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Asian shares get a lift from plans for China-US trade talks, Beijing stimulus moves

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A worker removes plastic sheets after setting up a booth at a mall in Beijing on May 7. (AP)

BEIJING, May 7, (AP): Shares advanced Wednesday in Asia after the US and China said they are planning trade talks in Switzerland later this week. Hong Kong’s benchmark briefly jumped more than 2% after officials in Beijing rolled out interest rate cuts and other moves to help support the Chinese economy and markets. US futures and oil prices also rose.

But the market reaction to both developments was relatively restrained. Investors are also waiting for the outcome of the Federal Reserve’s policy meeting, which wraps up later Wednesday. Virtually no one expects the central bank to change its main interest rate, even though Trump has been advocating for cuts. In Asian trading, Tokyo’s Nikkei 225 edged 0.1% higher to 36,835.00. The Hang Seng in Hong Kong was up 0.4% by midafternoon, at 22,745.04.

The Shanghai Composite index rose 0.4% to 3,330.08. The trade talks may account for the decision to announce the economic rescue package, Lynne Song of ING Economics said in a report. “This way, the easing won’t be seen as a knee-jerk reaction to tariffs. Policymakers are likely now privy to some of the early data on how the economy is being impacted by the tariff shock,” Song said.

But analysts said the muted response to the policies announced Wednesday also may reflect disappointment over the lack of major government spending increases that many economists say may be needed to wrest the Chinese economy out of its doldrums. Australia’s S&P/ASX 200 picked up 0.3% to 8,173.40, while the Kospi in South Korea gained 0.6% to 2,576.02.

On Tuesday, US stocks closed lower as quarterly results showed more companies are scrubbing their forecasts for upcoming profits because of uncertainty created by US President Donald Trump’s tariffs. The S&P 500 fell 0.8% in its second drop after breaking a nine-day winning streak, its longest such run in more than 20 years.

The Dow Jones Industrial Average dropped 0.9%, and the Nasdaq composite finished 0.9% lower. Palantir Technologies was one of the heaviest weights on the market as it sank 12%. The company, which offers an AI platform for customers, dropped even though it reported a profit for the latest quarter that met analysts’ expectations and raised its forecast for revenue over the full year.  

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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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