November 14, 2008 |
Investors in Kuwait found a solution Thursday to tumbling share prices: Get a court to shut down the stock market. A judge in the oil-rich Persian Gulf kingdom, acting on a lawsuit brought by individual investors, ordered the country's stock market closed to protect small investors from further declines in their portfolios. Stock markets in the Middle East have tumbled along with others around the globe as oil prices have plunged and the financial contagion sparked by the U.S.
CALIFORNIA | LOCAL
September 27, 2008 |
Edfred L. Shannon Jr., the longtime former chief executive of the oil-drilling firm Santa Fe International who made headlines in the 1980s when he brokered the sale of his company to a petroleum firm owned by the Kuwaiti government, died Sunday at his home in Whittier. He was 82. A statement from his family said that he had recently been hospitalized in Whittier but had returned home a few days before his death. The exact cause was not reported.
CALIFORNIA | LOCAL
May 19, 2008 |
Sheik Saad Al Abdullah Al Sabah, 78, a former Kuwaiti emir who ruled the small oil-rich kingdom for nine days in 2006 before being removed because of ill health, died Tuesday in Kuwait City, state television reported. As crown prince, Saad automatically became ruler when his distant cousin and then emir, Sheik Jaber Al Ahmed Al Sabah, died Jan. 15, 2006. But it became increasingly clear that Saad's poor health would not allow him to carry out his new responsibilities. His health started deteriorating after he suffered colon bleeding in 1997.
April 13, 2006 |
Kuwaiti conglomerate Mohamed Abdulmohsin Al Kharafi & Sons said Wednesday that it had a 6.7% stake in Krispy Kreme Doughnuts Inc. M.A. Al Kharafi, which is run by Nasser Al Kharafi, owns 4.13 million of Krispy Kreme's common shares, according to a filing with the U.S. Securities and Exchange Commission. Krispy Kreme has been struggling to restore its financial health after a decline in doughnut sales, an earnings restatement and an SEC investigation into its accounting.
January 25, 2006 |
Parliament ousted Kuwait's ailing emir, Sheik Saad al Abdullah al Sabah, on Tuesday, and the Cabinet named Prime Minister Sheik Sabah al Ahmed al Sabah to take over temporarily. The appointment was widely expected and approval of the move is anticipated in parliament, where the newly named leader has broad support. He needs only a simple majority vote, which is expected early next week. The prime minister is a half brother of longtime ruler Sheik Jabbar al Ahmed al Sabah, who died Jan. 15.
January 16, 2006 |
Sheik Jabbar al Ahmed al Sabah, the emir of Kuwait and one of the United States' closest Mideast allies, was buried in an unmarked grave Sunday in a ceremony attended by thousands of weeping citizens. The crown prince, Sheik Saad al Abdullah al Sabah -- in his mid-70s and ailing himself -- assumed the throne. But he was expected to leave control of day-to-day government affairs to the prime minister, and no major policy shifts were expected.