DOCSLIB.ORG

Mohammad Y Al-Hashel

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Mohammad Y Al-Hashel THE BATTLE FOR RELEVANCE* Assalam-o-Alaikum and a very good morning to you all. It gives me great pleasure to welcome you today to this international banking conference. I would like to start by expressing my deepest gratitude to His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah for his patronage of this conference. It is the guidance and wise leadership of His Highness that has enabled us to build one of the region’s safest and most robust financial systems, which has played a vital role in the development of our economy. I would like to thank all the honorable governors of central banks, heads of regulatory authorities, heads of financial institutions and other distinguished guests for joining us today. And I am grateful to all the distinguished speakers who are participating in this event, our local banks who have partnered with us to support this conference and my dedicated colleagues at the Central Bank of Kuwait (CBK) for their efforts in organizing this conference. The banking industry has enjoyed exceptional growth over the past half century, and despite some shortcomings, it has played a critical role in supporting economic growth around the world. During normal times, one would expect banks to continue operating as they have in the past, with perhaps a greater focus on product innovation or operational efficiency. But we are not living in normal times. Today, the global banking industry is at a major inflection point, facing several internal and external challenges that are coming * Keynote speech delivered by H.E. Dr. Mohammad Y. Al-Hashel, Governor, Central Bank of Kuwait at CBK International Banking Conference: Shaping the Future, September 23rd 2019, Four Seasons Hotel, Kuwait City – Kuwait. بنك الكويت المركزي - عام Central Bank of Kuwait - Public - 2 - together to create a perfect storm. Certainly, the industry will not be able to weather this storm by holding on to the same course it has pursued for decades. Rather it must reinvent itself for the future. That is why CBK is organizing this event under the theme of ‘Shaping the Future’. We believe that all stakeholders in the banking industry need to take a proactive role in shaping the way banks operate in the future, rather than continuing along the well-trodden path, no matter how well that path had previously served them. Taking this opportunity, I would like to share a few thoughts on our vision for the evolution of the banking industry. I will begin with a brief overview of the major challenges that the industry faces today. Second, I will reflect on the key areas that banks will need to focus on in order to stay relevant. Finally, I will touch upon the role that enabling stakeholders need to play to support the banking industry through its transformative journey. 1-Challenging Operating Environment So, let me start with a brief discussion on the key challenges that the banking industry faces today. Three challenges are particularly worth highlighting: the state of the global economy; the revolution in financial technology; and the rapidly evolving needs and expectations of customers. i. Global Economy First, let us look at the global economy where headwinds are intensifying. The IMF has twice lowered its global growth projections for 2019 to 3.2%, with developed economies expected to grow at a much slower rate of 1.9%1. A key driver of this slowdown is the economic uncertainty brought about by rising trade tensions and protectionist policies. If trade tensions continue, the IMF may بنك الكويت المركزي - عام Central Bank of Kuwait - Public - 3 - further revise down its economic growth projections. The Bank of England estimates that a 10% increase in tariffs between the US and its trading partners could lead to a reduction of 2.5% in US GDP, and 1% in global GDP excluding the US.2 In its recent publication, the Institute of International Finance (IIF) also highlighted economic policy uncertainty as a key risk to business sentiment. The IIF estimates that economic policy uncertainty in both the US and China is at a record high, and its impact is being felt in terms of reduced investments and lower consumption.3 We have already seen the impact of trade disputes and attendant economic uncertainty on markets across the globe. Prominent indices such as the Dow Jones Industrial Average, S&P 500, Nasdaq Composite, FTSE 100 and the Nikkei 225 have declined by an average of around 7% in mid-August, from highs in July. Another factor linked to the economic outlook is the role of monetary policy. Economic growth in the last decade has mainly been driven by the use of unconventional monetary policies. While these policies have supported economic recovery following the global financial crisis, by ensuring a low interest rate environment, they have led to other unintended consequences like fueling debt levels across the globe. Thanks to low interest rates, global debt has ballooned to over $246 trillion, nearly 320% of global GDP.4 While household debt has seen a gradual increase (3% growth per annum), the real growth in debt lies with governments, financial institutions and corporates. In particular, government debt has doubled since 2008, from $32 trillion to $67 trillion, especially with governments in developed economies having borrowed heavily over the past few years. Among OECD countries, Japan, Greece, Italy, Portugal, Belgium, France, Spain and the UK now all have government debt that exceeds their GDPs.5 This extended period of historically low interest rates has also enabled corporates from around the world to take advantage of cheap debt. Global corporate debt has also nearly doubled over the past decade, from $37 trillion to $73 trillion, even بنك الكويت المركزي - عام Central Bank of Kuwait - Public - 4 - surpassing the increase in government debt. But contrary to government debt, two- thirds of the growth in corporate debt has come from developing countries. This poses a serious risk to these economies, especially where the debt is in foreign currencies. We have also seen the quality of borrowers deteriorate. Bonds rated BBB- and below now account for half of global corporate bonds, compared to just a quarter in 2007, before the financial crisis. Global debt over the past 20 years has grown on average by 6% annually. If these rates continue, and global GDP grows by 3.5% per annum as projected, we could see global debt over the next 20 years reaching $780 trillion, or 500% of GDP. This is clearly unsustainable, and requires urgent action by both governments and financial institutions. More critically, the low interest rate environment has curtailed banks’ profits in some of the advanced markets, jeopardizing their longer-term viability. And record high debt levels are likely to pose increasing risk of defaults once monetary policy tightening takes course, potentially hurting the quality of banking assets. Collectively, these trends have serious implications for financial stability in general. Beyond banking, there is increasing risk of policy inaction amid weakening global governance, as evident from trade disputes. During the global financial crisis of 2008, advanced countries joined hands to fend off depression through a well- coordinated and robust policy response. In the face of a similar threat to global economy today, as highlighted by the increasing risk of a looming US recession in the next 12 months, expectations of a unified and powerful international policy response remain low, amid all the bickering over trade issues and growing nationalism. Such developments have further elevated the risks to global economy, particularly in the backdrop of rising geo-political tensions. بنك الكويت المركزي - عام Central Bank of Kuwait - Public - 5 - ii. Technology The second challenge we need to consider is the impact of technology on the banking industry. The latest digital technologies are transforming the economic landscape and are disrupting many traditional industries along the way. Banking is no exception, where financial technology is fast-evolving and being adopted at a breathtaking pace. Cutting edge technologies such as digital payments, mobile banking, data analytics, artificial intelligence, and blockchain are changing the way banks operate and interact with customers. FinTech firms are beginning to eliminate the role of many traditional intermediaries in the financial services industry. According to McKinsey, five major banking business segments are particularly at risk: consumer finance; mortgages; SMEs; payments; and wealth management. McKinsey estimates that this could put up to 40% of bank revenues at risk by 2025.6 Part of the reason is that FinTech firms can provide access to financial services in a more efficient and cost-effective manner. For example, some FinTech lenders have up to a 400-basis-point cost advantage over banks because they have no physical distribution costs. Another example is the execution of payments; transactions that used to take 3 to 5 days to process can now be completed in 3 to 5 seconds, and for less than one-tenth of the original cost. Although banks have generally been slow to innovate, they have sought to stay ahead of the game by partnering with or acquiring FinTech firms. According to a recent PwC report, over 54% of banks surveyed have already established partnerships with FinTech firms, and 82% expect to increase such partnerships in the next 3 to 5 years.7 بنك الكويت المركزي - عام Central Bank of Kuwait - Public - 6 - While banks can potentially manage the onslaught by the FinTech firms, the real challenge will be posed by the Big Techs. What would happen when the likes of Facebook, Amazon, Whatsapp, and Alibaba start competing with banks to provide financial services? These technology giants come with large and captive user bases, low online acquisition costs, and a better understanding of their customers through their utilization of big data.
Load more

Recommended publications
  • Having Examined the Constitution, the Act No. 15 of 1960 by Business Companies Act, As Amended, the Penal Code Act No
    Having examined the Constitution, The Act No. 15 of 1960 by Business Companies Act, as amended, The Penal Code Act No. 16 of 1960, as amended, The Law of Criminal Procedure Act No. 17 of 1960, as amended, The Law No. 32 of 1968 on the IMF and the Central Bank of Kuwait and the banking profession, as amended, The Decree-Law No. 13 of 1980 regarding the customs, The Decree-Law No. 23 of 1990 on the organization of the judiciary, as amended, The board of the nation on the law following text, which we have approved and issued : Chapter I The definition of money laundering operations and criminalized Article 1 Money laundering is a process or a series of financial or non-financial, designed to conceal or disguise the illicit origin of funds or the proceeds of any crime and produced in the form of money or proceeds from a legitimate source, is such a process did all contribute to the process of recruitment or transfer funds or the proceeds resulting directly or indirectly from the crime or to conceal or disguise the source. Article 2 Counting guilty of the crime of money laundering each one of the following acts committed or attempted to commit: One - a process of money laundering with the knowledge that they are derived from the crime or derived from an act of participation. Two-transport, transfer or possession or acquisition, use or retain or receive funds with the knowledge that they are derived from the crime or derived from an act of participation.
    [Show full text]
  • National Bank of Kuwait S.A.K
    National Bank of Kuwait S.A.K. U.S. Tailored Resolution Plan PUBLIC SECTION Submitted on: December 29, 2014 National Bank of Kuwait S.A.K. Public Section U.S. Resolution Plan Table of Contents (a) Public Section .................................................................................................................... 3 (1) Introduction ................................................................................................................... 3 (2) Overview of NBK ............................................................................................................ 4 (3) Material entities ............................................................................................................. 6 (4) Critical Operations and Core Business Lines .................................................................. 6 (5) Summary of financial information regarding assets, liabilities, capital and major funding sources ................................................................................................................................ 8 (6) Derivatives and hedging activities .................................................................................. 8 (7) Membership in material payment, clearing and settlement systems .............................. 9 (8) Foreign operations ......................................................................................................... 9 (9) Material supervisory authorities ....................................................................................
    [Show full text]
  • Kuwait: Governance, Security, and U.S. Policy
    Kuwait: Governance, Security, and U.S. Policy Updated December 4, 2019 Congressional Research Service https://crsreports.congress.gov RS21513 Kuwait: Governance, Security, and U.S. Policy Summary Kuwait has been pivotal to the decades-long U.S. effort to secure the Persian Gulf region because of its consistent cooperation with U.S. military operations in the region and its key location in the northern Gulf. Kuwait and the United States have a formal Defense Cooperation Agreement (DCA), under which the United States maintains over 13,000 military personnel in country and prepositions military equipment to be able to project power in the region. Kuwait is a partner not only of the United States but also of the other hereditary monarchies of the Gulf Cooperation Council (GCC: Saudi Arabia, Kuwait, United Arab Emirates, Qatar, Bahrain, and Oman). Kuwaiti forces are part of the Saudi-led coalition that is trying to defeat the Iran-backed “Houthi” rebel movement in Yemen, but Kuwait has also sought to mediate a resolution to that and other regional conflicts. Kuwait has been the main GCC mediator seeking to end the intra-GCC rift that erupted in June 2017 when Saudi Arabia and the UAE moved to isolate Qatar. Kuwait has refrained from intervening in Syria’s civil war, instead hosting several donor conferences for victims of the Syrian civil conflict as well as to fund Iraq’s recovery from the Islamic State challenge and ameliorate the effects of regional conflict on Jordan’s economy. Kuwait has not followed some of the other GCC states in building quiet ties to the government of Prime Minister Benjamin Netanyahu in Israel.
    [Show full text]
  • Kuwait Banking Sector Outlook 2020 – Asset Quality Under Pressure As Operating Environment Turns Challenging
    September 2020 Kuwait Banking Sector Outlook 2020 – Asset quality under pressure as operating environment turns challenging Research Highlights: Analyzing the impact of COVID-19 on Kuwait’s banking sector in 2020 www.markaz.com Table of Contents Chapter 1 05 Executive Summary Chapter 2 07 Operating Environment turns Challenging as Stimulus Measures Fall Short of Expectations Chapter 3 10 SMEs in a spotlight of bother Chapter 4 12 Credit Growth Chapter 5 13 Deposit Growth Chapter 6 14 Non-Performing Assets Chapter 7 19 Net Income Chapter 8 20 What could change the narrative for Kuwait banking? Chapter 9 22 Digitization trends Chapter 10 26 Conclusion 27 Appendix List of Tables Table 1.1 Kuwait Banking Key Metrics Table 2.1 Fiscal stimulus measures across countries to tackle COVID-19 induced crisis Table 3.1 CBK relief package Table 4.1 Credit Demand in Kuwait Table 5.1 Deposit Growth of Banks Table 6.1 Forecast of NPAs for Banks Table 6.2 Latest NPA numbers Table 6.3 How does the current situation fare against GFC? Table 6.4 How does provisions made for COVID-19 differ from GFC? Table 7.1 Net Income Forecasts Table 8.1 Stimulus measures to tackle COVID-19 crisis List of Figures Figure 3.1 Credit availed by SMEs Figure 6.1 Non-performing Loans (NPL) by sector Figure 6.2 Age-wise distribution of NPLs Figure 9.1 Use of e-banking (value), KD billions Figure 9.2 E-banking infrastructure in Kuwait Figure 9.3 Knet Online Payment Gateway Chapter 1 Executive Summary Table 1.1: Kuwait Banking Key Metrics Period 2019 2020 (F) Loan Growth (YoY) 6.8%
    [Show full text]
  • INVESTMENT-English-2018.Pdf
    IN THE NAME OF ALLAH, THE MOST GRACIOUS, THE MOST MERCIFUL H.H. Sheikh Nawaf Al Ahmad H.H. Sheikh Sabah Al Ahmad H.H. Sheikh Jaber Al Mubarak Al Jaber Al Sabah Al Jaber Al Sabah Al Hamad Al Sabah Crown prince of the State of Kuwait Amir of the State of Kuwait Prime minister of the State of Kuwait CONTENTS CHAIRMAN’S LERTTER | 6 BOARD OF DIRECTORS | 9 EXECUTIVE MANAGEMENT | 9 CORPORATE GOVERNANCE | 10 INDEPENDENT AUDITORS’ REPORT | 20 CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 24 CONSOLIDATED STATEMENT OF INCOME | 25 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 26 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 28 CONSOLIDATED STATEMENT OF CASH FLOWS | 29 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 32 TAMDEEN Investment Company - K.P.S.C and its subsidiaries - Kuwait 5 ESTEEMED BROTHERS, Boursa Kuwait general index recorded gains for the CHAIRMAN’S third successive year, driven by increasing buying of the shares of major companies. This performance reflected in index of the first market which rose by 9.9% thereby LETTER making up for the decline of the main market index by 1.9%, and resulting in a 5.2% gain for the general index ESTEEMED for the year. Boursa Kuwait was further supported by SHAREHOLDERS, being promoted by the FTSE Index to the Emerging Markets class in two stages. In another development, the global rating agencies raised Kuwait’s credit rating, MAY PEACE AND ALLAH’S with a stable outlook, as a result of the huge efforts MERCY AND BLESSINGS BE made by the Kuwaiti Ministry of Finance and the UPON YOU.
    [Show full text]
  • 1 Executive Summary Kuwait Is the Third
    Executive Summary Kuwait is the third-largest economy in the Gulf Cooperation Council (GCC, after Saudi Arabia and the UAE), and the Government of Kuwait has taken preliminary steps toward liberalizing sectors of its economy in the past year. Legislation passed in 2013 including a new FDI law and a commercial companies law aimed at easing constraints to doing business in Kuwait, and at establishing a “one stop shop” to help companies start operations in Kuwait. In March 2014, the Central Bank of Kuwait announced that foreign banks could open multiple branches in Kuwait – until that time, they could only open one branch. The April 2014 passage of historic telecommunications legislation potentially signals the government may liberalize the telecom sector and create opportunities for more competition in the coming years. After years of delays, the state oil companies in 2014 awarded several high-value contracts to foreign consortia to expand refinery capacities in Kuwait. Moves toward privatization of Kuwait’s stock exchange and its national airline have also begun. Nevertheless, Kuwait is perceived as a difficult place to invest in and do business with, and challenges to operating in the country remain. Kuwait ranked 104th in the world, and lowest in the GCC, on the World Bank’s 2014 ease of doing business survey, and the country has consistently attracted the lowest amounts of FDI in the entire Middle East and North Africa region. Implementation of new legislation has lagged, and significant barriers to foreign investment remain, including regulations barring foreign entities from the petroleum and real estate sectors, long bureaucratic delays in starting new enterprises, and a local business culture based on clan and family relationships that can be difficult for foreigners to navigate.
    [Show full text]
  • Downloads/2003 Essay.Pdf, Accessed November 2012
    UCLA UCLA Electronic Theses and Dissertations Title Nation Building in Kuwait 1961–1991 Permalink https://escholarship.org/uc/item/91b0909n Author Alomaim, Anas Publication Date 2016 Peer reviewed|Thesis/dissertation eScholarship.org Powered by the California Digital Library University of California UNIVERSITY OF CALIFORNIA Los Angeles Nation Building in Kuwait 1961–1991 A dissertation submitted in partial satisfaction of the requirements for the degree Doctor of Philosophy in Architecture by Anas Alomaim 2016 © Copyright by Anas Alomaim 2016 ABSTRACT OF THE DISSERTATION Nation Building in Kuwait 1961–1991 by Anas Alomaim Doctor of Philosophy in Architecture University of California, Los Angeles, 2016 Professor Sylvia Lavin, Chair Kuwait started the process of its nation building just few years prior to signing the independence agreement from the British mandate in 1961. Establishing Kuwait’s as modern, democratic, and independent nation, paradoxically, depended on a network of international organizations, foreign consultants, and world-renowned architects to build a series of architectural projects with a hybrid of local and foreign forms and functions to produce a convincing image of Kuwait national autonomy. Kuwait nationalism relied on architecture’s ability, as an art medium, to produce a seamless image of Kuwait as a modern country and led to citing it as one of the most democratic states in the Middle East. The construction of all major projects of Kuwait’s nation building followed a similar path; for example, all mashare’e kubra [major projects] of the state that started early 1960s included particular geometries, monumental forms, and symbolic elements inspired by the vernacular life of Kuwait to establish its legitimacy.
    [Show full text]
  • Security Council Distr
    UNITED NATIONS S Security Council Distr. GENERAL S/1994/243 2 March 1994 ORIGINAL: ENGLISH REPORT OF THE SECRETARY-GENERAL ON THE RETURN OF KUWAITI PROPERTY SEIZED BY IRAQ INTRODUCTION 1. The present report is submitted in pursuance of paragraph 2 (d) of Security Council resolution 686 (1991) of 2 March 1991, by which the Security Council demanded that Iraq immediately begin to return all Kuwaiti property seized by Iraq, the return to be completed in the shortest possible period; paragraph 15 of Security Council resolution 687 (1991) of 8 April 1991 by which the Council requested the Secretary-General to report to the Security Council on the steps taken to facilitate the return of all Kuwaiti property seized by Iraq, including a list of any property that Kuwait claims has not been returned or which has not been returned intact; and a letter from the President of the Security Council dated 25 January 1994 requesting a report on the return of all Kuwaiti property seized by Iraq. I. ORGANIZATION 2. By his letter dated 19 March 1991 (S/22361), the President of the Security Council informed the Secretary-General that the members of the Security Council were of the view that the modalities for the return of property from Iraq in accordance with Security Council resolution 686 (1991) should be arranged through the Secretary-General’s Office in consultation with the parties, and that that procedure also had the agreement of Iraq and Kuwait. In response, my predecessor informed the Security Council, in a letter to the President dated 26 March 1991 (S/22387), that he had designated Mr.
    [Show full text]
  • Classification of Accounts Guide Last Updated – January 2018
    Classification of Accounts Guide Last updated – January 2018 Contents Part I: General introduction Part II: Residence Part III: Sector categories Part IV.1 – IV.2: Industrial classification Part IV.3: Relationship between sector and industrial classifications Part V.1: Sector components (ESA 10) and sub components Part V.2: List of countries 1 Part I Classification of Accounts Guide – General Introduction I.1 Foreword This guide is intended for all institutions completing a range of Bank of England statistical returns. It describes the two most important systems of classification used in compiling economic and financial statistics in the United Kingdom – the economic sector classification, and the industrial classification. This guide is intended to serve both as an introduction for newcomers and as a source of reference. The nomenclature in the sector classification is in line with international standards – in particular, the European System of National and Regional Accounts (abbreviated to ‘ESA10’). In addition, the analysis of industrial activity is in line with the 2007 standard industrial classification of economic activities (SIC) introduced by the Office for National Statistics. Those without knowledge of accounts classification are recommended to refer to the ‘Guide to Classification’ (Part I Section 3) which takes the reader through the main questions to be answered to help classify accounts correctly. The system of classification used in this guide is solely for statistical purposes. Parts II to IV of the guide describe the main aspects of the classification system in more detail, including lists of examples of institutions, or a web link reference, for many categories. I.2 An introduction to the classification of accounts Sector and industrial classification To understand the underlying behaviour which is reflected in movements in economic and financial statistics, it is necessary to group those entities engaged in financial transactions into broad sectors with similar characteristics.
    [Show full text]
  • Legal Panel Clears Bill for 5-Year Cap On
    SUBSCRIPTION MONDAY, NOVEMBER 24, 2014 SAFAR 2, 1436 AH www.kuwaittimes.net Interior Ministry Israel cabinet Echoes of a Hamilton wins scrambles to votes to once famed Abu Dhabi react to the enshrine ‘Jewish nightlife in GP, claims rumor mill3 state’ in8 law ravaged40 Aleppo world20 title Legal panel clears bill for Min 18º Max 26º 5-year cap on expats’ stay High Tide 13:52 Low Tide MP files to grill commerce minister over alleged violations 07:18 & 19:08 40 PAGES NO: 16352 150 FILS Fees, salaries By B Izzak KUWAIT: The National Assembly’s legal and legislative committee yesterday cleared a draft law calling to at Indian, Pak impose a five-year cap on the residence of expatriate workers in Kuwait, and that the size of any single com- schools hiked munity should not exceed 10 percent of the Kuwaiti By A Saleh population, which currently stands at 1.25 million. The panel’s action is mere routine work because the com- KUWAIT: Minister of Education Dr Bader Al-Essa has mittee only examines issued a decision increasing the tuition fees and if any particular bill is staff salaries at Indian and Pakistani schools to be in line with the consti- effective from the beginning of the school year tution or not. The bill 2014-2015. According to the new decision, kinder- now must go to the garten fees at Indian schools will be KD 320, primary interior and defense fees KD 356, intermediate fees KD 410 and second- committee which ary fees KD 460. The decision also set the salaries of must discuss the sub- kindergarten teachers at Indian schools at KD 250, ject of the proposal primary teachers KD 263, intermediate teachers KD and see if it is neces- 284 and secondary teachers KD 341.
    [Show full text]
  • Annual Review 2015
    ANNUAL REVIEW 2015 The KIPCO Group is one of the biggest Dar al-Athar al-Islamiyyah, one of Kuwait’s leading cultural holding companies in the Middle East and organizations, was created to manage activities related to North Africa, with consolidated assets of The al-Sabah Collection. The collection includes one of the US$ 32 billion as at 31 December 2015. world’s finest assemblages of arts from the Islamic world. The Group has significant ownership The collection consists of over 30,000 priceless objects, interests in over 60 companies operating including manuscripts, scientific instruments, carpets, across 24 countries. The group’s main fabrics, jewelry, ceramics, ivory, metalwork and glass from business sectors are financial services, countries such as Spain, India, China and Iran. media, real estate and manufacturing. Through its core companies, subsidiaries This year, the annual reports of KIPCO Group companies and affiliates, KIPCO also has interests in each feature a key ancient carpet from The al-Sabah the education and medical sectors. Collection. The images used within the reports reflect KIPCO’s commitment to protecting and promoting Kuwait’s heritage, while helping to build the nation’s future. The item pictured here (LNS 75 R) is a Transylvanian carpet made out of wool. The item was made in Transylvania (present day Romania) during the 18th century CE. The image is reproduced with the kind permission of The al-Sabah Collection, Dar al-Athar al-Islamiyyah. Welcome to our Annual Review for the year 2015 Welcome to our Annual Review for the year 2015, a year Magazine: ‘Best Domestic Retail Bank of the Year’ for the of optimization and agility where our prudent strategy and third consecutive year, ‘Best Credit Card Initiative of the focused execution have enabled the Group to continue Year in Kuwait’, “Best Advertising campaign of the Year in delivering for the fifth year in a row.
    [Show full text]
  • A Presidential Election ‘Poll’ “Especially During His First Term, Obama Was Less Involved in Africa” Than His Predecessor George W Bush
    SUBSCRIPTION SUNDAY, NOVEMBER 6, 2016 SAFAR 6, 1438 AH www.kuwaittimes.net Candidate says Detained mayor Millions flood Murray crowned investing in oil on Duterte’s drug Chicago streets number one can resolve list killed in for Cubs after Raonic economic3 crisis prison12 shootout victory16 parade withdraws20 Kuwait to launch foreign Min 19º bond sale to finance deficit Max 27º High Tide 14:50 & 17:44 Country’s first foreign debt in around two decades Low Tide 09:48 & 21:50 40 PAGES NO: 17042 150 FILS KUWAIT: Kuwait will issue billions of dollars worth of bonds in international markets to finance a budget deficit resulting from low oil prices, a report said yester- Tijari reports day. Finance Minister Anas Al-Saleh said Kuwait will issue US dollar-denominated sovereign bonds of up to net profit of $9.6 billion during the 2016/2017 fiscal year which ends March 31, Al-Qabas newspaper reported. This comes on top of a $6.6 billion domestic debt program which is KD 27.5 million already underway. KUWAIT: Commercial Bank of Kuwait announced a Kuwait, like other energy-rich Gulf Cooperation net profit of KD 27.5 million for the nine-month peri- Council (GCC) states, has already taken on tens of bil- od of 2016 compared with KD 25.4 million in same lions of dollars in foreign debt to finance budget short- period last year, a growth of 8.2 percent. Fee income falls. Saudi Arabia, Qatar, Oman and United Arab witnessed year on year growth of 8.8 percent, foreign Emirates have sold bonds or took syndicated loans to exchange income 61 percent plug their deficits.
    [Show full text]