MOHARRAM 25, 1441 AH TUESDAY, SEPTEMBER 24, 2019 28 Pages Max 45º Min 25º 150 Fils Established 1961 ISSUE NO: 17940 The First Daily in the Arabian Gulf www.kuwaittimes.net Persistence pays off for Iraqi Seven children killed, scores Wales open Rugby World Cup 10 Kurd women entrepreneurs 24 hurt in Kenya school collapse 25 campaign with win over Georgia CBK: Global uncertainty, trade tensions, fintech impact banks Central Bank chief lays out multipronged strategy to face these challenges Zain and Boubyan Bank announce plan for first Islamic digital bank in the region KUWAIT: Zain, the leading digital generating positive economic impacts, service provider in Kuwait, announced as well as supporting the efforts of its sponsorship of the fintech exhibition economic growth and creating direct as part of the International Banking job opportunities within the market. Conference: Shaping the Future, The conference witnessed a organized by the Central Bank of strategic partnership between Zain Kuwait (CBK) under the patronage of and Boubyan Bank to announce the HH the Amir Sheikh Sabah Al-Ahmad first digital platform for Islamic Al-Jaber Al-Sabah. banking services, which is the first During the exhibition, Zain show- digital partnership in the region’s cased its digital capabilities in sup- markets, and comes between one of porting the ecosystem and offering the the biggest telecommunications com- latest and most innovative fintech plat- panies in the Middle East and Africa, forms. Being a leading mobile telecom- and one of the most innovative banks munications provider, the company in offering advanced digital banking plays a pivotal role when it comes to facilities. — (See Page 11) KUWAIT: (From left) Central Bank of Kuwait Governor Mohammad Al-Hashel, Finance Minister Nayef Al-Hajraf, Acting Prime Minister and Defense Minister Sheikh Nasser Sabah Al-Ahmad Al-Sabah and Minister of Commerce and Industry Khaled Al-Roudhan attend the International Banking Conference on Shaping the Future yesterday. — Photo by Yasser Al-Zayyat By Jamie Etheridge technology; and the rapidly evolving needs “global debt over the past 20 years has and expectations of customers,” Hashel grown on average by 6 percent annually, KUWAIT: Financial technologies are dis- explained. compared to 3.5 percent for global GDP. If rupting the global banking industry, creating He noted that the International Monetary these rates continue, we could see global concerns across the globe for what the future Fund (IMF) twice lowered its global growth debt over the next 20 years reaching $780 holds at a time when the global economy is projections for 2019 to 3.2 percent, with trillion, or 500 percent of GDP. This is clearly facing many challenges. To address this issue unsustainable, and requires urgent action by and hear what senior regulators, policymak- See Pages 11-14 both governments and financial institutions.” ers and industry leaders think, the Central The threat from Big Tech is also a looming Bank of Kuwait organized the International concern for regulators and the banking indus- Banking Conference on Shaping the Future developed economies expected to grow at a try. “What would happen when the likes of yesterday. much slower rate of 1.9 percent. A key driver Facebook, Amazon, WhatsApp and Alibaba In his keynote speech, Central Bank of of this slowdown is economic uncertainty start competing with banks to provide financial Kuwait Governor Dr Mohammad Al-Hashel brought about by rising trade tensions and services? These technology giants come with KUWAIT: Zain Vice Chairman and Group CEO Bader Al-Kharafi receives Acting addressed the challenges facing the global protectionist policies. “If trade tensions con- large and captive user bases, low online acqui- Prime Minister and Defense Minister Sheikh Nasser Sabah Al-Ahmad Al-Sabah at banking sector today. “Three challenges are tinue, the IMF may further revise down its sition costs, and a better understanding of their Zain’s booth at the fintech exhibition yesterday. particularly worth highlighting: The state of economic growth projections,” he said. customers through their utilization of big data. the global economy; the revolution in financial The Central Bank chief also explained that Continued on Page 24 Hammad also called for restricting the import and use a number of them from some of the conditions. He vowed MoH imposes new Lawmaker calls of drones for the state only, adding that he is currently to prove these violations during the debate of the grilling preparing a draft law calling to bar individuals and com- that is expected to take place in November. panies from importing or using drones. He said if the law In a related development, MP Khaled Al-Otaibi yes- fees for sick leaves, to ban drones for is approved by the National Assembly, owners of drones terday asked the interior minister if the ministry had initi- should surrender them to authorities because the law will ated any contact with Twitter to help implicate Kuwaiti certificates, licenses security reasons include penalties for violators. activists and others. He asked the minister if the minister Meanwhile, opposition MP Riyadh Al-Adasani said had inquired from Twitter during the past five years yesterday that grilling Interior Minister Sheikh Khaled about a number of tweeters, with regards to a number of KUWAIT: The health ministry has implemented a new By B Izzak Al-Jarrah Al-Sabah has become “urgently necessary” court cases filed against them. fee scheme that includes a KD 2 fee for authentication of over alleged violations in the admission of police cadets. If the answer is positive, Otaibi asked the minister sick leaves issued by the private sector. The new fees are KUWAIT: MP Saadoun Hammad yesterday called on The lawmaker has repeatedly threatened to grill the min- about the mechanism of contacting Twitter’s manage- for services offered by the medical council to expats, authorities to ban the import, purchase and use of ister for allegedly committing various violations in the ment and its response, in addition to the measures taken including KD 20 for medical examination for those apply- drones because of their high risk to national security and ministry and set the beginning of the next term to file his based on such contacts. The lawmaker also inquired ing to work in the public and private sectors; KD 5 for stability of the country, saying that drones are capable of grilling. Adasani said that the minister committed viola- about the number of cases filed by the ministry based on medical examination for those seeking disability aid and obtaining confidential information that could harm the tions in the admission of the police cadets by exempting such contacts over the past five years. age estimation; KD 10 for “medically unfit”, “to whom it country’s national interests. may concern” and proportion of disability due to injury certificates; and KD 5 to approve sick leaves issued by non-government doctors inside or outside Kuwait. The health ministry also imposed fees for approving Khan presses Trump advertisements - KD 50 for three months for licensing Continued on Page 24 on Taleban, Kashmir UNITED NATIONS: Pakistani Prime has been placed under a military clamp- Minister Imran Khan yesterday pressed down by neighboring India, restricting US President Donald Trump to restart many basic freedoms. talks with Afghanistan’s Taleban and said “The most powerful country in the Australia resumes Washington has a “duty” to calm the world has a responsibility,” Khan said, Kashmir standoff with India. “Stability in calling India’s clampdown “a siege” and Afghanistan means stability in Pakistan,” warning that the “crisis is going to get live sheep exports Khan said at the start of a meeting with much bigger”. Trump responded that he Trump on the sidelines of the UN would “certainly” help mediate between after ban lifted General Assembly in New York. He also Pakistan and India as long as both gov- pleaded for help in Kashmir, a disputed ernments asked for this. NEW YORK: US President Donald Trump shakes hands with Pakistani Prime Minister Imran Khan during a meeting yesterday. — AFP SYDNEY: Australia has lifted a temporary ban on Muslim-majority territory, part of which Continued on Page 24 controversial live sheep exports, with the first ship due to depart for the Middle East this week with about 60,000 animals on board. The live export for a recent drop in bookings, declared bankruptcy a Downing Street spokeswoman who also cautioned trade has been under scrutiny since horrific 600,000 tourists after failing to secure £200 million ($250 million) from that there were “a number of complicated reasons footage of dead and dying heat-stressed sheep on private investors. behind the failure”. Thomas Cook said in a statement vessels bound for the Middle East was released in Yesterday’s bankruptcy, which followed a lengthy that “despite considerable efforts”, it was unable to April 2018, prompting a public outcry and forcing stranded as Thomas period of chronic financial turmoil after a disastrous reach an agreement between the company’s stakehold- sweeping reforms to the industry. Though the gov- 2007 merger deal, left some 600,000 tourists stranded ers and proposed new money providers. “The compa- ernment resisted calls to outlaw the practice Cook collapses worldwide according to Thomas Cook, while its 22,000 ny’s board has therefore concluded that it had no entirely, a review led to a temporary embargo on LONDON: British travel firm Thomas Cook collapsed staff are out of a job. The British government launched choice but to take steps to enter into compulsory liqui- live exports during the northern-hemisphere sum- yesterday, leaving some 600,000 holidaymakers emergency plans to bring some 150,000 UK holiday- dation with immediate effect,” it added. The long-trou- mer from June to September this year.