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 National Cinema Company reports 16% rise in net profits for the first half of 2025.

KUWAIT CITY, Aug 10: Kuwait National Cinema Company (KNCC) announced a net profit of KD 8.7 million (approximately USD 26.5 million) for the first half of 2025, marking a 16 percent increase compared to KD 7.5 million (USD 22.8 million) recorded in the same period last year.

According to a disclosure published on the Kuwait Boursa website on Sunday, earnings per share (EPS) rose to 94.84 fils in the first half of 2025, up from 81.63 fils during the corresponding period in 2024, reflecting the same 16 percent growth.

The company attributed the improved financial performance to a combination of factors, including a 3 percent increase in operating revenues, a 5 percent reduction in costs, a slight 0.4 percent rise in financing interest expenses, and a 9 percent growth in its share of results from an associate company.

Founded in 1954 and publicly listed on the Kuwait Stock Exchange since 1984, KNCC has an authorized and paid-up capital of KD 10.10 million (around USD 30.8 million). The company specializes in cinema-related activities encompassing education, entertainment, and intellectual pursuits both within Kuwait and abroad.

In addition to its core business, KNCC invests surplus funds in financial and real estate portfolios managed by professional firms. The company also operates and manages restaurants, cafes, and ready-made meal services.

The steady growth in KNCC’s financial results underscores its resilient market position and diversified business operations.