Meeting between the Bangladeshi trade delegation and the Kuwait Chamber of Commerce and Industry.

KUWAIT CITY, Sept 16: The Kuwait Chamber of Commerce and Industry (KCCI) affirmed on Tuesday the robust and steadily growing trade relations between Kuwait and Bangladesh, with imports rising from KD 19.9 million (approximately USD 65.6 million) in 2014 to KD 42.2 million (around USD 139 million) in 2023.

The announcement was made during a meeting held with a Bangladeshi trade delegation led by Md. Abdur Rahim Khan, Secretary of the Export Department at Bangladesh’s Ministry of Commerce. The delegation included Bangladesh’s Ambassador to Kuwait, Major General Syed Tareq Hussain, alongside Kuwaiti businessmen and company officials.

KCCI stated that the meeting focused on strengthening economic cooperation between the two friendly nations and exploring opportunities across diverse sectors to establish trade partnerships. The visiting delegation represented industries such as ready-made garments, knitwear, pharmaceuticals, agricultural products, renewable energy, healthcare services, minerals, and resources.

Abdur Rahim Khan delivered a visual presentation highlighting key government initiatives and incentives available to investors in Bangladesh, and reviewed prominent investment opportunities aimed at attracting Kuwaiti investors for commercial and investment collaborations.

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea on Sept 16. (AP)

TOKYO, Sept 16, (AP): Asian shares traded mostly higher Tuesday after Wall Street set new records and investor anticipation grew that the U.S. Federal Reserve will announce the first cut of the year on its main interest rate. Japan’s benchmark Nikkei 225 came off a holiday to momentarily reach above 45,000 points a few times during the session, the first ever to happen during regular trading.

The benchmark was trading at 44,975.69 in the afternoon, up 0.5% from the previous close. Australia’s S&P/ASX 200 edged up 0.3% to 8,875.60. South Korea’s Kospi rose 1.2% to 3,448.69. Hong Kong’s Hang Seng reversed earlier declines to gain 0.3% to 26,512.58 and the Shanghai Composite added 0.2% to 3,866.50. US Treasury Secretary Scott Bessent said after weekend trade talks in Spain that a framework deal had been reached between China and the US over the ownership of popular social video platform TikTok.

Bessent said after the latest round of trade talks between the world’s two largest economies concluded in Madrid that US President Donald Trump and Chinese Premier Xi Jinping would speak Friday to possibly finalize the deal. He did not disclose the terms of the deal. On Wall Street, the S&P 500 climbed 0.5% and topped its prior all-time high, which was set last week.

The Dow Jones Industrial Average rose 49 points, or 0.1%, and the Nasdaq composite added 0.9% to its own record. Tesla helped lead the way and rose 3.6% after Elon Musk bought stock worth roughly $1 billion through a trust. The electric vehicle company’s stock price came into the day with a slight loss for the year so far, and the purchase could be a signal of Musk’s faith in it.

Alphabet was the single strongest force lifting the S&P 500 after gaining 4.5%, which brought the total value for Google’s parent company above $3 trillion. Nvidia, Microsoft and Apple are the only other companies on Wall Street worth that much. The market’s main event for the week will arrive on Wednesday. That’s when the Federal Reserve will announce its latest decision on interest rates.

A rate cut could give a kickstart to the job market, which has been slowing. Stocks have already run to records on the assumption that a cut is coming on Wednesday, though. Expectations are also high that the Fed will keep lowering rates through the end of this year and into 2026. That creates the possibility for disappointment in the market, which would mean drops for stock prices if the Fed doesn’t end up slashing rates as aggressively as traders expect. 

Minister of Commerce and Industry Khalifa Al-Ajeel

KUWAIT CITY, Sept 16: Minister of Commerce and Industry Khalifa Al-Ajeel on Monday urged the issuance of a unified legal and regulatory framework for the delivery sector to enhance transparency, safeguard customer data, and enforce principles of fair competition based on neutrality and credibility.

Al-Ajeel highlighted the delivery sector’s critical role as a pillar in stimulating economic activity during a statement following an expanded meeting he chaired with delivery company owners and representatives from the Competition Protection Authority. The session focused on regulating the rapidly growing sector in Kuwait, underscoring the ministry’s commitment to meeting local market needs.

The minister said the ministry, backed by the Council of Ministers, aims to overcome challenges and simplify procedures, fostering a more flexible and transparent business environment. This, he noted, would encourage investment and serve the interests of all parties involved.

Emphasizing consumer protection, Al-Ajeel stated that the new regulatory framework will include clear controls to ensure quality and transparency in service provision. The ministry will also implement effective oversight mechanisms enabling consumers to submit complaints and feedback, thereby boosting confidence in the market and ensuring fair, safe services.

Representatives of the Competition Protection Authority confirmed their readiness to launch specialized workshops for delivery company staff and officials to familiarize them with applicable regulations and promote a culture of compliance.

Delivery company representatives addressed key challenges facing their businesses and expressed their desire for close cooperation with the ministry to develop the sector in alignment with market and consumer expectations.

Kuwait’s commerce minister calls for a unified legal framework to regulate the delivery sector.