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KT 27-3-2017.Qxp Layout 1 SUBSCRIPTION MONDAY, MARCH 27, 2017 JAMADA ALTHANI 29, 1438 AH www.kuwaittimes.net Woman wants One killed, Innovative Wizards shine compensation 14 wounded in fabrics bark as Clippers, after flooding Ohio nightclub up Tokyo Raptors clinch damages3 car shooting9 fashion37 tree playoff18 spots Oil producers look into Min 13º Max 28º rollover of output cuts High Tide 11:57 & 23:38 Low Tide Joint Saudi-Kuwait oilfields to resume operations: Marzouq 05:48 & 17:50 40 PAGES NO: 17180 150 FILS KUWAIT: A joint committee of ministers from OPEC and Nod to reducing non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement yesterday. An earlier draft detention period of the statement had said the committee “reports high level of conformity and recommends a six-month exten- Aid link to law rejected sion”. But the final version said only that the committee By B Izzak had requested a technical group and for the OPEC Secretariat to “review the oil market conditions and KUWAIT: The National Assembly’s legal and leg- revert ... in April, 2017 regarding the extension of the vol- islative committee yesterday approved a draft law untary production adjustments”. stipulating to reduce the detention period at Oil sector analysts said the lack of an immediate police stations to 48 hours, reverting an amend- extension could drag on crude prices. “The dropping of ment by the previous Assembly. The opposition- the recommendation to extend cuts in favor of technical review committee is likely to lead to a lot of disappoint- dominated Assembly elected in Feb 2012 had ment and potential further liquidation of long positions introduced an amendment to cut the detention by money managers that will put downward pressure on period from four days to two. It also reduced pre- oil prices,” said Harry Tchilinguirian, head of commodities ventive detention by the public prosecution to strategy at BNP Paribas in London. It was not immediate- just 10 days from 21 previously. ly clear why the wording had been changed, although a But at the request of the interior ministry, the senior industry source said the committee lacked the previous pro-government Assembly increased the legal mandate to recommend an extension. detention period back to four days at police stations The Organization of the Petroleum Exporting and 21 days by the public prosecution. A large num- Countries and rival oil-producing nations were meeting ber of opposition MPs had vowed to introduce the in Kuwait to review progress with their global pact to cut amendment in the current Assembly. supplies. OPEC and 11 other leading producers including But the Assembly’s foreign relations committee Russia agreed in December to cut their combined output rejected a draft law stating that the government by almost 1.8 million barrels per day (bpd) in the first half cannot provide foreign aid exceeding KD 10 million of the year. The original deal was to last six months, with without the approval of the Assembly through legis- the possibility of a six-month extension. “Any country has lation. The draft law was introduced by lawmakers in the freedom to say whether they do or they don’t sup- light of the current difficult financial situation due to port (an extension). Unless we have conformity with the sharp fall in oil revenues. KUWAIT: (From left) Russian Energy Minister Alexander Novak, Kuwaiti Oil Minister Essam Al-Marzouq and everybody, we cannot go ahead with the extension of Continued on Page 13 OPEC Secretary General Mohammad Sanusi Barkindo attend a meeting of the 2nd Joint Ministerial Monitoring the deal,” Kuwaiti Oil Minister Essam Al-Marzouq said Committee of OPEC yesterday. — Photo by Yasser Al-Zayyat Continued on Page 13 LOCAL MONDAY, MARCH 27, 2017 KUWAIT: His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah meets with Minister of Oil and Minister His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah meets with National of Electricity and Water Essam Al-Marzouq and members of the Joint OPEC-Non-OPEC Ministerial Monitoring Assembly Speaker Marzouq Al-Ghanem and members of the delegation who took part in the Committee (JMMC). —KUNA photos 24th Arab Inter-Parliamentary Union Conference. His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah meets with Minister of His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah meets with National Assembly Speaker Education and Higher Education Mohammad Al-Fares and newly appointed Assistant Marzouq Al-Ghanem and members of the executive committee of the parliamentary caucus. Undersecretaries. Amir meets joint oil committee members KUWAIT: His Highness the Amir Sheikh Sabah Al-Ahmad Private Education Dr Abdulmohsen Al-Huweila and Assembly Speaker Marzouq Ali Al-Ghanem and members Sabah Al-Khaled Al-Hamad Al-Sabah. Meanwhile, His Al-Jaber Al-Sabah welcomed at Bayan Palace yesterday Assistant Undersecretary of the Public Authority for of the executive committee of the parliamentary caucus Highness the Crown Prince received His Highness Sheikh Minister of Oil and Minister of Electricity and Water Essam Applied Education and Training Tareq Al-Omairi on the who took part in the 24th Arab Inter-Parliamentary Union Jaber Al-Mubarak, Sheikh Sabah Al-Khaled, Deputy Al-Marzouq and members of Joint OPEC-Non-OPEC occasion of their recent appointment. The meetings were Conference in Rabat. The delegation later met with His Premier and Defense Minister Sheikh Mohammad Al- Ministerial Monitoring Committee (JMMC), which is con- attended by Acting Deputy Minister of Amiri Diwan Affairs Highness the Crown Prince as well. Khaled Al-Hamad Al-Sabah, Deputy Premier and Interior vening in Kuwait. General Khaled Boudi. Fares later introduced Huweila and Earlier yesterday, His Highness the Amir received His Minister Sheikh Khaled Al-Jarrah Al-Sabah, in addition to His Highness the Amir also received Minister of Omairi to His Highness the Crown Prince Sheikh Nawaf Al- Highness the Crown Prince, His Highness the Prime State Minister for Cabinet Affairs and acting Information Education and Higher Education Mohammad Al-Fares who Ahmad Al-Jaber Al-Sabah. Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah as Minister Sheikh Mohammad Al-Abdullah Al-Mubarak Al- introduced Assistant Undersecretary of the Ministry for Meanwhile, His Highness the Amir received National well as First Deputy Premier and Foreign Minister Sheikh Sabah. —KUNA KRCS launches donation campaign for Yemen KUWAIT: Kuwait Red Crescent Society (KRCS) launched yesterday a campaign to collect donations for people affected by the ongoing war in Yemen, said KRCS’ Chairman of Board of Directors Dr Hilal Al-Sayer. This campaign aims to ease living conditions for Yemenis, as there are over 18 million Yemenis were affected by the war and more than two million children suffering from lack of food and medical items, Sayer said. Yemen is facing one of the worst famines in the world, he said, calling on philanthropists and organiza- tions to contribute to the donation cam- paign held at KRCS’ headquarters. Sayer also called to support KRCS’ projects aiming to develop services for Yemenis in need. These projects include education, health, water resources and food. The society will receive cash and K-Net donations from 9:00 am to 2:00 KUWAIT: Kuwaiti First Deputy Prime Minister and Foreign Minister Sheikh pm and from 5:00 pm to 9:00 pm, as well Sabah Al-Khaled Al-Hamad Al-Sabah received Sunday the credentials of the as online donations through KRCS’ web- Thai ambassador to the State of Kuwait. During the meeting, Sheikh Sabah site, he noted. —KUNA Al-Khaled wished the new ambassador best of luck in his task and more development of bilateral relations. —KUNA KIB marks Global Money Week 2017 KUWAIT: As part of its pioneering efforts to Corporate Communications Unit at KIB. “We promote financial literacy nationwide, are extremely proud to be one of the first Kuwait International Bank (KIB) has banks in the region to have partnered with launched a comprehensive awareness cam- CYFI, and we are thrilled to once again be paign entitled “With KIB, I learnt how to taking part in the annual Global Money spend and save”, to mark the fifth annual Week celebrations.” Global Money Week (GMW); an internation- This year, KIB has launched a multi- al initiative aimed at enhancing economic faceted awareness campaign, entitled “With education amongst children and youth. This KIB, I learnt how to spend and save”, featur- year’s celebrations are being held under the ing a diverse program of activities and initia- theme “Learn. Save. Earn” and are taking tives targeting children, youth and parents place across the globe between March 27th across Kuwait. One of the highlights of KIB’s and April 2nd. efforts is a social media campaign taking GMW is an annual global celebration, place throughout Global Money Week. The spearheaded by Child and Youth Finance education-focused campaign is designed to International (CYFI) - an organization dedi- raise awareness about the importance of cated to economically and socially empow- financial literacy, and seeks to encourage ering children and youth worldwide. GMW parents to teach their children about good features a diverse range of events and activ- money management and the values of sav- ities aimed at inspiring children and youth ing starting at an early age. to learn about money, saving, creating KIB has always been a passionate advo- livelihoods, gaining employment and cate of spreading financial awareness and becoming entrepreneurs. Since its launch in economic education across all segments of 2013, the initiative has grown exponentially, the community: from school-age children, all with more than 7 million children and youth the way to young talents looking to pursue participants across 132 countries taking careers within the financial sector.
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