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Asian shares trade mixed after US stocks set more records

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A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI), top center left, and the foreign exchange rate between US dollar and South Korean won, top center, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea on Sept 23. (AP)

TOKYO, Sept 23, (AP): Asian shares were trading mixed Tuesday in the absence of key market-driving news in the region, after a seemingly relentless rally continued on Wall Street. Tokyo trading was closed for a national holiday. Australia’s S&P/ASX 200 climbed 0.4% to 8,845.90. South Korea’s Kospi added 0.6% to 3,488.23. Hong Kong’s Hang Seng slipped 1.0% to 26,080.91, as investors continued to watch ongoing talks about US tariffs.

The Shanghai Composite dropped 0.7% to 3,800.21. On Wall Street, the S&P 500 rose 0.4% after erasing a modest loss from the morning. The Dow Jones Industrial Average added 66 points, or 0.1%, and the Nasdaq composite climbed 0.7%. It was the third straight day where all three indexes set an all-time high.

“Every time the market seems to be running out of momentum, it fools most of us by pushing to higher heights,” said Jay Woods, chief market strategist at Freedom Capital Markets. A familiar face was again the strongest force lifting the market: Nvidia. Wall Street’s most valuable company rose 3.9% after announcing a partnership to train and run OpenAI’s next generation of artificial-intelligence models.

As part of the deal, Nvidia will invest up to $100 billion in OpenAI. Oracle also pushed the market higher after climbing 6.3%. It named Clay Magouyrk and Mike Sicilia as its CEOs, with current CEO Safra Catz becoming executive vice chair of the technology company’s board. Some of the market’s sharpest action was among companies agreeing to buy one another.

Pfizer said it would buy Metsera and its pipeline of medicines to potentially treat obesity in a deal initially valuing it at $4.9 billion. The payout for Metsera investors could go up sharply if its candidates win approval from federal regulators and achieve other milestones. Metsera’s stock jumped 60.7%, and Pfizer’s edged up by less than 0.1%. ODP, which runs Office Depot and Office Max, leaped 32.9% after Atlas Holdings agreed to buy it in a deal valued at roughly $1 billion. All told, the S&P 500 rose 29.39 points to 6,693.75. The Dow Jones Industrial Average added 66.27 to 46,381.54, and the Nasdaq composite climbed 157.50 to 22,788.98.  

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Kuwait’s offshore oil project boosts national energy strategy, strengthens global position

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Kuwait's offshore oil project boosts national energy strategy, strengthens global position

Oil Ministry says the offshore oil exploration project is securing Kuwait’s future as a key global energy provider.

KUWAIT CITY, Sept 22: The Ministry of Oil has underscored the critical role of the offshore oil exploration project in securing Kuwait’s future as a key global energy provider. Fully supported by the Kuwait Oil Company (KOC), the initiative is set to significantly bolster the country’s oil reserves and strengthen its status as a reliable player in the global energy market.

This was highlighted by Sheikha Tamader Khaled Al-Ahmad Al-Sabah, Director of Public Relations and Media at the Ministry of Oil, during a panel discussion organized by the Ministry on Monday. The event, titled “Opportunities and Challenges in Offshore Oil Exploration and Production…Julaia Offshore Field”, also featured representatives from KOC.

Al-Sabah emphasized that the offshore exploration project aligns with Kuwait’s long-term oil strategy, particularly its goals for 2040. She noted that it marks a pioneering step in the nation’s energy sector by introducing advanced offshore drilling and production technologies while simultaneously enhancing local expertise and nurturing the talents of young professionals.

“These recent discoveries in the Al-Nokhtha and Al-Julaia fields are the result of decades of dedicated research and work, not just happenstance,” Al-Sabah said. “What has been achieved so far forms the foundation for a new beginning in offshore exploration.”

The Ministry, in cooperation with KOC, plans to continue expanding these efforts, ensuring adherence to the highest safety standards and protecting the marine environment. Al-Sabah stressed that the offshore exploration project is crucial for securing Kuwait’s energy future, a responsibility the Ministry holds with full commitment.

In their segment of the panel, KOC representatives discussed the project’s national significance, emphasizing its role in boosting Kuwait’s hydrocarbon reserves and reinforcing the country’s position as a leading global energy supplier. They highlighted the strategic importance of the project in positioning Kuwait as a prominent regional offshore operator, in line with international industry standards.

The KOC representatives pointed out that offshore exploration has been a key focus of Kuwait’s oil strategy for over 60 years. Initial exploration efforts began in the 1960s when Shell conducted its first offshore survey in 1961, followed by the drilling of the first two exploratory wells.

A major milestone in this long-term endeavor came with the discovery of the Al-Julaia offshore field, which now ranks as Kuwait’s second purely offshore field. This significant find, estimated to hold around 800 million barrels of oil, has further solidified Kuwait’s position on the global oil production map. The field spans 74 square kilometers and contains substantial commercial quantities of hydrocarbons, marking a pivotal moment in Kuwait’s offshore exploration history.

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Kuwait, Saudi Arabia advance energy and water cooperation

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Kuwait, Saudi Arabia advance energy and water cooperation

Kuwait aims to modernize power and water plants with skilled technical teams.

KUWAIT CITY, Sept 21: Officials at the Ministry of Electricity, Water and Renewable Energy discussed the paths and aspects of cooperation related to the electricity and water sectors in a recent videoconference with their counterparts in the Kingdom of Saudi Arabia. Sources from the ministry disclosed that the two sides discussed more than 10 paths, some of which have been completed, while coordination is underway to benefit from the experience of the Saudi Electricity Company in several areas, especially the rapid digital transformation. Sources added that the meeting is held every month, starting June 20, 2024. In another development, the Board of Directors of the Central Agency for Public Tenders (CAPT) approved the extension of the bid study period for Subiya Power Plant (Phase Four) and Reverse Osmosis Desalination Plant (Phase Two) tenders by one month. Sources said “the ministry is keen on completing the procedures related to these two tenders to improve its electricity and water production capacity to meet the electricity and water needs of the country, taking into consideration the present and future urban expansion in the country.”

Sources indicated that if the tender procedures for the Subiya project are completed, it will be operational in 2028, that is, before the second and third phases of the North Zour Power Plant start operating. Sources affirmed that the ministry is pushing towards completion of its production projects by overcoming obstacles in a bid to increase production capacity and strengthen the electricity and water networks. Furthermore, the ministry announced Sunday the connection of electricity to Plot N1 in Al-Mutlaa Residential City, specifically some parts of Block Four, in cooperation with the Public Authority for Housing Welfare (PAHW). It added that it will soon receive applications for connecting electricity to 455 residential plots in the area.

By Mohammad Ghanem
Al-Seyassah/Arab Times Staff

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Kuwait grants KNPC exclusive gas cylinder distribution rights

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KUWAIT CITY, Sept 21: Minister of Commerce and Industry Khalifa Al-Ajeel has issued Decision No. 169/2025 for amending Decision No. 33/1986, which prohibits the import of gas cylinders of all types, sizes, and accessories, reports Al-Seyassah daily. The decision states the following: Article 1 – Clause 2 of Decision No. 33/1986 shall be amended to read, “The Kuwait Oil Tanker Company (KOTC) and the Kuwait National Petroleum Company (KNPC) shall have the exclusive right to import and distribute gas cylinders and accessories in the State of Kuwait. Article 2 – Article 1 of Decision No. 83/2003 shall be amended to prohibit the local circulation of gas cylinders and accessories, including gas regulators, and hoses of various types, sizes, and shapes, unless imported by KOTC or KNPC. Article 3 – KNPC shall replace KOTC in implementing the provisions of Decision No. 33/1986 and its amendments, following the completion of the executive and legal procedures related to the transfer of ownership of the gas cylinder filling plant assets to KNPC.

Article 4 – The provisions of Decision No. 33/1986 and Decision No. 83/2003 shall remain in effect except as amended by this resolution. Article 5 – All officials are obligated to implement this resolution within their respective jurisdictions. It shall take effect from the date of issuance and publication in the official gazette “Kuwait Al-Youm”.

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