SUBSCRIPTION THURSDAY, NOVEMBER 12, 2015 MUHARRAM 30, 1437 AH www.kuwaittimes.net 1 Qatari soldier Japanese man Gulf airline growth James muscles killed in Yemen ‘hid in gutter to curbed by traffic Cavaliers past as battle7 rages peep up8 skirts’ jams21 in the sky Jazz20 118-114 Finance Minister to brief Min 15º Max 23º panel on budget deficit High Tide 12:55 & 23:53 Interior, human rights panels to discuss Bedoon issue Low Tide 06:35 & 18:25 40 PAGES NO: 16695 150 FILS UK may halt arms By B Izzak KUWAIT: Finance Minister Anas Al-Saleh will brief the exports to Saudi National Assembly Financial and Economic Affairs Committee today with the government program for financ- DUBAI: Britain’s foreign minister said it would halt ing the expected budget deficit due to the drop in oil prices. weapons exports to Saudi Arabia if investigations found The minister is expected to explain to the committee mem- Riyadh had breached international humanitarian law in bers government plans to meet the budget deficit and its the war in Yemen. Saudi Arabia has since March led an plans to issue conventional bonds and Islamic sukuk as a Arab military campaign to restore government authori- way of tapping into the debt market to finance the deficit. ty in Yemen after Iran-allied Houthi fighters took control The government is projecting a deficit of KD 7 billion of most of the country a year ago. Amnesty before deducting 10 percent of revenues in favor of the International has asked the United Nations to investi- future generations fund which the government normally gate allegations that humanitarian law has been broken adds to expenditures. But actual finances, particularly rev- during the war, in which UN figures show more than enues have so far been higher than projections. The gov- 5,600 people have been killed. ernment has projected revenues to be at KD 12.2 billion for “The Saudis deny that there have been any breaches ... (but) we need to see proper investigations,” Foreign the whole fiscal year 2015/2016 which ends on March 31 Secretary Philip Hammond told BBC Newsnight on next year. Tuesday. “We need to work with the Saudis to establish But after six months, revenues reached KD 7.8 billion due that international humanitarian law has been complied to high oil prices in the first quarter of the fiscal year -April to with. We have an export licensing system that responds June. If income continues at the same level, total revenues if we find that it is not. We will then find that we cannot will be higher than projected and this means that the budg- license additional shipments of weapons.” According to et will be lower. National Bank of Kuwait said in report last a 2013 UK parliamentary report, Britain granted nearly 4 week that Kuwait will post its first budget deficit this year billion pounds ($6.06 billion) of export licenses for arms after 16 consecutive years of surplus. But it estimated the to Saudi Arabia in the five prior years. deficit to be much lower than projected. Saleh told reporters Amnesty has said the vast majority of civilian casual- yesterday the government will not cancel any mega devel- ties in Yemen have been caused by the Saudi-led coali- opment project because of the drop in revenues. He also tion and accused the Arab forces of using cluster said that the government will issue bonds and sukuk to bor- bombs, which are banned by most countries. It said that row funds to finance the deficit. But he gave no time frame violations of international humanitarian law had also for the process. been committed by the Houthis. — Reuters KUWAIT: His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah meets Director General of the International Monetary Fund (IMF) Christine Lagarde. — KUNA (See Page 2) Continued on Page 13 H1N1 case in private school KUWAIT: Minister of Education and Higher parents were the ones who reported the case, as Education Bader Al-Essa said yesterday that there their child was currently receiving treatment, the was one confirmed case of Swine Flu (H1N1) of a six minister said during a tour to several schools yester- year old student in a private school. The student’s day. — KUNA Six expatriates arrested over ‘offensive remarks’ ‘Beware of what you post on social network’ KUWAIT: Six Egyptian expats have been arrested for posting offending remarks about Kuwait and Kuwaitis via their personal accounts on social network media, the Ministry of Interior said yesterday. Security forces have arrested Ahmad Al-Sayed Farah, Ahmad Jaber Abdulsalam, Mohammad Faraj Salim, Tariq Abdulhameed Abdulhakeem, Mohammad Obaid Al-Esharri and Abdulrahman Mohammad Ahmad, the Ministry’s Security Media Department said in a statement. The suspects have posted enticing mes- sages directed to the Egyptian community in the country - encouraging them to go on strike, hate and called for revenge for a recent violent scuffle incident between Egyptian residents and Kuwaiti citizens in Hawally Governorate, said the statement. Their act is a clear violation of the Kuwait law, public order offence, and breach of security in addition to endangering the lives of citizens and residents, the ministry affirmed. They will be referred to competent investi- gation agencies, the statement noted, reiter- ating the Ministry’s determination and con- tinued efforts to prevent any misconduct that would disrupt Kuwait’s public security. The KUWAIT: Photo shows the six Egyptian expats who were arrested Ministry also warned of the abuse and misuse for posting offending remarks about Kuwait and Kuwaitis via their of social network media, affirming every- personal accounts on social network media yesterday. — KUNA body’s equality before the law. — KUNA KUWAIT: Photo shows the inside lobby of Kuwait National Library. Kuwait National Library is housing the nation’s ancient history. — KUNA THURSDAY, NOVEMBER 12, 2015 LOCAL Lagarde lauds Amir for his ‘great humanitarian role’ KUWAIT: The visiting Director General of Highness the Amir dealt with economic condi- International Monetary Fund (IMF) Christine tions in Kuwait “for sake of overhauling the sec- Lagarde yesterday lauded His Highness the tor for service of financial stability.” She added Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah that the discussions also dealt with various for playing a great role at various levels, particu- political issues, where she conveyed her per- larly in the humanitarian realm. spective regarding the global economy and In statement to KUNA as she emerged from hazards it faces. her meeting with His Highness the Amir, The meeting was attended by Deputy Prime Lagarde said she was honored to meet him Minister and Minister of Finance Anas Al-Saleh, adding that the meeting was an opportunity to Advisor at Amiri Diwan Mohammad Daifallah discuss a large number of economic and politi- Sharar and Central Bank of Kuwait (CBK) cal issues. Lagarde added that she congratulat- Governor Mohammad Al-Hashel. ed His Highness the Amir on his designation by Lagarde was also received by His Highness the UN as the ‘Humanitarian Leader,’ also laud- the Crown Prince Sheikh Nawaf Al-Ahmad Al- ing his great role toward various humanitarian Jaber Al-Sabah, who praised the IMF’s role in crises. supporting the concept of Islamic financing, The State of Kuwait namely His Highness the wishing Lagarde a successful participation in KUWAIT: The head of the International Monetary Fund, Christine Lagarde (right), attends the international conference on Islamic Amir plays a vital role toward regional and glob- the Global Islamic Finance Conference. Hashel finance, in Kuwait City yesterday. —Photo by Yasser Al-Zayyat al issues, she said, adding that her talks with His attended the meeting as well. — KUNA Society hosts Capital Market Law symposium By Nawara Fattahova done their role, and now it is the chance of investors to exploit the new facilities KUWAIT: The Kuwait Economic Society given to them,” he concluded. (KES) held a symposium on the new Ali Khalil, Chief Operating Officer, Capital Market Law number 22/2015 on Kuwait Financial Center ‘Markaz’ noted Tuesday at its premises. This law came that the positive effect of this new low will into effect on November 10, 2015, and it be visible on the long term. “The invest- is amending the previous Capital Market ment products will not be of much effect Law number 7/2010. on the short term. Actually, the demand Legal consultant Hossam Abdullah, on buying shares is weak in the present Managing Partner, Adlouni and Partners time and I think that the current problem said that this new law is the platform to of the stock market is not legal, but eco- apply the changes and improve the situa- nomic, which is still persisting even with tion of stock exchange in Kuwait. “The issuing this new law,” he explained. main purpose of this law is to rectify the “There should be an institutional deficiencies in the previous law, which investor and individuals. It is true that were noticed during the past four years. there are some funds that are investing in Sixty four articles of that law were amend- professional way, thus the investors that ed by the new law. In addition, the imple- were present in the market before 2010 menting regulation of 902 pages was are not there anymore,” added Khalil. issued,” he noted during the symposium. He also explained the kinds of dealing Ecosystem with securities and shares. He spoke Faisal Sarkhoh, Chief Executive Officer, about the mortgage, foreclosure, notify- KAMCO Investment Company stated that ing the debtors and the guarantors, classi- we need to improve the ecosystem to get fying of client’s portfolios, and financial the trust of investors back.