Times of Oman - March 16, 2016

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WEDNESDAY March 16, 2016 7 Jumada Al Thani 1437 AH

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FROM THE WORDS OF HIS MAJESTY THE SULTAN

On the occasion of the Opening of the 4th Term of the State Consultative Council, 1988

‘His Majesty’s Wisdom’ Omanis should take the initiative and play a substantial role in all fields, no one should shun the jobs of his father and forefathers, or hesitate to make use of the job opportunities available in the private sector on the pretext that he holds an academic degree and that he should have a Government job.

Founded 1975 . Volume 41 No. 20

| 40 Pages . Baisas 200 . Subscription OMR63 | ISO 9001:2008 Certified Company | Chairman/Editor-in-Chief: Mohamed Issa Al Zadjali | Printed & Published by Muscat Media Group

RULER OF AJMAN

HM receives cable of thanks

GUESS WHICH RACING LEGEND IS COMING TO OMAN? > See A7

MUSCAT: His Majesty Sultan Qaboos bin Said has received a cable of thanks from Sheikh Humaid bin Rashid Al Nuaimi, Member of the United Arab Emirates (UAE) Supreme Council and Ruler of Ajman in reply to His Majesty’s condolences cable on the death of Sheikh Mohammed bin Nasser Al Nuaimi. >A6

‘Increase in salary unlikely in 2016’

TOP THREE INSIDE STORIES

OMAN

Workers on strike

Quite difficult to expect salary hikes

1

More than 60 expat workers are on strike over alleged salary and food denial. >A2

due the current financial situation

OMAN

World Water Day walk Times News Service

2

Children will participate in a 3km walk in celebration of UN’s World Water Day. >A5

BUSINESS

MSM-listed firms

3

Unaudited results must now be disclosed within 15 days of the end of quarter. >B1

EXPORT OF PET PRODUCT

Oman wins court case in US Times News Service

MORNING MINUTE

MUSCAT: Oman, represented by the Ministry of Commerce and Industry (MOCI), has won a case filed against the export of polyethylene terephthalate product (PET) to the United States market. The case is related to the amount of government subsidisation granted by Oman for this product, which is produced by the Octal Company. The investigations relating to the case lasted for nearly a year and a half and were undertaken by the US Ministry of Commerce. The US Ministry of Commerce

had issued a decision about the results of the investigation carried out against Oman’s exports and other involved countries about PET products on March 7. The results of investigation showed that subsidisation ratio of the government of Oman to the Octal Company does not constitute harm to the US industry. After the investigations ended, it was found that the subsidisation ratio is a mere 0.59 per cent, which is less than the minimum ratio (de minimis), according to provisions under the applicable laws in the US. Thus, Oman has been excluded from the subsidisation

case without imposing any fees against its exports, while the subsidisation rates for exports from other countries was pegged at between 5.12 per cent and 153.80 per cent. Oman’s victory in the subsidisation case is an additional success for previous victories in the cases filed against Oman’s exports, which reflect the efforts of MOCI, Octal Company and all cooperative bodies during the investigations period to prove that the government of Oman does not provide subsidisation to the Octal Company in a way that violates the WTO convention and the laws of the United States.

MUSCAT: Do not expect a hike in salary in 2016 given the current situation, company officials and business owners stated clearly on Tuesday. They were reacting to the findings of the latest research released by online recruitment firm GulfTalent, which said the average pay increases in Oman and across the Gulf Cooperation Council (GCC) are set to be lower

in 2016 than at any time over the past decade. Reacting to the survey, Ahmed Al Hooti, a member of the Oman Chamber of Commerce and Industry (OCCI), said it’s quite difficult to see salary increases in the private sector given the current financial situation. “The private sector should not be connected to the drop in oil prices. The private sector should be separate from anything involving the oil price in the normal scenario. But as most private sector companies depend on government projects, any salary increase is almost impossible unless there are some changes in the future in oil prices. Many companies get less projects and others are affected by the financial situation of the government,” explained Al Hooti. The Muscat-based economist said the findings of the survey are in line with emerging trends in the GCC economy. >A6

Ancient Portuguese ship wreck discovered off the coast of Oman

A4


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