KUWAIT CITY, Sept 15: Sabah Mubarak Al-Jalawi, Chairman of the Board of Directors of Kuwait Accountants and Auditors Association (KAAA), said the “Financial and Economic Resilience: Driving Growth in an Era of Challenges” conference is held at a time the world is facing accelerating economic challenges that require practical solutions and precautionary measures capable of absorbing emergency crises and protecting the future generations. In his opening remarks at the event, Al-Jalawi stated that KAAA, since its founding in 1973, has been playing a vital role in developing the accounting and auditing profession, while enhancing economic resilience through the establishment of specialized institutions. He revealed these institutions include the Academy of Accountants for training national manpower, the Center for Arbitration, Accounting, Tax and Bankruptcy Expertise for resolving commercial disputes and improving the business environment, the Professional Accreditation Center that regulates the profession’s standards and prevents intrusions, andthe  Center for Professional Companies, which is considered a qualitative shift in the field of accounting and auditing. He confirmed the Association has submitted substantive proposals that supported the economic and legislative system in the country over the past years.

He said these proposals include the Companies and Bankruptcy Law, contributing to the drafting of the Auditing Profession Law issued in 2019, and establishing a financial accounting standard for charitable organizations to enhance transparency in the charitable sector. He indicated that the Association focuses on communicating with decision-makers locally, regionally and internationally to provide technical insights and build financial buffers capable of confronting crises and achieving sustainable growth. On the other hand, Professor of Finance at Kuwait University Dr. Turki Al-Shammari emphasized in a lecture titled “Resilient Financial Strategies in Times of Crisis,” that institutions cannot deal with economic, geopolitical or health fluctuations, such as the COVID-19 crisis, without adopting resilient financial strategies.

He explained that financial flexibility means the ability to quickly rearrange priorities, control cash flows, diversify funding sources, and adopt effective governance systems for quick and implementable decisions. He said this flexibility enables institutions to maintain their financial stability, withstand pressures, and even seize growth opportunities despite the challenges. He pointed out that several regional and global experiences have proven the success of these policies. He said institutions that adopted financial flexibility were able to continue and even achieve gains during crises, while others that relied on rigid traditional patterns faltered. Dr. Riyadh Al-Faris, Associate Professor in the Department of Economics at Kuwait University, stated in his lecture, “Economic Strategies and Their Role in the Stability of Governments and Companies,” that economic policies cannot be the same for all countries or situations.

He stressed the need to assess each economic situation individually and adopt appropriate policies. He pointed out that relying on ready-made recommendations from some international organizations without taking into account the specific economic and social structures of developing countries has led to stifling crises and heavy debt burdens. He called for the involvement of various stakeholders in policy formulation and implementation, and for coordination with neighboring countries and trading partners to increase the chances of success and limit the influence of pressure groups. He pointed out that economic policies, despite their benefits, are not without drawbacks, particularly inflation resulting from expansion, unemployment resulting from contraction, increased public debt, and the risks of entering into trade wars due to protectionist measures.

By Marwa Al-Bahrawi
Al-Seyassah/Arab Times Staff

KUWAIT CITY, Sept 15: Boursa Kuwait ended Monday’s session on a positive note, with the All Share Index climbing 31.48 points, or 0.36 percent, to close at 8,816.31 points. Trading activity was robust, with 468.2 million shares exchanged across 27,716 transactions, generating a total value of KD 114.8 million (USD 349 million). The Main Market Index recorded the sharpest gains, adding 44.80 points, or 0.56 percent, to settle at 8,047.53 points. This performance came on the back of 272.4 million shares traded through 17,221 transactions, worth KD 49.3 million (USD 150 million). The Premier Market Index also advanced, rising 29.72 points, or 0.32 percent, to close at 9,443.71 points. It accounted for 195.8 million shares traded in 10,495 deals, valued at KD 65.4 million (USD 199 million). In contrast, the Main 50 Index slipped 21.17 points, or 0.26 percent, to settle at 8,230.24 points. A total of 203.5 million shares were traded through 10,970 transactions, amounting to KD 39.4 million (USD 120 million)(KUNA)

Brazil’s President Luiz Inacio Lula da Silva gives a joint statement with Nigeria’s President Bola Tinubu, at Planalto presidential palace, in Brasilia, Brazil, on Aug 25. (AP)

BRASILIA, Brazil, Sept 15, (AP): Brazil’s President Luiz Inácio Lula da Silva on Sunday pushed back against a 50% tariff on Brazilian imported goods to the United States, arguing that it was “political” and “illogical.” Lula said in a New York Times op-ed that his government is open to negotiating anything that can bring mutual benefits. “But Brazil’s democracy and sovereignty are not on the table,” he said.

US President Donald Trump imposed the tariff on Brazil in July, citing what he called a “witch hunt” against former President Jair Bolsonaro, who at the time stood accused of trying to illegally hang onto power. The trial came to an end on Thursday after a panel of Supreme Court justices ruled that Bolsonaro had attempted a coup after his 2022 electoral defeat to Lula, sparking fears of further US measures against Brazil.

Lula said he was proud of the Supreme Court for its “historic decision” which safeguards Brazil’s institutions, the democratic rule of law and is not a “witch hunt.” “(The ruling) followed months of investigations that uncovered plans to assassinate me, the vice president and a Supreme Court justice,” Lula said. Lula added that the tariff increase was “not only misguided but illogical,” citing the surplus of $410 billion in bilateral trade in goods and services the US has accumulated over the past 15 years

. The op-ed is a sign that Brazil is bracing for more possible sanctions after the Supreme Court’s decision. After Thursday’s ruling, US Secretary of State Marco Rubio posted on X that Trump’s government “will respond accordingly.” Brazil’s Foreign Ministry called Rubio’s comments an inappropriate threat that wouldn’t intimidate the government, saying the country’s judiciary is independent and that Bolsonaro was granted due process.

Bolsonaro on Sunday briefly left his home in Brasilia where he is under house arrest to undergo a medical procedure at a nearby hospital, his first public appearance since Thursday’s ruling. Escorted by police, Bolsonaro went to the DF Star hospital in Brazil’s capital in the morning for procedures related to skin lesions – a temporary release granted by Justice Alexandre de Moraes on Sept. 8.