KUWAIT CITY (AFP) - Kuwaiti telecommunications giant Zain on Monday announced an almost five-fold rise in first half net profit mainly due to the sale of its African operations for 10.7 billion dollars.
Zain posted 895.3 million dinars (3.085 billion dollars) in net income in the first six months of 2010, compared to just 533.5 million dollars in the same period last year, a jump of 480 percent [...]
HONG KONG (AFP) - Qatar and Kuwait will buy up to 3.8 billion US dollars worth of Agricultural Bank of China in its upcoming share sale, in what could be the world's largest initial public offering.
The Gulf states have emerged as the IPO's biggest cornerstone investors with the Qatar Investment Authority signing on to buy 2.8 billion US dollars worth of shares, Dow Jones Newswires said, [...]
DUBAI (AFP) - A senior member of the Kuwaiti Al-Sabah ruling family who was shot and killed by a relative was buried on Saturday as security agencies began investigating the incident.
Al-Rai newspaper reported Saturday that Sheikh Basel Salem al-Sabah, 52, the grandson of former emir Sheikh Sabah Salem al-Sabah, was shot several times at his palace on Thursday night by his uncle, Sheikh F [...]
KUWAIT CITY (AFP) - Record temperatures above 50 degrees Celsius (122 Fahrenheit) in the desert state of Kuwait have placed it on the brink of a major power crisis and put the government under fire politically.
The meteorological office said it recorded 52 degrees Celsius (125.6 F) on Tuesday in the capital Kuwait City, the highest temperature under the shade in more than 30 years accordi [...]
KUWAIT CITY, Kuwait (AFP) - Kuwait's Zain telecom said on Wednesday it has posted an unaudited net profit of 2.7 billion dollars from the sale of its African units to India's Bharti Airtel for 10.7 billion dollars.
The profit is from the amount the firm has received so far and it expects to achieve more profit when it receives the rest, Zain said in a statement posted on the Kuwait Stock Excha [...]
DUBAI (AFP) - Amnesty International appealed to Kuwait on Saturday to immediately release a prominent writer whose family and lawyer insist he is being illegally detained.
In a letter addressed to the Gulf state's ruler, the London-based rights watchdog called for all charges against Mohammad Abdulqader al-Jassem, who has been in custody since May 11 pending a trial, to be dropped.
"Amne [...]
KUWAIT CITY (AFP) - The foreign assets of OPEC member Kuwait swelled to 277 billion dollars at the end of the fiscal year to March 31, up from 238 billion dollars a year earlier, the Al-Jarida newspaper said Friday.
The assets are held in two state-owned funds, the Reserve Fund for Future Generations (RFFG) whose assets grew to 220 billion dollars on March 31 up on 196 billion dollars the previ [...]
KUWAIT CITY (AFP) - Kuwait's Zain telecom, on the verge of closing a 10.7-billion-dollar deal to sell its African operations, decided on Thursday to distribute a huge dividend despite a sharp fall in 2009 profits.
Shareholders approved a board recommendation to distribute dividends equivalent to 170 percent of shares' nominal value, or 2.26 billion dollars, for 2009 even though net profit [...]
BAGHDAD (AFP) - Baghdad said on Wednesday it will close down state-owned Iraqi Airways in the face of a decades-old financial dispute with Kuwait that prompted the seizure of an aircraft last month.
The sudden move comes a day after the airline announced it was dropping its services to Sweden and Britain over the row with Kuwait, but it was not immediately clear if a new company would be [...]
KUWAIT CITY (AFP) - State-owned Kuwait Airways incurred a 55 million dinar (189 million dollar) loss last year due to stiff competition and high fuel prices, its chairman said in comments published on Thursday.
Al-Qabas newspaper quoted Hamad al-Falah as saying that 65 million dollars were lost due to stiff competition in the local market and 20 million dollars due to higher fuel prices.
The p [...]
Passengers jump out of plane in India after bad landing
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