KUWAIT: The Central Bank of Kuwait raised the discount rate by a quarter percentage point from 2.25 percent to 2.50 percent starting from Thursday, CBK Governor Basel Al-Haroon said on Wednesday.

Kuwait: Kuwait crude oil dropped USD 1.40 during Monday’s trading sessions to reach USD 107.53 per barrel (pb) compared with 108.93 pb last Friday, Kuwait Petroleum Corporation (KPC) said Tuesday.

Brussels: The European Union member states reached agreement on Tuesday on how to cut their consumption of gas by 15 percent and reduce their dependence on Russian supplies.

WASHINGTON: Surging inflation and severe slowdowns in the United States and China prompted the IMF to downgrade its outlook for the global economy this year and next, while warning Tuesday that the situation could get much worse.

HONG KONG: E-commerce giant Alibaba said Tuesday it will seek a primary listing in Hong Kong, potentially giving access to China’s vast pool of investors, as mainland officials indicate a long-running crackdown on the tech sector could be coming to an end.

By Majd Othman

KUWAIT: Kuwait’s annual inflation has edged up to 4.52 percent in May, recording an annual increase in the general measurement of consumer prices, said Central Statistical Bureau, Kuwait in its latest report.

WASHINGTON: US central bankers face an increasingly difficult balancing act as they struggle to douse scorching inflation while still keeping the economy growing, though they have made it clear they are willing to risk a recession.

FRANKFURT: German national carrier Lufthansa is braced for further travel upheaval as the country’s powerful Verdi union called on ground crew to strike on Wednesday in a row over higher wages.

KUWAIT: Kuwait Finance House (Baitak) held its ordinary and extraordinary General Assembly meeting on Monday and approved the deal to acquire Ahli United Bank – Bahrain with the attendance of 83.189 percent of shareholders.