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S&P lowers #Kuwait rating to AA-, outlook stable | ZAWYA MENA Edition

S&P lowers Kuwait rating to AA-, outlook stable | ZAWYA MENA Edition:Standard and Poor's (S&P) has lowered Kuwait's long-term foreign and local-currency sovereign credit ratings to (AA-) from (AA), Kuwait News Agency (KUNA) reported"The oil price drop is happening alongside Kuwait's slow reform momentum, which has generally lagged that of other regional countries in recent years," the rating agency said in a report, projecting a stable economic outlook.The stable outlook is due to “Kuwait's siza...
Tags: Travel, Kuwait, Rupert Neil Bumfrey, AA Kuwait News Agency KUNA


Flex-space unicorn Knotel just laid off 30% of workers and furloughed another 20% as the coronavirus cripples a once buzzy industry

Knotel just laid off 127 employees and furloughed 68, a company spokeswoman said.  The company raised $400 million in August at a $1 billion valuation. The coronavirus is hitting real estate hard as offices across the country temporarily shutter and tenants struggle to pay rent. Visit Business Insider's homepage for more stories. Knotel is the latest flexible-space company hit by layoffs, Business Insider has learned. The company laid off 127 employees — 30% of its workforce — and furloughed ...
Tags: Japan, New York, London, US, Trends, Brookfield, Airbnb, WeWork, Kuwait, Signal, Amol Sarva, Don, Audrey Gelman, Knotel, Wafra, Mori Trust Itochu Corp


Kool Kuwait

Kuwait reminds people of Gulf war and hot desert. Indeed that was my impression but it all changed.It was my first time in the Middle East. I took courage as I packed my personal belongings to take up a new assignment on my own in Kuwait
Tags: Travel, Middle East, Kuwait, Gulf


Virus Onslaught Deepens Gulf Disquiet Over #Saudi Oil-Price War - Bloomberg

Virus Onslaught Deepens Gulf Disquiet Over Saudi Oil-Price War - Bloomberg:Saudi Arabia’s oil-price war with fellow exporting giant Russia bewildered the kingdom’s Gulf allies, unexpectedly shattering their fiscal defenses just when they’re most needed to combat the coronavirus.The United Arab Emirates and Kuwait, along with smaller neighbors, want a return to talks among the OPEC+ cabal of oil powers but the central protagonists, including Crown Prince Mohammed bin Salman, are digging in.As the...
Tags: Travel, Saudi Arabia, Russia, Opec, Bloomberg, United Arab Emirates, Kuwait, Gulf, Mohammed bin Salman, Rupert Neil Bumfrey


Virus Onslaught Deepens Gulf Disquiet Over Saudi Oil-Price War

(Bloomberg) -- Saudi Arabia’s oil-price war with fellow exporting giant Russia bewildered the kingdom’s Gulf allies, unexpectedly shattering their fiscal defenses just when they’re most needed to combat the coronavirus.The United Arab Emirates and Kuwait, along with smaller neighbors, want a return to talks among the OPEC+ cabal of oil powers but the central protagonists, including Crown Prince Mohammed bin Salman, are digging in.As the pandemic shuts down major chunks of the global economy, tha...
Tags: News, Congress, Washington Post, Washington, Saudi Arabia, White House, Iraq, Russia, Opec, Bloomberg, Iran, Vienna, Middle East, United Arab Emirates, Dubai, Moscow


Iraq's Power Conundrum: How to Secure Reliable Electricity

By Ahmed Tabaqchali, CIO of Asia Frontier Capital (AFC) Iraq Fund. This article was originally published by the LSE Middle East Centre. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq's Power Conundrum: How to Secure Reliable Electricity While Achieving Energy Independence Iraq remains in a bind regarding how to secure energy independence within its geopolitical constraints - most pertinently the American sanctions on Iran....
Tags: Isis, News, Iraq, US, Turkey, Iran, IEA, Jordan, Iraq Business News, Kuwait, Baghdad, Gw, Basra, Kurdistan Region, KRI, Ministry of Electricity


Oil Shock Unmasks Fragile Mideast Trio With Bahrain Most Exposed - Bloomberg

Oil Shock Unmasks Fragile Mideast Trio With Bahrain Most Exposed - Bloomberg:The collapse in oil prices is exposing a divide between Arab energy producers, with Bahrain the most vulnerable to the shockwaves rippling through the market amid the coronavirus outbreak, according to Bloomberg Economics.Bahrain, Oman, Iraq, as well as Iran, are the weakest when measured by a set of five criteria ranging from international reserves and public debt to the price of oil needed to balance the current accou...
Tags: Travel, Qatar, Bloomberg, Iran, Middle East, Dubai, Bahrain, Kuwait, United Arab Emirates Saudi Arabia, Rupert Neil Bumfrey, Ziad Daoud Bloomberg, Bloomberg Economics Bahrain Oman Iraq


Military Imposes 60-Day Coronavirus Ban on Troops Coming Home From the Mideast

The novel coronavirus outbreak has prompted the U.S. military to order troops scheduled to return home from the Middle East to stay where they are for the next 60 days, three sources tell The Daily Beast. U.S. Central Command (CENTCOM), which is in charge of U.S. military operations in the Mideast, had prepared a limited order on the pause that exempted service members returning from Afghanistan. But a U.S. defense official said Wednesday morning that CENTCOM’s order was upended by a late-breaki...
Tags: Texas, News, Iraq, Cnn, Afghanistan, Taliban, Middle East, Army, Pentagon, Kuwait, South Asia, Mideast, U S Central Command, CENTCOM, Fort Hood, Iraqi Security Forces


Military Prepares 60-Day Coronavirus Ban on Troops Coming Home From the Mideast

The novel coronavirus outbreak has prompted the U.S. military to consider ordering troops scheduled to return home from the Middle East to stay where they are for the next 60 days, three sources tell The Daily Beast. U.S. Central Command (CENTCOM), which is in charge of U.S. military operations in the Mideast, had prepared a limited order on the pause that exempted service members returning from Afghanistan. But a U.S. defense official said Wednesday morning that CENTCOM’s order was upended by a...
Tags: Texas, News, Iraq, Afghanistan, Taliban, Middle East, Army, Pentagon, Kuwait, South Asia, Mideast, U S Central Command, CENTCOM, Fort Hood, Iraqi Security Forces, Fort Bliss


Military Imposes 60-Day Coronavirus Ban on Troops Coming Home From Overseas

The novel coronavirus outbreak has prompted the U.S. military to order troops scheduled to return home from the Middle East to stay where they are for the next 60 days, three sources tell The Daily Beast. U.S. Central Command (CENTCOM), which is in charge of U.S. military operations in the Mideast, had prepared a limited order on the pause that exempted service members returning from Afghanistan. But a U.S. defense official said Wednesday morning that CENTCOM’s order was upended by a late-breaki...
Tags: Texas, News, Iraq, Defense, Cnn, Afghanistan, Taliban, Middle East, Army, Pentagon, Defense Department, Kuwait, South Asia, Mideast, U S Central Command, CENTCOM


#Saudi-Russia Oil Price War Heralds End to Gulf Luxury Lifestyle - Bloomberg

Saudi-Russia Oil Price War Heralds End to Gulf Luxury Lifestyle - Bloomberg:For much of the world, oil wealth is a curse. Endowed with ample reserves of hydrocarbons, the likes of Nigeria, Angola, Kazakhstan, Mexico and Venezuela frittered the benefits away.Only in the Persian Gulf has oil been a nation-building blessing. The discoveries of petroleum in the mid-20th century turned an anarchic, desperately poor region into one of the most affluent places on the planet. Qatar, Kuwait and the Unite...
Tags: Travel, Japan, Saudi Arabia, Russia, United Arab Emirates, Oman, Venezuela, Kuwait, Gulf, Persian Gulf, Rupert Neil Bumfrey, Qatar Kuwait, Rystad Energy, Nigeria Angola Kazakhstan Mexico, Switzerland Even Saudi Arabia Bahrain


#Kuwait extends obligatory work suspension by further two weeks | ZAWYA MENA Edition

Kuwait extends obligatory work suspension by further two weeks | ZAWYA MENA Edition:The Kuwaiti cabinet has decided to extend the suspension of work in all ministries and state agencies by two additional weeks, said Government Spokesman Tareq Al-Mezrem Saturday.The decision means that all civil servants, who have been on mandatory holiday from March 12 to 26, will resume work on April 12, the spokesman told a press conference following an extraordinary cabinet meeting. The move is mainly intende...
Tags: Travel, Kuwait, Rupert Neil Bumfrey, Tareq al Mezrem, Kuwait Municipality


New laws not quite sheepshape

Confusion about who should check a vessel meant to pick up 60 000 sheep has exposed fissures in the Covid-19 regulations The post New laws not quite sheepshape appeared first on The Mail & Guardian.
Tags: Australia, Article, Dubai, National, Kuwait, Department of Agriculture, Fikile Mbalula, Transnet, South Africa (country, COVID-19, coronavirus South Africa, Corona Lead, National Council Of Spcas


Covid-19 regulations cause confusion for sheep shipment

Confusion about who should check a vessel meant to pick up 60 000 sheep has exposed fissures in the Covid-19 regulations The post Covid-19 regulations cause confusion for sheep shipment appeared first on The Mail & Guardian.
Tags: Australia, Article, Dubai, National, Animal Rights, Kuwait, Eastern Cape, Department of Agriculture, Fikile Mbalula, Transnet, Al Mawashi, South Africa (country, COVID-19, coronavirus South Africa, Corona Lead, National Council Of Spcas


Gulf stock markets hit multi-year lows as virus, oil weigh - Arabianbusiness

Gulf stock markets hit multi-year lows as virus, oil weigh - Arabianbusiness:Gulf stock markets have plunged to multi-year lows despite massive stimulus spending as the region has suffered the double blow of plummeting oil prices and sweeping coronavirus shutdowns.Since early March, all seven bourses in the Gulf region have suffered some of their most tumultuous performances, with UAE markets in Dubai and Abu Dhabi as well as in Kuwait shedding over a third of their value.The Saudi Tadawul marke...
Tags: Travel, Saudi Arabia, Dubai, Oman, Abu Dhabi, Kuwait, Uae, Gulf, United Arab Emirates Qatar, Rupert Neil Bumfrey


#UAE best-positioned in GCC to absorb oil shock | ZAWYA MENA Edition

UAE best-positioned in GCC to absorb oil shock | ZAWYA MENA Edition:The UAE is best-positioned among GCC economies to weather the decline in oil prices as it can finance its current account deficit longer than any of its regional peers, says a new report.According to Capital Economics, the UAE can finance its current account deficit for 35 years if oil prices stay at $25 a barrel. Kuwait comes second followed by Qatar, Saudi Arabia, Bahrain and Oman. "In the four largest Gulf economies - Saudi A...
Tags: Travel, Saudi Arabia, Qatar, GCC, Oman, Kuwait, Uae, Gulf, Capital Economics, Jason Tuvey, UAE Kuwait, Rupert Neil Bumfrey, Qatar Saudi Arabia Bahrain


The View from Kuwait …

From a TPM Reader in Kuwait … As an American living in Kuwait, I’ve been impressed since the beginning of this crisis by how Kuwait is handling it – and they started taking measures weeks ago – but the contrast with the US (and UK) is stark. (I have two sons in the UK, and I wish they could get back here because they’d be much safer. Every British person I know here has stories of friends and relatives who have symptoms, and in some cases know they’ve been exposed, but can’t get treated or teste...
Tags: UK, News, US, Spain, Iran, Egypt, Switzerland, Azerbaijan, Kuwait, Josh Marshall, Iran Iran, Mills, Ministry of Commerce, Ministry of Health, Minister of Commerce, Editors' Blog


Fed’s Dash to Zero Lets Gulf Top Off Stimulus With Rate Cuts - Bloomberg

Fed’s Dash to Zero Lets Gulf Top Off Stimulus With Rate Cuts - Bloomberg:The central bank of the United Arab Emirates cut the rate on one-week certificates of deposit by 75 basis points. The Saudi Arabian Monetary Authority also lowered its repo rate by 75 basis points to 1%, and its reverse repo rate by the same amount to 0.5%. Kuwait reduced its discount rate by 100 basis points to an all-time low of 1.5%. Qatar’s central bank decreased its deposit and repurchase rates by half a percentage poi...
Tags: Travel, Saudi Arabia, Qatar, Bloomberg, United Arab Emirates, Oman, Bahrain, Kuwait, Gulf, Fed, Mohammed bin Zayed, Bahrain News Agency, Al Mansoori, Rupert Neil Bumfrey, Abu Dhabi Crown, Saudi Arabian Monetary Authority


Nothing’s Certain as Shell-Shocked Markets Hope for Salvation - Bloomberg

Nothing’s Certain as Shell-Shocked Markets Hope for Salvation - Bloomberg:As traders limp back to work, the question is whether Friday’s turnaround will prove more than a moment of relief for the world’s shell-shocked markets.The evidence suggests it won’t.While governments and central banks around the world announce unprecedented economic-stimulus measures -- indicating a growing willingness to coordinate their actions -- economists say virus-triggered closures and national lockdowns are making...
Tags: Travel, Saudi Arabia, Middle East, Dubai, Abu Dhabi, Kuwait, Rupert Neil Bumfrey, Shell Shocked Markets Hope for Salvation Bloomberg


MIDEAST STOCKS-Major Middle East indexes decline on coronavirus impact - Reuters

MIDEAST STOCKS-Major Middle East indexes decline on coronavirus impact - Reuters:Most major Middle Eastern stock marketsclosed lower on Sunday amid fears of economic fallout fromcoronavirus precautions, with Egypt falling the most and SaudiAramco slipping after it missed profit forecasts.Gulf Arab states, with nearly 900 virus cases, expandedmeasures to contain the spread of the infection with Abu Dhabi'sbourse closing trading halls and Dubai shuttering cinemas, gymsand arcades. Kuwait and Saudi...
Tags: Travel, Saudi Arabia, Egypt, Middle East, Dubai, Abu Dhabi, Kuwait, Reuters, Aramco, Rupert Neil Bumfrey, Al Rajhi Bank, CommercialInternational Bank


Coronavirus, oil plunge to pressure MEA sovereigns - Fitch | ZAWYA MENA Edition

Coronavirus, oil plunge to pressure MEA sovereigns - Fitch | ZAWYA MENA Edition:A sharp drop in oil prices, the outbreak of coronavirus as well as a slump in tourism and a weakening demand for non-oil exports add to rating pressures for Middle East and Africa (MEA) sovereigns, Fitch Ratings said.Earlier in March, OPEC failed to strike a deal with its allies, led by Russia, on oil production cuts. This means members can now pump what they like starting April 1.Saudi Arabia slashed crude prices fo...
Tags: Travel, Saudi Arabia, Russia, Africa, Opec, Qatar, Middle East, Oman, Abu Dhabi, Bahrain, Kuwait, Fitch Ratings, Fitch, Gulf Cooperation Council GCC, Rupert Neil Bumfrey


Islamic call to prayer changes in Kuwait amidst coronavirus fears – video

The coronavirus pandemic has pushed countries around the world to take stringent measures to prevent the spread of the Covid-19 virus and protect citizens. A muezzin in Kuwait was heard saying 'al-salatu fi buyutikum' or 'pray in your homes' instead of the usual “hayya alas-salah' or 'come to prayer'. Saudi Arabia has banned pilgrimages to the Grand Mosque in Mecca and touching the Ka’bah, the shrine toward which all Muslims face in prayerReligious festivals cancelled or scaled back due to coron...
Tags: Saudi Arabia, Religion, World news, Islam, Mecca, Kuwait, Grand Mosque, Coronavirus outbreak


Islamic call to prayer changes in Kuwait amid coronavirus fears – video

The coronavirus pandemic has pushed countries around the world to take stringent measures to prevent the spread of Covid-19 and protect citizens. A muezzin in Kuwait was heard saying 'al-salatu fi buyutikum' or 'pray in your homes' instead of the usual 'hayya alas-salah' or 'come to prayer'. Saudi Arabia has banned pilgrimages to the Grand Mosque in Mecca and touching the Ka’bah, the shrine toward which all Muslims face in prayerReligious festivals cancelled or scaled back due to coronavirus Con...
Tags: Saudi Arabia, Religion, World news, Islam, Mecca, Kuwait, Grand Mosque, Coronavirus outbreak


#Kuwait central bank ready to provide cash to banks over coronavirus outbreak - Reuters

Kuwait central bank ready to provide cash to banks over coronavirus outbreak - Reuters:Kuwait’s central bank said on Thursday it was ready to support its financial sector over the coronavirus outbreak, including by providing cash to commercial banks.Other measures included suspending fees on point of sales devices and ATM withdrawals, increasing the limit for contactless payments to 25 dinars ($81.44) from 10 and providing “financial and moral compensation” to banking sector employees during a p...
Tags: Travel, Kuwait, Reuters, Rupert Neil Bumfrey


Gulf stocks tumble amid oil price, coronavirus impact - Arabianbusiness

Gulf stocks tumble amid oil price, coronavirus impact - Arabianbusiness:Stock markets in energy-rich Gulf states tumbled Thursday with Saudi shares down more than 4 percent following worldwide losses amid fears over the coronavirus pandemic and an oil price war. Dubai Financial Market dived more than 7 percent at the open on the last trading day of the week. Abu Dhabi shares dropped 6 percent.Stocks in gas-rich Qatar dropped 5.2 percent, while bourses in Bahrain and Oman were down 3.5 percent an...
Tags: Travel, Qatar, Oman, Abu Dhabi, Bahrain, Kuwait, Gulf, Dubai Financial Market, Rupert Neil Bumfrey


Gulf states bonds plunge, Aramco shares weaken further | ZAWYA MENA Edition

:International bonds issued by governments in the Gulf extended losses and regional stocks fell on Thursday after oil prices sank as the United States banned travel from Europe.The U.S. move follows a World Health Organization declaration that the coronavirus outbreak is now a pandemic.Saudi Aramco  shares declined nearly 4% in early trade on Thursday. Brent crude fell over 5% amid an escalating price war between Saudi Arabia and Russia. "It's a bloodbath," a Dubai-based fund manager said, addin...
Tags: Travel, Europe, Saudi Arabia, Russia, Opec, United States, Dubai, World Health Organization, Kuwait, Gulf, Aramco, Saudi Aramco, Rupert Neil Bumfrey


List of sports events affected by the new coronavirus

ARCHERYISSF International Solidarity Championships in Dhaka, Bangladesh from Feb. 22-28 postponed.World Cup in Shanghai from May 4-10 cancelled.ATHLETICSWorld indoor championships in Nanjing from March 13-15 postponed to March 2021.World half marathon championships in Gdynia, Poland on March 29 postponed to Oct. 17.Hong Kong Marathon on Feb. 9 cancelled.Asian indoor championships in Hangzhou from Feb. 12-13 cancelled.Asian cross-country championships in Hong Kong on March 29 postponed.Tokyo Mara...


Coronavirus live updates: WHO declares Covid-19 a pandemic while Italy death toll jumps by 196

World Health Organization chief says number of cases reported and number of countries affected ‘doesn’t tell the full story’What is a pandemic?Full story: WHO declares coronavirus pandemicUS death toll rises to 31 as official warns ‘things will get worse’UK cases jump to 456 and eighth Briton diesShare your experiences 6.33pm GMT The official Kuwait state news agency, Kuna, quotes government spokesman Tareq al-Mezrem as saying: Incoming flights to Kuwait International airport will be restric...
Tags: Europe, UK, China, UK News, World news, Italy, Who, World Health Organization, Kuwait, Coronavirus outbreak, Tareq al Mezrem, Kuwait International


Piracy takes greater toll on small Persian gulf energy exporters

Tanker traffic through the Strait of Hormuz declines for up to two years after a piracy attack, a new Duke University study finds, but the adverse effects of the slowdown affects some Persian Gulf countries more than others. Large exporters of crude oil, like Saudi Arabia, see little long-term impact, while smaller exporters, like Bahrain and Kuwait, can suffer disproportionate losses.
Tags: Science, Saudi Arabia, Bahrain, Kuwait, Strait Of Hormuz, Persian Gulf, Duke University


U.S. Coronavirus Cases Top 400, Putting Thousands in Quarantine

The long reach of the new coronavirus in the U.S. could be seen Monday in the growing number of people moving into quarantine—from parishioners who shook hands with a priest, to thousands on a cruise ship, to senior aides of a top New York official.With each new case that is diagnosed—and there are now more than 400, according to the U.S. Centers for Disease Control and Prevention—authorities are recommending everyone who came in close contact with that person while they were infectious isolate ...
Tags: New York, News, Congress, California, Cdc, Washington, Saudi Arabia, Cotton, Missouri, Italy, Oman, Columbia University, Oakland, Andrew Cuomo, Kuwait, Cuomo