Kuwait Financial News

The tiny Mideast nation of Kuwait has banned the release of the video game “Call of Duty: Black Ops 6,” which features the late Iraqi dictator Saddam Hussein and is set in part in the 1990s Gulf War

“I am the enemy you killed, my friend. I knew you in this dark: for so you frowned Yesterday through me as you jabbed and killed. I parried; but my hands were loath and cold. Let us sleep now... .” — “Strange Meeting” by Wilfred Owen In 1845, the German philosopher, political theorist and economist Karl Marx wrote about his theory of historical materialism in Theses on Feuerbach. It states that the direction of history is determined by material forces and that the ultimate result will be a communist utopia. With the proletariat (workers) emerging as victors, and that it would be the “end of history”. Exactly 144 years later, two events happened. In the summer of 1989, the American magazine The National Interest published an essay, “The End of History?”. Its author, the political scientist Francis Fukuyama, said that the ideological battles between East and West were over. Western liberal democracy had triumphed. At that time, anti-communist protests were breaking out across the former Soviet Union. Fukuyama had put his neck on the line with that essay.

Asian Games to be staged in Aichi-Nagoya, Japan, will not have a Games Village and the athletes will be accommodated in hotels and cruise ships instead. In his address during the 44th General Assembly of Olympic Council of Asiada here on Sunday, former Japan Olympic Committee president Tsunekazu Takeda, informed that continental showpiece to be co-hosted by the Aichi Prefecture and the city of Nagoya will have no Olympic village. «We will not have the Games Village as the Games will be held in two prefectures. Instead we are trying our best to accommodate athletes and dignitaries in hotels and cruise ships,» Takeda said while briefing about the Games preparations. «We have arranged for cruise ships for 4,000 athletes and officials besides hotel rooms,» added Takeda, the vice president of 2026 Asian Games.

sports administrator Randhir Singh on Sunday became the first Indian to be elected as the president of the Olympic Council of Asia (OCA) during the 44th General Assembly of the continental body here. A five-time Olympic shooter, Randhir was the lone eligible candidate for the OCA president's post. His tenure will run from 2024 till 2028, and his election was unanimous. The 77-year-old Randhir has been the OCA acting president since 2021, filling in for Kuwait's Sheikh Ahmad Al-Fahad Al-Sabah, who was handed a 15-year ban from sports administration in May this year over ethics breaches. Randhir, who held different administrative posts in Indian and Asian sports bodies, was officially named OCA president in the presence of Sports Minister Mansukh Mandaviya and top sports leaders from all 45 countries of Asia.

Jaishankar will on Sunday embark on a six-day visit to Saudi Arabia, Germany and Switzerland with a larger aim to boost overall bilateral ties and deliberate on pressing regional and global challenges. He will first travel to the Saudi capital Riyadh on a two-day trip primarily to attend the first India-Gulf Cooperation Council (GCC) foreign ministers' meeting, according to the Ministry of External Affairs (MEA). The GCC is an influential grouping comprising the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait. The total volume of India's trade with GCC countries stood at USD 184.46 billion in the financial year 2022-23. In Riyadh, Jaishankar is also expected to hold bilateral meetings with foreign ministers of several GCC member countries.

The check-in area of London City Airport, about a 30-minute Tube ride from Canary Wharf, looks much like any midsized hub in North America. There are queues of passengers waiting to check bags, busy shops and restaurants, and a duty-free shop.

Kuwait City: External Affairs Minister S Jaishankar Sunday met Kuwait's top leadership and discussed ways to take the bilateral ties to a higher level and also exchanged views on the geopolitical developments in the region. Jaishankar, who arrived here on Sunday on a day-long visit, called on Crown Prince Sheikh Sabah Al-Khaled Al-Sabah and sought his insights on taking the bilateral ties to a higher level. «Honoured to call on His Highness Sheikh Sabah Al-Khaled Al-Sabah Al-Hamad Al-Mubarak Al-Sabah, the Crown Prince of the State of Kuwait. Conveyed the greetings of the President and Prime Minister,» Jaishankar said in a post on X. "India and Kuwait share centuries-old bonds of goodwill and friendship. Our contemporary partnership is expanding steadily. Thank him for his guidance and insights on taking our ties to a higher level," he added.

Air India Express has launched six new daily direct flights in a single day, said a press release on Tuesday. The Tata-owned Air India subsidiary airlines will be flying five new routes as a part of this launch which include Guwahati-Jaipur, exclusive to Air India Express. The new flights are operating on the Chennai-Bhubaneswar, Chennai-Bagdogra, Chennai-Thiruvananthapuram, Kolkata-Varanasi, Kolkata-Guwahati, and Guwahati-Jaipur routes. Moreover, to accommodate growing demand on the Chennai-Thiruvananthapuram route, which was previously served by two weekly flights, the airline has now added an extra daily service, increasing the total to nine flights per week. Air India Express now connects Chennai directly to 10 destinations which include Bagdogra, Bengaluru, Bhubaneswar, Guwahati, Hyderabad, Kolkata, and Thiruvananthapuram domestically, and Dammam, Kuwait, and Singapore internationally.

Reserve Bank of India said that global acceptability of the UPI and the development of CBDCs — can lower the cost of remittances, enhance their volume and also inflows to the recipients.

Mint examines this question and more. The Shanghai Cooperation Organisation (SCO) was formed in 2001. It evolved from an earlier avatar known as the Shanghai Five, comprising Russia, Kazakhstan, Kyrgyzstan, Tajikistan and China.

visa rules allowing expatriates working in domestic sectors to transfer their visas to the private sector. This change, announced by the Office of the First Deputy Prime Minister and Minister of Defence and Interior Sheikh Fahad Al Yousuf Al Sabah, aims to streamline labor mobility while adhering to the nation's legal framework. Starting July 14, domestic workers can transfer their visas under specific conditions, as reported by Gulf News. These conditions include obtaining approval from their current employer, having a minimum residency period of one year with the current employer, and paying a transfer fee of 50 dinars (approximately Dh600). Additionally, there is a charge of 10 dinars for each year of service with the current employer. The announcement follows a three-month amnesty period, which ended in June, that allowed expatriates residing unlawfully in Kuwait to regularize their status. Options included paying penalties, obtaining new residency, or leaving the country without fines.

MUMBAI : Mumbai: Some of the world’s largest sovereign wealth funds, including Singapore’s GIC Holdings Pte. Ltd, Abu Dhabi Investment Authority, and Kuwait Investment Authority, have significantly increased their investments in Indian stocks and startups the past few years. These three funds held a collective ₹5 trillion, or nearly $60 billion, in Indian stocks as of 31 March, show data compiled by Mint.

Mann Ki Baat', marking his first in the new term. He highlighted the continuity of the program despite a brief hiatus, emphasising the ongoing positive impact of citizen-driven initiatives across India. PM Modi also expressed gratitude for the public's reaffirmation of faith in the Constitution and democratic processes during the historic 2024 Lok Sabha elections, where a record 650 million people participated.

Jaishankar on Tuesday emphasised on the «common interest» in «stabilisation and progress» in India-China relations during a meeting with Chinese ambassador Xu Feihong, amid the lingering border row in eastern Ladakh. Jaishankar also separately met envoys of New Zealand, Kuwait and Sri Lanka. «Received Ambassador of China Xu Feihong this evening. Discussed our bilateral relationship and our common interest in its stabilization and progress. Wished him a successful tenure,» the external affairs minister said on 'X'. The external affairs minister has consistently been maintaining that India's ties with China cannot be normal unless there is peace in the border areas.

Ahmadi Governorate in the Gulf Kingdom, a media report said on Wednesday. The massive fire which occurred at a six-storey building in the city of Mangaf on July 12 was caused by an electrical short circuit in the guard's room on the ground floor. The building was home to 196 migrant workers, mostly Indians. «The Public Prosecution has ordered the detention of a Kuwaiti national, three Indian nationals, and four Egyptian nationals for two weeks in connection with the Al-Mangaf building fire case,» English language daily Arab Times reported without identifying their names.

Yogi Adityanath offered financial assistance to the family of two workers from Gorakhpur who lost their lives in a fire accident in Kuwait and to devotees who were injured in the recent terrorist attack on a pilgrims' bus in Jammu and Kashmir's Reasi. Recently, 45 Indians died in a fire in a multi-storey building in Kuwait. These included Angad Gupta, a resident of Jatepur North in Sadar tehsil area of Gorakhpur and Jairam Gupta, a resident of Bhammaur in the Campierganj tehsil area. Chief Minister Yogi Adityanath contacted the Ministry of External Affairs and the Indian Embassy in Kuwait and made arrangements to bring their bodies to their homes with respect.

Eid-ul-Adha, a significant Islamic festival, is observed on the tenth day of Dhu-al-Hijjah, the last month of the Islamic lunar calendar. This festival, also known as the Feast of Sacrifice, is celebrated the day after the annual Hajj pilgrimage concludes. It commemorates Prophet Ibrahim's willingness to sacrifice his son, Ismail, as an act of obedience to Allah. At the moment of sacrifice, Allah replaced Ismail with a ram, symbolizing divine intervention and reward for unwavering faith.

Kochi: K G Abraham, MD of Kuwait-based NBTC Group, whose workers died in the fire accident in one of its accommodations in the Gulf nation, on Saturday said the incident was unfortunate, and the company will take care of the victims' families. Addressing the media here after three days of the tragic fire that killed 49 people, Abraham became emotional and said «we are so sorry». «We are so sorry. We are so sorry. I was crying in my house. I know most of them. There were people working with us for more than 27 years. What happened was really unfortunate,» he said.

fire incident in Kuwait on June 12, were held at their respective hometowns in Kerala on Saturday where hundreds came to bid adieu. The bodies of 23 Keralites who lost their lives in the fire that happened in one of the residential accommodations of a company at Mangaf in Kuwait, were brought to the state on Friday in a special flight from the Gulf nation. The funerals of 12 Keralites were held on Friday itself, while four of them were held today. The funerals of Lucas and Sajan George from Kollam, Aneesh Kumar from Kannur and Akash S Nair from Pathanamthitta were held today.

Most deaths were due to smoke inhalation while residents in the building were sleeping when the fire broke out early Wednesday in Kuwait's southern city of Mangaf in Ahmadi Governorate. The building was home to 196 migrant workers, mostly Indians.

Kerala mourn the loss of their loved ones in the Kuwait fire incident that claimed several lives, many of them are yet to receive any official confirmation from the authorities. Television channels showed pictures of 14 persons from Kerala from across the state who lost their lives in the fire.