Botched job

Kuwait’s botched handling of its $17bn joint venture agreement with Dow Chemical of the US will do little to enhance its reputation as an international business partner. To re-cap, the Kuwait Petroleum Company agreed to buy half of Dow’s struggling basic chemicals business for $9.5bn in cash one year ago. The Gulf state slashed the price by $2bn four weeks ago amid a weakening oil price and falling demand for chemicals. That downward revision was fair enough. But now Kuwait has decided to scrap ...