Oil prices fell in early Asian trading on Monday, giving up gains achieved on Friday, as peace talks between Israel and the Palestinian Islamic Resistance Movement (Hamas) in Cairo eased fears of the expansion of the scope of the conflict in the Middle East.

US inflation data also reduced expectations of a reduction in interest rates soon.

Brent crude futures fell by one dollar, or 1.1 %, to $88.50 per barrel, before rising to $88.55 by 0149 GMT. West Texas Intermediate crude futures also fell 84 cents, or one percent, to $83.01 per barrel.

Tony Sycamore, an analyst at IG Market, said that the intensification of mediation efforts in a truce agreement between Israel and Hamas eased geopolitical tensions and contributed to the weak opening of markets on Monday.

Data on Friday showed that inflation in the United States increased 2.7 % in the twelve months to March, exceeding the central bank’s target of 2 %.

Low inflation enhances the possibility of lowering interest rates, which in turn enhances economic g
rowth and demand for oil.

On the other hand, the rise of the dollar enhances expectations that interest rates will remain high for a longer period, and the rise of the dollar makes oil more expensive for holders of other currencies.

Source: National Iraqi News Agency

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The Kuwait Ministry of Finance mentioned in a statement, that this came in a meeting between the two officials on the sidelines of the Islamic Development Bank Group annual meetings, in Riyadh.

The statement said the Finance Ministers discussed bilateral cooperation and reinforcement of the deep-rooted strategic relations that ties the two friendly countries, they also went over topics of shared interest in the economic and financial field.

Source: Kuwait News Agency

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During the meeting, the forty-ninth annual report for the fiscal year 2023 of the Islamic Development Bank was approved, which includes the bank’s financing operations and its various activities, in addition to economic and global developments and their effects on member states.

The audit accounts of the bank and its affiliated institutions for the fiscal year 2023 were also approved, and the president and two vice presidents of the Board of Governors were elected for 2025.

The nomination of Qatar as a member of the Board of Directors of the Islamic Corporation for the Development of the Private Sector for the ninth session 2025/2027, representing the Arab Group C (non-African Arab countries), was also supported. The Republic of Algeria was also chosen to host the next meeting of the Board of Governors of the Islamic Bank Group 2025.

Kuwaiti Minister of Finance, Minis
ter of State for Economic Affairs and Investment, and Kuwait’s Governor at the Islamic Development Bank, Dr. Anwar Al-Mudhaf participated in the meeting.

Since its founding in 1975, the Islamic Development Bank has contributed to supporting joint Islamic action in economic and social development, strengthening the bonds of trade cooperation, and moving forward with Islamic solidarity among Islamic countries.

The Bank has also achieved distinguished success during the past fifty years at various levels, as the number of member states increased from 22 states upon its founding, to 57 member states in Asia, Africa, Europe and South America.

Source: Kuwait News Agency

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For his part, the Trademarks and Patents Supervisor at the Ministry Rashid Al-Owaihan said in his speech that since the outbreak of the industrial revolution and the continuation of scientific and technological progress, there have been
tremendous economic changes and countries trade exchanges increased.

Countries then began to pay attention to enacting laws that regulate intellectual property rights, both industrial property and literary and artistic property, he explained, and the need for industrialized countries to protect industrial intellectual property rights on an international scale.

He stated that the first international agreement that was concluded was the Paris Convention for the Protection of Industrial Property signed in 1883, and three years later the Berne Convention for the Protection of Literary and Artistic Works was concluded.

Al-Owaihan explained that Kuwait has several international agreements including the TRIPS in 1994, WIPO in 1998, Paris in 2014, and the International Patent Cooperation Treaty in 2016.

He stressed the importance of these agreements and treaties, as they are a joint effort to protect the intellectual property of patent owners and thus create a single, large market that includes global markets.

H
e explained that intellectual property has two parts, the first is related to literary property, which is copyright, and related rights (literary and artistic rights), and the second relates to industrial property rights and is divided into three branches, trademarks, patent, and industrial models. The World Intellectual Property Organization (WIPO) celebrates World Intellectual Property Day annually on April 26 and this year’s slogan is (Intellectual Property and the Sustainable Development Goals) and it is an opportunity for the world to reflect on the way in which intellectual property helps the global art scene to progress.

Source: Kuwait News Agency

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In a statement to KUNA, the CBK said that the securities bear a 4.375 percent rate with a three-month maturity rate.

Source: Kuwait News Agency

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The Central Bank of Kuwait (CBK) said on its daily bulletin that the sterling pound rose by 0.31 percent to KD 0.385, the Swiss franc rose by 0.25 percent trading at KD 0.337 and the Japanese yen remained stable at KD 0.0022.

Exchange rates declared by the CBK reflect average prices and not rates of actual transactions.

Source: Kuwait News Agency

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Prime Minister Muhammad Shiaa Al-Sudani chaired a meeting to discuss the plans of the Ministry of Electricity and the National Energy Strategy.

He directed the updating of the national energy strategy, stressing the need to take into account, in updating the strategy, the integration of energy projects with each other, that sources of gas insurance be available to operate gas electricity stations once they are completed, that gas transportation pipelines be available once its production from the oil fields is completed, and that electrical stations that benefit from it are available.’

Source: National Iraqi News Agency

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At the beginning of the meeting, Chairman of the Board of Directors, Riad Nazzal, reviewed the Board’s report for the year 2023, and the General Assembly approved the Board’s report and financial statements, and also discharged the Board members from liability for the fiscal year 2023, and elected Ernst and Young as the company’s auditor for the fiscal year 2024.

The General Assembly also held an extraordinary meeting to approve the amended bylaws and the amended articles of incorporation for the year 2024, in addition to the policy of granting remuneration to members of the Board of Directors, its committees and the executive management, in compliance with the new Palestinian companies law and the positive changes that occurred in the laws and regulatory environment in Palestine.

Nazzal
said: ‘All indicators suggested a real recovery for the Palestinian economy in general and a remarkable growth for the group in its financial and operational performance in particular. However, the aggression that broke out in the last quarter of 2023, and the accompanying huge effects on the West Bank of withholding clearing funds and endowment… The entry of Palestinian workers and the restrictions and closures had another impact, as this affected all economic sectors operating in Palestine to varying degrees.’

He added, “The facts on the ground have long demonstrated the ability of Palestinian companies to adapt and overcome the difficulties and challenges facing them, and to be able time and again to overcome all obstacles and withstand abnormal circumstances. This is what Wasel’s results this year show, and we continue to work hard to consolidate our position.” As one of the strong economic groups in the local market.’

It is noteworthy that Wasel is a public joint stock company listed on the Palestine
Stock Exchange with a shareholder base of more than 13 thousand shareholders, and its investments include logistics services, financial leasing, money transfer, security and guarding.

Source: Maan News Agency

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Minister of Labor, Ahmed Al-Assadi, announced: The Arab Labor Conference reached important decisions regarding the future of work, professions, Arab human resources, and partnership among the production parties.

Al-Asadi said at the conclusion of the conference that the conference was able to formulate important decisions according to needs regarding the future of work, professions, Arab human resources, and the future of partnership among the production parties.

He added that he is honored to chair the work of this session, the work of which was crowned with resounding success thanks to the spirit of love and sincere brotherhood among the participating Ministers and delegations from our Arab brothers, which was evident in the quality of the discussions that characterized its work and the decisions issued by it.

He explained that Iraq welcomes the Arab brothers, and supports with all its capabilities the process of joint Arab action, out of his belief in the Arab Labor Organization, which represents suppor
t for our unity and strength, pointing out that our Arab region is living in an era of economic blocs, in light of a global system dominated by mutual dependence and the interconnectedness of interests among peoples, which requires us to confront these challenges that threaten the interests of our Arab countries, especially in the areas of human resources development, economic and social development, as well as technological development.

Al-Asadi stated that we call on our people in Palestine to be patient, as they are an example of patience and steadfast resistance in the face of the fierce Zionist attack, and they must gain their independence and establish their state: We are with them, heart and soul, hand in hand in the face of this hateful occupier.

Source: National Iraqi News Agency

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The statistics added that the producer price index for locally consumed goods of local production recorded a sharp increase of 5.39%, as the producer price index for locally consumed goods reached 149.89 during the month of March 2024 compared to 142.22 during the month of February 2024 (base year 2019 = 100).

The producer price index for goods exported from local production also recorded an increase of 0.43%, and the producer price index for goods exported from local production reached 113.67 during the month of March 2024, compared to 113.19 during the month of February 2024 (base year 2019 = 100).

The prices of commodities produced from agriculture, forestry,
and fishing activities recorded a sharp increase of 12.21%, and their relative importance constitutes 29.94% of the product basket, as a result of the sharp increase in the prices of commodities within the activity of cultivating non-permanent crops by 16.85%, and the average price of a flower reached 5.03 shekels/ kg, white cabbage 5.17 shekels/kg, ground tomatoes 4.12 shekels/kg, local cucumbers 4.35 shekels/kg, green molokhiya with 10.72 shekels/kg, spinach 3.43 shekels/kg, parsley 19.21 shekels/kg, and Persian eggplant 7.92 shekels/kg. And hot green peppers 20.80 shekels/kg, sweet peppers 5.41 shekels/kg, green broad beans 17.50 shekels/kg, green onions with leaves 8.36 shekels/kg, dry onions 22.44 shekels/kg, and potatoes 7.97 shekels/kg.

The prices of commodities within the activity of growing permanent crops recorded a sharp increase of 11.28%, and the average price of each of: oranges reached 9.54 shekels/kg, clementines 6.79 shekels/kg, lemons 9.41 shekels/kg, pomelo 5.92 shekels/kg, and strawberrie
s 6.10 shekels. /kg.

The prices of commodities within the animal production activity recorded a sharp increase of 4.43%, as the average price of a live calf reached 20.83 shekels/kg, a live sheep reached 38.98 shekels/kg, a live goat reached 32.52 shekels/kg, and a large live broiler chicken (1-2 kg). 14.17 shekels/kg, and fresh eggs 46.95 shekels/2kg.

The prices of goods within the fishing and aquaculture activity recorded an increase of 1.04%, and the average price of Sultan Ibrahim fish and sea bream reached 900 shekels/10 kg each.

The prices of water supply, sanitation activities, waste management and treatment recorded an increase of 1.28%, and their relative importance constitutes 1.50% of the product basket.

The prices of mining and quarrying industry products also recorded an increase of 0.57%, of which their relative importance constitutes 1.41% of the product basket.

While the prices of electricity, gas, steam, and air conditioning supplies recorded a decrease of 0.12% during the month of March
2024 compared to the month of February 2024, whose relative importance constitutes 8.23% of the product basket.

The prices of goods produced from manufacturing activities recorded a decrease of 0.12%, whose relative importance constitutes 58.92% of the product basket, due to the decrease in prices of goods produced within the following activities: Manufacture of formed metal products, other than machinery and equipment, by 1.48%, Manufacture of grain mill products by 0.65%, Manufacture of clothing by 0.60%, and Manufacture of bakery products by 0.36%, despite the increase in the prices of goods produced within the following activities: Processing and preserving meat at a rate of 3.86%, manufacturing glass and glass products at a rate of 3.55%, manufacturing vegetable oils and vegetable and animal fats at a rate of 0.87%, and processing and preserving fruits, nuts and vegetables at a rate of 0.81%.

Source: Maan News Agency

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