12 Stupidest Moments in Business 2008 December 31, 2008
Posted by Dhari in kuwait, random.Tags: Financial Crisis, Satire, Stock Market
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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.
Kuwait SE: The Panic Continues September 16, 2008
Posted by mylastresort in analysis.Tags: bahrain, Bankruptcy, Doha, Dubai Financial Markets, Great Depression, KIA, KSE, Kuwait Investment Authority, Kuwait Stock Exchange, Lehman Brothers, qatar, Stock Market
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The Kuwaiti Stock Exchange (KSE) continued to suffer from panic selling reaching a limit low for the day. Nearly all the companies on the exchange reached their daily limits dropping the maximum (approx. 5%) in the session. News that the Kuwait Investment Authority (KIA) will be investing $1 billion is eagerly awaited by the market participants having suffered large losses in a short period. Losses were felt all across the globe on Monday, the day is being referred to as “Black Monday” once again following Lehman Brothers collapse.
The global markets have suffered the most massive losses ever before witnessed in the past century. The US economy is being compared to the Great Depression of the 1920’s while the European union has not seen such catastrophe in its short history to compare it to. While in the Gulf the markets continued their decline since the beginning of the month.
Here is a summary of closing indexes:
- Kuwait Stock Exchange -3.80%
- Abu Dhabi Index -4.35%
- Dubai Financial Markets -1.71% (had reached -9.5% in the day)
- Doha Stock Market -7.06%
- UK FTSE 100 -3.92%
- Dow Jones Industrial Average (DJIA) -4.42%
- S & P 500 -4.71%
Kuwait stock exchange rises to life-time high May 4, 2008
Posted by mylastresort in analysis.Tags: High, KSE, kuwait, Kuwait Stock Exchange, Noor Investment, Record, Stock Market
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The Kuwaiti Stock Exchange rises to a life-time high, lifted by investor hopes that elections this month are viewed as a positive sentiment in the market. The Kuwait Stock Exchange’s benchmark index increased .62% on Sunday and is at 14,847 points (after hitting a record high of 14,859.20 points). The market is expected to increase and hit new highs throughout the coming days to the election on May 17.
“Investors are waiting to see what will happen in the election. If it’s positive, then the market will remain in good shape”
Investment Dar selling stake in Cham Bank May 4, 2008
Posted by mylastresort in analysis.Tags: CBK, Cham Bank, Commercial Bank of Kuwait, Dar Investment, investment, Stock Market
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Investment Dar is looking to sell its stake in Syrian Islamic lender Cham bank but has yet to reach a deal. An unsourced report surfaced today stating that the firm ‘had agreed’ to sell its 12.5% to Commercial Bank of Kuwait (CBK). Investment Dar was forced to accept or deny the statement prior to this mornings stock market opening, inwhich the company stated, “The issue is still in the process of being studied, submitting requests to regulatory bodies and approval of the firm’s board.” It gave no more details.
Interesting Notes:
- In the previous unsourced statement Dar Investment was was said to gain KD 2 million on the sale
- Commercial bank of Kuwait previously showed intent of raising its stake in Cham bank to 30% from 10%
- CBK has raised its stake to 27%, this year, buy purchasing shares from Syrian & Kuwaiti investors
Global Investment House expansion March 23, 2008
Posted by mylastresort in analysis.Tags: Expansion, Global Investment House, KSE, kuwait, news, Outlook, Prospects, Stock Exchange, Stock Market, Turkey
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Global Investment House has announced its intentions to expand into Turkey. A representative office will be opened to look for brokerage and financial investments within the Turkish market.
Global is currently trading on the Kuwait Stock Exchange (KSE) at KD 1.100
No where else to go… therapy is key March 20, 2008
Posted by mylastresort in analysis, random.Tags: Crash, Cycle, Depression, Great Depression, James Masten, Psychotherapist, Stock Market, Suicide, Therapy, Trader, Wall Street
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As global markets decline and news of the “Great Depression” recurring once more are repeated on the Bloomberg, financial professionals are retreating to the therapists couch. James Masten, a psychotherapist near Wall Street, has noticed that news about layoffs and market crashes has put stress on patients and couples.
“The process of witnessing the layoffs is very demoralizing and it undermines self esteem and ability to work… Just as there are structures in place – at least I hope there are as an investor – to prevent the market from collapsing, there are structures in place to prevent people from collapsing”
- James Masten, Psychotherapist
Although Masten stated that he does not expect traders to be leaping out of windows as they did during the stock market crash of 1929 he expressed concern regarding the current mental attitudes of the traders.
Increase of foreign investment in Abu Dhabi bourse March 18, 2008
Posted by mylastresort in random.Tags: Abu Dhabi, Arab, Bourse, Deputy Director-General, economy, Foreign Investment, GDP, Gross Domestic Product, Rashed al-Balous, Statement, Stock Market, uae, United Arab Emirates
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Rashed al-Balous, Deputy Director-General of the Abu Dhabi bourse, claims that foreign investment on the Abu Dhabi Securities Market will increase in the coming period, he did not give more details. I dont understand the circumstances around the statement but it cannot end there, we need more details! In the same conference he stated that the UAE’s Gross Domestic Product (GDP) is expected to grow 13% in 2010.
Kuwaiti The Securities House 2007 Net Profit Up to $100 Mln March 9, 2008
Posted by mylastresort in analysis.Tags: investment, kuwait, Kuwait Stock Exchange, Stock Market, The Securities House, TSH
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The net profit of Kuwaiti financial services provider The Securities House (TSH) rose to 27.3 mln Kuwaiti dinars ($100.3 mln/65.6 mln euro) in 2007 from 21.9 mln dinars ($80.5 mln/52.6 mln euro) a year earlier.
Kuwait’s Commercial Bank wants to go Islamic March 4, 2008
Posted by mylastresort in analysis.Tags: analysis, Banks, Central Bank of Kuwait, Cham Bank, Commercial Bank of Kuwait, investment, Islamic, Jamal al-Mutawa, kuwait, Kuwait International Bank, news, Reuters, speculation, Stock Market
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(Reuters) – The Commercial Bank of Kuwait was awaiting approval from the central bank to transform into an Islamic lender, a newspaper reported on Tuesday. “CBK has made a request to the central bank to transform all its activities to comply with Islamic law after the central bank gave conventional banks the chance to transform within a limited period,” al-Qabas newspaper quoted Chief Executive Jamal al-Mutawa as saying, paraphrasing his remarks. “The presence of one or two other banking units that operate in line with sharia will not harm the market at all,” Mutawa said. CBK said on Sunday it could raise its stake in Syrian Islamic lender Cham Bank to up to 30 percent from 10 percent.
(Reporting by Rania el-Gamal, Editing by Inal Ersan)
Although it seems as though the decision will be imminent this process will take years upon years for it to be concluded. Kuwait International Bank (KIB) has been awaiting approval since the millennium. The Central Bank has given the banks the right to apply to become Islamic banks and since then the banking sector has flocked to apply to get the ‘approval.’ Awaiting the approval does not nessesarily mean that the banks will transform into Islamic institutions. Once the approval has been granted it will be decided upon based on the markets needs at that time. Expected Central Bank approval will be between 5 to 10 years, if at all. This is all due to the demand of Sharia Compliant banking and the immense growth they are generating when compared to conventional banks.
