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Asian shares jump on hopes tariff war may subside

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Shoppers move through a market in the Chinatown neighborhood of Los Angeles on April 21. (AP)

TOKYO, April 23, (AP): Asian shares mostly rose Wednesday, with markets showing relief after President Donald Trump indicated he won’t dismiss the head of the US Federal Reserve. Japan’s benchmark Nikkei 225 gained 1.9% in afternoon trading to 34,875.64. Australia’s S&P/ASX 200 surged 1.3% to 7,920.50. South Korea’s Kospi gained 1.5% to 2,523.17. Hong Kong’s Hang Seng added 2.2% to 22,039.88, while the Shanghai Composite edged up 0.2% to 3,305.43.

Trump had previously said he could fire Fed chair Jerome Powell after the Fed paused cuts to short-term interest rates. But Trump told reporters Tuesday, “I have no intention of firing him.” Investors were also cheered by comments from US Treasury Secretary Scott Bessent in a Tuesday speech. He said the ongoing tariffs showdown with China is unsustainable and he expects a “de-escalation” in the trade war.

US stocks jumped in a widespread rally Tuesday, and other U.S. investments steadied a day after falling sharply. The S&P 500 climbed 2.5%. The Dow Jones Industrial Average rose 1,016 points, or 2.7%, and the Nasdaq composite gained 2.7%. All three indexes more than made up their big losses from the start of the week.

The only prediction many Wall Street strategists are willing to make is that financial markets will likely continue to veer up and down as hopes rise and fall that Trump may negotiate deals with other countries to lower his tariffs. If no such deals come quickly enough, many investors expect the economy to fall into a recession.

The International Monetary Fund on Tuesday slashed its forecast for global economic growth this year to 2.8%, down from 3.3%. A suite of better-than-expected profit reports from big US companies, meanwhile, helped drive US stocks higher. Also helping market sentiment was the announcement from Elon Musk that he will spend less time in Washington and more time running Tesla after his electric vehicle company reported a big drop in profits.

Its results have been hurt by vandalism, widespread protests and calls for a consumer boycott amid a backlash to Musk’s oversight of cost-cutting efforts for the US government. Tesla reported earnings after U.S. trading closed. Tesla’s quarterly profits fell from $1.39 billion to $409 million, far below analyst estimates.  

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Talabat launches summer rest stops for riders in Kuwait

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KUWAIT CITY, July 23: As part of its annual summer campaign for riders, talabat, the leading on-demand online ordering and delivery platform in the MENA region, is bringing back its rest stop initiative, with four strategically located, air-conditioned buses across Kuwait. This initiative aligns with the company’s corporate social responsibility (CSR) strategy and commitment to providing riders with a safe working environment where their health and wellbeing remains the top priority, especially during summertime.

Building on the initiative’s success for four consecutive years, talabat continues to extend its welcome this year to all riders across Kuwait. Including those from outside its network, to rest and replenish at any of its bus stop rest areas. These stations are well-equipped with comfortable seating, water, and first-aid essentials, reinforcing talabat’s role in promoting inclusivity and accessibility for all. Commenting on the revival of the initiative, Bader Al-Ghanim, Vice President and Managing Director of talabat Kuwait, said: “Our role in the communities we serve extends beyond delivery. We are invested in the wellbeing of every individual who contributes to keeping our ecosystem running, starting with the riders. These rest stations, launched as part of our summer campaign for the fourth year in a row, refl ect our continued efforts to ensure safe and comfortable working conditions for riders all year long.”

He added: “As part of our day-to-day operation, which is powered by a wide network of riders, logistics partners, and support teams, we remain deeply aware of the unique challenges they face on the ground every day. This understanding drives us to provide meaningful support that responds to the nature of their work, with a strong focus on health, wellbeing and improving the overall work environment.” Although talabat riders are hired through logistics partners, Al-Ghanim confirmed that the talabat remains responsible for ensuring they receive insurance coverage, summer kits, and regular access to road safety workshops and health screenings. He emphasized that riders are core contributors to the reliable, high-quality service that talabat delivers to its customers, and as such, remain a top priority within the company’s wellbeing efforts. It’s worth noting that the fully equipped rest station initiative rolled out across Kuwait is just one of several efforts talabat has launched during the summer to support rider wellbeing and promote safer, more comfortable working conditions on the road. Through initiatives like these, talabat continues to lead by example, demonstrating how companies can adopt a people-first approach rooted in long-term commitment to those at the heart of the delivery ecosystem.

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Kuwait Airways, KFAS explore strategic training partnership

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Kuwait Airways, KFAS explore strategic training partnership

Chairman of the Board of Directors of Kuwait Airways Corporation, Abdul Mohsen Al-Faqan, and Director General of the Kuwait Foundation for the Advancement of Sciences, Dr. Amina Farhan, in a group photo with a number of the company’s leaders.

KUWAIT CITY, July 23: Kuwait Airways discussed with the Kuwait Foundation for the Advancement of Sciences (KFAS) ways to enhance training, cultural, and social responsibility initiatives, in addition to cooperating on training courses across various specializations. Chairman of the Board of Directors of Kuwait Airways, Abdul Mohsen Al-Faqan, told Kuwait News Agency (KUNA) on Wednesday that the airline explored avenues for joint cooperation with KFAS, particularly in the fields of energy and artificial intelligence. Al-Faqan added that Kuwait Airways will focus on developing human resources and training employees and leaders in collaboration with KFAS through specialized technical and scientific courses.

He stated that investing in human capital and leadership development plays a vital role in achieving the company’s goals, especially in supporting its strategy for digital transformation and innovation. He noted that the meeting also addressed ways to enhance Kuwait Airways’ efficiency in terms of both human and technological resources. In addition, both parties emphasized the importance of spreading and promoting scientific culture, stressing that the visit reflects Kuwait Airways’ ongoing efforts to strengthen cooperation with national institutions. Al-Faqan affirmed that the visit falls within Kuwait Airways’ commitment to foster collaboration with entities from both the public and private sectors. He emphasized that the airline, being a key component of the national economy, is keen to contribute to driving economic growth and development in the country. It is worth noting that Kuwait Airways has signed several agreements and partnerships with national companies and government agencies, including Zain, the Public Authority for Applied Education and Training, the Touristic Enterprises Company, the Kuwait Oil Company, and the Kuwait Flour Mills and Bakeries Company, among others (KUNA)

By Mohammad Al-Mutairi 

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New US Tariffs Could Tank Oil Market – What It Means for Kuwait!

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KUWAIT CITY, July 23: A number of oil and economic experts shed light on whether or not the tariffs that America imposed on the European Union and many other countries around the world affect oil prices; as well as the repercussions for the Kuwaiti economy and other countries in the region that rely primarily on oil as a primary source of income, and the action that the Kuwaiti government must take to avoid the repercussions of any looming global economic crisis.

The experts stressed the need for the Kuwaiti government to fully prepare for dealing with the repercussions of the increased US tariffs on most countries. They also emphasized the importance of reducing reliance on imported goods by expanding industry, agriculture and all other sectors related to economic growth.

Oil expert Kamel Al-Harami asserted that the Trump-like increase in US tariffs on imports from European Union countries and many other countries will impact global inflation, resulting in higher commodity prices. “This could continue for at least two years until the world adjusts to these conditions. Higher prices will lead to a decline in purchasing power in European Union countries and those affected by the tariff increase, with the expected result being a drop in the price of a barrel of oil — ranging from $65 to $70,” he explained.

He said Kuwait should use the proceeds from the sale of its stake in two companies to cover the budget deficit, while investing these funds in investment projects with good financial returns for the State budget. At the same time, he warned against becoming accustomed to borrowing. Economic expert Ahmed Al-Sadhan believes that the United States’ imposition of tariffs on the European Union will inevitably lead to a decline in trade between the two sides, which will in turn lead to global economic instability.

“One of the negative repercussions of this move is the global commodity price hike, which negatively affects the economies of importing countries, including Kuwait and other Gulf states; particularly through increased import costs and a decline in global demand for oil. If the global economy slows down due to these tariffs, oil prices will decline because of low global demand,” he explained. He suggested that in order to avoid these economic crises in light of the escalating economic conflict among the United States, the European Union and other countries, Kuwait must diversify its imports, support local industry, expand its trade partnerships, and stop total dependence on oil in the long term. Dr. Manal Al-Kandari said that Trump’s announcement of a new 30 percent tariff on European Union countries has intertwined global and regional economic dimensions.

“This could lead to a decline in European exports to the US, which will result in higher prices of European products in the US market, and a decline in demand for such products. She pointed out that this will cause enormous economic damage to European companies, especially the export-dependent industries like automobiles, aircraft, electronics and technology industries, ultimately leading to an economic recession in the European Union countries. She explained that the repercussions of this recession will spill over to global markets, including Kuwait, other Gulf states and Arab countries; considering this potential recession could reduce the European Union countries’ consumption of oil, gas and all petroleum derivatives they import from Kuwait and other Gulf states. “This is especially true given that trade between Kuwait and the European Union is steadily increasing. The trade between Kuwait and the rest of Europe is significant, as international data issued by the European Statistical Office (Eurostat) showed that Kuwaiti exports to the European Union some years ago amounted to 3.5 billion euros ($3.6 billion), compared to imports of 5.5 billion euros ($5.8 billion). Therefore, a European economic recession will affect the Gulf and Kuwaiti economies,” she added

By Najeh Bilal
Al-Seyassah/Arab Times Staff

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