{"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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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":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":1},"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":[]},{"id":568336,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/27\/egypt-misses-revenue-targets-thanks-to-pandemic-but-expenses-are-down-too\/","url_meta":{"origin":558422,"position":2},"title":"Egypt misses revenue targets thanks to pandemic, but expenses are down, too","author":"enterpriseam admin","date":"27 December 2020","format":false,"excerpt":"Egypt recorded a budget deficit of EGP 462 bn \u2014 or 7.9% of GDP \u2014 in FY2019-2020, according to Finance Ministry figures (pdf) published this weekend. The overall deficit fell short of ministry forecasts of 7.2% of GDP at the end of the fiscal year, but is still an improvement\u2026","rel":"","context":"In "BUDGET WATCH"","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570596,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/07\/finmin-expecting-egp-974-bn-in-tax-revenues-for-draft-fy2020-2021-budget\/","url_meta":{"origin":558422,"position":3},"title":"FinMin expecting EGP 974 bn in tax revenues for draft FY2020-2021 budget","author":"enterpriseam admin","date":"7 April 2020","format":false,"excerpt":"BUDGET WATCH- The Finance Ministry is aiming to collect EGP 974 bn in tax revenue in the coming fiscal year, according to its draft FY2020-2021 budget, the local press reports. This would mark a 13.7% increase from the EGP 856.6 bn the ministry expects to collect during the current fiscal\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":621897,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/21\/egypts-budget-deficit-narrowed-to-1-9-in-1q18-19\/","url_meta":{"origin":558422,"position":4},"title":"Egypt\u2019s budget deficit narrowed to 1.9% in 1Q18-19","author":"enterpriseam admin","date":"21 November 2018","format":false,"excerpt":"Egypt\u2019s budget deficit narrowed slightly to 1.9% during the first quarter of FY2018-19, down from 2% during the same period in the last fiscal year, Finance Minister Mohamed Maait said, according to Reuters. 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":582148,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/02\/govt-to-miss-deficit-debt-targets-on-higher-rates-import-bill\/","url_meta":{"origin":558422,"position":5},"title":"Gov\u2019t to miss deficit, debt targets on higher rates, import bill","author":"enterpriseam admin","date":"2 March 2023","format":false,"excerpt":"Egypt is now predicting a debt level of 93.0% of GDP by June 2023","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/Finance-Ministry-1600.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}]}}