Economy
Marcus: “Human Soft” and “Al-Jazeera” are the top gainers in the stock market in February.
In its monthly report on the performance of Gulf stock markets for the month of February 2023, Kuwait Financial Center Company “Marcus” said that the Kuwaiti market saw a slight decline in the month with a loss of 0.5 percent.
In the past month, the insurance sector indices gained 4.8 percent, the consumer services sector gained 3.8 percent and the oil and gas sector lost 7.3 percent, the report indicated.
He pointed out that among the first market companies, shares of “Human Soft” and “Jazeera Airways” achieved the highest gains of 8.5 and 7.4 percent respectively this month.
Kuwait has estimated the deficit in the 2023-2024 fiscal year budget at 6.8 billion dinars, excluding income from investments and government institutions, compared to an estimate of 123.9 million dinars, a huge increase in the deficit. Budget for the financial year 2022-2023.
He expected oil revenues to be lower than the previous budget, based on expectations that average oil prices will reach $70 a barrel in the 2022-2023 fiscal year, up from the estimated $80.
While budget allocations for energy subsidies and salaries have increased by 34.2 and 13.3 percent year-on-year respectively, capital expenditure has declined by 15.2 percent as the current budget includes recurrent expenditure and accumulated arrears from previous years. Ministry of Power and Water.
This comes at a time when Fitch expects Kuwait’s GDP to grow by 2.7 percent in 2023, with an inflation rate of 3 percent in 2023, thanks to the stability of oil prices, while Moody’s maintains a stable outlook for Bank of Kuwait. Citing strong economic growth, moderate inflation and strong fiscal performance, the Kuwaiti government has allocated approximately KD 837 million to implement 110 planned projects in the 2023/24 fiscal year, with an “A1” rating.
Gulf Retreat
Regionally, the Standard & Poor’s GCC composite index fell 4.3 percent, while the general index of the Saudi market and Qatar market fell 6.4 percent and 3.3 percent, respectively, in February, Marcus said in its report. Against the backdrop of a slump in oil prices, the index of the Dubai market and the Abu Dhabi market gained 4.1 and 0.3 percent respectively, supported by good results achieved by leading companies in the two markets.
negative performance
The performance of developed markets was negative in February as the “Morgan Stanley Capital Intelligence” global index fell 2.5 percent and the “Standard & Poor’s 500” index fell 2.6 percent, Markus’ report noted.
He revealed that global markets were affected by rising inflationary pressures and the possibility of the US Federal Reserve taking a more dovish stance on raising interest rates, with the final interest rate reaching a target range of 5.5 to 5.75 percent.
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Economy
“Tik Tok” is cutting hundreds of jobs in video games industry – UAE Breaking News
Chinese tech giant ByteDance, which owns the TikTok app, has decided to cut hundreds of jobs at its gaming unit, an informed source told AFP on Monday, reflecting the group’s retreat from the highly competitive video game industry.
“News,” a Beijing-based video game publisher affiliated with Byte Dance, is currently conducting a round of layoffs that will affect “hundreds of people,” the source said.
A Byte Dance spokesperson said in a statement, “We continue to review our business and make changes to focus on areas of long-term strategic growth.” “Following a recent review, we have made the difficult decision to restructure our gaming division.”
The decision to exit the video games industry comes despite Byte Dance’s large investments in Newverse over the past years in an effort to catch up with video games leader Tencent.
A source told AFP that although the sector’s size would decrease significantly, the current cuts did not represent a complete shutdown of the sector.
The source indicated that the staff reductions are aimed at helping ByteDance focus on its core business and streamline its organizational structure, with games not yet launched slated to close in December.
Games with active players, including the popular action game, the source said Atlan’s CrystalThe company will continue its operations as it seeks to diversify assets.
Launched in 2019 in an attempt to challenge Tencent’s dominance, Neoverse failed to achieve the commercial success that Byte Dance had hoped for.
China-based tech giant Tencent dominates the Asian market and is the biggest player in the global video game industry by revenue, investing in game studios around the world.
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Economy
Report: Platform X could lose $75 million as advertisers quit
The “X” platform (formerly Twitter) is at risk of losing about $75 million within a year of its takeover by Elon Musk, a new report has revealed, amid a rapid withdrawal of advertisers.
According to the information published in the newspaper The New York TimesX’s ad department losses are the result of the withdrawal of more than 200 advertisers over the course of a year, including Amazon, Apple and Airbnb.
Since November 2022 Musk’s acquisition of controversial content publishers.
Anti-establishment
Advertisers’ pushback accelerated this November when Elon Musk made a comment endorsing a comment that was characterized as anti-Semitic. There he said: “I told the real truth”, “Jewish communities support hate. Of white people” and Musk tried to backtrack. Without evidence of what he wrote, he suggested he was primarily talking about his opponents in the Anti-Defamation League.
The US newspaper’s statement comes after Musk and others, as well as showing their ads next to anti-Semitic and hateful posts.
Although the platform’s CEO Linda Yaccarino acknowledged that some companies’ ads appeared with infringing content, X continued to sue.
It is reported that the public relations agency “11:11“, the star joins Paris Hilton, who has severed her partnership with X due to Musk’s position.
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Economy
Most of the Gulf markets fell as Reuters reported lower oil prices
Nov 27 (Reuters) – Most Gulf stock markets fell after a decline on Monday as investors awaited an OPEC+ meeting later this week to reach a deal expected to cut supplies until 2024.
Oil prices, buoying financial markets in the Gulf region, fell midweek after the Organization of the Petroleum Exporting Countries (OPEC) and its allies postponed a ministerial meeting to Nov. 30 to resolve differences in production targets for African producers.
Brent was down 1.2 percent at 79.69 a barrel by 1230 GMT on Monday.
Qatar’s index fell for a fourth session in a row, down 1.1 percent, its biggest decline in a month, with almost all shares in the index falling.
Industries Qatar shares fell 3.4 percent, their biggest loss since Aug. 8, while Qatar Islamic Bank shares fell 1.6 percent.
Daniel Takieddine, CEO of the Middle East and North Africa region at BD Suisse, said: “Distributors continued to react to energy prices, particularly falling prices after peaking towards the end of last month.”
It fell 0.4 percent, ending two straight sessions of gains, with ADNOC Logistics and Services shares down 1.3 percent and First Abu Dhabi Bank, the emirate’s biggest bank, down 1 percent.
It fell 0.1 percent, hurt by losses in the raw materials, energy and utilities sectors, while shares of Basic Industries Corporation ( SABIC ( TADAWUL: )) and oil major Aramco ( TADAWUL: ) fell 1.6 percent and 0.5 percent, respectively. .
Continuing its gains for the second session, up 0.1 percent, shares of Emaar Properties ( DFM: ) added 0.9 percent and shares of traffic toll company Salik gained 1 percent.
However, shares of the emirate’s biggest bank Emirates NBD Bank and Emirates Central Cooling Systems fell 2.2 percent and 2.3 percent respectively.
Outside the Gulf region, the leading stock index rose 2.4 percent, with Commercial International Bank ( EGX: ) shares up 8.1 percent and EFG Holding Group shares up 2.2 percent.
(Produced by Muhammad Ali Faraj for Arabian Bulletin – Editing by Suha Jado)
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