Michelle Bowman, Vice Chair for Supervision of the Federal Reserve Board of Governors, takes a seat for an open meeting of the Board of Governors at the Federal Reserve, in Washington on June 25. (AP)

WASHINGTON, Aug, 10 (Xinhua): Fed Vice Chair for Supervision Michelle Bowman said Saturday that tepid US jobs data reinforced her view that three interest rate cuts would likely be appropriate this year. According to the Bureau of Labor Statistics, the US economy added just 73,000 jobs in July, far below market expectations.

Meanwhile, the unemployment rate in July edged up to 4.2 percent from 4.1 percent in June. “A proactive approach in moving policy closer to neutral, from its current moderately restrictive stance, would help avoid a further unnecessary erosion in labor market conditions and reduce the chance that the (Federal Open Market) Committee will need to implement a larger policy correction should the labor market deteriorate further,” Bowman said in a speech delivered at the Kansas Bankers Association 2025 CEO & Senior Management Summit held in Colorado.

At the Fed’s policy meeting in late July, the central bank kept the target range for the federal funds rate unchanged at 4.25 percent to 4.5 percent, a level that has remained steady since last December. Bowman was one of two Fed officials who dissented from the decision. Most Fed officials have been more cautious about cutting rates, citing concerns that broad-based tariffs on US trading partners could push inflation higher.

The US consumer price index rose by 2.7 percent in June compared to a year earlier, the largest increase since February. However, Bowman sees tariff-related price increases as likely a “one-time effect,” adding that inflation will return to the Fed’s 2 percent target after these effects dissipate. “Because changes in monetary policy take time to work their way through the economy, it is appropriate to look through temporarily elevated inflation readings and therefore remove some policy restraint to avoid weakening in the labor market,” she said. 

One Eastern European nation has quietly become the world’s fastest-growing millionaire hub: Montenegro.

LONDON, Aug 10: A global migration of the ultra-wealthy is reshaping the economic landscape, as over 142,000 millionaires are projected to relocate in 2025, marking a historic shift in high-net-worth movement patterns.

Once-iconic centers of affluence like London and Paris are witnessing an exodus of millionaires, driven by escalating geopolitical tensions, trade wars, and macroeconomic instability. As the wealthy seek safer, more financially advantageous destinations, one Eastern European nation has quietly become the world’s fastest-growing millionaire hub: Montenegro.

According to the Henley Private Wealth Migration Report 2025, Montenegro has recorded a 124% increase in its millionaire population over the past decade. Although it currently hosts just 2,800 millionaires, the country has rapidly gained popularity thanks to a combination of fiscal incentives, investment opportunities, and an enviable Mediterranean lifestyle.

Situated along the Adriatic Sea and framed by the Dinaric Alps, Montenegro’s appeal lies not only in its natural beauty but in its flat income tax regime, absence of inheritance and gift taxes, and a now-suspended “golden passport” program that once allowed investors to gain citizenship.

“Montenegro’s low-tax regime, combined with luxury real estate options and a high quality of life, has made it an ideal destination for lifestyle-driven investors,” said Dominic Volek, Head of Private Clients at Henley & Partners.

The year 2025 is on track to witness a record-breaking wave of millionaire relocations. An estimated 165,000 millionaires are expected to move abroad by next year. Experts cite ongoing global instability as a major motivator.

“As major powers become more entangled geopolitically, wealthy individuals are factoring political risk into their decisions on where to live and invest,” Volek added.

While Montenegro is gaining traction, the United Arab Emirates (UAE) continues to lead in net millionaire inflows, expecting to attract 9,800 high-net-worth individuals this year alone—more than any other country. The UAE’s political stability, business-friendly policies, and Golden Visa program are seen as key drivers of this trend.

In contrast, many Western European nations are experiencing an outflow of wealth. The United Kingdom tops the list of millionaire departures for the first time in a decade, with 16,500 individuals expected to leave the country in 2025. That figure translates to a 9% decline in the UK’s millionaire population over the past ten years.

Analysts attribute the British exodus to factors such as Brexit-related uncertainty, changes to non-domicile tax laws, and a generally less welcoming climate for foreign capital.

“Despite this outbound wave, the UK still appeals to some high-net-worth individuals—particularly disillusioned Americans under the current Trump administration,” said Juerg Steffen, CEO of Henley & Partners. “However, without clearer entry pathways, the country struggles to offset the outflow.”

France, Spain, and Germany are also witnessing increased wealth migration. According to Volek, inquiries into alternative citizenship and residence options from German millionaires jumped 114% between 2023 and 2024, signaling a broader crisis of confidence among Europe’s financial elite.

This shift in millionaire demographics has deeper implications. As the wealthy relocate, regional investment trends, real estate markets, and even government tax revenues could be significantly affected.

Experts warn that the long-term consequences of such migration could impact financial stability, innovation ecosystems, and economic development strategies, particularly in countries losing their wealthiest citizens.

As this unprecedented migration unfolds, Montenegro’s rise illustrates a changing global order—one where emerging markets and smaller states increasingly compete for the attention of the world’s wealthiest, offering not just safety and profits, but a desirable lifestyle in uncertain times.

KUWAIT CITY, Aug 10: The Ministry of Commerce and Industry has announced a sweeping proposal to introduce fees for nearly 67 services that were previously offered free of charge. In addition, the ministry plans to significantly increase the prices of existing services, with some fees rising by as much as 17 times their current rates.

This move is in response to a directive from the Cabinet, which requires government agencies to coordinate with the Ministry of Finance to review and adjust their service charges in line with operational costs.

Among the most notable changes is the imposition of a KD 20 fee for all company formation applications—previously free—regardless of the company’s nature, including non-profit organizations. Other services that will transition from free to paid include applications to amend the fiscal year of personal companies, write-offs of mortgages and commercial agencies, and brokerage services related to fish, fodder, livestock, vegetables, fruits, and birds.

One of the sharpest fee hikes involves temporary commercial licenses. The cost for such licenses—previously KD 30 — will surge to KD 500 for events like real estate exhibitions or temporary jewelry fairs, representing an increase of approximately 17 times the original fee.

The proposal also recommends a 25 percent increase in fees for key company-related services, including capital amendments, share adjustments, partner additions or removals, company dissolution or liquidation, changes to management clauses, and trade name amendments. Furthermore, the license fee for practicing accounting is set to rise from KD 150 to KD 200.

Other adjustments include a 25 percent hike in fees for renewing company licenses and issuing board member certificates. The attendance fee for Ministry of Commerce representatives at general assemblies will increase from KD 100 to KD 125. In contrast, the fee for issuing and renewing ration cards will double from KD 5 to KD 10.

Officials behind the proposal justified the fee revision by highlighting the disparity between current charges and the actual costs borne by the Ministry of Commerce and Industry. A comparative study of similar fees across Gulf countries, along with the fact that some fees have remained unchanged for as long as 53 years, further supports the need for adjustment.

The proposed regulations are expected to set new benchmarks for trade-related service fees, reflecting both economic realities and regional standards. Stakeholders and affected parties await formal approval and implementation timelines as the ministry moves forward with these significant changes.