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Finance Ministry to urge independent and govt agencies to control expenses - Dotemirates
2 month 5 hour

Finance Ministry to urge independent and govt agencies to control expenses

‘Ministry not an open treasury’ KUWAIT CITY, Sept 12: Ministry of Finance is considering informing a number of government and independent agencies about the need to avoid exceeding the amounts allocated to them in the budget, especially with current and future contracts, reports Aljarida daily. According to sources from the ministry, this move is based on the policy of the ministry to control expenses and rationalize spending. They explained that the ministry will meet a number of representatives of those agencies to inform them to cut down expenses, as well as send statements of all the sources of revenues and...


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Business News

41 minute 1 second

Senators warn Trump that his criticism could undermine Fed, hurt economy

WASHINGTON — Two U.S. senators called on President Donald Trump on Monday to stop publicly criticizing the Federal Reserve and warned his comments could jeopardize the central bank’s credibility and hurt the economy. In a letter to Trump, Sens. Chris Coons, D-Del., and Jeff Flake, R-Ariz., also said Trump’s disagreement with the central bank over interest-rate policies wouldn’t be a sufficient reason to remove any Fed leaders, including Chairman Jerome Powell. Trump escalated his criticism of the Fed’s short-term rate increases in recent weeks. In an interview with The Wall Street Journal last month, he said the Fed was the...
1 hour 11 minute

Financing development projects in line with Kuwait vision: Al-Nahedh

KFH CEO emphasizes role of Islamic finance in financing solutions KUWAIT CITY, Nov 12: Group Chief Executive Officer at Kuwait Finance House (KFH), Mazin Saad Al-Nahedh emphasized the role of Islamic finance instruments in providing effective financing solutions, indicating the opportunity size in the Islamic Finance space is over USD 2.5 trillion and expected to grow by a CAGR of over 9% to reach USD 4 trillion mark by 2022. Al-Nahedh statement was made during his participation in the 2018 IIF MENA Financial Summit held in Abu Dhabi under the theme “The Future of the MENA Financial Sector: Deepening and...
1 hour 16 minute

Moving to these neighborhoods will cost you $1 million or more

The million-dollar home? That's so 2015. In many U.S. cities, there's a new metric to describe just how out of reach housing has gotten: The million-dollar neighborhood. More than 800 neighborhoods across the country have a median home value over $1 million, according to a recent report from Trulia. Nationwide, the share of homes costing $1 million or more has doubled since 2012. In many coastal cities, the million-dollar home has long been the rule, not the exception. In San Francisco, million-dollar homes have been the majority of real estate sales since 2015. Today, 81 percent of the city's housing...

1 hour 22 minute

Less oil production to help maintain balance

ABU DHABI, Nov 12, (KUNA) : Reducing oil production to maintain market balance could be necessary in the not too distant future, a Kuwaiti official warned on Sunday. OPEC ministerial talks held here revealed commitment to reduction by 104 percent in October, Kuwait’s OPEC representative and Kuwait Petroleum Corporation (KPC) official Haithem Al-Ghais said. The talks also reviewed a “recommendation for a new amendment regarding reducing production next year, but without determining the quantities or a mechanism for this,” he added. Attendees urged the committee responsible for these reports to carry out a further review into the matter ahead of...
1 hour 23 minute

Digital economy has become a foundation of global economy

Commerce minister inaugurates business forum KUWAIT CITY, Nov 12, (KUNA): Digital economy has become one of the most important and mostly used applications nowadays to the extent that it has turned into a basic foundation of the global economy, says Minister of Commerce and Industry Khaled Al- Roudhan. This (virtual) emerging market is forecast to grow significantly in Kuwait in the future, Al-Roudhan said, in a statement on the sidelines of inaugurating a business forum, organized by Ooredoo telecommunication company and attended by Minister of Social Affairs, Labor and Minister of State for Economic Affairs Hind Al-Sabeeh. The minister revealed...
1 hour 51 minute

Apple loses $US45b in market value on iPhone suppliers' warnings, Wall Street tumbles

By business reporter David Chau, wires Australian shares are headed for a steep drop, following a sell-off in Apple and technology stocks which dragged down Wall Street.Apple's share price slumped 4.5 per cent to $US195.27 at 7:05am (AEDT), wiping out its gains from the past three months.In dollar terms, the United States' largest technology company lost $US45 billion — taking its market value down to $US927 billion.The recent wave of selling gripping tech stocks has led to Apple losing its status as a trillion-dollar company.Apple warned earlier this month that holiday sales would miss Wall Street expectations, blaming the fall...