A person stands in front of an electronic stock board showing Japan’s Nikkei index at a securities firm on June 4, in Tokyo. (AP)

WASHINGTON, June 4, (AP): Shares advanced Wednesday in Europe and Asia after U.S. stocks drifted closer to their records. Germany’s DAX climbed 0.8% to 24,284.99, while the CAC 40 in Paris picked up 0.4% to 7,794.86. Britain’s FTSE 100 inched up less than 0.1%, to 8,790.23. The futures for the S&P 500 and the Dow Jones Industrial Average were nearly unchanged.

South Korea’s Kospi led gains in the region, jumping 2.4% to 2,763.32 after the liberal opposition candidate Lee Jae-myung was elected president. Lee’s victory caps months of political turmoil triggered by the stunning but brief imposition of martial law by the now-ousted conservative leader Yoon Suk Yeol. Top priorities will include government spending and trade negotiations with the United States.

“Regardless of his political roots, boosting growth will be a key challenge. Even before President Trump’s tariffs hit exports, the economy contracted by 0.2% quarter on quarter, seasonally adjusted, in the first three months of the year. The figures highlighted fragile business activity and private consumption,” Min Joo Kang of ING Economics said in a report. Tokyo’s Nikkei 225 index surged 0.8% to 37,747.45 on gains for technology and pharmaceutical companies.

Toyota Motor Corp.’s shares rose 1.9% after it announced it was buying Toyota Industries Corp., a maker of auto parts and lift trucks, for $33 billion and taking it private. Toyota Industries’ shares tumbled nearly 12%. Chinese shares were modestly higher. The Hang Seng in Hong Kong added 0.5% to 23,618.72, while the Shanghai Composite index gained 0.4% to 3,376.20.

Taiwan’s Taiex climbed 2.3%. Investors were watching for updates on President Donald Trump’s tariffs, including the imposition of 50% tariffs on imports of steel and aluminum due to take effect Wednesday. With industries lobbying for him to expand that protection to products made from those materials, analysts say prices of many basic items will likely rise. On Tuesday, the S&P 500 rose 0.6% and was less than 3% away from its all-time high set earlier this year. The Dow industrials added 0.5% and the Nasdaq composite rose 0.8%. 

Assistant Foreign Minister for Asian Affairs Ambassador Samih Johar Hayat and Chinese ambassador at the cake-cutting ceremony

KUWAIT CITY, June 3: Assistant Foreign Minister for Asian Affairs Ambassador Samih Johar Hayat confirmed that the implementation of the agreements and memoranda of understanding signed by Kuwait and China is proceeding steadily. Hayat made the statement to reporters on the sidelines of an official farewell ceremony to mark the end of the tenure of Chinese Ambassador to Kuwait Zhang Jianwei. Several senior officials, ambassadors and diplomats; including Minister of State for Economic Affairs and Investment Noura Al- Fassam and Undersecretary of the Ministry of Defense Sheikh Dr. Abdullah Al-Sabah attended the event. Hayat disclosed that cooperation, consultation and coordination between the governments of the two countries continue on a daily basis — both with the Chinese leadership and the Chinese ambassador to Kuwait — and that things are progressing well.

Mega Projects
He revealed there are six major development projects called the ‘Mega Projects,’ which are being implemented jointly by the government and the Chinese companies. “These are government-to-government projects. We are moving forward to implement all the agreements signed with China,” he confirmed. He said His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, His Highness the Crown Prince Sheikh Sabah Al-Khaled Al-Sabah, His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad and the concerned ministers fully support these projects. He added that daily reports regarding any step taken with China are submitted to the leadership. On the possibility of Kuwait reciprocating China’s one-year visa waiver for Kuwaitis, he asserted, “this is not new. We signed an agreement with China in 2014, exempting holders of Chinese diplomatic, special, official and service passports from visa requirements, while Kuwaitis hold diplomatic and special passports.”

Assistant Foreign Minister for Asian Affairs Ambassador Samih Johar Hayat presents a memento to the outgoing Chinese ambassador.

He disclosed that His Highness the Crown Prince was informed about the new Chinese initiative during his meeting with the Chinese Premier on the sidelines of the GCC-ASEANChina Summit. He stated that His Highness met with the heads of delegations at the summit, where the Chinese Premier told His Highness: “Given the daily growth of our strategic relations, we would like to offer this exemption to Kuwaitis for a trial period of one year.” He said Kuwait is studying this matter to have a memorandum of understanding to regulate the exemption for ordinary Kuwaiti and Chinese passports. Regarding His Highness the Crown Prince’s visit to Japan, Hayat stressed, “it was a historic visit that embodied the mutual trust between the leaderships and governments of the two countries. During this visit, bilateral relations were elevated to the level of comprehensive strategic relations.” He believes this will open the door for the two governments to develop their relations and implement the five agreements signed on the sidelines of the visit. He disclosed there are more than 30 memoranda of understanding signed with Japan that will be implemented soon. Addressing those present at the event, Hayat said “we bid farewell to the Chinese Ambassador after a busy period in serving the bilateral relations between the two countries. I am honored to convey the greetings of Minister of Foreign Affairs Abdullah Al-Yahya, whom I represent at this ceremony, as well as the greetings of Deputy Foreign Minister Ambassador Sheikh Jarrah Al-Jaber Al-Sabah, the assistant foreign ministers, and all the Ministry of Foreign Affairs staff.”

Progress
On the other hand, Jianwei stated “over the past three years, bilateral relations with Kuwait have made tangible progress, especially in the implementation of agreements. We will work with the Kuwaiti side to implement these agreements, especially since we have noted with pleasure that some projects, such as Mubarak Al-Kabeer Port, have made significant progress and are now well underway, thanks to the close cooperation between China and Kuwait.” On whether construction has resumed at Mubarak Al-Kabeer Port, he disclosed “the Mubarak Al-Kabeer Port has entered the design and construction phase, and work will continue, because this is a very large project that requires a feasibility study. The designs are precise. Now, the first phase of the designs has begun. We are optimistic about the future of our cooperation on projects and in other sectors.” About the timing of the Mubarak Al-Kabeer Port project, he pointed out “major projects take time and years to implement. I believe that through close cooperation between the two countries, the project will proceed smoothly.” He also expressed his happiness over China’s recent decision to exempt Kuwaiti citizens from entry visas, describing it as good news that refl ects the strength of the relationship.

By Fares Ghaleb
Al-Seyassah/Arab Times Staff 

Red paint from pro-Russian protests remain visible on the European Parliament and European Commission building in Sofia, Bulgaria on June 2. (AP)

SOFIA, Bulgaria, June 3, (AP): Bulgaria is close to realizing its decades-old goal of joining the euro currency union and deepening ties with the more prosperous countries of Western Europe. But the government faces a populist backlash against the shared currency on the eve of a key decision by European Union authorities.

Fears of inflation, poverty and the unknown are mingling with disinformation spread on social media that aims to turn people against the euro. The discontent tracks with increased support for populist and anti-EU parties across Europe, which is exploited by nationalist and pro-Russian politicians in a country that remains one of Europe’s poorest and most afflicted with corruption.

“Adopting the euro will make us feel the threshold of poverty. After all, prices will be in euros,” said 78-year-old retiree Tanya Ignatova. “Bulgaria is not ready for the euro. Someday we may be ready, but not now,” said another retiree, Mario Georgiev. Several thousand people rallied against the euro in the capital on Saturday, urging a referendum on whether to transition from the lev currency to the euro.

The head of the pro-Russian Varazhdane party, Kostadin Kostadinov, told the crowd that “Bulgaria has risen and declared: Freedom, we choose the Bulgarian lev!” Others in Bulgaria say the country already benefits from EU membership and it does not matter what the currency is. “We have inflation now and we will have it in the future,” said 26-year-old Konstantin Bozhinov.

Aiming at deepening European integration amid growing geopolitical tensions, the government is pressing ahead. It has asked for a review of whether it meets the requirements of low inflation, sound government finances and legal conformity to EU institutions. On Wednesday, the European Commission will announce the results. If the commission gives a green light, other member states will decide on Bulgaria’s candidacy in the coming weeks.