Kuwait Exports Plunge by Half As Imports Rise
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SUBSCRIPTION WEDNESDAY, AUGUST 12, 2015 SHAWWAL 27, 1436 AH www.kuwaittimes.net Special Report: Saudi Arabia Bollywood Toure propels Kuwait’s new rejects Russian hunks, heroes slick City to laws for calls to work with among world’s victory at domestic5 workers Assad13 against IS top-paid40 actors West20 Brom Kuwait exports plunge Min 33º Max 47º by half as imports rise High Tide 09:45 & 23:25 Volume of trade also falls by a third Low Tide 03:20 & 17:05 40 PAGES NO: 16607 150 FILS KUWAIT: Kuwait’s exports were about KD 4 billion in Jan-Mar 2015, a 46.0 percent decrease, and imports Google morphs were KD 2.3 billion, an 11.1 percent increase, compared to Jan-Mar 2014, according to Central Statistical Bureau. into Alphabet In Jan-Mar 2015, balance of trade was KD 1.7 billion, SAN FRANCISCO: Google Inc announced a surprise over- while it was KD 5.4 billion in Jan-Mar 2014 - a 68.0 per- haul of its operating structure on Monday, creating a hold- cent decrease, the bureau said in a statement to KUNA ing company called Alphabet to pool its many subsidiaries yesterday. and separate the core web advertising business from In the same period, volume of trade decreased 33.6 newer ventures like driverless cars. The move appeared to percent compared to the first quarter of 2014. Trade vol- be an attempt by the search engine giant to focus on its ume was KD 6.3 billion in Jan-Mar 2015, while it was KD more creative and ambitious projects, while investors 9.6 billion in Jan-Mar 2014, it said. Coverage rate was cheered the potential for more financial disclosures of its 174.7 percent in Jan-Mar 2015, while it was 359.6 per- disparate business segments. cent in Jan-Mar 2014, it added. In the first quarter of The surprise news sent shares of 2015, coverage rate (excluding oil) was 20.4 percent, Google up as much as 7 percent while it was 22.6 percent in the first quarter of 2014. to $708 in afterhours trading. For Jan-Mar 2015, the top categories of exports were The Mountain View-based “mineral fuels and oils” (KD 3.6 billion) with a share of company co-founded by Larry 88.8 percent, followed by “organic chemicals” (KD 102 Page and Sergey Brin in 1998 million) with 2.5 percent, and “vehicles other than rail- has grown from an Internet way or tramway rolling-stock and parts and accessories Sundar Pichai search engine to a far-reaching thereof” (KD 62.2 million) at 1.5 percent, it showed. conglomerate that employs In the same period, “vehicles other than railway or more than 40,000 people worldwide. With Page heading tramway rolling-stock, parts thereof” has by far the up Alphabet, Sundar Pichai, a long-time Google executive who most recently served as the company’s senior vice highest import value at KD 346 million with share of president of products, will head Google. Pichai, a well- 14.9 percent, followed by “electrical machinery and liked executive who oversaw Google’s Android and equipment” (KD 302.5 million) at 13.0 percent, “boilers, Chrome units, is respected in Silicon Valley for attracting machinery and mechanical appliances, parts thereof” top engineers. Google co-founder Brin will become presi- KUWAIT: Kuwaiti youths sail in a traditional dhow during the annual pearl diving expedition off the port of (KD 285 million KD) at 12.2 percent and “natural or cul- dent of Alphabet, and Eric Schmidt, chairman of Google, Khairan yesterday. Pearl-diving trips are held annually under the patronage of HH the Amir in order to keep tured pearls, precious and semi-precious stones” (KD 92 will be executive chairman. — Reuters (See Page 27) alive traditions that accompanied the once-important national pearl trade before the discovery of oil million KD) at 3.9 percent, it noted. wealth. — Photo by Yasser Al-Zayyat (See Page 4) Continued on Page 13 LOCAL WEDNESDAY, AUGUST 12, 2015 KUWAIT: His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Sabah His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Sabah meets His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Sabah meets the meets the Nigerian Ambassador to Kuwait Haruna Garba. — KUNA Ambassador of the Kingdom of the Netherlands to Kuwait Nicolas Beets. newly appointed Malaysian Ambassador to Kuwait Ahmad Rozian. Crown Prince receives outgoing, newly appointed ambassadors KUWAIT: His Highness the Deputy Amir and Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah received yester- day at Seif Palace the Nigerian Ambassador to Kuwait Haruna Garba, on the occasion of ending his tenure. His Highness also received the Ambassador of the Kingdom of the Netherlands to Kuwait Nicolas Beets on the occasion of ending his tenure, and received the newly appointed Malaysian Ambassador to Kuwait Ahmad Rozian. Director of Protocols at His Highness the Crown Prince Diwan, Sheikh Mubarak Sabah Al-Salem Al-Humoud Al-Sabah attended the meetings. Meanwhile, His Highness Sheikh Nawaf received Ambassador Essa Abdulrahman Al-Essa and Mazen Essa Abdulrahman Al-Essa, who presented a book to him on the diplomatic career of Ambassador Essa. Separately, His Highness Sheikh Nawaf received Sheikh Dr Mohammad Sabah Al-Salem Al-Sabah. Condolences In other news, His Highness the Amir Sheikh Sabah Al- Ahmad Al-Jaber Al-Sabah sent a cable of condolences to Bulgarian President Rosen Plevneliev on the death of his eldest son. His Highness Sheikh Nawaf and His Highness the Prime Minister Sheikh Jaber Mubarak Al-Hamad Al-Sabah sent His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Sabah meets Sheikh Dr His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Sabah receives a book cables of similar sentiments. — KUNA Mohammad Sabah Al-Salem Al-Sabah. from Ambassador Essa Abdulrahman Al-Essa. KUWAIT: Information Minister Sheikh Salman Al-Humoud Al-Sabah and Egyptian Ambassador Abdul-Karim Suleiman cut the ceremony’s cake. at a ceremony to celebrate the 63rd anniversary of Egyptís 1952 Revolution. — Photos by Joseph Shagra KUWAIT: Ahmadi Governor Sheikh Fawaz Khaled Al-Hamad Al-Sabah welcomed Nigerian Ambassador to Kuwait Haruna Garba, on the occasion of ending his tenure. The governor expressed gratitude to Garba’s efforts in boosting bilateral relations between Nigeria and Kuwait throughout his time in the country. Expo Milano pavilion organizes symposium on food security MILAN: Kuwait’s pavilion at Expo Milano nomic growth curbing the prevalence rate 2015 and Kuwait Fund for Arab Economic of poverty and unemployment,” Dr Sadeq Development (KFAED) co-organized a sym- said, calling on all countries, particularly posium on the role of agricultural develop- food importers, to double efforts to attain ment in food security on Monday. The sym- self-sufficiency in food. posium, held at the Expo’s conference cen- The Kuwaiti expert reviewed the suc- ter, discussed the role of Kuwaiti invest- cessful efforts made by his country in ments in sustainable development and the addressing the problems of scarcity of nat- challenges relating to food security. ural resources such as fresh water and The event, moderated by head of the farmland through seawater desalination pavilion Mazen Al-Ansari, gathered General and land reclamation. Consul in Milan Abdulnasser Boukhaddour, On KFAED’s role in development, he said KFAED’s economic advisor Dr Abdulkarim the Fund financed more than 860 infra- Amir’s participation in canal Sadeq and director of the services and hi- structure development projects in such tech department of the Milan Chamber of areas as agriculture, health, education, Commerce Raffaello Benetti, as well as energy, communication and sanitary opening ‘embodies strong ties’ experts in the agricultural development, drainage in 104 countries. “These projects heads of several missions to the Expo and cost a total of $18.4 billion, including $14 KUWAIT: His Highness the Amir Sheikh Sabah Sheikh Salman made the statement during a eral ties in all fields. He also thanked the representatives of the local and interna- billion in sectors relating to food security, Al-Ahmad Al-Jaber Al-Sabah’s participation in reception held by the Egyptian embassy in embassy staff, led by Ambassador Abdul-Karim tional media. In his speech to the sympo- until March 31, 2015,” he added. the inauguration of Egypt’s new Suez Canal was Kuwait on Monday on the occasion of the 63rd Suleiman, for their efforts to enhance ties sium, Dr Sadeq said the problem of famine Dr Sadeq extolled His Highness the Amir embodiment and culmination of the deep and anniversary of Egypt’s 1952 Revolution. The between the two countries. Meanwhile, and malnutrition became a global multi- Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah strong bilateral ties, Minister of Information and State of Kuwait is proud of the Egyptian and Ambassador Suleiman noted that celebration of faceted phenomenon affecting nearly 795 for his initiative to launch the Decent Life Minister of State for Youth Affairs Sheikh Salman Arab historical achievement of the New Suez the 1952 Revolution coincided with the inaugu- million people in the least-developing and Fund, run by KFAED. The Decent Life Fund, Sabah Salem Al-Humoud Al-Sabah said. Canal, he said, pointing to the deep-rooted bilat- ration of the new canal. —KUNA developing countries. “The figure could rise proclaimed at the Fourth World Islamic further in the coming years unless immedi- Economic Forum (WIEF) in Kuwait in 2008, ate measures and effectives strategies involves an initial Kuwaiti contribution of aren’t put in place,” he warned. $100 million to reduce the impacts of the Kuwait funds charity projects in Albania The economic crisis of 2008 shed light then food crisis on the least-developing on the role of agriculture in driving eco- countries.