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Old Banknotes to Be Withdrawn by Oct 1 Addition of Establishing a Fund to Support Small Busi- Efits to All Parties

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Old Banknotes to Be Withdrawn by Oct 1 Addition of Establishing a Fund to Support Small Busi- Efits to All Parties SUBSCRIPTION MONDAY, APRIL 20, 2015 RAJAB 1, 1436 AH www.kuwaittimes.net Minister 700 migrants IS executes Hamilton wins downplays feared dead in Ethiopian Bahrain GP, swine flu Mediterranean Christians third Formula 1 threat 5 shipwreck7 in Libya8 win18 of season Old banknotes to be Min 20º Max 35º High Tide withdrawn by Oct 1 00:40 & 12:40 Low Tide Four oilfields found • Kuveyt Turk first Islamic bank in Germany 06:45 & 19:30 40 PAGES NO: 16496 150 FILS KUWAIT/BERLIN: The Central Bank of Kuwait has decided to withdraw all old Kuwaiti banknotes from trading by Oct 1, More than 30% of Arab youth jobless Governor Dr Mohammad Al-Hashel announced yesterday. The Central Bank’s board, with consent of the minister of By Nawara Fattahova and Agencies finance, has taken the decision to withdraw the fifth edition of the Kuwaiti currency. Hashel said yesterday the remaining KUWAIT: More than 30 percent of young Arabs are volume of these old banknotes constituted only seven per- jobless because of unrest in many Arab nations and cent of the original amount that had existed before the sixth not enough investment, a top labor official said yes- edition entered circulation on June 29, 2014, estimated at terday. “The unemployment rate among Arab youth KD 1.4 billion. until the age of 30 years exceeds 30 percent,” the The decision has been taken in line with Article 10 of the Director General of the Arab Labor Organization Law 32/1968, as well as its amendments, regulating the ban- Ahmad Mohammed Luqman said. “Unrest and a lack knotes’ withdrawal and banking, the governor said, indicat- of investments have boosted the number of jobless.” ing that the old notes must be out of trading during bank He said many graduates fail to find employment working hours on Thursday, Oct 1. Holders of the old notes because their specializations are not needed by pri- must exchange them for the new editions at local banks vate sector. ahead of the abovementioned date, he said, warning that “Due to unrest in several Arab nations, the number notes that are retained would lose their value as “legal ban- of Arabs without jobs has jumped two million since knotes” and would no longer be tradable. Nevertheless, 2011, making the total number of unemployed Arabs those who fail to exchange the old ones for the new ban- at 20 million,” Luqman said on the sidelines of the knotes as scheduled may do so solely at the Central Bank 42nd Arab Labor Conference at the Jumeirah within 10 years, but after this period, it would no longer be Messilah Beach Hotel, which also celebrated ALO’s possible to make the exchange. 50th anniversary. Luqman told the opening session of Meanwhile, four new oilfields have been discovered in the five-day gathering in Kuwait City that unemploy- the north and west of the country, a top oil official was quot- ment in the Arab world hit 17 percent last year, “three ed as saying by state news agency KUNA yesterday. Kuwait times higher” than the global average. plans to boost oil output capacity by a third by 2020. “It appears that jobless numbers will rise this year KUWAIT: Yemeni Foreign Minister Riyad Yassin (right), Kuwaiti Minister of Social Affairs and Labor and Hashem Hashem, the chief executive of state-run Kuwait Oil and the next,” Luqman added, without providing spe- Planning Hind Al-Subaih, and Kuwaiti deputy Prime Minister and Foreign Affairs Minister Sheikh Sabah Co (KOC), did not give production rates of the new oilfields, cific figures. Al-Khaled Al-Sabah (second left) attend the opening ceremony of the annual Arab Labor Conference yes- but said exploration activities have moved ahead despite oil Continued on Page 13 terday. — Photo by Yasser Al-Zayyat prices dropping nearly 50 percent since last June. Continued on Page 13 MONDAY, APRIL 20, 2015 LOCAL GCC judicial ties praised RIYADH: Kuwait’s Acting Undersecretary of the Ministry of Justice Bader Al-Zamanan yesterday praised positive outcome of the 6th annual GCC Justice Undersecretaries’ meeting held in Riyadh, Saudi Arabia. The participants expressed their will to enhance mutual cooperation in the field of judiciary and justice, Zamanan at the conclu- sion of the meeting yesterday. The Undersecretaries dis- cussed coordination among all GCC justice and judicial bodies to provide citizens working in this field with spe- cialized training courses, he noted. He added that the conferees also discussed a report by the technical committee on studying the constituent law of the judicial and economic authority and a report prepared by chiefs of judicial training institutes. Moreover, the topics that were debated included a report by the international cooperation commissions at KUWAIT: Foreign Ministry Undersecretary Khalid Al-Jarallah is pictured while touring an Khalid Al-Jarallah at Venezuela’s pavilion.— KUNA photos the GCC justice ministries, a draft treaty regarding extra- exhibition held as part of the Latin American Week at Kuwait University (KU). dition of accused and convicts among the Council mem- ber countries, a proposal by the Saudi Ministry of Justice to carry out a joint training program in the judicial field, Decisive Storm aims to reinforce Zamanan added. — KUNA legitimacy in Yemen: Jarallah KUWAIT: The Saudi-led coalition’s ‘Operation the outcomes of the Yemeni National Dialogue, where we enjoy regular diplomatic presence,” Decisive Strom’ seeks to recover normality and as well as the UNSC resolutions, Jarallah noted. according to Jarallah. consolidate legitimacy in Yemen, a senior The senior diplomat expressed hope that the Kuwait has six diplomatic missions there, Foreign Ministry official said. attempt would bear fruits as the current situa- and in the meantime hosts 10 Latin American As it is, the situation in Yemen is grave, tion in Yemen “poses threats to security and sta- ones, a good signal of the size and nature of Undersecretary of the Ministry of Foreign bility of the region, not to mention, devastation bilateral ties, he said. Repeatedly exchanged Affairs Khalid Suleiman Al-Jarallah told of the country and people’s sufferings.” He visits between both manifest mutual keenness reporters yesterday on the sidelines of the ‘Latin pointed to serious moves on the GCC level to on promoting ties. The Latin American Week, America Week’ which he opened at Kuwait provide relief aid to the Yemeni people, refer- 19-23 April, aims to enhance students’ cul- University’s Faculty of Social Sciences. Several ring to a $274 million donation offered by ture bout the region, Dean of College of Latin American diplomats attended the event Saudi King Salman bin Abdulaziz Al Saud. Social Sciences Professor Abdulredha Assiri together with the College’s professors and offi- Meanwhile, the exhibition held as part of said. This is part of the University’s message, RIYADH: Acting Undersecretary of the Ministry of cials. the Latin America Week opens a window on namely reaching to other cultures, civiliza- Justice Bader Al-Zamanan is pictured during the meet- The campaign is an attempt to enforce the the “history and civilization” of the continent tions values and political, social and eco- ing. — KUNA Gulf Cooperation Council’s (GCC) Initiative and “with which we have strong historical ties and nomic systems. — KUNA Khalid Al-Jarallah speaks to reporters. Kuwait reiterates support for NSA chief, envoys mull closer ties Yemen’s constitutional legitimacy KUWAIT: National Security Apparatus (NSA) Chief Sheikh KUWAIT: Acting Prime Minister and Foreign Minister Sheikh the visiting Singapore Minister of Home Affairs and Minister of Thamer Al-Ali Al-Sabah held talks Sabah Al-Khaled Al-Hamad Al-Sabah yesterday reaffirmed Foreign Affairs Masagos Zulkifli bin Masagos Mohamad to cel- with ambassadors of France and Kuwait’s backing to Yemen’s constitutional legitimacy. ebrate the 30th anniversary of the establishment of diplomat- Australia to Kuwait on coopera- Speaking at a meeting with visiting Yemeni Foreign ic relations between the two countries. During the meeting, tive relations. Sheikh Thamer dis- Minister Riyadh Yaseen, Sheikh Sabah Al-Khaled also reiterat- the two sides discussed ways to strengthen bilateral relations cussed with Australian ed his country’s support for ongoing efforts to restore Yemen’s in all fields in addition to issues of common concern. Ambassador Warren Hauck bilat- security and stability and to safeguard its sovereignty and ter- Sheikh Sabah Al-Khaled also received Guy Ryder, the eral relations and several issues ritorial integrity in line with relevant UNSC resolutions, Gulf International Labor Organization’s (ILO) Director-General. of mutual interest, the NSA said Initiative and its Executive Mechanism. Several senior officials Sheikh Sabah Al-Khaled’s Office Chief Dr. Ahmad Nasser Al- in a press statement yesterday. at the Foreign Ministry attended the meeting. Mohammad Al-Sabah and several other senior officials of the Sheikh Thamer and French In other news, Sheikh Sabah Al-Khaled received yesterday Foreign Ministry attended the meeting. — KUNA Ambassador Christian Nachle considered bilateral ties and ways of promoting them as well as key issues of common concern in the KUWAIT: National Security Apparatus (NSA) Chief Sheikh Thamer Al-Ali Al-Sabah region, it added. — KUNA meets Australian Ambassador Warren Hauck. — KUNA photos KUWAIT: Acting Prime Minister and Foreign Minister Sheikh Sabah Al-Khaled Al-Sabah meets Singapore Minister of Home Affairs and Minister of Foreign Affairs Masagos Zulkifli. — KUNA Kuwait hosts Arab-Turkish commerce meeting KUWAIT: Kuwait hosts today the second meeting of the with a highlight on sectors available for public and private Ministers of Economy, Trade and Investment in the member investment on both sides. states of the League of Arab States and Turkey. The meeting It said that the meeting is an important opportunity to aims to shed light on the volume of the Turkish-Arab coopera- exchange ideas on increasing the volume of trade exchanges tion in various economic fields.
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