Kuwait Finance House (KFH) dropped to its lowest level in almost three months, after the country's largest Islamic bank reported a 43 per cent decline in second-quarter profit. Net profit dropped to 22.8 million dinars, compared with 39.9m dinars a year earlier, the bank said in a filing to the Kuwait bourse yesterday.
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Global Investment House expected a profit of 29.8m dinars. KFH reported a profit of 22.6m dinars in the first quarter of this year. Shares declined 5.2 per cent to 910 fils yesterday, the biggest fall since April 24. The stock has dropped 15 per cent this year. "The bank posted figures similar to those seen in the previous quarter and gave the second negative surprise during the year … it is fair to state that the results were disappointing," said Naveed Ahmed, a senior financial analyst at Global Investment House in Kuwait.
Mr Ahmed currently has a "buy" rating on the stock but said there was a "possibility of a downward revision when the full financial statements come out".
Kuwait's economy is "witnessing imbalances" that need solutions to avoid any adverse impact on the country's future, Sheikh Salem Abdul Aziz Al Sabah, the central bank governor, was cited yesterday as saying in a cabinet statement. National Bank of Kuwait, the country's biggest lender, reported a 4.5 per cent decline in second-quarter profit amid "a weak operating environment", the bank said last week.
"Kuwait's credit growth hasn't recovered since the crisis," Mr Ahmed said.
"The stimulus package, which was thought to be a catalyst to help boost growth in the banks, is still not in place. Unless there's public spending on infrastructure, we don't see banks doing any substantial credit growth."
Kuwait's cabinet in March approved a US$5.2 billion economic stimulus package to spur lending and beef up financial firms. The plan was designed to enable banks to lend about 4bn dinars within two years, of which the government would guarantee up to 50 per cent to encourage lending.
halsayegh@thenational.ae
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
How it works
Booklava works on a subscription model. On signing up you receive a free book as part of a 30-day-trial period, after which you pay US$9.99 (Dh36.70) per month to gain access to a library of books and discounts of up to 30 per cent on selected titles. You can cancel your subscription at any time. For more details go to www.booklava.com
The Lost Letters of William Woolf
Helen Cullen, Graydon House
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
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BRIEF SCORES
England 228-7, 50 overs
N Sciver 51; J Goswami 3-23
India 219, 48.4 overs
P Raut 86, H Kaur 51; A Shrubsole 6-46
England won by nine runs
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
