Daily Archives: December 29, 2016

Venezuela president extends date to use 100-bolivar bills

Venezuela president extends date to use 100-bolivar bills

الجمعه 1438/4/1 هـ الموافق 2016/12/30 م واس

CARACAS, Venezuela, Rabi’II 01, 1438, December 30, 2016, SPA — President Nicolas Maduro has again extended the deadline for Venezuelans to stop using their old 100-bolivar bills, according to AP.
Maduro said in a television and radio broadcast address on Thursday that people now have until Jan. 20 to stop using the old bills.
The decision comes almost two weeks after violent protests and looting erupted when an earlier date to stop using the old bills came and went before new bills to replace them were distributed.
Government officials have blamed “sabotage” for the ongoing delay in the distribution of the new bills.
Venezuela faces a severe economic crisis that includes galloping inflation and shortages of food, medicine and other goods.
00:24 LOCAL TIME 21:24 GMT

Brazil could simplify oil tax rules as part of broad reform- source

Brazil could simplify oil tax rules as part of broad reform- source

Friday 1438/4/1 – 2016/12/30

BRASILIA, Rabi’II 01, 1438, December 30, 2016, SPA — Brazil’s government is considering simplifying the tax regime of the oil and gas industry as well as changes to levies on the financial system as part of a broad tax reform in 2017, a government source familiar with the matter told Reuters on Thursday. “These are the general ideas of what should be done. It is still in embryonic stages,” said the official, who asked not to be named because he is not allowed to speak publicly.
He also said the government could consider simplifying the PIS-COFINS social security taxes, cutting red tape on the tax system, and restructuring the finance’s ministry tax appeals tribunal, known as CARF.
00:21 LOCAL TIME 21:21 GMT

EU commission approves support measures for Italy’s Monte Paschi bank

Brussels, Rabi’I 30, 1438, December 29, 2016, SPA — The Italian government has received the green light
from European Union authorities to provide liquidity measures for its
ailing lender Monte dei Paschi di Siena (MPS), according to dpa.
The European Commission approved Rome’s request for the use of liquidity support for MPS, a commission spokeswoman said Thursday.
Banks with a capital shortfall are not allowed to benefit from liquidity schemes, according to EU rules, forcing Italy to file the request for MPS.
The spokeswoman stressed that approval of the measures doesn’t affect any recapitalization plans for the bank.
MPS has been dragged down over the past years by bad loans on its books and the overpriced takeover of an industry rival.
The Italian bank said Monday the European Central Bank has requested that MPS prop up its capital base by 8.8 billion euros (9.2 billion dollars), more than the previously announced 5 billion euros.
Even for the smaller sum, MPS failed to find private investors, paving the way for a state rescue and de-facto nationalization.
Recapitalization plans for MPS are still being discussed with Italy and European supervisory authorities, the commission spokeswoman said.
The government in Rome has already agreed to create a fund containing 20 billion euros for the country’s embattled financial sector.
22:12 LOCAL TIME 19:12 GMT

Asian stocks fall

TOKYO, 30 Rabi’I,1438 AH, 29 December,2016 , SPA — Asian shares mostly dropped in thin trading Thursday, taking their cue from a slide on Wall Street as the stronger yen helped send Japanese stocks lower, AP reported.
Japan’s benchmark Nikkei 225 slipped 1.4 percent to 19,122.24, as the strengthening yen, which reduces export earnings, weighed on market sentiments. Australia’s S&P/ASX 200 recouped earlier losses and inched up nearly 0.1 percent to 5,689.40. South Korea’s Kospi fell 0.1 percent to 2,023.35. Hong Kong’s Hang Seng lost 0.1 percent to 21,733.26, while the Shanghai Composite rose 0.2 percent at 3,109.14.
10:47 LOCAL TIME 07:47 GMT

Wall Street Closing

New York, 30 Rabi’I, 1438,December 29, 2016, SPA — U.S. stocks reversed course after opening higher and ended the session with significant losses, a rarity in the last six weeks, with the Dow industrials again failing to reach 20,000.
The U.S. dollar index rose against the euro and yen. Gold was little changed near a two-week high hit Tuesday, limited by a stronger U.S. dollar and European stocks. Futures for February delivery rose slightly to $1,140.90 an ounce on the New York Mercantile Exchange.
Crude-oil prices rose for a fourth consecutive session, near their highest levels since mid-2015, ahead of U.S. oil-inventory figures and as the market awaits supply reductions expected to begin next week.
The Dow Jones industrial average fell 111.36, or 0.6 percent, to 19,833.68. The broader Standard & Poor’s 500 index fell 18.96, or 0.8 percent, to 2,249.92.
The technology-heavy Nasdaq composite index fell 48.88, or 0.9 percent, to 5,438.56.
10:45 LOCAL TIME 07:45 GMT

South Korea cuts 2017 growth forecast to 2.6 percent

SEOUL, South Korea, Rabi’I 30, 1438, December 29, 2016, SPA — South Korea has revised down its growth outlook for 2017 citing increased uncertainties in the United States and a sagging recovery in domestic consumption, according to AP.
South Korea’s finance ministry said Thursday that Asia’s fourth-largest economy will likely expand 2.6 percent next year, the same pace as its outlook for 2016, down from its earlier forecast of 3.0 percent.
The ministry cited the pace of interest rate increases in the U.S. as one factor for concern. President-elect Donald Trump’s still to be decided trade policies are another.
At home, spending has weakened amid a major political scandal that led to President Park Geun-hye’s impeachment.
The report said South Korea likely will add fewer jobs next year than in 2016.
The government is planning a 20 trillion won ($16.5 billion) stimulus package.
03:04 LOCAL TIME 00:04 GMT

Muscat Stock Index Gains 17.65 Points

Muscat, Muscat Securities Market (MSM) general index (30) today added 17. 65 points, comprising a rise by 0.31 percent to close at 5,782.71 points, compared to the last session, which stood at 5,765.05 points.

The trading value today stood at Omani Riyal (RO) 2,743,178, comprising a decline by 3.9 percent compared to the last session, which stood at RO 2,854,492.

The market value rose by 0.122 percent to reach about RO 17.29 billion, according to MSM report.

The report added that the value of shares bought by non-Omani investors reached RO 255,000 comprising 9.31 percent. The value of shares sold by non-Omani investors reached RO 253,000 comprising 9.21 percent. The net non-Omani investment rose by 0.10 percent to RO 3,000.

Source: Qatar News Agency