Latest news with #KD
Kuwait Times
6 hours ago
- Business
- Kuwait Times
Gulf Bank launches ‘Start Smart' campaign for Kuwaitis: Cash gift of up to KD 1,200
Exclusive benefits for salary transfers KUWAIT: Gulf Bank has rolled out an exclusive offer for Kuwaiti citizens under the slogan 'Start Smart.' As part of this campaign, customers who transfer their salaries to Gulf Bank can receive a cash gift of up to KD 1,200, along with a variety of benefits aimed at unlocking new opportunities and supporting them in achieving their goals, step by step. Gulf Bank salary account holders will enjoy a comprehensive suite of benefits, including automatic enrollment in Kuwait's fastest rewards program, which allows them to redeem points for cash, book flights, hotels, and car rentals, as well as shop through one of the region's pioneering bank-exclusive e-commerce platforms. The offer also features exclusive discounts at leading car dealerships, including 0 percent interest on select vehicles. Eligible customers can apply for a personal loan of up to KD 25,000 repayable over five years, as well as a housing loan of up to KD 70,000 with a repayment period of up to 15 years. Additionally, the offer features a one-year safe deposit box rental and a lifetime credit card. This offer is available to Kuwaiti employees in the government, semi-government, and oil sectors, as well as newly hired Kuwaitis or those transferring their salaries to Gulf Bank, provided their monthly salary exceeds KD 600. Additionally, the bank offers customized packages tailored specifically for employees of select government and semi-government institutions. Gulf Bank is committed to meeting the expectations of its salary account customers by understanding their needs and offering the most competitive benefits in the banking sector. This reflects the Bank's continuous dedication to rewarding its customers and supporting them in achieving their goals. To assist individuals interested in transferring their salaries, Gulf Bank will have a booth at Al-Kout Mall in Fahaheel from Thursday through Saturday, running until May 31, 2025. Bank representatives will be available on-site to answer questions and showcase the wide range of benefits offered to Kuwaiti salary account holders through this campaign. Customers can also open a salary account or transfer their salary in just minutes via the Gulf Bank mobile app, which ensures a seamless banking experience with straightforward processes and transparent, innovative solutions. Gulf Bank aims to be Kuwait's leading bank, fostering a diverse and inclusive workplace to deliver exceptional customer service while contributing sustainably to the community. Through its extensive branch network and innovative digital services, the Bank empowers customers to conduct banking transactions conveniently and efficiently, ensuring a seamless experience. In alignment with Kuwait Vision 2035, and its commitment to fostering collaborative partnerships, Gulf Bank is dedicated to driving robust sustainability initiatives across environmental, social and governance (ESG) dimensions. The Bank is committed to implementing strategically selected and diverse sustainability programs both internally and externally.
Kuwait Times
15 hours ago
- Health
- Kuwait Times
Kuwait approves new regulations for school canteens
KUWAIT: Minister of Health Dr Ahmad Al-Awadhi has issued Decision No. 15 of 2025, officially approving a new set of school canteen regulations developed by the Public Authority for Food and Nutrition. The move follows the endorsement of the Authority's Board of Directors and the Fatwa and Legislation Department, and the decision will come into effect upon its publication in the official gazette. The new decision comes nearly a year after the Public Authority for Food and Nutrition updated its regulations governing food allowed at school canteens. The regulations, issued under Ministerial Decision No 5 of 2021, allow only specific healthy foods while banning items such as processed meats, mayonnaise, caffeinated drinks, and high-salt or artificially colored products. In a statement released Thursday, the Ministry of Health emphasized that the updated regulations are part of Kuwait's broader national strategy to protect students from unhealthy dietary habits and to improve the quality of food provided in educational institutions. The aim is to create a supportive, health-conscious learning environment where student well-being is a top priority. The new framework applies to both public and private schools and outlines comprehensive standards covering facility requirements, staff qualifications, food quality, inspection protocols, licensing systems and accountability mechanisms. These provisions are designed to ensure the availability of nutritious and safe meals across all school settings. School canteens are now classified into three categories based on service type: Canteens selling only pre-packaged food items; canteens offering ready-made meals; and canteens with on-site kitchens for preparing hot meals. School canteen contractors must now meet stricter licensing criteria, including a minimum of two years of experience in food handling, possession of a valid health permit, and full compliance with safety and occupational health standards. Canteens are also required to adhere to Gulf Cooperation Council (GCC) technical regulations, particularly those banning trans fats. The guidelines mandate that daily meals include essential food groups and remain within set calorie limits for each school level. High-fat, high-sugar, and high-sodium foods, especially in breakfast and lunch offerings at private schools, are explicitly prohibited. The new rules standardize food services across all schools in Kuwait, aiming to promote health equity and improve regulatory oversight. Violators face financial penalties ranging from KD 500 to KD 3,000, with the possibility of suspension for repeat or unresolved breaches — highlighting the seriousness of implementation. The ministry noted that the regulations were developed through close coordination between the Public Authority for Food and Nutrition and the Ministries of Health and Education. This collaboration underscores the importance of institutional partnership in supporting student health and cultivating a safe, nourishing educational environment. — Agencies
Arab Times
15 hours ago
- Arab Times
Assault and Robbery Near Al-Shaab Mosque Ends in Arrests
KUWAIT CITY, May 29: Hawally detectives have successfully closed an assault and robbery case following the arrest of three individuals involved in attacking a Kuwaiti citizen and stealing his belongings. According to a security source, the investigation began when a 40-year-old Kuwaiti citizen filed a complaint at Al-Shaab Police Station. He reported that while he was at a mosque in the Al-Shaab area, three unknown individuals physically assaulted him and made off with his iPhone and a wallet containing KD 400. Following the complaint, detectives launched an investigation and were able to identify the vehicle used in the crime through surveillance footage. With assistance from the General Traffic Department, authorities traced the vehicle's owner, leading to the arrest of the suspects one by one. During interrogation, all three suspects confessed to the assault and theft, and they provided details about the stolen items. The suspects are currently in police custody and will be referred to the Public Prosecution pending further legal procedures.
Kuwait Times
18 hours ago
- Business
- Kuwait Times
Current account surplus narrows but investment income exceeds KD 10bn
KUWAIT: Kuwait's external current account surplus remained huge in 2024, despite narrowing for the second straight year to reach 29 percent of GDP, mainly on lower oil exports. A smaller trade surplus on goods was partially offset by improvements in the services and investment income balances – the latter surplus reaching 21 percent of GDP. Meanwhile, the financial account revealed a notable rotation toward debt instruments and rising hedging activity. Looking ahead, the current account is expected to remain in surplus but may moderate further due to lower oil prices, a stabilization in worker remittances, and evolving trends in investment allocations due to the prospects of lower interest rates. Financial account outflows may continue to favor investment in high-yield and lower-risk assets amid global macroeconomic uncertainty and elevated trade tensions. The current account surplus narrowed to KD 14.3 billion (29.1 percent of GDP) in 2024 from KD 15.8 billion (31.1 percent of GDP) in the previous year. This moderation was driven primarily by weaker oil export revenues and a recovery in workers' remittances. Oil exports continue to dominate current account credits, accounting for 88.9 percent of total exports and 53 percent of total credits—though these shares declined from 92.7 percent and 58.6 percent, respectively, in 2023. Non-oil exports (domestic exports and re-exports) saw a strong rebound, increasing by 40 percent in 2024 from a 2.7 percent decline in the previous year, which is mainly related to higher exports of organic chemicals (18 percent versus -25 percent in 2023), plastics & thereof (66 percent versus 9 percent), and vehicles, parts and accessories (112 percent versus 6 percent). In addition, the services account deficit narrowed by KD 1.0 billion mainly due to the decline of Kuwaiti's travel spending abroad by KD 0.6 billion — which also includes Kuwaiti students and state-sponsored medical travelers. This smaller services deficit helped partially offset the impact of a smaller goods trade surplus on the current account balance. Net investment income, which represents the returns on capital invested abroad, stood at an extremely strong KD 10.2 billion in 2024, edging up by 2.3 percent. This increase came mainly on higher portfolio investment returns (KD 6.1 billion), though these gains were partially offset by a fall of Kuwait's direct investment earnings from abroad (KD 2.3 billion) and the increase in profits of non-resident direct investment in Kuwait, in line with a rebound in Kuwait's stock market last year. The small increase in net investment income last year follows a much stronger performance in 2023, which was supported by higher returns on deposits and short-term treasuries in response to elevated US policy rates, and strong growth in US equity markets especially. Investment income from abroad in 2024 was worth 57 percent of oil exports, up from 40 percent in 2019, signaling a growing and strategic role for external investment income in supporting Kuwait's current account surplus, especially amid fluctuations in hydrocarbon earnings. Workers' remittances rebound The secondary income account, predominantly composed of workers' remittances, rose by 11.8 percent in 2024, reversing the steep 28.4 percent contraction in 2023. The recovery was likely supported by the relative stabilization of the Egyptian pound and Indian rupee since H2 2023—currencies of origin for nearly half of Kuwait's expatriate workforce. Nonetheless, remittance levels remain 24 percent below their pre-pandemic level (2019), suggesting that rising domestic living costs—amid the highest inflation rates among GCC peers in 2024—and exchange rate concerns are prompting expatriates to retain more funds locally. On the other side of the balance of payments, financial account outflows were broadly stable in 2024, declining slightly to KD 15.3 billion (31 percent of GDP). Most of these outflows were within the portfolio investment segment with a notable shift toward investing in debt instruments, which increased to KD 10.1 billion, compared to a nearly balanced composition in 2023. This reallocation likely reflects heightened investor appetite for fixed-income securities, driven by attractive global yields and growing expectations of monetary easing in advanced economies. The decline in outflows also came due to lower direct investments abroad, which fell to KD 3.2 billion (-7.9 percent) as well as a fall in reserve assets by KD 0.9 billion to reach KD 13.7 billion, underscoring Kuwait's robust external liquidity position covering about 8.7 months of imports, well above the IMF's three-month threshold. It is worth noting that banks' assets of financial derivatives increased by almost tenfold in 2024, indicating a surge in hedging activity against global market volatility and changes in monetary policy. Furthermore, the 'other/ general government' liabilities saw a significant increase of KD 1.4 billion, up from KD 107 million in 2023, which could point to an increase in government related entities' debts.
Yahoo
19 hours ago
- Business
- Yahoo
Kyndryl Chosen by Virginia DMV for Major Cloud IT Overhaul
The Virginia Department of Motor Vehicles (DMV) and Kyndryl Holdings, Inc. (NYSE:KD) announced on May 28 that they will be collaborating to update their IT systems, with the goal of enhancing customer service for processing over 200,000 transactions a day. Through this collaboration, a cloud-native architecture called MAX will replace the Virginia DMV's Citizen Services Solution (CSS). Crucial apps will be updated and moved from an antiquated mainframe to a flexible cloud architecture housed on Microsoft Azure as part of this transition. Speaking on this partnership, Virginia Secretary of Transportation W. Sheppard Miller III stated the following: "With Governor Glenn Youngkin's commitment to a best-in-class DMV, we now have a winning plan and a winning partner in Kyndryl, and the citizens of Virginia will be the real winners." Kyndryl U.S. President James Rutledge also emphasized that the renovation is in accordance with Virginia's mission to provide efficient, technologically advanced, cost-effective, and results-driven services. With operations in more than 60 countries, Kyndryl Holdings, Inc. (NYSE:KD) is known for its consultation, implementation, and managed service skills. Its areas of expertise include the design, construction, management, and modernization of sophisticated information systems. While we acknowledge the potential of KD to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than KD and that has 100x upside potential, check out our report about the cheapest AI stock. Read Next: and Disclosure: None. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
