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Kuwait’s government has transferred the last of its performing assets to the country’s sovereign wealth fund in exchange for cash to plug its budget deficit, after a political dispute over borrowing left one of the world’s richest nations short of cash and prompted Fitch to cut its outlook to negative. Fitch affirmed Kuwait’s AA rating but said “the imminent depletion of liquid assets” and “absence of parliamentary authorisation for the government to borrow” was creating uncertainty. Its report follows S&P Global Ratings’ recent warning that it would consider downgrading Kuw...

Kuwait: Kuwait’s government has transferred the last of its performing assets to the country’s sovereign wealth fund in exchange for cash to plug a monthly budget deficit of $3.3 billion, a person familiar with the matter said, leaving one of the world’s richest nations with few options to pay its bills. Fitch on Wednesday cut Kuwait’s outlook to negative from stable, citing “the imminent depletion of liquid assets” in the absence of parliamentary authorization for the government to borrow.” The rating was affirmed at AA. The assets include stakes in Kuwait Finance House and tel...

Kuwait’s government has transferred the last of its performing assets to the country’s sovereign wealth fund in exchange for cash to plug its budget deficit, after a political dispute over borrowing left one of the world’s richest nations short of cash and prompted Fitch to cut its outlook to negative. Fitch affirmed Kuwait’s AA rating but said “the imminent depletion of liquid assets” and “absence of parliamentary authorization for the government to borrow” was creating uncertainty. Its report follows S&P Global Ratings’ recent warning that it would consider downgrading Kuw...

Messenger KUWAIT CITY, Feb 3: Kuwait Investment Office (KIO) intends to retain its headquarters in London regardless of its legal dispute with former managers accused of involvement in financial anomalies – unauthorized salary and bonus increments. According to news published on Bloomberg.com, Kuwait Investment Authority (KIA) – the parent organization of (KIO) – affirmed that it has no intention to relocate the office as London is considered a major global financial hub. The authority also believes the office will recover public funds in the midst of a legal dispute with the former man...

Kuwait wealth fund commits to London as it sues former managers Bloomberg Bloomberg A view of London's skyscrapers. Kuwait Investment Authority said it continues to view London as a major global financial hub. Kuwait Investment Office, the international arm of one of the world's largest sovereign wealth funds, is sticking with its base in London despite a legal dispute with former managers at its U.K. office over accusations of inflated bonuses. In comments Wednesday ahead of a hearing at the employment tribunal, Kuwait Investment Authority said it continues to view London as a major global f...