Kuwait suspends trading in shares of Gulf Bank

10/27/2008 | Financial Times (free content)

After a revelation that Gulf Bank, the second-largest commercial bank in Kuwait, suffered losses on derivatives, the country's regulators halted trading in shares of the bank. The Kuwaiti central bank said it is guaranteeing all bank deposits. The Persian Gulf nation is planning to establish a task force to handle the economic crisis and its fallout, highlighting effects of the global turmoil on the oil-rich region.

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