iran.
“The market is kind of falling back into our interpretation of where we are in the US-China trade war,” said Art Hogan, chief market strategist at B. Riley FBR.
The Huawei arrest dampened expectations that the United States and China could quickly hash out a deal, Hogan added. Navarro, in an interview with CNBC later Friday, said the stock market’s volatility reflected the impact of higher interest rates much more than Trump’s trade policy.
“I really think it is a false narrative to blame all of this volatility on China policy,” Navarro told CNBC. “Trade is a very small percentage of our overall economy.” —AFP KUWAIT: Al-Ahli Bank of Kuwait (ABK) continued its digital transformation journey with the launch of its new digital HRManagement system. Through the adoption of the full SuccessFactors HCM Suite by SAP, ABK is the first Kuwaiti Bank to implement this cloud-based system to service its employees.
The SAP SuccessFactors software seamlessly integrates into the existing system to create a comprehensive human resource management system and streamlines the HR processes by analyzing employee data to provide real time results, recommendations and suggested actions. The user-friendly platform will help increase ABK’s employee engagement and deliver improved agility to the workforce to achieve organizational goals.
“With ABK’s ongoing digital transformation, KUWAIT: In continuation of its excellence in launching strategic initiatives and innovative financial solutions that cope with the latest banking industry technologies, KFH has successfully upgraded its centralized SWIFT network system for global payments at the group level. This system improves business excellence, achieves cost optimization, focuses on technical expertise and invests in strategic initiatives to provide the best customer service.
KFH has managed to add most of its worldwide spread branches under one umbrella in cooperation with SWIFT without changing any transfer channels or banking correspondence related to the network. This strategic change contributes in minimizing repeated expenses employees must be engaged and committed to our goal of creating a highly efficient work culture,” said Hamza Enki, General Manager - HR. “The SuccessFactors HCM Suite by SAP and Tyconz is the best technology in the market to support our organization in understanding the employee experience, which will ultimately enable us to prepare a plan
charged to the group and cause a remarkable saving in financial resources and technical expertise, while providing more opportunities to focus such efforts on better projects and initiatives that would achieve the best interest of customer and improve performance in accordance with the highest global standard in regard to speed, quality and safety.
The centralized SWIFT network system includes the correspondence network “SWIFT” that connects all world banks in a safe manner. Systems and subscriptions were connected to each group banks separately including Bahrain, Malaysia, Germany and Turkey.
KFH is keen to enhance and develop technological systems and banking services in accordance with the latest digital products strategy, thus providing a new customer service channels and achieving an added value for its banking transactions. KFH products and systems in various sectors have achieved leading and pioneering positions in the market. of action to improve engagement and performance. Harnessing the latest digital technology including Artificial Intelligence and machine learning, SAP’s SuccessFactors software will support ABK in creating a different work environment and will encourage employees to be more interactive. Through the enhanced interface, ABK aims to improve time management and simplify internal operational processes.”
ABK has been named by Naseba as ‘Employer of the Year’ in Kuwait for three consecutive years, demonstrating its commitment towards its employees. The Bank is also known as one of the banks with the highest staff retention rates in the region.
KFH upgrades its centralized group SWIFT network system