A person walks in front of an electronic stock board showing Japan’s Nikkei index at a securities firm on Oct 15, in Tokyo. (AP)

BANGKOK, Oct 15, (AP): Shares swung higher Wednesday in Europe and Asia, supported by buying of technology shares, as hopes for a US interest rate cut helped to offset worries over simmering trade tensions between Washington and Beijing. Gold rose to new highs, hitting $4,217 per ounce. The precious metal has soared nearly 60% in 2025 as investors seek a hedge against a long list of uncertainties, including higher tariffs and the economy.

Federal Reserve Chair Jerome Powell signaled Tuesday that the Fed is slightly more worried about the job market, raising expectations that the central bank will come through with another rate hike. “Rising downside risks to employment have shifted our assessment of the balance of risks,” he said at a meeting of the National Association of Business Economics in Philadelphia.

Traders took heart from his words, given the lack of fresh data due to the US government shutdown, “reading Powell like a haiku – every pause, every syllable weighed for hidden meaning,” Stephen Innes of SPI Asset Management said in a commentary. “The message, once decoded, was clear enough: two rate cuts aren’t just a possibility, they’re the main course,” he said.

The future for the S&P 500 was up 0.4% while that for the Dow Jones Industrial Average gained 0.3%. Germany’s DAX edged 0.1% higher to 24,251.39, while the CAC 40 in Paris climbed 2.3% to 8,103.60. Britain’s FTSE 100 was nearly unchanged at 9,449.83. In Tokyo, the Nikkei 225 rose 1.8% to 47,672.67, while the Hang Seng in Hong Kong surged 2.1% to 25,973.55.

The Shanghai Composite index gained 1.2% to 3,912.21. In South Korea, the Kospi jumped 2.7% to 3,657.28 as market heavyweight Samsung Electronics advanced 3.7%. Taiwan’s Taiex added 1.8%. US indexes bounced Tuesday between gains and losses, weighed down by renewed jitters over friction between Washington and Beijing. The S&P 500 gave up 0.2% to 6,644.31.

The Dow climbed 0.4% to 46,270.46, while the Nasdaq composite dropped 0.8% to 22,521.70. Markets have gyrated as the U.S. and China have traded harsh words and threats of new trade sanctions and tariffs. Technology stocks are hypersensitive to trade issues since big chipmakers and other companies rely on China for raw materials and manufacturing. China’s large consumer base is also important for their sales growth. Chipmaker Nvidia slumped 2.6% and Broadcom fell 3.5%.

KUWAIT CITY, Oct 14: Jazeera Airways, Kuwait’s leading low-cost carrier, today announced the return of its direct flights to Sochi, reintroducing seamless connectivity between Kuwait and one of Russia’s most enchanting year-round destinations.

Following a highly successful summer season, the airline will resume services to Sochi for the winter schedule, unlocking new opportunities for Gulf travelers seeking winter escapes, wellness retreats, and alpine adventures by the Black Sea. As the first and only Kuwaiti airline to operate direct flights to Sochi, Jazeera Airways continues to strengthen cultural and tourism ties between the Gulf and Russia. The resumed service offers travelers from Kuwait and the wider Middle East region direct access to Sochi’s renowned winter charm – from snow-covered peaks in Krasnaya Polyana and world-class ski resorts, to rejuvenating spas, thermal springs, and vibrant cultural experiences.

A Destination for All Seasons – Now a Winter Favorite Sochi, long celebrated for its summer coastline, has rapidly emerged as a premier winter resort since hosting the 2014 Winter Olympics.

Visitors can enjoy a host of winter sports like skiing and snowboarding in the Caucasus Mountains at Rosa Khutor, Gazprom and Gorky Gorod. They can also experience wellness and nature retreats with panoramic snowy vistas or just enjoy Russian cuisine while discovering the local markets and historic promenades along the Black Sea.

Commenting on the resumption, Barathan Pasupathi, CEO of Jazeera Airways, said: “Sochi has proven to be more than a seasonal success – it’s a destination that captivates year-round. We are excited to return this winter, offering our passengers access to Russia’s premier ski and wellness capital. By resuming flights, we continue to connect Kuwaiti and GCC travelers to new experiences, while also welcoming Russian visitors through Kuwait to our extended network of more than 60 destinations.” The Sochi route offers smooth onward connections through Jazeera Terminal 5 in Kuwait, enabling travelers from Russia to access cities such as Dubai, Riyadh, Jeddah, Istanbul, Delhi, and Mumbai.

Flight Schedule
Flights to Sochi will operate twice weekly for the winter season. To book your flights visit the Jazeera Airways website – www.jazeeraairways.com or mobile app, or contact their call center at 177.

Acting Director General of the Kuwait Fund for Arab Economic Development, Waleed Al-Bahar, signs a loan agreement with Saint Lucia.

WASHINGTON, Oct 14: The Kuwait Fund for Arab Economic Development (KFAED) signed two loan agreements with Belize and Saint Lucia on the sidelines of the World Bank Group meetings taking place this week in Washington, with Kuwait’s participation. In a statement, the Fund said the first agreement, which was signed on Monday, provides the Government of Belize with a loan of KWD 4 million (approximately USD 12.8 million) to contribute to financing the George Price Highway Project (Belmopan-La Democracia Section).

The agreement was signed on behalf of the Government of Belize by Deputy Minister of Finance Joseph Waight, while Acting Director General Waleed Al-Bahar signed on behalf of KFAED. The project aims to support Belize’s economic and social development by constructing a modern, climate-resilient highway that connects Belmopan to La Democracia. It forms part of the George Price Highway, a major east-west transport corridor linking Belize City with Benque Viejo del Carmen on the Guatemalan border.

The statement added that the project is part of a series of priority initiatives to upgrade the highway between Belmopan and Belize City to international standards. The improvements are expected to enhance accessibility, reduce travel time and operating costs, and boost regional trade, agriculture, and commercial activity. The project also includes components to improve road safety and create new job opportunities, contributing to several Sustainable Development Goals (SDGs), particularly Goal 3 (Good Health and Well-being), Goal 9 (Industry, Innovation and Infrastructure), Goal 11 (Sustainable Cities and Communities), and Goal 17 (Partnerships for the Goals). Completion is expected by the end of 2028.

The loan has a term of 21 years and will cover about 42.7 percent of the total project cost, with the Government of Belize funding the remainder and any additional costs. This is the seventh loan provided by the Fund to Belize. Previously, the Fund extended six loans totaling approximately KWD 18.617 million (about USD 60.67 million) for projects across various sectors, in addition to four grants and technical assistance amounting to about KWD 737,700 (about USD 2.4 million). The second agreement, signed between the Kuwait Fund and Saint Lucia, provides a loan of KWD 4 million to contribute to financing the Sir Julian R. Hunte Highway Project (Monchy-Gros Islet Section). The agreement was signed on behalf of Saint Lucia by Imran Williams, Director of Finance at the Ministry of Finance, while Waleed Al-Bahar signed on behalf of the Fund. The project aims to support Saint Lucia’s economic and social development by upgrading the road from Monchy Junction to Gros Islet Junction, the final segment of the Sir Julian R. Hunte Highway.(KUNA)