Charts & Numbers

Let me first thank the guys here for inviting me to join the blog.  I’ve been a fan for sometime only to discover just yesterday that some are actually my friends.

Now to the post.

I read this fun feature 2 days ago on CNN Money about the “21 Dumbest Moments in Business 2008.”  So how about we have our Top Stupidest Moments in Business 2008?

1.  Finance Minister, Mustafa Alshamali, giving a free investment “buy” recommendation TO THE PUBLIC!  Only to see the stock market plunge 480 points over the next 2 days.

2.  The Finance Minister’s back and forth statements on when the rescue fund will actually enter the market, which is still not 100% clear to this day.

3.  Commerce Minister, Ahmad Baqer, declaring without a doubt that the current global financial crisis is due to the un-Islamic dealings with interest rates (Riba), implying that this is some sort of punishment from god.

4.  Even stupider than #3, Baqer was appointed by the government to head the economic rescue team, which was later corrected by appointing Central Bank Chairman Shaikh Salem Alsabah.

5.  Excluding NBK’s CEO Ibrahim Dabdoub from the 2nd economic rescue team on the basis of him not being Kuwaiti, which is widely known to be a result of him being a non-Muslim.

6.  Baqer, again, PRing his image and his Salafi Party’s electoral appeal by coming out as the people’s saviour, offering the infamous “Baqer Gift for Ramadhan,” which consisted of soon-to-expire rice, flour, macaroni, tomato paste, and cooking oil; all for a total stock value of KD1 per gift.  Economic stimulus a` la Baqer.

7.  Qutaiba’s Cigar.  Rumor has it that he was actually instructed by his advisors to deliberately act this way to show confidence and calm the panic.  Poor guy (no pun) overdid it one bit too much.

8.  People suing the government and KSE officials, demanding to stop trading because they lost a lot of money.

9.  OMG!  The court actually responds and closes down KSE immediately!, citing the government’s “lack of action in stopping losses.”  The court here had its own interpretation of “crisis, losses, and action,” ultimately deciding to intervene in the government’s place.

10.  Continuing to declare Kuwait as an aspiring financial and commercial center in the region while foreigners of many countries are still not allowed in the country unless they have family residents or business dealings, and the Minister of Interior declaring on more than one occasion that he’ll deport expatriates even for traffic violations.  So much for a welcoming environment for investments and tourism.

11.  Global Investment House bluffing throughout the fall about not needing to participate in the government’s bailout program.  Turns out it was a bubble waiting to burst.

12.  Last, but not least, GCC officials today leaking to the press that they intend to name the new unified Gulf currency “Karam,” which wins the 2008 Award for Ugliest Name.

That’s all for now.  Feel free to add your moments.

Happy new year.