KUWAIT CITY, June 11: Boursa Kuwait ended Wednesday’s session on a positive note, with the general index climbing 51.51 points, or 0.63 percent, to close at 8,268.50 points. The day saw a total of 408.11 million shares traded through 21,279 cash transactions, with a total value of KD 94.7 million (approximately USD 289.7 million). The Main Market Index advanced 34.51 points (0.49 percent) to settle at 7,042.38 points, as 201.6 million shares changed hands via 10,107 transactions, generating KD 21 million (around USD 64.2 million) in turnover. Meanwhile, the Premier Market Index posted a gain of 58.29 points, or 0.65 percent, to reach 8,982.89 points. Trading volume reached 206.4 million shares through 11,172 transactions, with a total value of KD 73.7 million (about USD 225.5 million). In parallel, the Major 50 Index also edged higher, adding 16.74 points (0.23 percent) to finish at 7,212.92 points. A total of 163.3 million shares were traded via 6,413 cash transactions, amounting to KD 15.5 million (roughly USD 47.4 million). (KUNA)

KUWAIT CITY, June 11: The Price Monitoring Committee — which is under the Central Committee for Price Studies, Inflation Monitoring and Supply Chains — met recently to discuss a series of recommendations aimed at reorganizing the price monitoring mechanism because of market developments in recent years. According to sources, the committee, tasked to analyze price movements and ensure market stability, follows a strategy designed to balance economic stability with market interests. The source said the primary objectives of the committee include protecting consumer rights and preventing unjustified price hikes.

During the meeting, the committee members agreed to prioritize reviewing price increase requests from companies that have not adjusted their prices since before the COVID-19 pandemic. Sources explained that the rationale is that these companies have not benefited from recent price revisions, making their cases more compelling from a commercial fairness perspective.

Sources revealed the committee is currently coordinating and prioritizing these requests in preparation for formal review, indicating each request will be evaluated based on transparent and well-defined criteria to ensure fairness and objectivity. The meeting, which included representatives from relevant stakeholders, featured a visual presentation and a detailed economic report outlining the committee’s proposed methodology.

Emphasis was placed on the urgency of submitting the meeting’s outcomes to the appropriate central authorities for action. Sources confirmed that the committee, supervised by the Ministry of Commerce and Industry, is responsible for monitoring price fluctuations, issuing periodic reports, and recommending regulatory action whenever necessary. It also oversees approval of price adjustments and the introduction of new products, ensuring alignment with supply and demand dynamics, sources added.

Spain’s Economy Minister Carlos Cuerpo speaks during an interview with The Associated Press at the Economy Ministry in Madrid, Spain on June 10. (AP)

MADRID, June 11, (AP): Spain’s economy minister says the millions of tourists who visit the country every year present a challenge for Spain’s residents that the government can no longer afford to ignore. Last year, Spain received a record 94 million international visitors, making it one of the most visited countries in the world. It could receive as many as 100 million tourists this year, according to some projections.

“It’s important to understand that these record numbers in terms of tourism also pose challenges,” Economy Minister Carlos Cuerpo said in an interview Tuesday with The Associated Press. “And we need to deal with those challenges also for our own population.” Tourism is a key sector for the Southern European nation’s economy, which grew faster than any major advanced economy last year at 3.2%, and is projected to grow at 2.4% this year, according to the Bank of Spain, well ahead of the expected eurozone average of 0.9%.

But a stubborn housing crisis in which home and rental costs have skyrocketed in cities such as Madrid, Barcelona and elsewhere has led to growing frustration about one aspect tied to tourism in particular: the proliferation of short-term rental apartments in city centers. The country has seen several large protests that have drawn tens of thousands of people to demand more government action on housing. Signs at demonstrations with slogans such as “Get Airbnb out of our neighborhoods” point to the growing anger.

In response, the government recently announced it was cracking down on Airbnb listings that it said were operating in the country illegally, a decision that the company is appealing. “We are a 49 million-inhabitants country,” Cuerpo said. The record numbers of tourists illustrate the “attractiveness of our country, but also of the challenge that we have in terms of dealing and providing for a good experience for tourists, but at the same time avoiding overcharging (for) our own services and our own housing,” he said.

The Bank of Spain recently said the country has a deficit of 450,000 homes. Building more public housing is critical to solve the problem, Cuerpo said. Spain has a lower stock of public housing than many other major European Union countries. “This is the key challenge for this term,” the minister said of the country’s housing woes.