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NBK Academy celebrates 15 years since its launch

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KUWAIT CITY, Apr 09: In celebration of 15 years since the inauguration of its Academy, the National Bank of ‎Kuwait organized an exceptional event reuniting in-house NBK Academy graduates who ‎becamestaff members and leaders in the bank, and the other graduates who carried on ‎their careers in other institutions. The number ofwaves reached a total of 30, including the ‎NBK Tech Academy.‎

During the event, which was held at NBK’s headquarters with the presence of the ‎executive management, a seminar by global advisor and expert in digital transformation ‎Warren Knight was conducted about the leading role of digital transformation, which ‎shed light on the fundamentals of a successful one.‎

The event also included a discussion panelmoderated by Abdullah Boftain, Managing ‎Partner of Kuwait News, with the participation of the graduates whose careers have ‎remarkably grown whether inside the bank or elsewhere in other institutions. The ‎discussion explored their experiences as to how theAcademy has shaped their ‎professional success and its role in equipping them with the necessary confidence while ‎they navigate their career transitions. ‎

Besides highlighting their professional achievements inside and outside the bank,the aim ‎of this event is to fosterand promote NBK’s value of connection, through whichthe ‎graduates can build bridges, exchange knowledge andexperiences and relive shared ‎memories.‎

On this occasion, Mr. Emad Al-Ablani, Group Chief Human Resources Officersaid: “We ‎are delighted with this exceptional reunion that gathersall NBKAcademy’s graduates ‎who made remarkable achievements inside and outside NBKbeyond all obstacles and ‎challenges. This day is a testament tothe success of our human capital investment strategy ‎and its vital role in Kuwait’s economy and Kuwait Vision 2035.”‎

Al-Ablani also added: “The NBK Academy will continue to enrich Kuwait’s national ‎workforce with distinguished talents that contribute to the sustainability of the ‎economy.This Academyechoes our vision towards investing in human capital and ‎preparing the economy with qualifiednational banking leaders as per the newest and ‎highest international standards, and it also reflects our efforts to enhance the sustainable ‎development of national talent and resources, which is a strategic objective and a joined ‎responsibility between the state and its different public and private entities.”‎

On the program of the Academy, Najla Al-Sager, Head of Talent Management & ‎Learning,indicated that the efforts to develop itscontent are continuous, as it aims to keep ‎up with the newest research and international trends in the banking and business sectors.‎

She also noted that NBK will strive to maintain its pioneering position at the forefront of ‎institutions that continue to attract and upskill national talents to prepare them for the ‎banking sector, further highlighting that the bank has the highest national employee ‎retention rate, and it stands out as the private sector employer of choice and top recruiter ‎of national talent and professionals.‎

On another note, the attending graduates expressed their deepest joy with this ‎exceptional initiative organized by NBK, describing it as a priceless opportunity to ‎exchange experiences and strengthen communication among the different waves.‎

Moreover, several distinctive graduates received awards and honorary trophies, such as ‎the outstanding Alumnus award, NBK Academy Champion award, the Community ‎Builder award, Entrepreneur award, Inspirational Leader award. ‎

In the past year, NBK has launched the NBK Tech Academy, in line with its commitment ‎to keep up with the digital advancement in the fields of technology and data and ‎information security. It stands as the first of its kind in Kuwait, dedicated to advancing ‎digital technologies and data systems. NBK Tech Academy features a professional ‎training program designed to prepare young national talents in fields including fintech, ‎data analytics, ethics in technology, cyber security, fundamentals of digital payments, ‎digital innovation, artificial intelligence, scripting and programming, fundamentals of ‎codifications, and finance for non-finance professionals.‎

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Gold prices fall for third straight week, hit $3,337 an ounce

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Gold prices fall for third straight week, hit $3,337 an ounce

Gold prices drop to $3,337 amid economic shifts and waning geopolitical tensions.

KUWAIT CITY, July 27: Global gold prices closed last week with a notable decline, falling to USD 3,337 per ounce, as ongoing economic and geopolitical developments continued to pressure the precious metal. This marks the third straight week of losses, erasing gains achieved in previous weeks.

According to a report released on Sunday by Kuwait’s Dar Alsabaek Company, the continued drop in gold prices is largely attributed to improving U.S. economic data and a strengthening dollar index. Additionally, a decline in geopolitical risks has diminished gold’s traditional role as a safe-haven asset.

Gold futures for August delivery settled at USD 3,335.6 per ounce, reflecting a weekly loss of USD 37.9, or approximately 1.12 percent. Spot prices also fell by 1.12 percent on a daily basis.

The report noted that gold trading last week was marked by high volatility. Prices climbed on Monday and Tuesday, peaking at a weekly high of USD 3,433 per ounce. However, the upward momentum quickly reversed, with prices gradually falling to a low of USD 3,325 by Friday afternoon, influenced by a series of economic and financial updates.

One of the key pressure points on gold was the improvement in U.S. labor market data. Unemployment claims fell for the sixth consecutive week—the longest streak since 2022—bolstering optimism about the strength of the U.S. economy and boosting investor confidence.

Despite a 9.6 percent decline in durable goods orders in June — largely driven by a 22.4 percent drop in aircraft orders — core orders excluding transportation rose by 0.2 percent. This reflected ongoing stability in underlying investment activity.

The U.S. dollar index climbed to 97.68 points, rebounding from two-week lows, supported by falling U.S. Treasury yields. The yield on 10-year Treasury bonds dipped to 4.386 percent, while real yields dropped to 1.936 percent. Still, these declines were not enough to halt gold’s downward trend, as higher real yields and a stronger dollar made gold less attractive compared to other investment instruments.

Improved global market sentiment further contributed to the slide in gold prices. Positive developments in trade talks between the United States and the European Union, as well as a new trade agreement signed with Japan, have boosted risk appetite.

Additionally, easing geopolitical tensions in key regions, including Iran and parts of Asia, have lessened investor demand for gold as a hedge. The report noted that no significant military or political escalations occurred over the past week, further reducing gold’s safe-haven appeal.

Looking ahead, the global markets are closely watching the upcoming U.S. Federal Reserve decision, scheduled for next Tuesday. Futures contracts suggest the Fed may keep interest rates steady within the current range of 4.25 percent to 4.50 percent.

In Kuwait, domestic gold prices mirrored global fluctuations. The price of 24-karat gold reached approximately KD 32.830 per gram, while 22-karat gold was priced at about KD 30.100 per gram. Meanwhile, the price of silver stood at KD 419 per kilogram.

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Trump’s meeting with a key European official comes as tariff deadline nears

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US President Donald Trump waves to reporters as he plays golf at the Trump Turnberry golf course in Turnberry, Scotland on July 26. (AP)

EDINBURGH, Scotland, July 27, (AP): Donald Trump is meeting Sunday with European Commission President Ursula von der Leyen, taking a break from golfing in Scotland to discuss trade as both sides seek an agreement on tariff rates now that the White House’s deadline to impose stiff tariff rates is looming. Trump played golf Saturday at his course in Turnberry on the southwest coast of Scotland and is expected to hit the links again frequently during his five-day visit.

On Tuesday, he’ll be in Aberdeen, in northeast Scotland, where his family has another golf course and is opening a third next month. Trump and his son Eric are planning to help cut the ribbon on the new course, where public tee times starting Aug. 13 are already on offer. The visit with von der Leyen is expected to be behind closed doors and few further details have been released. Leaving the White House on Friday, Trump said “we have a 50-50 chance, maybe less than that, but a 50-50 chance of making a deal with the EU.”

He said the deal would have to “buy down” the currently scheduled tariff rate of 30% on the bloc of 27 member states. Later, von der Leyen posted on X that, “Following a good call” with Trump, the pair had ”agreed to meet in Scotland on Sunday to discuss transatlantic trade relations, and how we can keep them strong.” The US and EU seemed close to reaching a deal earlier this month, but Trump instead threatened a 30% tariff rate on the bloc of nations.

Still, Trump’s original deadline for beginning such tariffs has already passed, and is now delayed until at least Friday. Flying to Scotland to enjoy his golf courses hasn’t stopped the president from talking trade. After going to Turnberry to play nine holes, have lunch, then play nine more, Trump posted that he’d block any trade deals between the US and Cambodia and Thailand since the two southeast Asian countries remain locked in violent clashes in long-disputed border areas.

Trump wrote that he spoke with Cambodian Prime Minister Hun Manet and Phumtham Wechayachai, the acting prime minister of Thailand, to call for a ceasefire. “I am trying to simplify a complex situation!” he wrote on Truth Social after disclosing his conversation with the Cambodian leader. After speaking with Wechayachai, Trump said both countries want peace and added: “Ceasefire, Peace, and Prosperity seems to be a natural.” The actual likelihood of a deal with the EU, meanwhile, remains to be seen. Trump recently said he thought the odds of reaching a framework with Japan was 25% – but the U.S. and Japan subsequently announced an agreement this past week.  

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India’s Modi announces credit worth $565 million to Maldives and launches free trade talks

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President of the Maldives Mohamed Muizzu, right, shakes hand with Indian Prime Minister Narendra Modi after signing a memorandum of understanding between the two countries in Male, Maldives on July 25. (AP)

COLOMBO, Sri Lanka, July 26, (AP): Indian Prime Minister Narendra Modi on Friday announced a $565-million line of credit to the Maldives during a visit to the Indian Ocean archipelago, as the two countries launched formal talks for a free-trade agreement. Modi is visiting the Maldives, known for its upmarket tourist resorts, to mark the 60th anniversary of its independence and diplomatic relations between the two countries.

The announcement came during Modi’s joint media statement with Maldives’ President Mohamed Muizzu. The two-day visit is crucial to India’s ambition to control the seas and shipping routes of the Indian Ocean in a race with its regional rival China. It also marks the further easing of diplomatic tensions between the two nations that followed the election of pro-China Muizzu in 2023.

Regional powers India and China compete for influence in the archipelago nation, which is strategically located in the Indian Ocean. On Friday, Modi witnessed the exchange of agreements to cooperate in sectors such as fisheries, health, tourism and digital development. He also formally handed dozens of heavy vehicles to the Maldives’ defense forces.

“India is Maldives’ closest neighbor. Maldives holds an important place in both India’s neighborhood- first policy and ocean vision,” Modi said. “India is also proud to be Maldives’ most trusted friend.” The line of credit will be used for “infrastructure and development projects in line with the priorities of the people of the Maldives,” he said.

“India will continue to support Maldives in developing its defense capabilities. Peace, stability and prosperity in the Indian Ocean region is our common goal,” he added. During Muizzu’s visit to India last October, India announced financial support to the cash-strapped Maldives in the form of a $100-million treasury bills rollover and the countries signed a $400-million currency swap agreement.

Tensions between India and the Maldives grew since Muizzu, who favored closer ties with China, was elected in 2023 after defeating India-friendly incumbent Ibrahim Mohamed Solih. Leading up to the election, Muizzu had promised to expel Indian soldiers deployed in the Maldives to help with humanitarian assistance. Last year New Delhi replaced dozens of its soldiers in the Maldives with civilian experts.  

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