Business
World shares and US futures advance after China-US trade pact
President Donald Trump, left, poses for a photo with Chinese President Xi Jinping during a meeting on the sidelines of the G-20 summit in Osaka, Japan, June 29, 2019. (AP)
HONG KONG, May 12, (AP): World shares and U.S. futures surged Monday after the U.S. and China announced they were suspending for 90 days most of the sharp tariff hikes each has imposed since U.S. President Donald Trump began escalating his trade war.
A joint statement said that for a 90-day period, the U.S. will cut tariffs on Chinese goods to 30% from as high as 145%. China said its tariffs on U.S. goods will fall to 10% from 125%. The agreement to allow time for more talks followed weekend negotiations in Geneva, Switzerland, that the U.S. side said had made ” substantial progress.”
The full impact on the complicated tariffs and other trade penalties enacted by Washington and Beijing remains unclear. And much depends on whether they will find ways to bridge longstanding differences during the 90-day suspension.
But as trade envoys from the world’s two biggest economies blinked, finding ways to pull back from potentially massive disruptions to world trade and their own markets, investors rejoiced.
The future for the S&P 500 jumped 2.6% and that for the Dow Jones Industrial Average was up 2%. Oil prices rallied, with U.S. benchmark crude oil gaining $1.66 to $62.68 per barrel. Brent crude, the international standard, added $1.63 to $65.55 per barrel. The U.S. dollar surged against the Japanese yen, trading at 148.18 Japanese yen, up from 146.17 yen.
The euro fell to $1.1107 from $1.1209. In other stock trading, Tokyo’s market closed before the joint statement was issued, gaining less than 0.1% to 37,644.26. But Hong Kong’s, which closes later, jumped 3% to 23,558.11. Germany’s DAX gained 1% to 23,723.55 and the CAC 40 in Paris added 0.8% to 7,805.62. Britain’s FTSE 100 edged 0.1% higher, to 8,560.42.
Investors were also watching for developments in other flashpoints including clashes between India and Pakistan, the war in Ukraine, and conflict in the Middle East.
The Sensex in Mumbai shot up 3.2% after India and Pakistan agreed to a truce after talks to defuse their most serious military confrontation in decades. The two armies have exchanged gunfire, artillery strikes, missiles, and drones that killed dozens of people.
Pakistan’s KSE 100 surged more than 9% and trading was halted for one hour following a spike driven by the ceasefire and an International Monetary Fund decision Friday to disburse about $1 billion of a bailout package for its battered economy. The Shanghai Composite Index picked up 0.8% to 3,369.24.
Chinese EV battery maker CATL, or Contemporary Amperex Technology Co., Ltd., said in a prospectus filed with the Hong Kong Stock Exchange that it plans to raise nearly $4 billion in a share listing.
Elsewhere in Asia, the Kospi in Seoul gained 1.2% to 2,607.33. Australia’s S&P/ASX 200 climbed less than 0.1% to 8,233.50. Taiwan’s Taiex gained 1%. On Friday, U.S. stocks drifted, with the S&P 500 edging 0.1% lower.
Last week was the first in seven where the index at the heart of many 401(k) accounts moved by less than 1.5%, after careening on fears about President Donald Trump’s trade war and hopes that he’ll relent on some of his tariffs.
The Dow dipped 0.3%, while the Nasdaq composite edged up by less than 0.1%. Apart from trade talks and other geopolitical factors, the flow of earnings reports for the start of the year from companies is slowing but still moving markets.
The Kuwait government approves tougher measures to tackle financial crimes.
KUWAIT CITY, June 30: Kuwait is intensifying efforts to combat money laundering and terrorist financing by enhancing its legislative framework, announced Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam on Monday.
The minister spoke in a statement issued by the Ministry of Finance following the publication of Decree Law No. (76) of 2025 in the official gazette, Kuwait Today. This decree introduces important amendments to Law No. (106) of 2013, reflecting Kuwait’s integrated government efforts to strengthen measures against financial crimes.
During the Cabinet meeting on June 17, the draft of the amended decree law was approved, underlining Kuwait’s commitment to raising the effectiveness of the national response to money laundering and terrorism financing. The amendments align with the requirements of the Financial Action Task Force (FATF) and relevant international standards.
The new decree law includes two significant amendments:
- Article One replaces Article (25) of Law No. (106) of 2013, empowering the Council of Ministers, upon the recommendation of the Minister of Foreign Affairs, to issue necessary decisions to implement United Nations Security Council resolutions related to terrorism, terrorism financing, and the proliferation of weapons of mass destruction under Chapter VII of the UN Charter. These decisions will take effect immediately upon issuance, consistent with Security Council Resolution No. 1373 of 2001. The executive regulations will define the rules for publishing these decisions, appealing them, authorizing the release of frozen funds for essential living expenses, and managing such assets.n
- Article Two adds a new Article (33 bis) to Law No. (106) of 2013, stating that any violation of decisions issued under Article (25) will result in fines ranging from 10,000 to 500,000 Kuwaiti dinars per violation. This penalty complements any additional sanctions imposed by regulatory authorities on financial institutions or designated non-financial businesses.n
The Ministry emphasized that these amendments support the National Committee for Combating Money Laundering and Terrorism Financing by broadening its powers to apply targeted financial sanctions in compliance with FATF standards. This includes the mandatory freezing of assets belonging to individuals and entities listed locally as terrorists, effective immediately upon decision issuance.
Furthermore, the amendments enable the Committee to impose fines on violators and require publishing the national list of designated terrorists on the Committee’s official website, enhancing transparency and meeting international obligations.
Minister Al-Fassam concluded that the updated legislative measures reaffirm Kuwait’s strong commitment to fighting financial crimes, safeguarding national security and stability, and fulfilling its global responsibilities.
Updated regulations aim to boost fair use and revenue from state properties.
KUWAIT CITY, June 30: The Ministry of Finance announced on Sunday the issuance of a new ministerial decision amending the regulations governing the use of state-owned real estate and service fees, in a move aimed at achieving a fair balance between public interest and the needs of individuals and institutions.
In a press statement, the Ministry said the decision comes as part of its broader efforts to regulate the use of government-owned properties and protect national resources. Ministerial Resolution No. 54 of 2025 introduces amendments to the regulations first outlined in Resolution No. 40 of 2016.
Minister of Finance and Minister of State for Economic Affairs and Investment, Eng. Noura Al-Fassam, stated that the amendments are intended to ensure fairness, clarify procedures, and improve transparency in the utilization of state assets.
“These changes aim to establish a fair balance in how state-owned properties are used by citizens and entities, while safeguarding public interests,” Al-Fassam said.
She added that the updated regulations were the result of a comprehensive pricing study comparing Gulf and international markets. The amended prices remain below average rates in Gulf Cooperation Council (GCC) countries, and were developed with Kuwait’s economic and social conditions in mind. The goal, Al-Fassam noted, is to promote equal opportunities and secure sustainable revenue streams for the state.
The amendments cover a wide range of activities involving the use of state-owned property, including chalets, rest houses, commercial complexes, cooperative societies, banks, and warehouses. They also apply to educational institutions, sports clubs, and hospitals.
In support of national food security and the promotion of local production, the Ministry also announced the stabilization of agricultural coupon prices under the new regulations.
The revised framework reflects Kuwait’s continued efforts to modernize its public asset management policies while maintaining a strong emphasis on economic fairness, efficiency, and sustainability.
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