WASHINGTON: Oil majors have raised gasoline prices for the sake of their own profits, US President Joe Biden said Tuesday as his administration looked for ways to lower prices at pumps nationwide at the beginning of the holiday travel season. The White House has upped the pressure on oil markets amid a spike in energy prices that has driven overall US inflation to record levels.

ALGIERS: Algeria plans to scrap its generous state subsidies on basic goods that have long helped maintain social peace but strained state budgets as energy revenues have fallen. Many economists support the plan as a necessary evil, as long as the neediest are protected, but some poor families are fearful about the impact.

National Investments Co holds analyst conference call on financial results for first nine months of 2021

• Remarkable growth in net profit of KD 22.4 million and EPS of 28.1 fils
• Total AUM of KD 1.13 billion; an increase of 12.3 percent and above-average returns to NIC clients
• Increase in shareholders’ equity to KD 207. 4 million and assets to KD 278.2 million
• Total comprehensive income of KD 43.3 million for the first nine months 2021

ANKARA: The Turkish lira plunged to record lows against the dollar yesterday after President Recep Tayyip Erdogan said policymakers have no appetite to hike interest rates in response to the currency’s fall. The currency fell by 13 percent to almost 13 lira against the dollar.

WASHINGTON: President Joe Biden announced yesterday he has ordered the release of 50 million barrels of oil from the US strategic reserves in a coordinated attempt with other countries to tamp down soaring fuel prices. “This release will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom,” the White House said.

KUWAIT: Reconnaissance Research organized a private panel discussion with some attendees from diplomatic missions in Kuwait. The discussion focused on the issues of the drones’ threats and technological means to combat them.

KUWAIT: Zain, the leading digital service provider in Kuwait, premiered the region’s first Startup Innovation Digital Video Report, concluding the sixth edition of its renowned digital startups accelerator program; Zain Great Idea (ZGI) in collaboration with Brilliant Lab. 

SAO PAULO: With 48 million clients, pop star Anitta on its board and a viral ad set to the beats of Brazilian funk, Nubank, a new digital-only bank, is shaking up the market in Brazil-and now eying a $50 billion entry on Wall Street. 

KUWAIT: Boeing has announced the opening of a new office in Kuwait, through the Kuwait Direct Investment Promotion Authority (KDIPA) under the country’s Direct Investment Law. The office will be led by managing director Ret Brigadier General Musaed Al-Hawli. The Kuwait Boeing office is located in the heart of the city and is set to open its doors in 2021.