KUWAIT: National Bank of Kuwait (NBK), the country’s biggest bank by assets, has started buying back its own shares after it fell 4 percent in the past week in the wake of a Kuwait stock market slide. NBK stock jumped as much as 6 percent yesterday. “We started today ... We feel that the market needs our support,” a NBK official told Reuters, declining to provide volumes.

Investment Dar upbeat on Q3

KUWAIT: Investment Dar, the Kuwaiti Islamic firm which owns half of British luxury car maker Aston Martin, said it is upbeat on net profit growth in the third quarter after a slight decline in the second quarter. “Yes, I’m very optimistic. Not only optimistic, I’m sure of it,” Executive Vice-President Amr Abou El-Seoud told Reuters when asked about profit growth expectations for the third quarter.

Jordan refers 8 firms to court

AMMAN: Jordanian Prime Minister Nader Dahabi yesterday referred six new firms involved in trading with foreign bourses and currency markets to the State Security Court (SSC) on “suspected fraud”, an official statement said. The move brings to eight the number of firms referred to the SSC in a week under the provisions of the Economic Crimes Law after thousands of Jordanian citizens claimed the companies failed to repay them tens of millions of dollars they deposited with them.

Iraq prepares 2009 budget

BAGHDAD: Iraq’s Finance Ministry says next year’s budget will stand at $78.88 billion. Ministry spokesman Adnan Abdul-Rahman says the budget is based on an average oil price of $80 a barrel in 2009. Abdul-Rahman said yesterday that $60.26 billion will go to operational expenses, while $18.62 billion will go to investment and improvements in infrastructure. In July, Iraq added $21 billion to its 2008 budget, bringing the total budget to around $70 billion, thanks to higher oil revenues.

Bankrupt Alitalia cancels 40 flights

ROME: Bankrupt Alitalia canceled 40 flights yesterday after a small union called a four-hour strike to protest layoffs and other tough measures in a rescue plan by potential investors. The Italian airline is fighting for its survival as unions balk at accepting terms including longer hours, layoffs and reductions in routes and in the number of aircraft. Alitalia’s website warned passengers about the walkout by the Cub union, scheduled to last from noon to 4 p.m. (1000 GMT to 1400GMT).

UK jobless rate rises to 5.5 percent

LONDON: The jobless rate in Britain rose by 0.2 percent to 5.5 percent in the three months to July as the number of unemployed people jumped by 81,000, the government said yesterday, The jobless total grew to 1.72 million over the period, according to the Office for National Statistics. It is the highest jobless figure since early 1999 — yet more evidence of the economic downturn.

Zimbabwe issues 1,000 dollar note

HARARE: Zimbabwe’s central bank yesterday issued a new 1,000 dollar note in a bid to ease widespread cash shortages as the country battles the world’s highest inflation rate. According to the bank, “introducing the new 1,000 Zimbabwe dollar note was for your (Zimbabweans) convenience.”