عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Kuwaiti Firm Wins a $490 Million Appeal

Kuwait's Agility announces a court ruling to compensate one of its subsidiaries (Asharq Al-Awsat)
Kuwait's Agility announces a court ruling to compensate one of its subsidiaries (Asharq Al-Awsat)
TT
TT

Kuwaiti Firm Wins a $490 Million Appeal

Kuwait's Agility announces a court ruling to compensate one of its subsidiaries (Asharq Al-Awsat)
Kuwait's Agility announces a court ruling to compensate one of its subsidiaries (Asharq Al-Awsat)

The Kurdistan Regional Government (KRG) must pay $490 million (149.4 million Kuwaiti dinar) to Agility Public Warehousing Company as compensation, Kuwait's Agility said in a press release on Wednesday.

According to a court's ruling, the respondent must pay the appellant the amount of the loan and seven percent interest since September 11, 2007.

A lawsuit was filed by Alcazar Capital Partners, a subsidiary of Kuwait's Agility, on the grounds that on 11 September, the Kurdistan Regional Government of Iraq sent the company a letter of guarantee for a loan amounting to $250 million plus interest of seven percent.

Alcazar lent Korek Telecom this loan in order to enable it to pay the second installment of the price of its national mobile phone license covering Iraqi territory, for use as indicated in the guarantee.

As part of the guarantee offered by the Kurdistan Regional Government in Iraq, Alcazar Capital Partners has the right to file a claim against the Kurdistan Regional Government of Iraq independently.

For this reason, Alcazar has requested the involvement of the experts department at the Ministry of Justice in order to assign one of its specialized experts to review the case's file and its documents, and to issue a report on the amount AlCazar Capital Partners is owed from the Kurdistan Regional Government.

The sums include both the principal sum of the loan and the interest accrued at the interest rate determined in the guarantee, from the date of granting the loan and the guarantee to the date of payment, as well as the fees, expenses, and legal fees.

Most Viewed

 
 
Business

US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
TT
TT

US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.