عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Kuwait Approves New Bankruptcy Law

Kuwait National Assembly. Reuters file photo
Kuwait National Assembly. Reuters file photo
TT
TT

Kuwait Approves New Bankruptcy Law

Kuwait National Assembly. Reuters file photo
Kuwait National Assembly. Reuters file photo

Kuwait's National Assembly approved on Tuesday amendments to draft laws related bankruptcy.

The second draft approved by 37 and opposed by 7 of 45 present MPs, was linked to laws concerning bankruptcy. The draft law aims at reshuffling and reorganizing laws connected with bankruptcy.

The new bankruptcy law will improve Kuwait's competitiveness and ease of business indices; the Ministry of Commerce and Industry said Tuesday.

The 300-article law will set Kuwait among the leading countries economically in the upcoming period, said the ministry, state agency KUNA reported.

The ministry revealed that the new step would enable defaulters and companies to resume their activities to achieve the required economic development.

Due to the new status quo, a specialized department for bankruptcy will be established to address issues connected to this legal process to provide solutions beyond penalties and punishment.

Most Viewed

 
 
Business

Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
TT
TT

Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)

Russia's inflation has reached 9.5% this year, according to new weekly data showing that the consumer price index rose by 0.33% in the week leading up to Dec. 23, the statistical agency Rosstat reported on Wednesday.

This data follows the central bank's unexpected decision last week to maintain its key interest rate at 21%. The regulator said recent tightening has created conditions conducive to reducing inflation towards its target of 4%.

The agency indicated that seasonally volatile prices for fruit and vegetables contributed significantly to the overall increase, with cucumber prices rising by 8.3% and tomato prices by 1.9% in just one week.

Among less seasonally sensitive foods, the price of eggs increased by 1.7%, and frozen fish by 1.4%. The central bank had initially estimated this year's inflation at a maximum of 8.5%.

The central bank's monetary policy department's head Andrei Gangan told the Interfax news agency on Dec. 24 that full-year inflation will be between 9.6% and 9.8%.

Inflationary expectations among households for the coming year also reached 13.9% in December, the highest level since the beginning of the year.

In a report on its inflationary expectations survey, the central bank said respondents were most concerned about rising prices for milk, dairy products, eggs, meat, and fish.

It also said respondents have begun to notice increases in the prices of home appliances and electronic devices.