{"id":558422,"date":"2021-08-09T03:51:40","date_gmt":"2021-08-09T03:51:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/09\/oil-price-drop-hits-kuwaits-finances-nike-and-adidas-face-supply-chain-crisis\/"},"modified":"2021-08-09T03:51:40","modified_gmt":"2021-08-09T03:51:40","slug":"oil-price-drop-hits-kuwaits-finances-nike-and-adidas-face-supply-chain-crisis","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/09\/oil-price-drop-hits-kuwaits-finances-nike-and-adidas-face-supply-chain-crisis\/","title":{"rendered":"Oil price drop hits Kuwait\u2019s finances + Nike and Adidas face supply chain crisis"},"content":{"rendered":"

<\/a> Kuwait in trouble after oil price drop:<\/strong> Kuwait\u2019s budget deficit almost tripled last year as the 2020 oil price crash and the covid-19 pandemic squeezed the oil-dependent nation\u2019s finances. The deficit climbed by 175% y-o-y reaching USD 36 bn during the fiscal year that ended in March, according to official figures<\/a> released yesterday by the country\u2019s finance ministry. The figures come less than a month after Kuwait had its credit rating downgraded by S&P<\/a> for the second time in less than two years.<\/p>\n

Nike and Adidas\u2019 supply chains are under threat amid factory closures in major <\/strong>supplier Vietnam<\/strong> due to rising covid-19 infections. Two big footwear suppliers for the companies suspended operations last month, putting the footwear brands at risk of running out of Vietnam-made sneakers<\/a>, where almost half of the two manufacturers' stocks were sourced last year, the Financial Times<\/a> reports. Only 1% of the country\u2019s population has been vaccinated, and covid-19 restrictions and flare ups have also hampered supply chains in the electronics and garments sectors.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

10,739<\/p>\n<\/td>\n

\n

+0.14% (YTD: -1.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.65<\/p>\n<\/td>\n

\n

Sell 15.75<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.65<\/p>\n<\/td>\n

\n

Sell 15.75<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,215<\/p>\n<\/td>\n

\n

+0.1% (YTD: +29.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

7,501<\/p>\n<\/td>\n

\n

+1.1% (YTD: +48.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

2,823<\/p>\n<\/td>\n

\n

+0.1% (YTD: +13.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,437<\/p>\n<\/td>\n

\n

+0.2% (YTD: +18.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,123<\/p>\n<\/td>\n

\n

+0.04% (YTD: +10.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 69.49<\/p>\n<\/td>\n

\n

-1.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 4.16<\/p>\n<\/td>\n

\n

+0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,728.10<\/p>\n<\/td>\n

\n

-2.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 44,211<\/p>\n<\/td>\n

\n

+2.5% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 0.14% at yesterday\u2019s close<\/strong> on turnover of EGP 1.76 bn (26.7% above the 90-day average). Foreign investors were net sellers. The index is down 0.98% YTD.<\/p>\n

In the green: <\/strong>Qalaa Holdings (+3.4%), <\/strong>Rameda Pharma (+3%), and MM Group (+2.7%).<\/p>\n

In the red: <\/strong>Pioneers Holding (-2.3%), Cleopatra Hospitals Group (-1.9%) and Egyptian Resorts Company (-1.4%).<\/p>\n

It\u2019s green as far as the eye can see in Asia this morning<\/strong>, with all major indexes holding their own. Futures, meanwhile, suggest stocks on Wall Street will come under pressure at the opening bell, but that Bay Street will see the TSX Composite start the morning in the green when it opens later today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Kuwait in trouble after oil price drop: Kuwait\u2019s budget deficit almost tripled last year as the 2020 oil price crash and the covid-19 pandemic squeezed the oil-dependent nation\u2019s finances. The deficit climbed by 175% y-o-y reaching USD 36 bn during the fiscal year that ended in March, according to official figures released yesterday by the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[82,864,116,72,119,182,685,3547,122,9921,1653],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558422","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-bonds","tag-budget-deficit","tag-china","tag-enterpriseam","tag-financial-markets","tag-inflation","tag-kuwait","tag-nika","tag-planet-finance","tag-ppi","tag-sp","wpautop","entry"],"acf":{"mongo_id":"fe447abf-fafc-4cd8-b843-542029ddf1bf","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[558402],"teaser":"","voice_url":""},"yoast_head":"\nOil price drop hits Kuwait\u2019s finances + Nike and Adidas face supply chain crisis - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/09\/oil-price-drop-hits-kuwaits-finances-nike-and-adidas-face-supply-chain-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil price drop hits Kuwait\u2019s finances + Nike and Adidas face supply chain crisis\" \/>\n<meta property=\"og:description\" content=\"Kuwait in trouble after oil price drop: Kuwait\u2019s budget deficit almost tripled last year as the 2020 oil price crash and the covid-19 pandemic squeezed the oil-dependent nation\u2019s finances. 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Maait said the narrowing of the deficit indicates that Egypt is on track to meet its budget\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631460,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/19\/eprom-receives-two-offers-to-operate-maintain-oil-fields-in-iraq-kuwait\/","url_meta":{"origin":558422,"position":1},"title":"EPROM receives two offers to operate, maintain oil fields in Iraq, Kuwait","author":"enterpriseam admin","date":"19 March 2018","format":false,"excerpt":"Egyptian Projects Operation and Maintenance company (EPROM) has received an offer to operate Iraq\u2019s Siba natural gas field in partnership with the Egyptian Maintenance Company (EMC), according to Ahram Gate. EPROM has also received another offer to operate and maintain water processing units at Kuwait\u2019s Al Zour oil field, CEO\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558453,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/10\/aluminium-prices-surge-to-near-decade-high-delta-variant-to-hit-china-growth-prospects\/","url_meta":{"origin":558422,"position":2},"title":"Aluminium prices surge to near decade high + Delta variant to hit China growth prospects","author":"enterpriseam admin","date":"10 August 2021","format":false,"excerpt":"SUPERCYCLE WATCH- Aluminium prices are nearing a decade high of c. USD 2.6k per tonne this week, supported by a post-pandemic global economic recovery and a sustained rebound in prices of industry-related materials, the Financial Times reports. Aluminium prices rose 31% y-o-y in 2021, with the potential for this year\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":627559,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/05\/house-expected-to-pass-the-fy2018-19-budget-today-finmin-holds-fast-on-oil-price-projections-as-global-rally-looks-set-to-cool\/","url_meta":{"origin":558422,"position":3},"title":"House expected to pass the FY2018-19 budget today, FinMin holds fast on oil price projections as global rally looks set to cool","author":"enterpriseam admin","date":"5 June 2018","format":false,"excerpt":"BUDGET WATCH- Will parliament pass the FY2018-19 budget today ? The House of Representatives is expected to pass the FY2018-19 budget today (uncharacteristically early) after the general assembly wrapped up yesterday its discussion of the Budget Committee\u2019s report, according to Ahram Gate. Health and education both received additional earmarks to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631101,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/11\/finance-ministry-updates-projection-for-budget-deficit-this-year-to-9-6-9-8-of-gdp\/","url_meta":{"origin":558422,"position":4},"title":"Finance Ministry updates projection for budget deficit this year to 9.6-9.8% of GDP","author":"enterpriseam admin","date":"11 March 2018","format":false,"excerpt":"The government is expecting the budget deficit for the current fiscal year to reach 9.5-9.7% of GDP, down from 10.9% in FY2016-17, according to a statement from Ittihadiya. It expects this to drop again to 8.5% of GDP in FY2018-19. The Finance Ministry had announced on Thursday that the budget\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571283,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/06\/budget-deficit-could-widen-to-7-8-due-to-covid-19-maait\/","url_meta":{"origin":558422,"position":5},"title":"Budget deficit could widen to 7.8% due to covid-19 -Maait","author":"enterpriseam admin","date":"6 May 2020","format":false,"excerpt":"Budget deficit could widen to 7.8% due to covid-19 -Maait: Egypt\u2019s budget deficit could widen to 7.8% of GDP in FY2020-2021 if the covid-19 pandemic continues until the end of the year, Finance Minister Mohamed Maait warned yesterday. The government currently expects to narrow the deficit to 6.3% in FY2020-2021.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/48.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558422","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=558422"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558422\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/558402"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=558422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=558422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=558422"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=558422"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=558422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}