US stocks tum­ble to end bruis­ing week as OPEC deal lifts oil prices

Kuwait Times - - Business -

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

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