Business
Oil prices drop to $65 amid trade uncertainty
Kamel Al-Harami
BRENT oil prices dropped to $65 a barrel by the end of Friday, with uncertainty about how much further the decline will continue. This drop is a direct result of the U.S. administration imposing tariffs on all goods imported into the country, ranging from ten percent to as high as 46 percent and 49 percent on goods from Vietnam and Cambodia. This led to huge decline in stock values, sparking panic in global markets as investors brace for the potential fallout on Monday.
In Kuwait and the rest of the Gulf Cooperation Council (GCC) countries, the tariff rate stands at a relatively low ten percent. While trade with the U.S. is limited primarily to oil and gas, which are exempt from the tariffs, the impact of these new import taxes is still being felt. A tariff on oil and gas imports would have disastrous impact for U.S. gasoline consumers, which is why it did not seem to be the right moment for such a measure. OPEC+ finds itself in a difficult position, and is uncertain how to respond. The group recently decided to increase oil production starting next month and is considering pumping even more crude into the market from June onward. The decision aims to protect market share and boost domestic economies by increasing oil revenues. However, with oil prices at $65 a barrel, there seems to be little appetite for further price declines. Even though OPEC+ has made its decision, it might reconsider as the situation evolves. The timing of this move may not be ideal, and we must wait and see how things unfold.
There is limited demand for more oil right now, and inflation is expected to rise, creating an unclear economic outlook. Every country will need to prioritize domestic issues, face inflationary pressures, and tighten their belts. In these uncertain times, everyone needs to tighten their belts and save until the economic picture becomes clearer. Saving and reducing expenses is the wise choice right now. With inflation impacting the global economy, including the USA, which has been at the center of many economic challenges, the future remains unpredictable. Oil prices are expected to decrease, with $60 per barrel potentially being a target if OPEC+ increases production. The next six months will be critical, as countries negotiate and explore new trade alliances. China is expected to emerge as the primary beneficiary of these shifts. Global trade is in turmoil, but this presents an opportunity to reshape the trade map. New global alliances and partnerships will form, with China taking center stage as a major player in world trade.
Shaikha Al-Bahar
Deputy Group Chief Executive Officer (CEO) of the National Bank of Kuwait (NBK)
KUWAIT CITY, May 20, (Agencies): Deputy Group Chief Executive Officer (CEO) of the National Bank of Kuwait (NBK) Shaikha Al-Bahar is the only Kuwaiti who made it to the 2025 100 Most Powerful Women in Business List that Fortune released on Tuesday. The list consists of a hundred influential businesswomen in the finance, technology, health care, telecom, retail, energy and other industries.
In 1977, Al-Bahar joined NBK, where she proved her leadership capabilities as she rose through the ranks over the years. At present, she is the only woman in the executive management team of the bank. She currently heads NBK-France and Egypt; in addition to her post as board member of NBK (International) — the subsidiary of the bank in the United Kingdom. Al-Bahar was the brain behind the launching of NBK RISE, a program that aims to empower women leaders and train them within nine months to assume leadership posts.
NBK is one of the largest financial institutions in Kuwait and one of the leading banks in the region. The total value of its assets as at the end of March reached more than $135 billion. Group CEO of First Abu Dhabi Bank in the United Arab Emirates Hana Al-Rostamani joins Al-Bahar as the only two women from the Gulf on the list, ranking 76th and 92nd respectively. The Fortune editors compiled the list based on company size and health; in addition to an executive’s career path, influence, innovation, and efforts to make business better.
The 2025 list includes 52 women from the United States of America and 48 from other countries as follows: eight from China; seven each from France and the United Kingdom; three each from Germany, Singapore and Brazil; two each from Australia, Hong Kong, Japan and Spain; and one each from Kuwait and the United Arab Emirates. Chief Operator at Costco and merchant Claudine Adamo, who ranked 43rd, is one of 16 newcomers. She helped millions of Americans navigate inflation by keeping prices low on essentials, and the next-gen execs such as ByteDance CFO Julie Gao (81st), who steered the finances of the TikTok owner through its tangles with the US government.
Following are the top 10 Most Powerful Women in Business in 2025:
1. Mary Barra, Chair and CEO, GM (U.S.)
2. Julie Sweet, Chair and CEO, Accenture (U.S.)
3. Jane Fraser, CEO, Citigroup (U.S.)
4. Lisa Su, Chair and CEO, AMD (U.S.)
5. Ana Botín, Executive Chairman, Banco Santander (Spain)
6. Tan Su Shan, Deputy CEO and Group Head of Institutional Banking, DBS Group (Singapore)
7. Thasunda Brown Duckett, President and CEO, TIAA (U.S.)
8. Marta Ortega, Chairperson, Inditex (Spain)
9. Abigail Johnson, Chairman and CEO, Fidelity Investments (U.S.)
10. Meng Wanzhou, Deputy Chairwoman, Rotating Chairwoman, and CFO, Huawei (China)
The stock prices of Contemporary Amperex Technology Co. (CATL) is displayed at the listing ceremony in Hong Kong on May 20. (AP)
BEIJING, May 20, (AP): Asian shares rallied Tuesday after China cut key interest rates to help fend off an economic malaise worsened by trade friction with Washington. Shares in China’s CATL, the world’s largest maker of electric batteries, jumped 17.2% in its Hong Kong trading debut after it raised about $4.6 billion in the world’s largest IPO this year.
Its shares traded in Shenzhen, mainland China’s smaller share market after Shanghai, gained 1.2% after dipping earlier in the day. The Reserve Bank of Austalia reduced its benchmark interest rate by a quarter percentage for a second time this year, to 3.85%, judging inflation to be within its target range. The earlier reduction, in February, was Australia’s first rate cut since October 2020.
The future for the S&P 500 lost 0.4% while that for the Dow Jones Industrial Average was 0.2% lower. In early European trading, Germany’s DAX edged 0.1% higher to 23,954.16 while the CAC 40 in Paris climbed 0.2% to 7,897.13. Britain’s FTSE 100 rose 0.3% to 8,723.97. China’s central bank made its first cut to its loan prime rates in seven months in a move welcomed by investors eager for more stimulus as the world’s second largest economy feels the pinch of Trump’s higher tariffs.
The People’s Bank of China cut the one-year loan prime rate, the reference rate for pricing all new loans and outstanding floating rate loans, to 3.00% from 3.1%. It cut the 5-year loan prime rate to 3.5% from 3.6%. With China’s chief concern being deflation due to slack demand rather than inflation, economists have been expecting such a move.
Data reported Monday showed the economy under pressure from Trump’s trade war, with retail sales and factory output slowing and property investment continuing to fall. Tuesday’s cuts probably won’t be the last this year, Zichun Huang of Capital Economics said in a report. “But modest rate cuts alone are unlikely to meaningfully boost loan demand or wider economic activity,” Huang said. Hong Kong’s Hang Seng gained 1.4% to 23,659.70 early Tuesday, while the Shanghai Composite index advanced 0.4% to 3,380.48.
Kuwait plans to borrow KD 3-6bn
NBK’s Shaikha Al-Bahar only Kuwaiti on Fortune’s 100 list
Ministry launches road maintenance in Saad Al-Abdullah
-
Politics21 hours agoKuwait Foils Smuggling of Chewing Tobacco, Indian Expat Arrested
-
Latest News19 hours agoNew financing law to boost investment and strengthen economy
-
Latest News24 hours agoGCC education ministers approve strategic initiatives to enhance regional cooperation
-
Latest News17 hours agoAmir receives credentials of five new ambassadors
-
Latest News20 hours agoKuwait accelerates digital transformation with strategic partnership with Microsoft
-
Latest News21 hours agoNCCAL chief underlines Kuwait-EU cultural ties
-
Business23 hours agoMoIA has projects glut on anvil
-
Politics23 hours agoCourt Jails Kuwaiti Student For 3 Years Over Social Media Posts Targeting The Amir