Kuwait central bank announces stimulus to support vital sectors, SMEs

Kuwait’s central bank announced a stimulus package to support vital sectors and small and medium enterprises amid the fallout from the coronavirus epidemic. (Reuters)
Short Url
Updated 02 April 2020

Kuwait central bank announces stimulus to support vital sectors, SMEs

  • Liquidity and capital adequacy requirements for banks reduced, risk weighting for SMEs cut

DUBAI: Kuwait’s central bank announced a stimulus package on Thursday to support vital sectors and small and medium enterprises (SMEs) amid the fallout from the coronavirus epidemic.

The Central Bank of Kuwait has reduced liquidity and capital adequacy requirements for banks and cut risk weighting for SMEs, it said in a statement.

The bank cut capital adequacy requirements by 2.5 percent and eased the risk weighting for SMEs to 25 percent from 75 percent. It also raised the maximum lending limit to 100 percent from 90 percent and increased the maximum financing for residential real estate developments to the value of the property or the cost of development.

It said the measures would encourage banks to lend more and help vital sectors and SMEs “overcome the current circumstances.”

CBK said it would closely monitor banks to ensure the package meets its intended purpose “and will not hesitate to take further measures to meet the higher interest of the national economy.”

On Wednesday, Kuwait announced measures to shore up its economy against the pandemic, including soft long-term loans from local banks, and the central bank asked banks to ease loan repayments for companies affected.

Kuwait, which as of April 1 had registered 317 cases of the new coronavirus, was the first Gulf country to ground all passenger flights and impose a partial curfew to stem the spread of the highly infectious respiratory illness.


Chinese artificial intelligence company files $1.4 billion lawsuit against Apple

Updated 03 August 2020

Chinese artificial intelligence company files $1.4 billion lawsuit against Apple

  • Xiao-i argued that Apple’s voice-recognition technology Siri infringes on a patent that it applied for in 2004

SHANGHAI: Chinese artificial intelligence company Shanghai Zhizhen Intelligent Network Technology Co., also known as Xiao-i, has filed a lawsuit against Apple, alleging it has infringed on its patents.
The company is calling for $1.43 billion in damages and demands that Apple cease “manufacturing, using, promising to sell, selling, and importing” products that infringe on the patent, it said in a social media post.
Xiao-i argued that Apple’s voice-recognition technology Siri infringes on a patent that it applied for in 2004 and was granted in 2009.
Apple did not respond to a request for comment. Reuters was not immediately available to find a copy of the court filing.
The lawsuit marks the continuation of a row that has been ongoing for nearly a decade.
Shanghai Zhizhen first sued Apple for patent infringement in 2012 regarding its voice recognition technology. In July, China’s Supreme People’s court ruled that the patent was valid.