A person stands in front of an electronic stock board showing Japan’s Nikkei index at a securities firm on Oct 20, in Tokyo. (AP)

BANGKOK, Oct 21, (AP): Asian markets advanced on Tuesday, with Japan’s benchmark creeping closer to the symbolically important 50,000 level for the first time as lawmakers chose conservative hardliner Sanae Takaichi to become the country’s first female prime minister. The Nikkei 225 in Tokyo gave up earlier, bigger gains after Takaichi prevailed in a vote in Japan’s parliament, rising just 0.3% to 49,316.06.

She is expected to support market-friendly policies such as low interest rates and more government spending. The US dollar rose to 151.31 Japanese yen from 150.75 yen. If Takaichi gets her way in slowing interest rate increases by the Bank of Japan, the yen is likely to remain relatively weak against the dollar. That will hinder the central bank’s efforts to curb inflation, which now stands above its target rate of about 2%.

Hong Kong’s Hang Seng added 1.2% to 26,164.64 and the Shanghai Composite index was up 1.3% at 3,913.34. Expectations that US President Donald Trump will meet with Chinese President Xi Jinping later this month during a regional summit have raised hopes for an easing of trade tensions between the world’s two biggest economies.

Chinese Communist Party leaders are meeting this week to set a policy blueprint for the next five years In South Korea, the Kospi gained 0.2% to 3,8223.84, while Australia’s S&P/ASX 200 climbed 0.7% to 9,094.70. Taiwan’s Taiex rose 0.2%. US stocks rallied on Monday to the cusp of their records. The S&P 500 climbed 1.1%, pulling within 0.3% of its all-time high set earlier this month. The Dow Jones Industrial Average jumped 1.1% and the Nasdaq composite gained 1.4%.

Apple rose 3.9% to its own record high amid optimism about demand for its latest iPhone design. It was the strongest force lifting the S&P 500. Cleveland-Cliffs jumped 21.5% after the steel company’s CEO, Lourenco Goncalves, said it would provide details soon about a potential deal with a major global steel producer that could mean bigger profits.

He also said his company has potentially found signs of rare earths at sites in Michigan and Minnesota. Such materials have grabbed the global spotlight after China recently put curbs on the export of its own rare earths, a move that Trump characterized as hostile. Trump’s ensuing threat of higher tariffs triggered big swings for Wall Street, but the concerns eased a bit after Trump said such high tax rates on Chinese imports are unsustainable.

Minister of Justice, Nasser Al-Sumait

KUWAIT CITY, Oct 20: Minister of Justice Nasser Al-Sumait issued a ministerial decision to form a committee tasked to prepare a draft decree regulating real estate ownership by investment entities. This is in line with Decree-Law No. 7/2025 amending Decree-Law No. 74/1979, which regulates real estate ownership by non-Kuwaitis. In a press statement on Sunday, Al-Sumait revealed the committee will prepare a draft decree stating the rules governing ownership permits, permitted areas, and restrictions on disposal or mortgage.

The draft will then be submitted to him to ask for the opinion of relevant authorities and complete the legal procedures. Al-Sumait stressed that this step is part of the efforts of the State to develop a legal environment that attracts investment and enhances the balance between encouraging capital and protecting real estate ownership to support the Kuwait 2035 vision.

The committee is chaired by Counselor Ahmed Al-Mutairi, with Hamad Al-Rashidi serving as rapporteur, while the members include the representatives of the Ministry of Justice, Kuwait Direct Investment Promotion Authority (KDIPA), Kuwait Municipality and Public Authority for Housing Welfare (PAHW). It is worth mentioning that the amended draft decree grants investment entities licensed by KDIPA the right to own real estate, which is necessary to carry out their activities, manage them, or provide housing for investors and employees, in accordance with the regulations and conditions specified in the new decree.

By Jaber Al-Hamoud Al-Seyassah/Arab Times Staff

AEO Secretary-General Jamal Al-Loughani

KUWAIT CITY, Oct 20: The Arab Energy Organization (AEO) on Monday presented a comprehensive study highlighting the economic and environmental benefits of converting used cooking oil into renewable biofuel, aiming to address current challenges and promote sustainable fuel production.

AEO Secretary-General Jamal Al-Loughani told KUNA that the study examines the entire process, from sources of used cooking oil and its collection and transportation to production centers, to refining and processing steps necessary to produce high-quality, impurity-free biofuel.

AEO study explores converting used cooking oil into renewable energy.

According to the study, approximately 14 billion liters of used cooking oil were collected worldwide in 2022, with expectations this volume could exceed 30 billion liters by 2030. Al-Loughani also noted that global trade in used cooking oil is projected to grow from 3.7 billion gallons in 2022 to between 5 and 10 billion gallons annually by 2030, depending on efforts to stimulate its conversion into sustainable fuels.

The report details recent global advancements in producing biodiesel and Sustainable Aviation Fuel (SAF) from used cooking oil. Al-Loughani highlighted projects underway in Arab countries such as the United Arab Emirates and Saudi Arabia, and pointed to growing regional interest in sustainable aviation fuels, driven by goals to reduce carbon emissions, diversify economies, and conserve natural resources.

He cited Qatar Airways’ 2023 test flight using sustainable jet fuel derived from used cooking oil imported from Finland as an example of regional momentum, with more initiatives expected as airlines pursue net-zero emission targets.

Al-Loughani emphasized that investing in converting used cooking oil into biofuel maximizes resource efficiency while serving as a strategic environmental solution to lower greenhouse gas emissions and enhance energy security. The process also supports national economies by creating new jobs.

The study underscores the critical role of government regulation in standardizing oil collection and setting quality benchmarks for biofuel production to ensure sustainability and safety.