Kuwait guarantees deposits as major bank falters

Kuwait became the latest country to issue a blanket guarantee on all deposits after it emerged on Sunday that one of its largest banks had made a loss.

Gulf Bank, one of Kuwait's largest lenders, made a loss on derivatives trades, prompting the authorities to suspend trading on the bank's shares and the Central Bank of Kuwait to appoint a supervisor to oversee the lender's activities. The Financial Times, a newspaper, reported the loss to be about $800m.

Fawzy al-Thunayan, the lender's general

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