MONDAY
October 24, 2016 22 Muharram 1438 AH
FROM THE WORDS OF HIS MAJESTY THE SULTAN
MORNING MINUTE
At The Opening of the Annual Session of The Council of Oman, 2008
‘His Majesty’s Wisdom’ Good government performance in the different sectors, serving the country and citizens with honesty and dedication and putting public interest over all other considerations are the necessary pillars for any sustainable development.
Founded 1975 . Volume 41 No. 202 | 36 Pages . Baisas 200 . Subscription OMR63 | ISO 9001:2008 Certified rti tifi ti fieed Company Coomp C mpany any | Ch an C Chairman/Editor-in-Chief: haaiirrm man an //E Ed diittoo Mohamed Issa Al Zadjali | Printed & Published by Muscat Media Group
FEELING THE PINCH?
ZAMBIA
HM the Sultan sends cable of greetings MUSCAT: His Majesty Sultan Qaboos bin Said has sent a cable of congratulations to President Edgar Lungu of the Republic of Zambia on the occasion of his country’s Independence Anniversary. In his cable, His Majesty the Sultan expressed sincere congratulations and best wishes to President Lungu and the friendly people of his country. -ONA TOP THREE INSIDE STORIES
OMAN
November 1 date for OCA’s walkathon
REJIMON K
chiefreporter@timesofoman.com
Oman Cancer Association’s 13th walkathon in support of cancer patients will be hosted on November 1. >A4
People are cutting
OMAN
fuels inflation
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UK envoy’s praise for Anglo-Omani Society
avoidable expenses as petrol price rise
in the Sultanate
MUSCAT: Consumers and retailers say that a rise in the cost of living, fuelled largely by the increase in the price of petrol at the pumps, is hitting spending, with shoppers watching their wallets. Times of Oman reported yesterday how the latest government data recorded a year-on-year in-
2
A. E. JAMES
China remains top Oman crude importer
NAT I O NA L D E V E L O P M E N T P R O G R A M M E S
Further, P. Chandrasekhar, Group General Manager at Jawad Sultan Group, said that the demand for niche and exclusive items in the market has dipped in recent months. “As prices are going up, people are reluctant to buy niche and exclusive items, which can destabilise their monthly budgets,” said Chandrasekhar, who is also a financial analyst. >A4
Budget deficit for first eight months touches OMR4.37b
MARKET
3
(what) not to. We can see that they are avoiding the purchase of pricey unnecessary items, for the time being,” A V Ananth, director Lulu Oman and India, told Times of Oman. “Availability of local items at affordable prices is cushioning the inflation effect, however, we can say that there is an impact in sales of pricey items, to an extent,” Ananth added.
CRUDE REVENUE DECLINE
Four decades of friendship between the Sultanate of Oman and the United Kingdom were marked at a special event in Muscat.>A6
China retained its top position as the leading importer of Oman Crude by buying 180.99m barrels in the first nine months of 2016. >B1
flation rate rise of 1.33 per cent in September 2016, based on the consumer price index, and mainly driven by a 6.57 per cent rise in prices in the transport sub-segment, and a 0.77 per cent rise in housing, water, electricity, gas and other fuels. “We are witnessing a change in purchase patterns. People are coming to our hypermarkets with a proper plan on what to buy and
businesseditor@timesofoman.com
‘I Love The Sultan’ campaign at ISG
A4
MUSCAT: Oman’s budget deficit surged ahead by 63 per cent to OMR4,371.6 million during the first eight months of 2016, as plunging crude oil export revenues began affecting the government’s fiscal balance.
These figures follow a projected deficit of OMR3.3 billion for the entire 2016, as well as a deficit of OMR2,681.6 million for the January-August period of 2015, according to data released by the National Centre for Statistics and Information (NCSI) on Sunday. “The deficit for this year is high, primarily because the average
crude oil price was low in the first half. Now it is close to $50 per barrel and it is quite unlikely that it will remain at the low 2015 levels again. So, the deficit level could be lower in 2017, which again will depend on expenditures and estimated revenues,” said S. Suresh Kumar, head of research at Al Maha Financial Services. >A4