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The Competition Protection Authority (CPA) has summoned for interrogation a number of exchange companies, against the background of allegations that they have concluded a collective agreement to unify the prices of remittances according to rates agreed upon daily, and this includes the exchange rate margin of their converted currencies, reports Al-Rai daily. Reliable sources from the authority said it constitutes a violation of the provisions of the device law.
In the event that the accusations against them are proven, these companies will face penalties in accordance with the “Competition Protection” law, starting with a warning, and up to a fine of 10 percent of their profits achieved throughout the implementation period of their agreement. It is reported, according to the open investigation in this regard, that 12 exchange companies have resorted, since the start of the repercussions of the corona pandemic, to regulate competition between them, with an amicable understanding contract that requires the implementation of their transfers at a unified price, and this includes the exchange rate of currencies transferred in their operations, with the aim of getting rid of unhealthy competition, which sometimes reached offering prices devour returns.
This agreement obligates all its members to set the price on a daily basis, without allowing any reduction in value, regardless of the weight of the customer, the size of his transfers and his history with the company. Sources close to the exchange companies pointed out that their understanding in this regard does not contradict the “Competition Protection” law for more than one reason, noting that the two ‘mutualists’ are 12 companies, while there are about 200 companies and exchange institutions that did not participate in this agreement, as they decided to work alone by determining its profit margin from remittances, and while doing so, it provided lower price levels than those traded with counter-party companies. She stated that about 35 companies are working in the local exchange market, subject to the supervision of the Central Bank of Kuwait, not all of them agreed on this understanding, which shows that the agreement is not binding.
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When compared with the same period in 2021, when it was around 23 million dinars, Kuwait's sales of tourism and travel agencies than doubled, reaching approximately 112 million dinars.
There are 430 travel offices in Kuwait, according to sources who spoke to a local Arabic newspaper. They noted that the increase in sales is due to the tourism and travel industry's recovery, the lifting of travel restrictions that had been put in place at most international locations following the Covid-19 pandemic, as well as the desire of citizens and residents to travel again after a protracted break.
According to the same sources, Kuwaitis most frequently go to Turkey, Dubai, and different European nations, whereas most locals spend their summer vacations in their home country.The sales in February 2022 climbed by about 5.5 times to 22 million dinars from 3.36 million dinars in the same month of 2021. Additionally, it increased by 3.2 times last May to 27.74 million compared to 6.59 million in the same month of 2021, and by 5.1 times in April to 24.27 million compared to 3.96 million.
Engineer Saad Al-Otaibi, the Director-General of Civil Aviation's spokesperson and the Deputy Director-General for Planning and Projects Affairs, claimed that the country's epidemiological situation and the lifting of international travel bans would result in a daily passenger volume that exceeded everyone's expectations in the summer of 2022 and return to pre-Corona levels.
Between June 1 and September 30, he said, there would be a projected flow of around 6 million passengers, evenly split between arrivals and departures. Al-Otaibi stated that around 43,000 flights will transfer this enormous number of travellers to various locations, with 22,000 outgoing flights and approximately 21,000 arriving flights.
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For some time now, banks have been witnessing a silent struggle to attract national labor, especially the most sought-after, which led to the introduction of sometimes undeserved adjustments to the salary scale granted to citizens, in an attempt to maintain the targeted national labor rates and raise the efficiency of their competition locally, reports Al-Rai daily. In this regard, banking said the demand for banking and financial services employees, and specialists in technology and automation work, has generally doubled, during the recent period, driven by an increase in the need for them more than ever, while the job of the head of the strategic planning and follow-up unit at the bank is especially important, with the Central Bank of Kuwait obligating banks to establish a unit headed by a Kuwaiti.
What increased the importance of this job segment was the rapid efforts of banks to shift towards digitalization, and to expand locally in the application of governance, at a time when it was noticed that these vacancies were few compared to what was required of them to the extent that could enable banks to maintain their competitive capabilities ignited in Kuwait.
Kuwaitization
The sources indicated that the banking policy makers are ready to pay high salaries to Kuwaiti employees to ensure that their institutions are provided with the largest amount necessary funds to conduct their businesses, and to enhance their superiority in banking competition over Kuwaitization. The sources put the total banking sector employees at about 16,500, while the announced data indicated that the average percentage of national employment in all local banks rose from 34.9% in 2000 to 76% at the end of 2021, and the total national workforce working in Kuwaiti banks increased from 1,543 workers in 2000 to 9,859 by the end of 2021, with an average annual growth rate of 9.2%, while the total national employment in foreign bank branches increased from 112 workers in 2008 to 312 by the end of 2021. The number of Kuwaiti women working in the banking sector is 4,074 constituting 82.3 percent of the number of women working in the sector, and their number in Kuwaiti banks is 3,970 out of 4,810 female workers, or 82.5 percent.
The sources noted that some banks have recently resorted to offering generous offers to employees of other banks, especially Kuwaitis and that this behavior has recently grown, especially with regard to the jobs that are most in demand, in an attempt to lure more employees to fill their vacancies. The sources indicated that this situation led to rapid transfers between bank employees, specifically Kuwaitis, to the extent that some of them only continued in their job for a few months before moving to work in another bank, with a higher name and salary, although their job experience is usually less than the title they got, as well as the salary.
On the other hand, and during their competition for the ‘ghutra and iqal’, some banks are compelled to expose themselves to several risks, perhaps the most prominent of which is the loss of job loyalty, as the leakage of their employees increases to get a quick career leap in their career, which contributes to impeding the growth of human wealth to the hoped-for limits. One of the paradoxes of this case is that the demand for unskilled labor has not actually declined, but rather progressed in a number of areas. Some analyzes attribute the reason for this discrepancy to the increase in the functional value of the Kuwaiti component in banks.
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From July 1, 2022, the central government is likely to enact a number of new labour legislation. There will be significant adjustments to take-home pay, working hours, employee provident fund (EPF) contributions, and annual leaves, among other things, if everything goes according to plan.
Although there has been talk that these new labour laws will go into effect the following month, no formal announcement has yet been made. According to the government, the laws will improve employment opportunities and encourage investment in the nation.
- Hours of operation and days offEmployees will only be required to work four days per week as a result of the new labour laws. Employees must, however, put in 12 hours every day on those four working days.
The 48-hour weekly work requirement must be reached, the labour ministry had previously stated, if and when the proposal is approved. The restrictions provided by a state government may vary from state to state, but this will be applicable to any industry.
The clause would also specify three weekly days off, which most likely would be Friday, Saturday, and Sunday.
- Paycheck amount and PF contributions
The labour regulations take on additional relevance from the perspective of the workers because, once adopted, take-home pay will decrease. However, the corporations will be held more accountable for provident funds.
According to the provisions of the new regulations, the employees' basic pay must equal 50% of their gross pay. The employer's and employee's PF contributions will go up as a result.
The government has also attempted to rationalize the types of leaves that employees can take while still employed. The practices of carrying over unused time to the following year and cashing out leave while still employed are also being rationalized. The minimum number of days of employment needed to qualify for leaves has been lowered under the new labour laws from 240 to 180.
The amount of paid time off, which is one day for every 20 days worked, won't alter, though. Similar to this, no modification has been suggested to the 30-day limit on carrying over and forwarding of leaves.
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According to External Affairs Minister S Jaishankar, the Passport Seva Programme (PSP) would launch a new version, PSP V2.0, to ensure a digital ecosystem among all stakeholders.The minister of external affairs, the Indian government is trying to implement electronic passports that would facilitate foreign travel and provide security against identity theft.
Dr. Jaishankar reaffirmed the government's commitment to strengthening the citizen experience and public service while speaking on the occasion of Passport Seva Divas, which was observed on June 24. In order to establish a digital ecosystem among all stakeholders and provide improved passport services to people, the Minister stated that the Ministry's Passport Seva Programme (PSP) will begin on an updated and improved version of PSP V2.0.
Through standardised and liberalised processes, the new system would provide seamless end-to-end governance. Use cutting-edge developing technology, such as chatbots, big data, sophisticated analytics, etc. "The Ministry is also preparing to bring out e-passports for Indian people," he said. "These will facilitate foreign travel and allow protection against identity theft as well as enhanced data security."
The Minister added that a paperless documentation procedure has been made possible by the integration of the DigiLocker technology with the Passport Seva System. "The Ministry operationalized 428 Post Office Passport Seva Kendras (POPSKs) to reach our residents at their doorsteps in partnership with the Department of Posts. In 178 of our embassies and consulates overseas, the Ministry has effectively linked the systems for issuing passports, he continued.
In honour of the Passport Seva Divas 2022, he remarked, "It gives me tremendous pleasure to join all our passport issuing authorities in India and overseas." The Minister of External Affairs said, "Even during the difficult periods of the COVID-19 epidemic, passport services were provided. With a monthly average of 900,000 passports issued and 450,000 more applications approved in the previous month, the government broke a record while addressing the increased demand brought on by the epidemic.
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After the UAE (ranked second worldwide) and Qatar (ranked third globally), Kuwait came in third place in the Gulf and fifth overall for mobile Internet speed in May according to the "Speed Test" index.
In contrast, Kuwait's fixed broadband internet speed placed it second in the Gulf and 22nd overall. In Kuwait, the fixed broadband internet download speed was 105.07 MB per second, while the mobile Internet download speed was 104.47 MB per second. According to a local Arabic newspaper, Kuwait's mobile internet download speed surpassed 22.40 Mbps while fixed broadband reached 26.33 Mbps.
In terms of worldwide mobile speeds (average download speeds of 129.40 Mbps) and fixed broadband speeds (209.21 Mbps), Norway and Singapore topped the pack in May, according to the Global Speed Test Index. The worldwide benchmark data comes from the hundreds of millions of tests that actual users use Speedtest to undertake on a monthly basis to gauge their internet performance.
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Welcome to the digital age of technology and innovation. As you know, everything is continuous and concerning time change in the digital phase. Likewise, it also affected the currency. You likewise find out about computerized or digital forms of currency and Blockchain developments overall as an advertiser. However, this advanced cash is viewed as lawful and unlawful in nations all over the planet.
Several countries have constructed administrative structures that empower cryptocurrency to be utilized in exchanges and transform the way businesses work. There are the United States, the European Union, and many others etc. According to the Library of Congress, 42 nations have implicit limitations on using various cryptocurrencies. The following are some of the countries mentioned, Bahrain, Burundi, Cameroon, Republic of the Central African Republic, and some others etc. But according to the Library of Congress, nine nations have outright restrictions on bitcoin. Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia are among them.
Cryptocurrency
Cryptocurrency/Digital currency, at times known as digital money or crypto, is any advanced or virtual cash that utilizes encryption to defend exchanges. Cryptographic forms of money work without a focal giving or controlling authority as opposed to depending on a decentralized framework to follow exchanges and make new units. Cryptographic money is a computerized installment instrument that doesn't depend on banks for exchange confirmation. It's a shared installment framework that permits anybody from anyplace to send and get cash.
Blockchain is an interaction for keeping information that makes it irksome or challenging to change, hack, or cheat the system. A Blockchain is a computerized record of exchanges replicated and scattered across the entire association of PC structures on the Blockchain.
Interaction between cryptocurrency and Blockchain is the advancement that enables the presence of digital currency (notwithstanding different things). Bitcoin is the name of the most famous cryptographic cash for which Blockchain development was planned. Cryptographic cash manages the Blockchain, as it likewise is a decentralized, modernized structure.
Is Blockchain & Cryptocurrency legal or illegal in Kuwait?
According to the government
Kuwait's government doesn't perceive digital currency as a type of legitimate money. On account of its critical instability, the public authority has ruled against tolerating Bitcoin and other digital forms of money as lawful and delicate. Cryptocurrencies are also used by criminals to transmit money acquired via illegal activity. In light of this, the government has increased its suspicions about using virtual coins.
According to CBK (Central Bank of Kuwait)
Since central banks and other regulatory bodies do not supervise cryptocurrencies, keeping track of and managing them may be challenging. Beginning around 2017, Kuwait's Central Bank has denied business banks and other monetary organizations from handling any exchanges made in cryptocurrency. In May 2021, the CBK likewise put out an announcement emphasizing that digital currencies are not yet perceived as legitimate cash in the country. It is improbable that this position will be modified any time soon. The Central Bank of Kuwait has likewise given exhortation and wariness to its residents on the risks of cryptographic money speculation. The preventative assertion was a piece of the banks' "Be Aware" crusade.
Kuwait's laws and regulations regarding cryptocurrency and blockchain
Three statements of law are applied to Kuwait's public by its government. These are the following:
o Cryptocurrencies are not accepted for use in formal business transactions by Kuwait's Ministry of Finance. The Central Bank of Kuwait (CBK) also forbids the trade of cryptocurrencies by the banking industry and the businesses it controls.The limitation covers tolerating the utilization of digital currencies in electronic installment exchanges and interceding between gatherings to cryptographic money exchanges. [Local gov law/Kuwait/523]
o The Ministry of Commerce and Industry has been tasked by the CBK to alert consumers to the dangers associated with cryptocurrencies like bitcoin. [Local gov law/Kuwait/524]
o In January 2018, the CBK affirmed that it was making a foundation for the cash related and banking area in the nation, including the issuance of an e-money, which is seen from virtual financial guidelines. The statement said that the groundwork of neighborhood computerized cash would fall under the umbrella of e-payment. The Central Bank included that the high-level area money will have comparative credits as paper cash, for instance, an issuance number. The Kuwaiti government will similarly take a look at it. Moreover, it may be traded with different monetary standards and used to pay for labor and products. [Local gov law/Kuwait/525]
Let's these above all are the laws and regulations you read, now here a question arise that
Does Kuwait allow the sale and purchase of cryptocurrency by the public?
The Kuwaiti controller and different establishments like the Central Bank have stayed quiet on cryptographic forms of money, tokens, and other Blockchain innovations starting today. When in doubt, on the off chance that the law doesn't explicitly disallow a movement, that lead is passable. It infers that you should direct intensive review assuming you choose to get. There aren't many spots to purchase cryptographic forms of money in Kuwait, yet YallaBit is one computerized firm worth watching out for. YallaBit has hostile to AML and know-your-client (KYC) guidelines set up, so you can purchase cryptocurrency with only an ID, and not at all like different providers; can you have your digital money that very day.
Conclusion
However, the Kuwaiti government doesn't consider cryptographic money as legitimate delicate in the country; the residents of Kuwait can, in any case, trade digital currency however they see fit. Banks and other monetary organizations are prohibited from permitting exchanges utilizing virtual currency. To evade individuals' revenue in cryptographic forms of money, the Central Bank of Kuwait is likewise dealing with fostering computerized cash and an advanced stage to trade it on.
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The Public Authority for Manpower, with the cooperation of the Kuwait Society of Engineers, will start the procedures for accrediting the certificates of 71 professions in the engineering, architectural and agricultural fields, and assistant engineering professions, reports Al-Qabas daily. According to informed sources, the procedures will not only be concerned with the approval of certificates, but will also include conducting tests in some specialties and professions, as part of a plan to filter marginal workers out of the labor market.
The interview will be carried out for many professions and specializations, such as interior designers and draftsmen working in the electrical, civil and mechanical engineering fields. Meanwhile, a report by the Public Authority for Civil Information revealed that the number of non-Kuwaiti workers registered in the professions of technician, assistant specialists in natural sciences, and engineering in the private sector was 30,000, compared to only 310 Kuwaitis.
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