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Warba Bank Receives Central Bank’s Approval to Appoint Advisors for Merger Feasibility with Gulf Bank

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KUWAIT CITY, Jul 29: Warba Bank has announced that it has received the approval of the Central Bank of Kuwait ‎to appoint a group of specialized advisory firms to conduct a feasibility study and due ‎diligence review for the potential merger with Gulf Bank. This approval marks a key ‎milestone in progressing the preparatory procedures for a possible merger between the two ‎leading financial institutions.‎

The approval follows Warba Bank’s previous disclosure dated June 15, 2025, regarding the ‎signing of a Memorandum of Understanding (MoU) with Gulf Bank to explore the feasibility ‎of a merger. The step represents a pivotal moment in the path toward forming a fully ‎integrated Islamic banking entity with the potential to compete on a regional and global scale.‎

The list of appointed advisors includesinternationally and locally recognized institutions such ‎as Bain & Company as Management Consultant, J.P. Morgan as Lead Financial Advisor, Al ‎Shall Consulting as Local Investment Advisor, Clifford Chance as Lead Legal Advisor and Al ‎Tamimi & Company as Local Legal Advisor. ‎

Commenting on the development, Mr. Hamad Musaed Al-Sayer, Chairman of Warba Bank, ‎said:”We welcome the Central Bank of Kuwait’s approval to appoint advisors for the merger ‎study, which is a significant step in realizing our strategic vision to establish a leading Islamic ‎financial institution with regional and global competitiveness. The appointment of such ‎reputable advisory firms underscores our commitment to executing this process according to ‎the highest professional and regulatory standards, ensuring maximum value creation for our ‎shareholders, customers and the national economy.”‎

On his part, Mr. Shaheen Hamad Al-Ghanem, Chief Executive Officer of Warba Bank, ‎affirmed the Bank’s full adherence to all relevant legal and regulatory requirements, including ‎securing all necessary approvals from regulatory authorities. He stated that the Bank will ‎continue to disclose any material developments related to the merger in a timely manner.‎

He added:“This step comes as part of our growth and expansion strategy and our aim to ‎enhance our competitive edge in the local and regional banking sector. We are confident that ‎the potential merger with Gulf Bank will result in a strong financial entity with a solid capital ‎base and outstanding operational capabilities. This will enable us to deliver comprehensive ‎and innovative banking services that meet our customers’ evolving needs and support ‎economic development in Kuwait and the wider region.”‎

Warba Bank has achieved remarkable success in a short span of time, earning a leading ‎position in the Islamic digital banking sector in Kuwait. With one of the largest shareholder ‎bases among local banks, Warba Bank continues to be a trusted partner that brings together ‎innovation and social responsibility to deliver best-in-class Sharia-compliant products and ‎services.‎

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Trump signs order to justify 50% tariffs on Brazil

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Brazil’s President Jair Bolsonaro, (right), stands with President Donald Trump during a dinner at Mar-a-Lago, Palm Beach, Fla on March 7, 2020. Bolsonaro’s son, Eduardo is pictured in background on right. (AP)

WASHINGTON, July 31, (AP): US President Donald Trump signed an executive order Wednesday to impose his threatened 50% tariffs on Brazil, setting a legal rationale that Brazil’s policies and criminal prosecution of former President Jair Bolsonaro constitute an economic emergency under a 1977 law. Trump had threatened the tariffs July 9 in a letter to President Luiz Inacio Lula da Silva.

But the legal basis of that threat was an earlier executive order premised on trade imbalances being a threat to the US economy. But America ran a $6.8 billion trade surplus last year with Brazil, according to the US Census Bureau. A statement by the White House said Brazil’s judiciary had tried to coerce social media companies and block their users, though it did not name the companies involved, X and Rumble.

Trump appears to identify with Bolsonaro, who attempted to overturn the results of his 2022 loss to Lula. Similarly, Trump was indicted in 2023 for his efforts to overturn the results of the 2020 US presidential election. Lula left an event about animal rights early on Wednesday after Trump’s move, saying he needed to defend “the sovereignty of the Brazilian people in light of the measures announced by the President of the United States.”

The order would apply an additional 40% tariff on the baseline 10% tariff already being levied by Trump. But not all goods imported from Brazil would face the 40% tariff: Civil aircraft and parts, aluminum, tin, wood pulp, energy products and fertilizers are among the products being excluded. The order said the tariffs would go into effect seven days after its signing on Wednesday.

Also Wednesday, Trump’s Treasury Department announced sanctions on Brazilian Supreme Court Justice Alexandre de Moraes over alleged suppression of freedom of expression and Bolsonaro’s ongoing trial. De Moraes oversees the criminal case against Bolsonaro, who is accused of masterminding a plot to stay in power despite his 2022 defeat. On July 18, the State Department announced visa restrictions on Brazilian judicial officials, including de Moraes.

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North Al-Zour Plant tender under reivew

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KUWAIT CITY, July 30: Kuwait Authority for Partnership Projects (KAPP) has referred the tender for North Al-Zour Power and Water Desalination Plant (Phases II and III) to the State Audit Bureau (SAB) for review, audit and approval following the applicable rules and regulations. According to reliable sources; the project is poised to meet the rising demand for electricity by increasing the capacity of the electricity network, providing the basic infrastructure for implementing other projects included in the development plan, and encouraging private sector participation to benefit from its expertise in the execution of construction and development projects. Sources confirmed that the project will be implemented under the build, operate and transfer (BOT) system for a power generation plant with a production capacity of 2,700 megawatts.

Sources said the plant will use combined-cycle technology and desalination with a production capacity of 120 million imperial gallons. Sources added that the project is adjacent to the western part of North Al-Zour Phase I plant site and the northern part of South Al-Zour plant site — around 100 kilometers south of Kuwait City on the Arabian Gulf coast. Meanwhile, the Central Agency for Public Tenders (CAPT) has approved the request of the Ministry of Electricity, Water and Renewable Energy to award the tender for the annual maintenance of the equipment for the seawater reverse osmosis desalination unit at Shuwaikh plant to the lowest bidder that meets the requirements, at a value of KD7.396 million. The project will increase operational efficiency, extend the plant’s lifespan, and ensure its readiness to meet the growing demand for drinking water.

By Mohammad Ghanem
Al-Seyassah/Arab Times Staff 

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Trump announces 25% tariff on India and penalties for buying Russian oil

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President Donald Trump, right, speaks with India’s Prime Minister Narendra Modi during a news conference in the East Room of the White House, Feb. 13, 2025, in Washington. (AP)

WASHINGTON, July 30, (AP): President Donald Trump said Wednesday that he’ll impose a 25% tariff on goods from India, plus an additional import tax because of India’s purchasing of Russian oil.

Trump said on his Truth Social platform that India “is our friend” but its “Tariffs are far too high” on U.S. goods.

The Republican president added that India buys military equipment and oil from Russia, which he said has enabled the war in Ukraine. As a result, he intends to charge an additional “penalty” starting on Friday as part of the launch of his administration’s revised tariffs on multiple countries.

The new tariffs could put India at a disadvantage in the U.S. market relative to Vietnam, Bangladesh and, possibly, China, said Ajay Sahai, director general of the Federation of Indian Export Organisations.

“We are back to square one as Trump hasn’t spelled out what the penalties would be in addition to the tariff,” Sahai said. “The demand for Indian goods is bound to be hit.”

The announcement comes after a slew of negotiated trade frameworks with the European Union, Japan, the Philippines and Indonesia – all of which Trump said would open markets for American goods while enabling the U.S. to raise tax rates on imports. The president views tariff revenues as a way to help offset the budget deficit increases tied to his recent income tax cuts and generate more domestic factory jobs.

While Trump has effectively wielded tariffs as a cudgel to reset the terms of trade, the economic impact is uncertain as most economists expect a slowdown in U.S. growth and greater inflationary pressures as some of the costs of the taxes are passed along to domestic businesses and consumers.

Trump’s approach of putting a 15% tariff on America’s longstanding allies in the EU is also generating pushback – possibly causing European partners as well as Canada to seek alternatives to U.S. leadership on the world stage.

French President Emmanuel Macron said Wednesday in the aftermath of the trade framework that Europe “does not see itself sufficiently” as a global power, saying in a cabinet meeting that negotiations with the U.S. will continue as the agreement gets formalized.

“To be free, you have to be feared,” Macron said. “We have not been feared enough. There is a greater urgency than ever to accelerate the European agenda for sovereignty and competitiveness.”

Washington has long sought to develop a deeper partnership with New Delhi, which is seen as a bulwark against China. Indian Prime Minister Narendra Modi has established a good working relationship with Trump, and the two leaders are likely to further boost cooperation between their countries.

The Census Bureau reported that the U.S. ran a $45.8 trade imbalance in goods with India last year, meaning it imported more than it exported.

At a population exceeding 1.4 billion people, India is the world’s largest country and a possible geopolitical counterbalance to China. India and Russia have close relations, and New Delhi has not supported Western sanctions on Moscow over its war in Ukraine.

The new tariffs on India could complicate its goal of doubling bilateral trade with the U.S. to $500 billion by 2030. The two countries have had five rounds of negotiations for a bilateral trade agreement. While U.S. has been seeking greater market access and zero tariff on almost all its exports, India has expressed reservations on throwing open sectors such as agriculture and dairy, which employ a bulk of the country’s population for livelihood, Indian officials said.

When Trump in February met with Modi, the U.S. president said that India would start buying American oil and natural gas.

Trump discussed his policies on trade and tariffs with reporters accompanying him Tuesday on the flight home following a five-day visit to Scotland. He declined to comment then when asked about reports that India was bracing for a U.S. tariff rate of at least 25%, saying, “We’re going to see.”

Trump also said the outlines of a trade framework with India had not yet been finalized. Once back at the White House on Tuesday, Trump indicated that there were no plans to announce new tariff rates on Wednesday, a claim that turned out to be inaccurate.

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