Former CEO of bailed out Spanish bank becomes new CEO of Kuwait’s Gulf Bank
- Published on Wednesday, 19 March 2014 07:51
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Fomer CEO of Novagalicia, César González (left) and president, José María Castellano (right) Source: La VanguardiaKuwait’s Gulf Bank announced that is has hired Cesar Gonzalez-Bueno to be its new CEO. Mr. Gonzalez was the former CEO of bailed out Spanish bank, Novagalicia Banco. Gulf Bank was also bailed out back in 2009 after derivative losses stemming from the financial crisis.
Tensions heat up in the Gulf as UAE, Saudi Arabia and Bahrain recall their ambassadors from Qatar
- Published on Thursday, 06 March 2014 14:56
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The smiles are for the camera only!
Tensions are once again heating up in the Gulf. This time Bahrain, Saudi Arabia and the UAE are ganging up on the Qatar. Rising tension is not new, what is new is the fact that other GCC members are tired of Qatar stepping out of line and not following the prescribed protocol.
Kuwait’s dysfunctional parliament is at it again, this time attempting to kill Airbus deal with Kuwait Airways
- Published on Sunday, 09 February 2014 15:59
- 1 Comment
Kuwait can’t seem to catch a break. Every time a major project or deal is announced, the Gulf’s only elected officials step in to mess it up… all in the name if protecting the country. This time, parliament is sticking its feet in the mud again by getting involved in the $4.4 billion Airbus deal to sell 25 aircraft to Kuwait Airways.
In a classic case of ‘solutions create more problems,’ Kuwait MP submits plan to control growing number of expats to ‘solve the country’s problems’
- Published on Saturday, 01 February 2014 12:20
- 1 Comment
China is hooked on Mideast oil, which helps build a good case for a Petroyaun
- Published on Friday, 24 January 2014 12:02
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Source: Zerohedge (click on map to view larger size)
Last year China became the world’s largest oil importer, surpassing the U.S. for the first time. The U.S. reliance on imported oil has been declining ever since shale oil production began to rise in 2008. We remain skeptical on the long-term viability of U.S. shale production, but that’s a different story. You can see our posts on the subject here and here. Going back to China, what does this mean for Middle East exporters?