Latest news with #YasserAl-Zayyat
Kuwait Times
07-07-2025
- Business
- Kuwait Times
Gold prices surge amid economic, political tensions
KUWAIT: Women visit a stand during the 23rd international gold and jewelry exhibition at the Kuwait International Fairgrounds in this file photo. - Photo by Yasser Al-Zayyat KUWAIT: Global gold prices witnessed a sharp increase at the close of the first week of July, reaching $3,337 per ounce, as investors turned to the precious metal as a safe haven amid mounting economic and geopolitical uncertainties. In a report issued Sunday, Kuwait's Dar Al-Sabayek Company attributed the surge to a range of interrelated factors, foremost among them growing concerns over the widening fiscal deficit in the United States. The company noted that fears escalated after the US House of Representatives approved a tax cut and spending expansion package proposed by former President Donald Trump's administration. According to the report, projections by the Congressional Budget Office and the Joint Committee on Taxation estimate that the package will increase US public debt by more than $3.4 trillion over the next decade. The resulting pressure on the US dollar prompted many investors to boost their gold holdings to hedge against market instability and the weakening purchasing power of the currency. The report also highlighted the intensification of trade tensions following the US President's announcement of new tariffs on several countries, potentially reaching up to 70 percent. These tariffs, expected to take effect in early August, have sparked fears of retaliatory measures by nearly 100 countries should trade agreements fail to materialize by July 9, as warned by the US Treasury Secretary. These developments have contributed to a retreat in the US dollar index, which fell to 97 points against major currencies, further strengthening gold's appeal. The report pointed out that the holiday-induced liquidity decline in US markets, particularly around the Independence Day holiday, helped reduce selling pressure in the final trading sessions of the week. Despite the upward momentum, gold's gains were partially curbed by positive US labor market data. Official figures showed that 147,000 jobs were added in June and the unemployment rate dipped to 4.1 percent. This data has dampened expectations of an imminent interest rate cut by the Federal Reserve. Moreover, the rise in yields on 10-year US Treasury bonds to 4.338 percent exerted additional pressure on gold prices. Dar Al-Sabayek stated that gold continues to respond to shifts in both economic indicators and political developments, even with US markets closed. Investor sentiment remains cautious as markets await key monetary policy signals from global central banks, including the release of the US Federal Open Market Committee (FOMC) meeting minutes and weekly unemployment claims data. Locally, the report noted that gold prices mirrored global trends in the Kuwaiti market. The price of 24-karat gold reached KD 32.89 per gram (approximately $107), while 22-karat gold was priced at KD 30.15 per gram (about $98). The price of silver remained stable at KD 407 per kilogram (roughly $1,329). Gold is traditionally measured in troy ounces, with one troy ounce equivalent to approximately 31.103 grams, the standard unit for weighing precious metals. — KUNA
Kuwait Times
14-05-2025
- Kuwait Times
Three jailed for manslaughter over deadly Mangaf fire
Kuwaiti firefighters and security forces gather outside a building which was ingulfed by fire, in Mangaf, on June 12, 2024. More than 35 people were killed and dozens injured in a building fire in an area heavily populated with foreign workers in Kuwait, the interior ministry said. - Photo by Yasser Al-Zayyat KUWAIT: The misdemeanors court on Tuesday sentenced two Kuwaitis and an Egyptian to three years in prison, convicting them of manslaughter over a Mangaf building fire in which 46 Indian and three Filipino workers were killed. The case was treated as a misdemeanor and not a crime by the prosecution since the fire, which also injured dozens of others, was not intentional. The tragedy happened in June last year. The court also sentenced two other men to one year in jail for perjury after lying to the court and jailed four others for giving shelter to a suspect wanted in the case. The six convicts are three Indians and three Egyptians. The rulings are not final as they are expected to be challenged by the prosecution and defense lawyers as well. The fire was the second-deadliest in Kuwait after a fire at a Jahra wedding tent killed 57 people, mostly women and children, in 2009. The fire broke out at dawn in an apartment building housing 196 all-male expat workers. Most of the victims were reported to have succumbed after inhaling smoke as the door leading to the roof was locked by company officials, and as a majority of them were still sleeping. Some of the workers threw themselves from the six-storey building to escape the blaze. An official investigation later said the fire resulted from an electrical short circuit on the ground floor. It spread quickly in the building because of partitions made of inflammable material. HH the Amir Sheikh Meshal Al-Ahmad Al-Sabah ordered cash payments to the relatives of each victim.
Kuwait Times
06-05-2025
- General
- Kuwait Times
EPA, UN-Habitat and volunteers plant 300 mangrove saplings
KUWAIT: The Environment Public Authority (EPA), in cooperation with the United Nations Human Settlements Program (UN-Habitat) and the volunteer team from the Al-Shamiya Reserve, planted 300 mangrove saplings in the Jahra Nature Reserve on Tuesday, May 6, 2025. This initiative is part of an ongoing project launched in 2018 to experiment with mangrove cultivation in various parts of Kuwait, aiming to rehabilitate the coastal environment. default Photos by Yasser Al-Zayyat Since the project's inception, an increase in biodiversity has been observed, including marine crustaceans, coastal birds, and insects such as bees and butterflies during the plants' flowering season. Notably, today marked the recording and documentation of a rare insect species - the Dark-winged Groundling - which is found only in Iran, Iraq, Turkey, Syria and Palestine. As of 2006, the species has been listed as endangered on the IUCN Red List.
Kuwait Times
06-05-2025
- General
- Kuwait Times
Canadian Bilingual School students visit Kuwait Times, Kuwait News
Group photo of Canadian bilingual school students and teacher among Kuwait Times staff members. - Photos by Yasser Al-Zayyat KUWAIT: Students from the Canadian Bilingual School visited the offices of Kuwait Times and Kuwait News on Monday for an entertaining and educational tour aimed at enriching their understanding of journalism and media production. The students were welcomed by the editorial and social media teams, who introduced them to the fast-paced newsroom environment and walked them through the daily workflow of journalists - from idea generation and reporting to publishing. Special emphasis was placed on how digital news content is tailored for younger audiences, and how reliable journalism plays a vital role in shaping informed public opinion. Students engaging together as Kuwait Times vintage printing press machine is featured in the warehouse. Printing press manager Al-Wathik Bellah explaining the production process. Students tour the editorial department. Omar Alnaqib explains to students the behind the scenes of video production at Kuwait Times studio. As part of the visit, the students toured key departments across the media house, including the editorial section, social media unit, studio, printing press, and archives room. Along the way, they engaged in meaningful discussions about media ethics, the importance of fact-checking, and the evolving nature of news in the digital age. The visit concluded with a fun game at the studio, where students experienced the video production process firsthand, giving them a taste of being in front of the camera and behind the scenes.
