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Indonesian president and Chinese premier meet to discuss expanding trade

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Chinese Premier Li Qiang, right, with Indonesian President Prabowo Subianto, inspects an honor guard during the welcoming ceremony ahead of their meeting in Jakarta, Indonesia on May 25. (AP)

JAKARTA, Indonesia, May 25, (AP): Chinese Premier Li Qiang met with Indonesia’s President Prabowo Subianto on Sunday to discuss ways to expand trade and investment during the US global trade war and as economic globalization faces headwinds. Li arrived in Indonesia’s capital, Jakarta, on Saturday afternoon for a three-day visit to Southeast Asia’s largest economy.

It was the first stop of his first overseas visit this year. Indonesia and China are member states of the Group of 20 major developing countries and emerging economies and of BRICS. Li brought 60 prominent Chinese businesspeople for his address to the Indonesia-China Business Reception on Saturday evening. He emphasized in his remarks that China’s economy has achieved rapid growth this year despite increasing external challenges.

“The current international situation is a stalemate,” Li said at the event, which was also attended by Subianto, “Unilateralism and protectionism are on the rise, bullying behavior is increasing.” Li noted this year marks the 70th anniversary of the conception of the Non-Aligned Movement by Asian and African countries in Indonesia’s Bandung city when the world was at a historical crossroads.

The Bandung spirit of solidarity, friendship and cooperation has played a pivotal role in the unity and cooperation of the Global South countries, Li said. “More than seven decades later, the world is once again at an important crossroads,” Li said. He called on all countries to seek common ground while resolving differences through dialogue and peaceful coexistence.

Subianto expressed gratitude to the Chinese government and its companies “that have participated in our economy, created jobs, transferred technology and built trust among all businesses, especially in our homeland.” He also invited Chinese businesspeople to invest more in Indonesia. Two-way trade exceeded US$147.8 billion last year, growing by 6.1%.  

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Kuwait Airways starts self-service check-in at T4 terminal

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KUWAIT CITY, July 28: Kuwait Airways announced the launch of a self-service check-in system at Terminal 4 (T4) that allows passengers to complete travel procedures independently, including weighing their luggage and printing boarding passes, reports Al-Seyassah daily. Captain Abdulmohsen Al-Faqan, the Board Chairman of Kuwait Airways, explained that this service enables passengers to weigh their luggage and issue boarding passes without staff intervention, thereby speeding up the process. This step is part of Kuwait Airways’ ongoing efforts to facilitate the check-in process and reduce congestion, especially during the summer travel season.

The company will release an explanatory video to guide passengers on using the new service with ease and convenience. He affirmed Kuwait Airways’ commitment to enhancing the travel experience by meeting passengers’ needs from the moment they enter the terminal, ensuring smooth procedures, boarding, and access to top-quality services. Captain Al-Faqan stressed that Kuwait Airways spares no effort in providing comfort to its customers by pursuing a strategy focused on achieving the highest service standards and expanding its network with new and diverse destinations and services. It is worth highlighting that Kuwait Airways operates a modern fleet consisting of the latest Boeing and Airbus aircraft models, equipped with advanced technologies that meet the highest international aviation standards. The fleet offers state-of-the-art entertainment systems and ergonomically designed seats to ensure maximum passenger comfort. The company also employs a select team of highly qualified technical specialists, according to the highest industry standards

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World shares advance after EU strikes trade deal with Trump

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World shares advance after EU strikes trade deal with Trump

European and Asian stocks rally as EU and US reach trade deal ahead of deadline.

 BANGKOK, July 28, (AP): Stock markets in Europe and Asia shot higher Monday after the European Union worked out a trade deal with the Trump administration ahead of this week’s deadline.

U.S. futures and oil prices were higher ahead of trade talks in Stockholm between U.S. and Chinese officials.

Germany’s DAX gained 0.6% to 24,359.81, while the CAC 40 in Paris advanced 0.8% to 7,900.48. Britain’s FTSE 100 picked up 0.3% to 9,148.34.

The agreement between the EU and U.S. President Donald Trump calls for 15% tariffs on most EU exports to the U.S. Before Trump began ramping up tariffs, the level was 1%.

The deal was announced after Trump and European Commission chief Ursula von der Leyen met briefly at the president’s Turnberry golf course in Scotland. It staves off far higher import duties on both sides that might have sent shock waves through economies around the globe.

Tokyo’s Nikkei 225 index lost 1.1% to 40,998.27 after doubts surfaced over what exactly last week’s trade truce between Japan and Trump entails, especially Japan’s $550 billion pledge of investment in the U.S.

Terms of the deal are still being negotiated and nothing has been formalized in writing, said an official who insisted on anonymity to detail the terms of the talks. The official suggested the goal was for a $550 billion fund to make investments at Trump’s direction.

Hong Kong’s Hang Seng index gained 0.7% to 25,563.32, while the Shanghai Composite index edged 0.1% higher to 3,597.94.

Taiwan’s Taiex rose 0.2%. CK Hutchison, a Hong Kong conglomerate that’s selling ports at the Panama Canal, said it may seek a Chinese investor to join a consortium of buyers in a move that might please Beijing but could also bring more U.S. scrutiny to a geopolitically fraught deal.

CK Hutchison’s shares fell 0.6% on Monday in Hong Kong. Elsewhere in Asia, South Korea’s Kospi climbed 0.4% to 3,209.52, while Australia’s S&P/ASX 200 rose 0.4% to 8,697.70. India’s Sensex slipped 0.3%. Markets in Thailand were closed for a holiday.

On Friday, the S&P 500 rose 0.4% to 6,388.64, setting an all-time for the fifth time in a week.

The Dow Jones Industrial Average climbed 0.5% to 44,901.92, while the Nasdaq composite added 0.2%, closing at 21,108.32 to top its own record. Deckers, the company behind Ugg boots and Hoka shoes, jumped 11.3% after reporting stronger profit and revenue for the spring than analysts expected.

Its growth was particularly strong outside the United States, where revenue soared nearly 50%. But Intell fell 8.5% after reporting a loss for the latest quarter, when analysts were looking for a profit.

The struggling chipmaker also said it would cut thousands of jobs and eliminate other expenses as it tries to turn around its fortunes.

Intel, which helped launch Silicon Valley as the U.S. technology hub, has fallen behind rivals like Nvidia and Advanced Micro Devices while demand for artificial intelligence chips soars. Companies are under pressure to deliver solid growth in profits to justify big gains for their stock prices, which have rallied to record after record in recent weeks.

Wall Street has zoomed higher on hopes that President Donald Trump will reach trade deals with other countries that will lower his stiff proposed tariffs, along with the risk that they could cause a recession and drive up inflation.

Trump has recently announced deals with Japan and the Philippines, and the next big deadline is looming on Friday, Aug. 1. Apart from trade talks, this week will also feature a meeting by the Federal Reserve on interest rates.

Trump again on Thursday lobbied the Fed to cut rates, which he has implied could save the U.S. government money on its debt repayments. Fed Chair Jerome Powell has said he is waiting for more data about how Trump’s tariffs affect the economy and inflation before making a move.

The widespread expectation on Wall Street is that the Fed will wait until September to resume cutting interest rates. In other dealings early Monday, U.S. benchmark crude oil gained 40 cents to $65.56 per barrel. Brent crude, the international standard, added 40 cents to $68.06 per barrel. The dollar rose to 147.85 Japanese yen from 147.71 yen. The euro slipped to $1.1719 from $1.1758.   

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‘Mango Mania’ festival boosts Indian mango presence in Kuwaiti markets

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KUWAIT CITY, July 27: The Embassy of India in Kuwait, in collaboration with the Agricultural and Processed Food Export Development Authority (APEDA), launched a large-scale promotional campaign to market Indian mangoes and other agricultural products. The campaign included festivals in major shopping malls and hypermarkets, as well as meetings between exporters and importers, on July 23-24.


In a press statement, the embassy explained that the goal of the event is to strengthen India’s position as a reliable source of high-quality mangoes in the Kuwaiti market, especially since Kuwait is among the top five importers of mangoes from India, with a value exceeding $3 million last year.


The campaign included a major event titled “Mango Mania”, at Lulu Hypermarket in Al-Rai, which was inaugurated by Indian Ambassador to Kuwait Dr. Adarsh Swaika, with the participation of a delegation of 10 Indian exporters. The delegation presented several Indian mango varieties, such as Chausa, Mallika, Amrapali, Dasheri, Fazli, and Langra from Uttar Pradesh and West Bengal. Fazli mango received special attention due to its Geographical Indication of Origin (GI) label. Meanwhile, the embassy organized a meeting between Indian exporters and local importers at the Kuwait Chamber of Commerce and Industry (KCCI); with the ambassador, KCCI director general, and representatives of major retail and hypermarket companies in attendance

By Fares Ghaleb
Al-Seyassah/Arab Times Staff 

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