The stock prices of Contemporary Amperex Technology Co. (CATL) is displayed at the listing ceremony in Hong Kong on May 20. (AP)
BEIJING, May 20, (AP): Asian shares rallied Tuesday after China cut key interest rates to help fend off an economic malaise worsened by trade friction with Washington. Shares in China’s CATL, the world’s largest maker of electric batteries, jumped 17.2% in its Hong Kong trading debut after it raised about $4.6 billion in the world’s largest IPO this year.
Its shares traded in Shenzhen, mainland China’s smaller share market after Shanghai, gained 1.2% after dipping earlier in the day. The Reserve Bank of Austalia reduced its benchmark interest rate by a quarter percentage for a second time this year, to 3.85%, judging inflation to be within its target range. The earlier reduction, in February, was Australia’s first rate cut since October 2020.
The future for the S&P 500 lost 0.4% while that for the Dow Jones Industrial Average was 0.2% lower. In early European trading, Germany’s DAX edged 0.1% higher to 23,954.16 while the CAC 40 in Paris climbed 0.2% to 7,897.13. Britain’s FTSE 100 rose 0.3% to 8,723.97. China’s central bank made its first cut to its loan prime rates in seven months in a move welcomed by investors eager for more stimulus as the world’s second largest economy feels the pinch of Trump’s higher tariffs.
The People’s Bank of China cut the one-year loan prime rate, the reference rate for pricing all new loans and outstanding floating rate loans, to 3.00% from 3.1%. It cut the 5-year loan prime rate to 3.5% from 3.6%. With China’s chief concern being deflation due to slack demand rather than inflation, economists have been expecting such a move.
Data reported Monday showed the economy under pressure from Trump’s trade war, with retail sales and factory output slowing and property investment continuing to fall. Tuesday’s cuts probably won’t be the last this year, Zichun Huang of Capital Economics said in a report. “But modest rate cuts alone are unlikely to meaningfully boost loan demand or wider economic activity,” Huang said. Hong Kong’s Hang Seng gained 1.4% to 23,659.70 early Tuesday, while the Shanghai Composite index advanced 0.4% to 3,380.48.
KUWAIT CITY, May 19: The Ministry of Islamic Affairs has launched its procurement plan for the 2025/2026 fiscal year, which includes approximately 212 tenders and projects of all sectors of the ministry. The tenders aim to implement a variety of projects aimed at developing and expanding the ministry’s services in various religious, administrative, and technical fields. The plan highlights the implementation of several major construction and service projects.
Notable among them are the establishment of Quranic studies centers, residential facilities for imams and muezzins, and Quran memorization centers in various areas of Kuwait. The plan includes the creation of an integrated Islamic cultural center in Adan. It also includes a project to operate the fiber optic network infrastructure between the ministry’s locations, along with the supply and installation of integrated services for people with special needs at its headquarters. Within the framework of awareness and media, the ministry will seek bids from companies to produce television spots aimed at enhancing the religious media system, reaching all age groups, and promoting Islamic values, ideals, and morals.
The ministry will also issue a tender to develop the electronic Hajj and Umrah portal. The portal will include comprehensive modules to serve pilgrims, Umrah performers, and campaigns, including units for electronic Hajj registration for pilgrims and campaigns, electronic Umrah registration for companies and individuals, managing Hajj campaign licenses, and overseeing companies organizing Umrah caravans.
There will also be modules to manage Hajj and Umrah operations, as well as campaign-related complaints and evaluations. The plan also includes a tender for automating the Islamic Studies Sector, aimed at completing the analysis, development, and maintenance of a modern electronic educational system for the Quran and Islamic Studies Sector.
In addition, the ministry will issue a tender for the development, updating, and maintenance of its electronic portal to automate government services provided through its official website. This initiative aims to deliver practical outcomes, enabling transactions to be completed in the shortest possible time, and enhancing the ministry’s role in serving religious and administrative affairs in Kuwait.
Japanese Ambassador to Kuwait Mukai Kenichiro poses with the Kuwaiti business men
KUWAIT CITY, May 19: Japanese Ambassador to Kuwait Mukai Kenichiro organized the ‘Japanese-Kuwaiti Business Diwaniya’ at his residence, with Assistant Foreign Minister for Asian Affairs Ambassador Samih Jawhar Hayat, a group of Kuwaiti businesspersons, and representatives of the public and private sectors in attendance. The meeting aimed to strengthen the economic and technological partnerships between Kuwait and Japan and expand the horizons of cooperation in various fields.
Mukai expressed his pride and gratitude for the presence of the guests, stressing that the Diwaniya is a strategic opportunity to revive the Japanese-Kuwaiti Business Committee at the governmental level and exchange views on the future of trade and investment cooperation between the two countries. He pointed out that the current phase is a turning point in economic relations between the two countries, calling for strengthening cooperation in sustainable development, social responsibility, and the green economy. He affirmed that Japan is one of the largest global investment markets, with capital investments reaching approximately $700 billion in 2023. He urged the Kuwaiti businesspersons to explore the available opportunities, particularly through the Kansai-Osaka Expo, which was launched in April and will continue for six months.
He revealed the Expo showcases advanced Japanese technologies, such as room-temperature hydrogen production devices, carbon dioxide capture and emission technologies, and industrial fuel production. He said these technologies are plausible solutions for the realization of Kuwait’s goal to achieve carbon neutrality by 2050. He also cited the perovskite solar cells developed by Panasonic, which can be installed on windows and are currently used in Toyota cars that charge while driving, making them ideally suited to the sunny environment in Kuwait. In the healthcare sector, he highlighted the regenerative medicine technologies using IPS cells, which offer advanced therapeutic capabilities, calling for investment in them and their use within the healthcare system in Kuwait. He also talked about the contributions of major Japanese companies, such as Mitsubishi, Toshiba and JERA, to infrastructure and energy projects in Kuwait.
The Ambassador with some of the Kuwaiti entrepreneurs
He asserted that these projects are not merely commercial activities, as they are rather contributions to improving the quality of life. He was quick to add that these companies are facing challenges, such as the slow bidding process, delayed procedures, and lack of focus on reducing emissions. He revealed the Japanese government is engaged in a serious dialogue with the Kuwaiti side to address these challenges, calling on decision-makers to support these efforts to improve the joint business environment. He affirmed the embassy’s readiness to provide all forms of support to Kuwaiti businesspersons, wishing to introduce Japanese products and technologies to the local market. He is hoping that Kuwait will become a regional center for adopting Japanese innovations and exporting them to the Gulf states, especially Saudi Arabia and the United Arab Emirates (UAE).
On the other hand, Mubarak Al-Sayer, Executive Board Member of Al-Sayer Group, presented the history of the long-standing partnership with Japan, dating back to 1954, when the group became the first distributor of Toyota vehicles in the Middle East, thanks to his late father, Nasser Mohammed Al-Sayer. Al-Sayer explained that this relationship has evolved into a strategic partnership spanning more than seven decades, making Al-Sayer Group the largest importer of Japanese goods in Kuwait, including major brands like Toyota, Lexus, Hino, Hitachi, Kawasaki, Yokohama, Akai, Sakai, JCB, and Canon.
Mukai Kenichiro delivers a speech
He asked the Japanese government to facilitate entry for Kuwaitis by granting visas upon arrival, stressing that the Kuwaiti people’s passion for Japan is growing in the fields of education, entertainment, and commerce. He affirmed Al-Sayer Group’s commitment to continuing its longstanding partnership with Japan for future generations, stating that “this partnership is not only a legacy we cherish, but a future we are working hard to consolidate.
The first Qatar Airways plane in three years lands at King Khalid Airport in Riyadh, Saudi Arabia on Jan 11, 2021.(AP)
DUBAI, United Arab Emirates, May 19, (AP): The holding company that owns Qatar Airways reported Monday it earned a $2.15 billion profit in its last fiscal year, its highest-ever profit off the back of record passenger numbers as global aviation bounces back after the coronavirus pandemic. The state-owned carrier reported revenues of $23.4 billion overall in the results, up from $22.1 billion the year before.
Its fiscal year profits in the prior reporting period were $1.6 billion. “These record-breaking results are a testament to the hard work, skill and dedication of teams across all of Qatar Airways Group,” said group CEO Badr Mohammed al-Meer in a statement. Qatar Airways, along with Abu Dhabi-based Emirates and Dubai’s Emirates, are long-haul carriers that link East-West travel.
Their location on the Arabian Peninsula between Europe and Asia have made them a key link in global transit. Qatar Airways also got a boost when the small, energy-rich nation hosted soccer’s 2022 FIFA World Cup. Qatar Airways reported carrying 43.1 million passengers, up from the prior financial year’s 40 million. Its fleet includes over 230 aircraft, which is a mix of Airbus and Boeing long-haul and medium-range planes.
The Qatar Airways Group includes the airline, its cargo service, the country’s airport operator and Qatar Duty Free. Its financial year runs from April 1 to March 31. The announcement follows long-haul carrier Emirates earlier this month saying that it earned annual profits of $5.2 billion, with the state-owned firm declaring itself the world’s most profitable airline.