Latest news with #KD
Kuwait Times
a day ago
- Business
- Kuwait Times
Kuwait Cabinet greenlights asset‑freezing powers and KD500K fines to fight terror financing
Cabinet approves legal amendments to strengthen counterterrorism and financial crime laws in line with UN Security Council resolutions. KUWAIT: Kuwait's Cabinet has approved a draft law aimed at enhancing the country's ability to combat terrorism and financial crimes by aligning national laws with United Nations Security Council (UNSC) resolutions. The approval came during the Cabinet's weekly meeting and follows a recommendation from the Ministerial Legal Affairs Committee. The draft will now be submitted to His Highness the Amir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah for final ratification. Under the proposed amendments, the government will be empowered to implement necessary actions based on UN decisions, including freezing assets, blocking financial transactions, and listing individuals or entities suspected of involvement in terrorism or the proliferation of weapons of mass destruction. The law states: 'Decisions will be issued by the Cabinet based on recommendations from the Minister of Foreign Affairs, and shall be effective from the date of issuance, while safeguarding the rights of individuals acting in good faith.' Additionally, the Cabinet may delegate these powers to individual ministers, who in turn can form special committees to carry out these measures. The executive regulations will set out detailed rules on publishing decisions, handling appeals, managing frozen funds, and allowing limited releases of funds to cover essential living expenses, ensuring the use of such funds remains strictly controlled. The draft law also introduces financial penalties ranging from KD 10,000 to KD 500,000 for violations of decisions issued under this legislation. These fines will be applied alongside any penalties imposed by financial regulatory authorities. Existing laws and regulations addressing UN counterterrorism mandates will remain in force unless they conflict with the new amendments or are repealed. An explanatory note accompanying the draft highlighted that the amendments are designed 'to provide the Cabinet, as the highest executive authority, with the legal framework necessary to fulfill Kuwait's international obligations without exceeding constitutional boundaries or infringing upon the rights of innocent individuals.' — Agencies
Arab Times
a day ago
- Business
- Arab Times
Agility KSCP Launches Kuwait-Centric Strategy Supporting Kuwait Vision 2035
KUWAIT CITY, June 19: Agility Public Warehousing Company KSCP's (Agility KSCP) new Board of Directors today announced a refocusing of its strategic direction, shaped by Kuwait's promising growth outlook and aimed at accelerating infrastructure development. The new strategy positions the company as a dedicated platform supporting Kuwait's national development priorities under Kuwait Vision 2035. This focus affirms Agility KSCP's foundational mission, as defined by the Amiri Decree that established the company in 1979 to develop critical warehousing and infrastructure in Sulaibiya, Doha, and Mina Abdullah. Positioning for Strategic Alignment with Kuwait Vision 2035 Agility KSCP is positioning its capital, operations, and leadership to support national economic priorities, with plans to invest more than KD 100 million through 2030. Agility KSCP will focus on high-priority sectors including: ● Facilitating government initiatives to attract FDI and develop Mubarak Al Kabeer Port. ● Contributing to the development of new economic zones such as the Northern Area project. ● Customs modernization and supply chain enablement. ● Industrial real estate and warehousing. ● Industrial waste management and recycling infrastructure. ● Development of major data centre projects. ● Promoting the resilience and security of Kuwait's food and health care sectors. The company's streamlined, Kuwait-centric strategy unlocks operational agility and capital efficiency by consolidating its footprint in a growth market where it has long-standing execution capability and deep institutional knowledge. Driving Impact Through Governance and Capital Alignment To better support Agility KSCP's new direction and improve the company's responsiveness to government priorities, Agility KSCP is taking several structural steps: ● National alignment: Formation of a permanent senior board committee dedicated to aligning with national initiatives and enhancing stakeholder coordination, with a particular focus on deepening engagement and responsiveness to government priorities and policy direction. ● Unlocking shareholder value through an in-kind distribution of Agility Global PLC stake: Agility KSCP's Board is enhancing value for its shareholders through an in-kind dividend distribution of an approximately 20% stake in ADX-listed Agility Global PLC to shareholders of Agility KSCP. This strategic move provides a direct and tangible return, allowing shareholders to benefit from a stake in a high-potential entity. By increasing Agility Global PLC's free float, the distribution is expected to significantly improve share liquidity, enhance price discovery, and position Agility Global PLC for greater visibility and potential inclusion in key equity indices. This initiative reflects the Board's ongoing commitment to maximizing shareholder value and aligning long-term interests. ● Fostering Kuwaiti Talent: Building on its longstanding commitment to developing Kuwaiti human capital, the company will intensify efforts to recruit, develop, and retain Kuwaiti nationals—who will serve as the driving force behind the strategy. ● New brand: To provide further clarity for shareholders and stakeholders, Agility KSCP will in due course carry a new name that reflects its new mission. Together, these strategic priorities are designed to enhance focus and operational efficiency and unlock long-term value—reinforcing Agility KSCP's position as a trusted industrial partner and key enabler of Kuwait's economic growth. Offering Investors Access to Kuwait's Growth Tarek Sultan, Vice Chairman of Agility KSCP, said: 'As a company with deep national roots, we are aligning every aspect of our operations and capital allocation to serve Kuwait's long-term economic transformation. This evolution to focus on Kuwait's infrastructure priorities offers investors direct access to the country's most promising non-oil growth sectors—backed by committed capital, local execution strength, and strategic alignment with government objectives. Our KD 100+ million investment in Kuwait's logistics and infrastructure sector underscores our belief in the country's strategic geographic position, resilient economy, and fast-growing e-commerce market. We're proud to support the development of advanced logistics and industrial infrastructure that will drive trade, create jobs, and contribute to Kuwait's broader economic diversification efforts." In-Kind Dividend Announcement Agility's Board of Directors has approved an in-kind dividend for Q1, 2025 in the form of shares in Agility Global PLC, representing around 20% of Agility Global PLC's issued share capital. Under the approved terms, eligible shareholders of Agility KSCP will receive 82 shares of Agility Global PLC for every 100 shares held in Agility KSCP. This distribution reflects the Board's ongoing efforts to unlock shareholder value, improve trading liquidity for Agility Global, and enhance the company's eligibility for index inclusion.
Arab Times
2 days ago
- Business
- Arab Times
Kuwait slaps up to KD 500,000 fine in push against money laundering
KUWAIT CITY, June 18: A new decree No. 10/2025 has been issued to amend certain provisions of Law No. 106/2013 concerning combating money laundering and the financing of terrorism. The decree includes the following provisions: Article One: Article 25 of Law No. 106/2013 shall be replaced with the following text: 'Based on the recommendation of the Minister of Foreign Affairs, the Council of Ministers shall issue the necessary decisions to implement United Nations Security Council's resolutions issued under Chapter VII of the UN Charter, related to combating terrorism, its financing, and the financing of the proliferation of weapons of mass destruction. This includes decisions to list, delist, or freeze funds and other assets, and to prohibit transactions with natural or legal persons without prejudice to the rights of those acting in good faith. These decisions shall take effect from the date of their issuance. The Council of Ministers may delegate the exercise of the powers stipulated in the above paragraph to a minister. In the absence of any legal impediment, the Minister Plenipotentiary may assign the task to a special committee. The executive regulations shall specify the rules for publishing or making these decisions available, the method for appealing them, the rules for managing frozen funds and assets, and the procedures for authorizing the release of specific amounts to cover necessary living expenses and other financial obligations. These measures aim to ensure that such funds are used strictly for their designated purposes, in addition to outlining any other controls and procedures necessary to implement the provisions of this article. Article Two - A new article '33-bis' shall be added to Law No. 106/2013, as follows: Anyone who violates a decision issued under Article 25 of this law shall be subject to a fine ranging from KD 10,000 to KD 500,000 for each violation. This penalty shall be without prejudice to any other penalties or measures that regulatory authorities may impose on financial institutions or designated non-financial businesses and professions, by the provisions of Article 15 of this law. Article Three - Regulations and decisions issued before the entry into force of this decree- law, concerning the implementation of United Nations Security Council resolutions issued under Chapter VII of the United Nations Charter related to combating terrorism and preventing the proliferation of weapons of mass destruction, shall remain in effect, provided they do not conflict with the provisions of this decree, unless amended or repealed. Article Four - The Prime Minister and the ministers, each within their respective jurisdiction, shall implement this decree-law, which shall enter into force from the date of its publication in the official gazette.
Hypebeast
2 days ago
- Entertainment
- Hypebeast
Official Look at the Nike KD 18 "Boys & Girls Clubs"
Name:Nike KD 18 'Boys & Girls Clubs'Colorway:Blue/WhiteSKU:HV1992-401Retail Price:$210 USDRelease Date:July 1, 2025Where to Buy:Nike Nike Basketball is set to release a particularly meaningful iteration of Kevin Durant's signature line, theNike KD 18'Boys & Girls Clubs.' This special edition not only showcases a vibrant design but also underscores Durant's deep, enduring commitment to the community organizations that played a pivotal role in his upbringing. Expected to be released in August 2025, this colorway will undoubtedly resonate with fans who admire KD's dedication off the court as much as his dominance on it. The 'Boys & Girls Clubs' colorway is a vibrant celebration of the joy and opportunity these organizations provide. The shoe features a dynamic mix of vivid blue hues, reflecting the energetic spirit often associated with youth centers. These bright colors are thoughtfully contrasted with subtle white accents and a clear outsole, creating a clean yet eye-catching aesthetic. The design is expected to incorporate unique graphical elements or patterns on the upper that subtly nod to the diverse activities and environments found within a Boys & Girls Club. From a performance standpoint, the KD 18 is built to meet the demands of elite basketball play. While specific tech details for the 18 are still emerging, the KD line consistently features responsive cushioning (Zoom Air), multi-directional traction, and a supportive, lightweight upper engineered for precise movements and explosive scoring.
Yahoo
3 days ago
- Sport
- Yahoo
Kevin Durant trade close to becoming reality: Which landing spot would be best for fantasy basketball?
Last week, I ran through some trade scenarios for one of the most popular names on the block, Kevin Durant. It's interesting to see how quickly things are shaping up within the Association; as the list of suitors is narrowing, a move could be made at any time now. Here's the latest of what we know and how each landing spot could affect Durant's fantasy value. The favorites to land Kevin Durant Miami Heat A package involving Kel'el Ware and picks is probably the only compensation I'd consider if I were the Suns. Ware far exceeded expectations in his rookie year, so I'd be hard-pressed to think Pat Riley would let him go that quickly. Wiggins doesn't excite me, but the Suns may get desperate and take what they can get. The Heat were at least on KD's shortlist of places to go, so anything is possible. Advertisement Fantasy takeaway: To the surprise of no one, I like the fit in Miami, assuming they'll retain Tyler Herro and Bam Adebayo. Those two All-Star caliber players form a formidable three with Durant. Herro is the primary option, but Durant wouldn't be far behind since Adebayo tends to be a pass-first big man. Durant would need to average 25 a game for the Heat to be competitive, so for the sheer opportunity, Miami is a good move for him if the two teams can make it happen. Houston Rockets The Rockets are another intriguing destination for Durant, mainly because Houston has control of three of Phoenix's first-round picks, so the idea of getting some of that draft capital back is enticing. However, since the asking price for KD is too high, what will it take to get it done? Jalen Green or Jabari Smith, along with picks, is the path of least resistance. Houston doesn't need to make a move, although it was clear after its first-round exit at the hands of the Warriors that the Rockets could use a consistent shooter when things get thick. Fantasy takeaway: I'm a fan of Durant slotting into the PF spot in Houston because it makes its offense more dynamic. It has all of the other pieces covered — now, it's about whether the Rockets want to run it back with the same young unit or make a splash. Either way, KD still thrives from a fantasy perspective with the Rockets. Minnesota Timberwolves ESPN's Shams Charania reported that Durant doesn't want to go to Minnesota. Maybe he's still salty that Ant and the Timberwolves bounced them out of the playoffs a couple of years ago. Or perhaps he has no interest in living in Minnesota. Whatever the case may be, he may not have a choice, as the Wolves could make a compelling offer to the Suns. Do they dangle four-time Defensive Player of the Year Rudy Gobert with promising young rookies Rob Dillingham and Terrance Shannon? Julius Randle? Donte DiVincenzo? The Wolves certainly have assets. Advertisement Fantasy Takeaway: The Wolves' high-octane offense would suit Durant just fine. Knowing how well the Thunder defended Anthony Edwards and Julius Randle in the Western Conference Finals, acquiring a bucket-getter and high-IQ player like Durant could be the move that sends them back there with the potential for more. KD should warm up to the idea of playing in Minnesota because they have a great coach, an ascending star and the system to succeed even as he approaches 40. Darkhorses to land Kevin Durant San Antonio Spurs The Spurs have the assets to make a deal happen today if they want to. ESPN's Shams Charania stated that the Spurs' pursuit of KD hasn't been as aggressive as that of other teams. So, even if KD wants to go there, it may not be in his control. As more reports come out, I agree with the sentiment that the Suns don't have much leverage and their asking price is too high. I get asking for Stephon Castle or the No. 2 pick for KD, but he's 37 years old and doesn't impact winning as he has in the past. Advertisement So, what's next? If the Suns want to send Durant to the Spurs, it'll cost at least Devin Vassell or multiple picks and players due to salary constraints; a third team might have to help facilitate a deal. Fantasy takeaway: The Spurs are the best potential landing spot for Durant at this stage of his career. Joining a core of Fox-Castle-Wemby would raise their floor into a playoff contender because of his ability to score at all three levels. He doesn't command a high usage rate and is a reliable bucket whenever the offense gets stagnant. For everyone saying he's over the hill, he's coming off a season where he averaged 27/6/4 with 53/43/83 shooting splits. Toronto Raptors KD hasn't expressed interest in playing there, so shipping him out to Toronto would be hilarious. The Raptors have pieces, too. Fantasy Takeaway: I'm not keen on the idea of Durant being sent to a place he doesn't want to go. I dislike drafting potentially disgruntled players in fantasy because it often leads to trade demands or subpar play. Neither is suitable for fantasy purposes, so let's hope this is not the resulting outcome.
