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Putin Rages As Turkey Downs Russian Plane SUBSCRIPTION WEDNESDAY, NOVEMBER 25, 2015 SAFAR 13, 1437 AH www.kuwaittimes.net PM: Falling ACICO Kuwait Youngest US oil prices can establishes first fashion chess master: affect donors’ ‘cut and bend’ week kicks I’ve got to work generosity2 factory23 in Kuwait off38 in style on16 my endgame Putin rages as Turkey Min 14º Max 22º downs Russian plane High Tide 11:18 & 23:57 Low Tide Rebels ‘kill’ pilots, blow up rescue chopper 05:22 & 17:22 40 PAGES NO: 16708 150 FILS ANKARA: NATO member Turkey shot down a Russian war plane on the Syrian border yesterday, an act President Vladimir Putin denounced as a “stab in the back” by “accomplices of terrorists” as tensions spiraled between two rival players in the Syria war. Turkey called an extraordinary meeting of NATO while Russian Foreign Minister Sergei Lavrov said he had scrapped a planned trip to Turkey today aimed at narrowing differ- ences on the Syria conflict. The Turkish army said the plane was shot down by two of its F-16s after it violated Turkish airspace 10 times within a five-minute period, an assertion backed up by its NATO ally the United States. Moscow insisted that the jet had stayed inside Syrian territory, and Damascus denounced the incident as “flagrant aggres- sion against Syrian sovereignty”. Footage from private Turkish broadcaster Haberturk TV showed the warplane going down in flames, a long plume of smoke trailing behind it as it crashed in a wooded part of an area the TV said was known by Turks as “Turkmen Mountain”. Separate footage from Turkey’s Anadolu Agency showed two pilots parachuting out of the jet before it crashed. A deputy commander of rebel Turkmen forces in Syria said his men shot both pilots dead as they came down. A video sent to Reuters earlier appeared to show one of the pilots immobile and badly wounded on the ground and an official from the rebel group said he was dead. But a Turkish government offi- KUWAIT: HH the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah (center) meets visiting former Turkish President Abdullah Gul (left) in the presence of HH the cial told Reuters the pilots were believed still to be alive Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah (second right) and HH the Prime Minister Sheikh Jaber Al-Mubarak Al-Sabah (right) yesterday. Sheikh and that Ankara was working to secure their release Sabah and Gul held cordial talks dealing with the good and historic ties bonding the two friendly countries and peoples, and means of boosting these ties in vari- from Syrian rebels. ous sectors, in addition to issues of common concern. — KUNA Continued on Page 13 Kuwait awards $30bn in projects despite oil slide KUWAIT: Kuwait has awarded projects worth a record $30 billion so far this year despite the sharp fall in oil income, officials and experts said yesterday. “Up until Oil pushes mid-October, Kuwait has awarded record projects worth $30 billion, up around $6 billion on the whole of last year,” Edward James, director of analysis at Middle dinar down East Economic Digest (MEED) Projects told a conference on Kuwaiti projects. He said Kuwait was the only coun- DUBAI: The Kuwaiti dinar fell sharply against the US try in the energy-rich Gulf Cooperation Council (GCC) to dollar in the forward market yesterday, to levels last exceed MEED forecasts in awarding projects this year. seen in 2009, reflecting a shortage of dinars in the Projects in neighboring cash market as low oil prices reduced liquidity, Saudi Arabia and United bankers said. Kuwait is one of the richest of the Gulf Arab Emirates, which are energy exporters and can cope relatively easily with the leading regional an era of cheap oil, but its markets are showing nations in projects, saw stresses that are being felt across the region. One- their project awarding year dollar/Kuwaiti dinar forwards jumped as high as process cut by half, James 462.80 points yesterday, their highest level since said. In Saudi Arabia, the March 2009, from Monday’s close of 390 points. They value of awarded projects remained well below their 2008 peak of 1,582 points, dived to around $33 billion hit during the global financial crisis. and in UAE it slid to under Bankers said that with oil prices low, some Kuwaiti $20 billion. MEED said government and quasi-sovereign bodies had Kuwait, which gave con- reduced their longer-term dinar deposits in banks. tracts worth $24 billion in This had left banks scrambling for cash. “There is a 2014, has projects worth Talal Al-Shemmari sharp dinar shortage in the cash market due to moe than $251 billion deposit erosion from government-related entities, planned or underway. Of those, $137 billion worth are causing a scramble for KWD liquidity,” a senior com- in the pre-execution stage and around $85 billion of mercial banker in Kuwait said, declining to be named them are under study, MEED said. Key sectors include because of commercial sensitivities. construction at $90 billion, oil and gas ($69 billion), Another banker said: “There is a big rush to attract transport ($49 billion) and power ($26 billion). customer deposits among banks, but that can hardly In February, parliament approved a five-year devel- fill the gap caused by the withdrawals, making the opment plan that envisages spending 34 billion dinars cash shortage inevitable.” ($112 billion) between the current 2015/2016 fiscal year Continued on Page 13 and 2019/2020. Continued on Page 13 MP calls on MoCI to monitor prices Controversy rages over cleric By B Izzak that the hiking of charges on public services will lead to increases in prices of commodities and goods and will KUWAIT: MP Faisal Al-Kandari called on the commerce eventually impact low income sections. Kandari said and industry ministry yesterday to tighten its monitor- that compliance to the constitution requires MPs to face ing of consumer prices in the country as the finance any artificial and unjustified hike in consumer prices ministry prepares to raise charges on state properties. and accordingly urged monitoring of prices. He said the proposed government measure will impact Meanwhile, the issue of leading cleric and preacher prices of commodities negatively and urged the finance Sheikh Othman Al-Khamees triggered controversy ministry to take steps to curb any increase in consumer between lawmakers as MP Sultan Al-Shemmari said that prices if it raises charges on public properties. Awqaf and Islamic Affairs Minister Yaqoub Al-Sane Kandari said he totally rejects any impact on low- denied that Khamees had been suspended from giving income people from the planned government measure sermons or lectures at mosques. The reported action on property prices, adding that the National Assembly’s was taken after the criminal court last week fined financial and economic affairs committee has already Khamees KD 20,000 for threatening national unity and informed the government of its rejection of any insulting Shiites. increase that impacts poor people. The lawmaker said Continued on Page 13 LOCAL WEDNESDAY, NOVEMBER 25, 2015 KUWAIT: His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah meets chiefs of Arab delegations His Highness the Prime Minister Sheikh Jaber Mubarak Al-Hamad Al-Sabah meets with heads of Arab news agencies participating in the 43rd Conference of the General Assembly of the Federation of Arab News Agencies (FANA). participating in the conference of the Federation of Arab News Agencies (FANA). — KUNA photos Falling oil prices could affect donors’ generosity at next meeting: Prime Minister KUWAIT: The sliding oil prices might affect effect of declining revenues from oil due to “no state by itself can face terrorism which hand and these ministries on the other. Abdullah Al-Mubarak Al-Sabah. donors’ generosity at next February’s donors’ falling prices on the nation’s development spans continents without the help of the inter- In his capacity as FANA President and During the meeting, His Highness the meeting in London in support of Syrian plan, His Highness the Prime Minister said national community to eradicate it.” He Board Chairman and Director General of Crown Prince hailed the efforts of the FANA refugees, His Highness the Prime Minister “Kuwait had experienced declining oil prices emphasized the imperative that the “interna- Kuwait News Agency (KUNA) Sheikh Mubarak conference’s organizers, calling for develop- Sheikh Jaber Mubarak Al-Hamad Al-Sabah said before and was able to goad expenditure so as tional community seek quick solutions to Al-Duaij Al-Ibrahim Al-Sabah stressed in the ing mass media in order to ensure national yesterday. not to affect the extent and quality of govern- enduring problems such as the Palestinian cri- meeting with His Highness the Prime unity and deliver its great message based on His statements came on the sideline of a ment services to the public.” sis and those crises in Syria and Libya.” Minister FANA’s dedication to improve the credibility and scientific research. meeting with chiefs of Arab delegations partici- The development plan, he assured, was language of communication with the public He stressed the effective role of media in pating in the 43rd Conference of the General steaming along on course, notwithstanding Credible news to reflect contemporary standards in the buttressing national unity, and economic and Assembly of the Federation of Arab News current economic conditions, stressing the role During his meeting with FANA officials, His worldwide news business. cultural development, hoping that the con- Agencies (FANA). He drove the point home the private sector has been assuming in push- Highness Sheikh Jaber Al-Mubarak lavished ference would come up with recommenda- regarding Kuwait’s unflinching support to help ing along the nation’s economic prosperity.
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