Business
Kuwait committed to advancing economic and industrial integration in GCC: Minister
Group photo taken during the 68th Ministerial Meeting of the Trade Cooperation Committee held in Kuwait.
KUWAIT CITY, April 30: Minister of Commerce and Industry Khalifa Al-Ajeel emphasized Kuwait’s commitment to enhancing economic and industrial integration among Gulf Cooperation Council (GCC) member states during his address at the 68th Ministerial Meeting of the Trade Cooperation Committee held in Kuwait.
Al-Ajeel highlighted the importance of coordinating trade and industrial policies, standardizing regulations, and unifying Gulf positions to navigate the rapid global economic changes. He commended the efforts of the GCC Secretariat General in monitoring the implementation of committee decisions and facilitating joint action among member states to promote progress and prosperity in trade, industry, and standardization sectors.
The Minister noted that the GCC region has become a significant economic force globally. He emphasized that the historical ties, strategic interests, and substantial market size shared by member states present a unique opportunity to transform challenges into opportunities, enhance trade exchange, and open new avenues for Gulf capital, products, and services.
Al-Ajeel underscored the critical role of supporting entrepreneurs and small and medium-sized enterprises (SMEs), stating that these businesses are pivotal in driving change, investing in innovation, creating job opportunities, and contributing to building a prosperous future. He called for the continued support of SMEs through joint initiatives and practical plans that would enable these companies to stabilize and grow, transforming them into key players in national economies and influential forces at regional and international levels.
Reflecting on the vision of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, Al-Ajeel reiterated the need to accelerate efforts toward achieving Gulf economic integration. This includes unifying policies, diversifying non-traditional income sources, facilitating trade and investment, supporting local industries, and expanding innovation and entrepreneurship, particularly in emerging fields such as artificial intelligence, to enhance the competitiveness of GCC economies on regional and international platforms.
In his address at the 54th meeting of the Industrial Cooperation Committee, Al-Ajeel emphasized the necessity of enhancing Gulf industrial integration to keep pace with rapid international changes, in line with the directives of GCC leaders. He called for unified efforts to confront challenges and achieve sustainable development and prosperity in an environment of security and stability, while strengthening the Gulf industrial system.
At the 9th meeting of the Ministerial Committee for Standardization Affairs, Al-Ajeel highlighted the importance of developing a unified vision to nurture Gulf inventors and support national industries and logistics services to enhance regional economic competitiveness. He reaffirmed Kuwait’s commitment to supporting initiatives aimed at enhancing Gulf industrial cooperation to achieve the supreme interests of GCC countries.
The meetings, attended by ministers of commerce and industry and heads of standardization bodies from GCC countries, along with representatives from the General Secretariat of the Cooperation Council for the Arab States of the Gulf, serve as a platform for making significant decisions to support the advancement of joint Gulf economic and industrial cooperation. These sessions build upon preparatory meetings of undersecretaries, which discussed priority topics to be presented to ministers for appropriate decisions.
The Central Bank of Kuwait
KUWAIT CITY, June 1: The Central Bank of Kuwait (CBK) announced on Saturday that it has completed the distribution of new Kuwaiti banknotes in various denominations to all local banks, ensuring sufficient supply to meet public demand ahead of Eid Al-Adha.
In a press statement, the CBK invited customers wishing to obtain new banknotes to visit their respective bank branches during official working hours.
The statement added that Kuwaiti banks will announce the locations of designated branches offering the “Ayadi” cashing service, as well as other available methods for customers to receive new banknotes.
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.
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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