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Zain publishes 14th annual ‎sustainability report, titled ‎‎‘The New Paradigm Shift’‎

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KUWAIT CITY, Apr 23: Zain Group, a leading provider of innovative ICT and digital ‎lifestyle communication services operating in eight markets ‎across the Middle East and Africa, released its 14th annual ‎sustainability report, entitled: ‘The New Paradigm Shift,’ ‎reflecting the company’s dedication to responsible business ‎practices. Zain remains one of the most transparent and ‎accountable corporate entities in the entire Middle East and ‎North Africa region with respect to the publication of its ‎sustainability programs and their outcomes.‎

As in previous years, the report reflects Zain’s commitment to ‎meaningful connectivity that leads to equitable systemic ‎change and empowers the communities that Zain proudly serves, ‎which is at the center of Zain’s Corporate Sustainability ‎strategy on development and economic empowerment. ‎

‎‘The New Paradigm Shift’ highlights the numerous ‎sustainability programs and their outcomes implemented under ‎the four pillars of Zain’s corporate sustainability strategy – ‎namely ‘Climate Change; Operating Responsibly; Inclusion; and ‎Generation Youth’; that embrace and emphasize the material ‎importance to the company of addressing issues related to ‎preserving the planet and safeguarding it for future ‎generations; access to connectivity and reducing the digital ‎literacy gap; displacement; as well as employee development ‎and social well-being, given the rise in geo-political and ‎economic issues regionally.‎

Commenting on the publication, Zain Group Chief Sustainability ‎Officer, Jennifer Sulieman said, “We are in an era of ‎technological innovation that allows us to develop and ‎introduce initiatives that are the most impactful they have ‎ever been. Zain takes responsibility as a regional pioneer in ‎bringing the latest technologiesthat drive positive societal ‎development and meaningful connectivity across our footprint.”‎

Suleiman continued, “What Zain does matters, and we continue ‎to implement ESG principles, climate action, children rights, ‎displacement, connectivity, advancing digital transformation, ‎literacy, and stakeholder collaboration to build resilience, ‎so that amid socio-economic challenges and regional conflicts, ‎Zain may remain a beacon of hope, delivering life-changing ‎solutions for the benefit and upliftment of current and future ‎generations.”‎

Key highlights

During 2024, the company’s agenda continued to be driven by ‎efforts to address socio-economic and environmental challenges ‎across its footprint. Zain cemented the four pillars of its ‎sustainability strategy through a comprehensive engagement ‎process with various stakeholders. These included:‎

Climate Change:Focused on decarbonizing the business and ‎transition towards Net-Zero by 2050 by receiving official ‎approval from SBTi on its Net-Zero targets, Zain developed its ‎water management plan to the unique conditions of each country ‎operation. The plan detailed specific measures aimed at ‎improving water usage across all of Zain’s markets that saw ‎the company achieve a 5.89% reduction of water consumption in ‎comparison to 2023.‎

Furthermore, Zain continued in its commitment to CDP and ‎provided its Climate Change Action, demonstrating a commitment ‎to biodiversity conservation and nature preservation as ‎integral components of its broader dedication to climate ‎action. For example, Zain Omantel International (ZOI) requires ‎its partners to conduct thorough environmental impact ‎assessments aligned with regulatory and international ‎standards. ‎

Operate Responsibly: Embedding Environment, Social, and ‎Governance (ESG) principles across the entire value chain, the ‎company further developed and scaled the supplier training ‎program, launching its second training video highlighting the ‎importance of upholding human rights, promoting ethical labor ‎practices, as well assetting up grievance mechanisms. Zain ‎trained 185suppliers in 2024 in Zain’s Supplier Code of ‎Conduct, human rights and anti-corruption. Additionally, Zain ‎continued its Supplier Self-Assessment questionnaire process ‎with604suppliers groupwide to validate their commitment and ‎alignment to sustainability policies and ethical principles.‎

In addition, the company continued to contribute to employment ‎opportunities through Zain’s distribution channel, in 2024 the ‎company generated around114,000 jobs across its value chain.‎

Inclusion:Aiming to reduce the digital inequality gap, the ‎fourth cycle of ‘Women in Tech’ program launched inKuwait, ‎Bahrain, Iraq, Jordan, Saudi Arabia and Sudanto better address ‎the needs of the target community through focus groups, ‎surveys, and feedback sessions. A total of 485young women ‎joined the program across the Group, reflecting a 16% increase ‎from 2023.Similarly, to better serve customers from the ‎disability segment, the company provided specialized bundles ‎for this demographic in Bahrain, Jordan, Kuwait and Saudi ‎Arabia. ‎

Zain continued to place a high priority on enhancing the ‎skills of its employees either by upskilling or reskilling its ‎workforce in line with the company’s 4SIGHT digital ‎transformation strategy. The Zain Inclusion, Diversity, & ‎Equity University (IDEU) continued its collaboration with the ‎prestigious IE University in Spain with the aim of extending ‎learning opportunities to 2,000 Zain employees to participate ‎in an inclusive online Digital Transformation program, also ‎offering the possibility of attaining a master’s degree. ‎

Generation Youth:Aimed at building resilience across ‎communities by targeting 16 million children and youth, the ‎company was recognized amongst 3,000 of the largest ‎corporations globallyon key children’s rights categories, ‎whereby the company scored higher than the sector and industry ‎averages, tripling the ranking of many regional corporates. In ‎the benchmarking rankings, Zain scored 8.4/10 overall against ‎a sector average of 5.6/10 and a regional average of 2.8/10. ‎The average of all companies benchmarked was 4.3/10.‎

As an advocate for children’s rights and in alignment with the ‎UN’s Sustainable Development Goal 16.2, which aims to end all ‎forms of violence against children by 2030, Zain continued to ‎support the cause by introducing a powerful campaign in ‎response to the rising global violence that is impacting ‎children disproportionately. This initiative followed the ‎escalating crises and conflicts worldwide, where children are ‎bearing the brunt of severe hardships and violence, affecting ‎their physical and mental well-being.The campaign, titled ‎‎#EveryChildHasRights, was designed to highlight the critical ‎threats faced by children in conflict-affected regions and ‎support for their protection. It included a compelling video ‎underscoring the urgent need to safeguard children’s rights, ‎engaging audiences in meaningful and emotional dialog. Through ‎this campaign, Zain aimed to create a global call to action ‎and foster a deeper understanding of the pressing issues at ‎hand. The campaign successfully garnered 16.5 million ‎impressions across Zain’s footprint during 2024, amplifying ‎its message and driving significant awareness on this crucial ‎issue.‎

Also in 2024, Zain launched a two-phase campaign on excessive ‎screen timefocusing onboth children and parents, reaching 43.9 ‎million impressions and prompting 82% of viewers to set screen ‎time boundaries. Polls undertaken of the successful campaign ‎indicated a 100% increased awareness on managing screen use.‎

Moreover, Zain continued its partnership with Child Helpline ‎International (CHI), advancing its three-year MoU to support ‎and improve the effectiveness of child helplines across Zain’s ‎footprint. This collaboration strengthens engagement between ‎helplines and key child protection stakeholders, including ‎governments and regulators, while advancing platform ‎technologies and expanding services to instant messaging and ‎social media.‎

Towards the end of 2024, Zain unveiled a new enhanced five-‎year corporate strategy, ‘4WARD-Progress with Purpose’. The ‎new program builds on the success of the 4SIGHT strategy and ‎is focused on continuity, acceleration, collaboration and ‎innovation, and is designed to foster value creation by ‎accelerating the company’s evolution from a predominantly ‎mobile centric operator into a purpose driven and ‎sustainability focused technology entity. Zain looks to ‎maximize its full potential as a customer-centric, future-‎proof, and impactful leading regional TechCo conglomerate, and ‎its sustainability strategy will be adapted accordingly. ‎

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Trump and Putin hint at US-Russia trade revival, but business environment remains hostile

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NY495

Russian President Vladimir Putin holds a meeting with members of Russia’s business community at the Kremlin in Moscow, Russia on May 26. (AP)

WASHINGTON, May 31, (AP): Hundreds of foreign companies left Russia after the 2022 invasion of Ukraine, including major US firms like Coca-Cola, Nike, Starbucks, ExxonMobil and Ford Motor Co. But after more than three years of war, President Donald Trump has held out the prospect of restoring U.S.-Russia trade if there’s ever a peace settlement.

And Russian President Vladimir Putin has said foreign companies could come back under some circumstances. “Russia wants to do largescale TRADE with the United States when this catastrophic ‘bloodbath’ is over, and I agree,” Trump said in a statement after a phone call with Putin. “There is a tremendous opportunity for Russia to create massive amounts of jobs and wealth. Its potential is UNLIMITED.”

The president then shifted his tone toward Putin after heavy drone and missile attacks on Kyiv, saying Putin “has gone absolutely crazy” and threatening new sanctions. That and recent comments from Putin warning Western companies against reclaiming their former stakes seemed to reflect reality more accurately – that it’s not going to be a smooth process for businesses going back into Russia.

That’s because Russia’s business environment has massively changed since 2022. And not in ways that favor foreign companies. And with Putin escalating attacks and holding on to territory demands Ukraine likely isn’t going to accept, a peace deal seems distant indeed. Here are factors that could deter US companies from ever going back: Russian law classifies Ukraine’s allies as “unfriendly states” and imposes severe restrictions on businesses from more than 50 countries.

Those include limits on withdrawing money and equipment as well as allowing the Russian government to take control of companies deemed important. Foreign owners’ votes on boards of directors can be legally disregarded. Companies that left were required to sell their businesses for 50% or less of their assessed worth, or simply wrote them off while Kremlin-friendly business groups snapped up their assets on the cheap. 

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Trump tells US steelworkers he’s going to double tariffs on foreign steel to 50%

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MDJE421

US President Donald Trump speaks to reporters in the rain after arriving on Air Force One at Joint Base Andrews, Md on May 30. (AP)

WEST MIFFLIN, Pa, May 31, (AP): US President Donald Trump on Friday told Pennsylvania steelworkers he’s doubling the tariff on steel imports to 50% to protect their industry, a dramatic increase that could further push up prices for a metal used to make housing, autos and other goods. In a post later on his Truth Social platform, he added that aluminum tariffs would also be doubled to 50%. He said both tariff hikes would go into effect Wednesday.

Trump spoke at US Steel’s Mon Valley Works-Irvin Plant in suburban Pittsburgh, where he also discussed a details-to-come deal under which Japan’s Nippon Steel will invest in the iconic American steelmaker. Trump told reporters after he arrived back in Washington that he still has to approve the deal. “I have to approve the final deal with Nippon and we haven’t seen that final deal yet, but they’ve made a very big commitment and it’s a very big investment,” he said.

Though Trump initially vowed to block the Japanese steelmaker’s bid to buy Pittsburgh-based US Steel, he reversed course and announced an agreement last week for “partial ownership” by Nippon. It’s unclear, though, if the deal his administration helped broker has been finalized or how ownership would be structured.

Nippon Steel has never said it is backing off its bid to outright buy and control US Steel as a wholly owned subsidiary, even as it increased the amount of money it promised to invest in US Steel plants and gave guarantees that it wouldn’t lay off workers or close plants as it sought federal approval of the acquisition. “We’re here today to celebrate a blockbuster agreement that will ensure this storied American company stays an American company,” Trump said as he opened an event at one of US Steel’s warehouses.

“You’re going to stay an American company, you know that, right?” As for the tariffs, Trump said doubling the levies on imported steel “will even further secure the steel industry in the US.” But such a dramatic increase could push prices even higher. Steel prices have climbed 16% since Trump became president in mid-January, according to the government’s Producer Price Index.   

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Kuwait Wins Big at Sharjah Finance Awards

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Kuwait’s Minister of Finance Noura Al-Fassam in a group photo.

KUWAIT CITY, May 29: The Ministry of Finance said it won the third edition of the Sharjah Award for Public Finance (2024-2025) in recognition of its outstanding role in providing financial services. Representatives of 17 countries vied for the award, the Ministry noted in a press release on Wednesday. Minister of Finance Noura Al- Fassam stated that winning this award reflects the ministry’s efforts in improving the efficiency of financial performance and enhancing the quality of services provided. The ministry confirmed that it is continuing to develop financial services under directives from the Council of Ministers towards digitizing services. The statement added that Al-Fassam received the award on behalf of the ministry, which participated in the digital payment project for government services that enables government entities to purchase online, pay government fees, and meet various needs to fulfill their financial obligations. (KUNA)

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