Secretary-General of the Gulf Cooperation Council Jassim Al-Budaiwi

KUWAIT CITY, Sept 10: Secretary General of the six-member Gulf Cooperation Council (GCC) Jassim Al-Budaiwi on Wednesday said the member states are exerting significant efforts to safeguard public funds in all forms.

Al-Budaiwi made the remarks while addressing the 22nd meeting of GCC chief auditors and accountants, hosted by Kuwait. He highlighted the comprehensive role of auditing and oversight bodies across member states and said the meeting reflects the GCC leaders’ commitment to advancing inter-state cooperation in audit and financial management.

He expressed deep appreciation to His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, chairman of the current GCC Supreme Council session, for the Kuwaiti government’s dedicated efforts in ensuring the success of the GCC meetings.

Al-Budaiwi also congratulated Saudi Arabia on its 95th National Day and the United Arab Emirates on the Emirates Audit Authority’s election to the INTOSAI Executive Council, the governing body of the International Organization of Supreme Audit Institutions.

The Secretary General noted that the GCC Secretariat prepared the meeting agenda based on the outcomes of the 26th undersecretaries’ meeting held on July 30, covering key topics in oversight and auditing.

Among the topics discussed were the strategic training plan for 2023-2025, including initiatives to enhance the capacity of auditing institutions, and the draft strategic training plan for 2026-2028, designed to anticipate future needs and strengthen professional efficiency in supervisory bodies.

The meeting also reviewed the results of the sixth GCC competition in auditing and accounting research and studies, and considered a UAE proposal on governance mechanisms for auditing the accounts of the GCC Secretariat General.

Further discussions included the draft regulations for the Career Excellence Award, aimed at motivating staff and raising institutional performance within GCC audit bodies, as well as the proposal to designate a Gulf week for financial auditing and accounting.

Al-Budaiwi stressed that these coordinated efforts reflect the oversight bodies’ awareness of the responsibilities entrusted to them by the leaders of the GCC states. He said the meeting underscores the commitment of member states to meet public expectations and enhances the bureaus’ prestige at both regional and international levels.

He concluded by thanking all participants for their efforts in strengthening cooperation, coordination, and integration in financial oversight and accounting across the GCC.

A view of the Grand Ethiopian Renaissance Dam in Benishangul-Gumuz, Ethiopia on Sept 9. (AP)

ADDIS ABABA, Ethiopia, Sept 10, (AP): Ethiopia on Tuesday inaugurated Africa’s largest dam to boost the economy, end frequent blackouts and support the growth of electric vehicle development in a country that has banned the importation of gasoline-powered vehicles. As reservoir waters flowed into the turbines of the Grand Renaissance Dam, Ethiopians dressed in colorful regalia viewed the ceremony on large screens across the capital, Addis Ababa, and celebrated the achievement with dancing to traditional music.

“We will have enough power to charge our electric vehicles from the new dam,” said Belay Tigabu, a bus driver in Addis Ababa’s main bus terminal. The almost $5 billion mega-dam, located on the Blue Nile tributary of the Nile River near Ethiopia’s border with Sudan, will produce more than 5,000 megawatts and is expected to double national electricity generation capacity, according to officials. Ethiopia’s Prime Minister Abiy Ahmed, speaking during the launch, said the dam was a “big achievement” that would show the world what Africans are capable of accomplishing.

Dozens of visiting African heads of state and government joined Abiy for the inauguration, with many expressing interest in importing power from Ethiopia. “I am proud to announce we will soon be signing an agreement with the government of Ethiopia to receive electricity from the dam that will benefit our hospitals and schools,” said South Sudan’s President Salva Kiir. Kenyan President William Ruto said his nation is looking to sign a power purchasing agreement with Ethiopia based on the resources of the dam project, which he said was a “pan-African statement.”

Already an importer of Ethiopia electricity, Ruto said Kenya is seeking to alleviate the electricity deficit his country is experiencing. He said the dam “exemplifies the scale and ambition of African-led infrastructure and aligns with the Africa Union’s vision of continental energy connectivity.” But Ethiopia’s new dam has faced controversy, with neighboring Egypt expressing concerns over reduced water flows downstream.

Egypt has long opposed the dam because of concerns it would deplete its share of Nile waters. The Arab world’s most populous country relies almost entirely on the Nile to supply water for agriculture and its more than 100 million people. Tamim Khallaf, a spokesperson for Egypt’s Ministry of Foreign Affairs, told The Associated Press that the dam posed an “existential threat.”  

A dealer stands near the screens showing the Korea Composite Stock Price Index (KOSPI), (left), and the foreign exchange rate between US dollar and South Korean won at a dealing room of Hana Bank in Seoul, South Korea on Sept 10. (AP)

TOKYO, Sept 10, (AP): Asian shares mostly rose in early Wednesday trading, echoing record rallies on Wall Street after the latest update on the job market bolstered hopes the US Federal Reserve will cut interest rates. Japan’s benchmark Nikkei 225 gained 0.9% to finish at 43,837.67. Australia’s S&P/ASX 200 added 0.3% to 8,830.40.

South Korea’s Kospi jumped 1.7% to 3,314.66. Hong Kong’s Hang Seng rose 1.1% to 26,223.30, while the Shanghai Composite edged up 0.2% to 3,814.63. Uncertainty is still in the air over US-China tariff issues as bilateral talks continue. US President Donald Trump has raised taxes on imports from China, triggering a tit-for-tat tariff war.

The U.S. is currently charging an additional 30% tariff on Chinese goods and China is charging a 10% tariff under a de-escalation deal reached in May. On Wall Street, the S&P 500 rose 0.3% and squeaked past its all-time high set last week. The Dow Jones Industrial Average climbed 196 points, or 0.4%, while the Nasdaq composite gained 0.4%.

They likewise set records. Traders have become convinced that the Federal Reserve will cut its main interest rate for the first time this year at its next meeting in a week, in order to prop up the slowing job market. A report on Tuesday offered the latest signal of weakness, when the US government said its prior count of jobs across the country through March may have been too high by 911,000, or 0.6%.

That was before President Donald Trump shocked the economy and financial markets in April by rolling out tariffs on countries worldwide. The bet on Wall Street is that such data will convince Fed officials that the job market is the bigger problem now for the economy than the threat of inflation worsening because of Trump’s tariffs.

That would push them to cut interest rates, a move that would give the economy a boost but could also send inflation higher. A lot is riding on Wall Street’s hope that the job market is slowing by just the right amount: Investors have already sent US stock prices to records because of it. Inflation also needs to stay at a reasonable level, even though it looks tough to get below the Fed’s target of 2%. In the bond market, the yield on the 10-year Treasury rose to 4.08% from 4.05% late Monday.