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Ministry discusses warranty issues & spare parts crisis with auto industry

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KUWAIT CITY, April 24: Director of the Technical Department for Supervision and Pricing of Goods at the Ministry of Commerce and Industry Faisal Al-Ansari recently met with representatives of vehicle sales companies, Automobile Dealers Association, and representatives from the Al-Rai and Shuwaikh centers of the ministry.

They tackled issues affecting the automotive market and consumers, particularly the warranty being waived when engine oil is changed outside the dealership. A mechanism for addressing this issue was discussed, ensuring consumer rights and preserving companies’ obligations.

A proposal was put forward that companies cover the cost of the oil and filter in the vehicle invoice to avoid the warranty being waived when the oil is changed outside the dealership. A consensus formula was also developed between all parties. They looked into the problems of technical inspection centers and emphasized the need for continuous coordination between the relevant authorities to ensure the smooth flow of technical services and control the quality of technical inspections of vehicles. On the other hand, the spare parts crisis was discussed as well, particularly for Chinese cars, which are in high demand in the local market.

A number of trade centers have complained about the unavailability of original parts, which hinders maintenance operations. In this context, plans were announced to connect with Chinese companies to establish regional offices in Kuwait to secure spare parts and facilitate aftersales services.

All those present at the meeting affirmed that these issues are being resolved in coordination with the relevant authorities, with the aim of safeguarding the interests of consumers and developing the automotive market environment in Kuwait.

By Marwa Al-Bahrawi Al-Seyassah/Arab Times Staff

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Asian shares mixed as Trump’s tariffs deadline looms

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SEL101

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea on July 2. (AP)

MANILA, Philippines, July 2, (AP): Asian shares were trading mixed on Wednesday as the July 9 deadline for the U.S. to strike deals with trading partners or impose higher tariffs looms. U.S futures edged higher and oil prices were little changed. Shares fell in Japan, hit by jitters over a lack of progress in trade talks with the US, but they recovered much of their lost ground, trading 0.5% lower at 39,790.85. Stephen Innes, managing partner at SPI Asset Management, pointed to President Donald Trump’s declaration that there will be no extension of his tariff pause, which is just a week away from ending.

“The message was blunt: if Tokyo won’t yield, it will pay. Tariffs of 30%, 35% or ‘whatever number we determine’ are now openly back on the table,” he said. “The negotiating table just became a pressure cooker.” Hong Kong’s Hang Seng advanced 0.8% to 24,271.15 and the Shanghai Composite index edged 0.1% lower to 3,453.89. South Korea’s KOSPI fell 0.6% to 3,072.63 after the government reported that inflation rose in June.

Australia’s S&P ASX 200 climbed 0.8% to 8,605.40. Taiwan’s Taiex edged up 0.1% while the Sensex in India lost 0.2%. On Tuesday, the S&P 500 dipped 0.1% to 6,198.01 for its first loss in four days. The Dow Jones Industrial Average rose 0.9% to 44,494.94, and the Nasdaq composite fell 0.8% to 20,202.89. Tesla tugged on the market as the relationship between its CEO, Elon Musk, and President Donald Trump soured even further.

Once allies, the two have clashed recently, and Trump suggested there’s potentially “BIG MONEY TO BE SAVED” by scrutinizing subsidies, contracts or other government spending going to Musk’s companies. Tesla fell 5.3%. It has lost just over a quarter of its value so far this year, 25.5%, in large part because of Musk’s and Trump’s feud.

Drops for several darlings of the artificial-intelligence frenzy also weighed on the market. Nvidia’s decline of 3% was the heaviest weight on the S&P 500. But more stocks within the index rose than fell, led by several casino companies. They rallied following a report showing better-than-expected growth in overall gaming revenue in Macao, China’s casino hub. Las Vegas Sands gained 8.9%, Wynn Resorts climbed 8.8% and MGM Resorts International rose 7.3%.  

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CMA launches regulatory framework for emerging companies on KSE

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CMA launches regulatory framework for emerging companies on KSE

Kuwait enhances Stock Exchange access for emerging firms with amendments to listing rules.

KUWAIT CITY, July 1: Kuwait’s Capital Markets Authority (CMA) has officially launched a new regulatory environment to support the listing and trading of emerging companies on the Kuwait Stock Exchange (KSE), in cooperation with Boursa Kuwait. The initiative includes the creation of a dedicated platform for these companies, alongside key amendments to existing listing rules.

In a statement released on Tuesday, the CMA confirmed that the move is part of broader efforts to adopt international best practices, promote capital market development, diversify investment tools, and enhance both market competitiveness and transparency — all aimed at bolstering investor protection.

The approved amendments focus on strengthening listing standards by requiring companies to maintain certain conditions, including minimum thresholds for free float shares and their market value. These measures are designed to improve liquidity and ensure sustained compliance with regulatory obligations.

The Authority emphasized that supporting emerging companies is crucial to driving economic growth and aligns with Kuwait’s broader strategic vision. The newly launched market will offer an attractive financing environment for smaller and growing enterprises while providing investors with fresh opportunities governed by high transparency standards.

The regulatory framework is the result of a comprehensive study conducted by the CMA, which formed the basis for drafting specific rules to govern the emerging companies market. The platform is intended to serve as both a support system for these businesses and a dynamic investment space in line with global benchmarks.

The CMA also underscored the importance of continuously evolving the rules that govern listing conditions. This includes safeguarding investor interests by removing companies that fail to meet their obligations and ensuring adequate liquidity by enforcing minimum requirements for free float shares in both the primary and secondary market segments.

Additionally, the Authority reaffirmed its commitment to enhancing executive regulations that protect investors and empower small shareholders to actively participate in corporate decision-making processes.

This latest move is seen as a significant step toward further modernizing Kuwait’s financial sector and creating a more inclusive and diversified capital market landscape.

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Second phase of merging Kuwait oil companies underway

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KUWAIT CITY, June 30: In preparation for the second phase of merging the subsidiaries of the Kuwait Petroleum Corporation (KPC), informed sources revealed that the executive phase of merging Gulf Oil Company with Kuwait Oil Company (KOC) has begun through the transfer of the corporation’s shares in the capital of the Gulf Oil Company to KOC. They highlighted a meeting held recently between the two companies’ CEOs to start making administrative decisions regarding this matter. The sources explained that the second phase, following the initial merger of KIPIC with the Kuwait National Petroleum Company, is part of KPC’s strategy to restructure the oil sector. This phase commenced with a meeting between KOC’s CEO Ahmed Al-Eidan, acting CEO of Gulf Oil Company Bader Al-Munaifi, and representatives from the oil sector’s leadership and workforce. The meeting also discussed the implications of Decision No. 60/2024, issued on May 5, 2024, concerning the transfer of KPC’s ownership of shares. ‘

Al-Eidan affirmed the importance of job stability and preserving all benefits of Gulf Oil employees. It was decided that the legal and administrative status of Gulf Oil Company will remain unchanged at this stage, including the company’s name, logo, and operational sites at its headquarters and joint operations in Khafji and Al-Wafra. The sources clarified that Al-Eidan indicated the change is limited solely to the transfer of share ownership, with KOC becoming the owning entity instead of KPC. Consequently, the highest authority will be the Board of Directors of KOC, without affecting daily operations or the current institutional structure.

By Najeh Bilal
Al-Seyassah/Arab Times Staff 

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