Connect with us

Business

World shares and US futures advance after China-US trade pact

Published

on

WX510

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.

Business

Gulf Bank Concludes Successful Participation in University Admission Fairs at ‎Kuwait University and Abdullah Al-Salem University

Published

on

By


KUWAIT CITY, Aug 12: As part of its ongoing commitment to supporting education and empowering Kuwaiti ‎youth, Gulf Bank has successfully concluded its distinguished participation in the ‎university admission fairs at Kuwait University and Abdullah Al-Salem University. The ‎Bank actively engaged with new students, introducing them to its tailored banking ‎solutions designed specifically for young people.‎

Gulf Bank took part in the interactive admission fair held at Kuwait University’s Sabah ‎Al-Salem University City in Al-Shadadiya from 19 to 29 July 2025. The Bank’s booth ‎attracted a high turnout from students and parents, who showed great interest in the ‎banking services designed for university students.‎

Similarly, the Bank participated in the admission fair hosted by Abdullah Al-Salem ‎University at its Khaldiya campus from 6 to 17 July 2025. Gulf Bank’s presence ‎featured direct interaction with visitors, providing comprehensive information on ‎student accounts and other tailored services.‎

These participations are part of Gulf Bank’s continuous efforts to strengthen ‎engagement with youth and support them in the early stages of their academic journey. ‎Alongside sharing information on academic majors and admission processes, the ‎Bank also offered financial tips to help students manage their resources effectively ‎from the start of their university life.‎

At both events, Gulf Bank showcased its red account, one of its leading banking ‎solutions designed for customers aged 15 to 25. The account offers a wide range of ‎benefits, including prepaid cards, exclusive discounts, rewards on purchases, and ‎access to unique events and experiences that enrich both personal and professional ‎growth. ‎

Beyond its features, the red account serves as a platform to promote financial literacy ‎among youth, equipping them with the knowledge and skills to make informed ‎financial decisions early in life – positively shaping their future and fostering a ‎generation that is financially aware and capable of managing resources effectively.‎

Gulf Bank’s team expressed pride in supporting students throughout their high school ‎and university years, offering innovative banking services designed to keep pace with ‎their fast-paced lifestyles.‎

Gulf Bank concluded its participation by thanking the administrations of both ‎universities for organizing the fairs, which serve as valuable platforms to connect with ‎youth. The Bank reaffirmed its commitment to continuing its support for educational ‎and youth initiatives that contribute to Kuwait’s development and enhance the quality ‎of life for its students and community.‎

Continue Reading

Business

Menzies Aviation set to expand MASIL operations at Mosul International Airport

Published

on

By


KUWAIT / LODNON, Aug 12:  Menzies Aviation, the leading service partner to the world’s airports ‎and airlines, has announced it will deliver ground, air cargo and fuelling services at Mosul ‎International Airport (OSM) in Iraq through MASIL, its joint venture with Iraqi Airways, Air BP and ‎Al-Burhan Group.‎

One fully operational, MASIL will provide a full suite of aviation services at OSM, under a new ‎‎10-year license, further strengthening its footprint in the region. This builds on MASIL’s ‎operations at Baghdad International Airport (BGW).‎

MASIL provided ground services for the presidential flight that signified the official reopening of ‎OSM. The flight, attended by Iraq’s Prime Minister Mohammed Shia’ Al Sudani, represented a ‎landmark moment in the airport’s history, which has been non-operational since 2014.‎

The milestone underscores the joint venture’s capabilities and readiness to support future air ‎traffic at the revitalised airport.‎

Mosul International Airport has undergone extensive reconstruction and is now equipped with a ‎main terminal, VIP lounge, and advanced radar surveillance system. The airport is expected to ‎be fully operational within the coming months, supporting both domestic and international flights ‎and handling an estimated 630,000 passengers annually.‎

The expansion marks a significant milestone in the continued growth of the MASIL joint venture ‎across Iraq and demonstrates Menzies’ commitment to supporting the country’s aviation ‎infrastructure and long-term development.‎

Charles Wyley, Executive Vice President Middle East, Africa and Asia, Menzies Aviation, ‎said: “We’re proud to expand our presence in Iraq with new operations at Mosul International ‎Airport through our MASIL joint venture. This is a major step in our journey to support the ‎redevelopment of Iraq’s aviation sector and bring world-class standards to the country’s airports. ‎Handling the presidential flight was a privilege and a clear signal of MASIL’s professionalism and ‎reliability as a trusted service provider.”‎

Menzies Aviation and Iraqi Airways formed MASIL in 2021 to provide ground handling, cargo, ‎and fuelling services. The joint venture includes operations at key airports including Baghdad and ‎will soon include Mosul, as it continues to support the modernisation of Iraq’s aviation sector.‎

Continue Reading

Business

Kamco Invest reports a net profit of KWD7.1mn for the ‎first half of 2025‎

Published

on

By

Kuwait City, 12August2025: Kamco Invest, a regional non-banking financial powerhouse with one of the ‎largest AUMs in the region, announced its financial results for the six-month periodended30June2025. The ‎Company reported a net profit of KWD7.1mn (EPS:20.72fils) compared toKWD2.5mn during the same ‎period in 2024 (EPS:7.26fils).‎

Total revenue stood atKWD19.0mn, an increase of 48.2% compared to the same period of 2024, whereas ‎fee and commission income reached KWD7.5mn (6M 2024: KWD8.1mn).The rise in total revenue was ‎primarily driven by the performance of the Company’s investment portfolio, supported by one-off ‎proceeds from a legal case ruled in the Company’s favor.‎

Assets under management grew by 7.5% to reach USD17.1bn as of 30June 2025, due to new money raised ‎in various products during the period, as well as the performance of portfolios and funds. Kamco Invest ‎maintained its ranking amongst the ten largest asset managers in the MENA region, according to Forbes ‎Middle East. The Company enjoys a strong track record and deep expertise in delivering diverse investment ‎solutions to its clients.‎

Managed portfolios continued to outperform their respective benchmarks, while the Company’s equity ‎funds maintained their positions amongst the top performing funds in Kuwait and Saudi Arabia, based on ‎the fund disclosures published on Boursa Kuwait and Tadawul websites.‎

As forAlternative Investments, which includes real estate, private equity and structured products, the team ‎continued to expand its range of offerings to provide clients with added value. During the period, Kamco ‎Invest finalized the acquisition of a 60% majority stake in European Green Logistics Space (EGLS), a ‎company specializing in the development, investment, and management of logistics assets in Europe. This ‎acquisition reflects Kamco Invest’s commitment to growing its recurring fee income while unlocking value-‎adding opportunities for regional clients in the sustainable logistics sector.‎

Furthermore, the Company successfully exited its investment in Yargici, a leading Turkish fashion and ‎accessories brand held by one of Kamco Invest’s private equity funds, through a sale to TIMS Group, a ‎diversified Turkish business group with operations in content production, tourism, construction, and land ‎development. The exit highlights Kamco Invest’s commitment to delivering long-term value to its clients ‎while ensuring the continued growth and success of its portfolio companies.‎

The Investment Banking team continued to advise clients on several transactions across equity capital ‎markets, debt capital markets, and M&A, with deals expected to close during the year. During the six-‎month period, the team advised OSN Group on the sale of a 30% stake of its subsidiary, OSN Streaming ‎Ltd., to Warner Bros. Discovery for USD57mn. The team also acted as Joint Lead Manager on five bond ‎and sukuk issuances totaling USD2.3bn for regional banks and institutions across Kuwait, Saudi Arabia, ‎UAE, and Qatar.‎

First Securities Brokerage Company, Kamco Invest’s brokerage arm, continued to strengthen its ‎competitive position and attracted new clients through its online trading platforms. ‎

Kamco Invest -Saudi and Kamco Invest – DIFC continued to strengthen their presence in their respective ‎markets by improving their services and contributing more to the company’s core businesses, particularly ‎in asset management. Kamco Invest – Saudi signed a strategic partnership with Flexam Invest to offer ‎leasing opportunities to their clients. Furthermore, Kamco Invest – Saudi completed the fit-out of its new ‎premises in the King Abdullah Financial District (KAFD), with the official move taking place in July 2025.‎

Kamco Invest was awarded the “Kuwait’s Best for Alternative Investments” at the Euromoney Private ‎Banking Awards 2025, highlighting the Company’s rapid growth and sustained success in the alternatives ‎space. In addition, Kamco Invest was named “Kuwait’s Best Investment Bank – DCM” at the Euromoney ‎Awards for Excellence 2025, in recognition of the team’s outstanding performance in executing bond and ‎sukuk transactions for local and regional clients.‎

Total assets increased by 4.4% during the period to reachKWD135.5mn, whereas shareholders’ equity rose ‎by 8.7%toKWD67.7mn. The Company also enjoys a strong financial position and a “BBB” long-term credit ‎rating and “A3” short-term rating with stable outlook by Capital Intelligence in their latest review in May2025. ‎

Commenting on the results, Sheikh Talal Ali Abdullah Al Jaber Al Sabah, Chairman, said, “Our performance ‎in the first half of 2025 highlights the resilience of our strategy and the strength of our diversified business ‎model. We are well positioned to navigate market dynamics and grow our business while continuing to ‎deliver value to our shareholders.”‎

Faisal Mansour Sarkhou, Chief Executive Officer, commented, “We delivered solid growth during the six-‎month period on various fronts including assets under management and achieved strong returns across our ‎investment portfolios. Strategic developments, such as the acquisition of a majority stake in EGLS, ‎demonstrate our focus on long-term value creation. We remain committed to enhancing our offerings, ‎expanding our regional footprint, and delivering sustainable growth for our clients and stakeholders.”‎

Continue Reading

Trending

Copyright © 2025 SKUWAIT.COM .