KUWAIT: Burgan Bank (“Bank”) announced that it has successfully completed its capital increase of KD 71.25 million, to support its business growth and further strengthen its capital levels. The rights issue was well-received, and the transaction was oversubscribed, without the need for public offering or underwriting. 

KUWAIT: Kuwait’s budget deficit for the seven months of FY21/22 was lower than expected at KD 1.2 billion. The reduction in the deficit came on the back of higher oil revenues thanks to the surge in oil prices. 

LONDON: European stocks and oil prices rebounded yesterday from a pre-weekend slump that was sparked by fears over a new variant of COVID-19. Frankfurt, London and Paris equities advanced, having tumbled Friday by around four percent on worries of a major hit to the global economy.

ISTANBUL: Turkey’s President Recep Tayyip Erdogan vowed “no compromise” on low interest rates in comments published by Turkish media yesterday, despite a currency crisis. The embattled Turkish lira crashed last week and has continued to lose value against the dollar after a series of rate cuts by the central bank in spite of rampant inflation.

WASHINGTON: Twitter co-founder Jack Dorsey is expected to step down as the social media network’s CEO, CNBC reported yesterday. Nasdaq suspended trading of Twitter yesterday amid news reports that Jack Dorsey would step down. Nasdaq cited “news pending” as the reason for the halt in trading.

KUWAIT: National Bank of Kuwait announced the launch of “Weyay”, the first fully digital bank in Kuwait, made in Kuwait for the youth of the country.

• Mawarid Fund achieved a return of 34.82% outperforming local equities funds in Kuwait.
• Al-Wataniya Fund recorded a good performance with a return of 28.88% bringing the returns to 299.08% since inception
• Al-Darij Fund achieved a return of 22.50% by trading in selective Shariah-compliant shares
• Zajil Fund achieved a return of 18.83%
• NIC has an active strategic approach to achieve the highest returns in the long-term and reduce risks
• Following launching of the service, NIC is a market maker in the shares of Boursa Kuwait and Gulf Cable
• NIC was one of the first companies to obtain a Market Maker License in Boursa Kuwait

KUWAIT: Aggregate net profits reported by companies listed on GCC exchanges reached a new record high during Q3-21 at $55.5bn, an increase of 123.4% y-o-y and 22.7% q-o-q. The increase reflected positive earnings growth across the seven exchanges in the region with Kuwait leading during the quarter led by an aggregate net profit of $5.6bn, an increase of almost six folds. 

KUWAIT: ABCK – AmCham Kuwait hosted a webinar on the topic of ‘Kuwait’s Future Energy Sector’ presented by Sarah AlUsaimi, Industrial Engineering Specialist at Kuwait Authority for Partnership Projects at the Kuwait Authority for Partnership Projects (KAPP), and Fred Shuaibi – Energy Focus Group Chair (ABCK-AmCham Kuwait) and Partner in Charge at KNDR.