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FROM THE WORDS OF HIS MAJESTY THE SULTAN
At the opening of the annual session of the Council of Oman, 2010
‘His Majesty’s Wisdom’ Oman has a deep-rooted history and firm principles established ages ago and, praise be to God, what we have done is to confirm these principles, and express them in modern-day language.
THURSDAY, December 31, 2015 / 19 Rabi Al Awal 1437 AH timesofoman.com
3.6 ON RICHTER SCALE
Masirah Island records tremor Staff Reporter MUSCAT: An earthquake measuring 3.6 on the Richter scale was recorded at the Sultan Qaboos University’s (SQU’s) earthquake monitoring centre at around 9:29 am. “The epicentre of the earthquake was located 25km away from Masirah Island, east of Oman. The depth of the earthquake was 2.2 km,” an official from the SQU’s earthquake monitoring centre confirmed. According to experts, the northern parts of the Sultanate are more vulnerable to earthquakes. Scientists said, based on calculations on how fast the earth shakes in a given geographic area (Peak Ground Acceleration), the highest possibility of hazard has been found in the city of Khasab.
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Budget gets Cabinet nod; stress on cut in spending Fuel prices to be effective from January 15: Darwish MUSCAT: Darwish bin Ismail Al Balushi, Minister Responsible for Financial Affairs said the government decision to amend the fuel prices will come into effect from January 15, 2016. He added in a press statement that a government committee comprising the Undersecretary of the Minis-
try of Oil and Gas, the Undersecretary of the Ministry of Finance , the Undersecretary of the Ministry of Commerce and Industry and the CEO of Oman Refineries and Petroleum Industries Company (Orpic) is in-charge of deciding the monthly prices to ensure that it is linked to global prices. >A6
JOINT MEETING: The budget will see Oman raising oil product prices, cut expenditures, boost non-
oil sector, and raise corporate income taxes. –ONA
BABA UMAR ELHAM POURMOHAMMADI
The budget awaits His Majesty the Sultan’s ratification before it is implemented
babaumar@timesofoman.com elham@timesofoman.com
MUSCAT: The budget for next year was approved by the Council of Ministers, on Wednesday. The budget will see Oman raising oil product prices, cut expenditures, boost non-oil sector, and raise corporate income taxes.
The budget, aimed at covering an expected shortfall in the next year, is awaiting His Majesty Sultan Qaboos bin Said’s ratification before it is implemented. According to an official statement, Oman will cut down on government spending, develop non-oil revenues by raising corporate income tax, and revise and raise fees payable against government services, as well as revise
M E D I C I N A L VA L U E S
the prices of petroleum products (oil products) “in a manner that corresponds with global prices of these products with effect from mid-January 2016.” Following the keenness of the Council of Ministers to minimise the impact of these procedures, the statement said, the Council had instructed the Public Authority for Consumer Protection (PACP) to intensify its monitoring
of prices “to avoid the occurrence of any unjustifiable increase in prices that might go beyond the direct impact of these procedures.” Oman’s budget deficit for the first nine months of 2015 shot up to OMR2.93 billion, mainly due to a dip in oil revenue that affected the fiscal balance. The country had planned its budget for this year, based on the expectation of an oil price of $75 per barrel. >A6
MINISTRY CIRCULAR
Promoting bee products to treat ailments ing seminars and presentations at institutes, such as Nizwa University, Omani Women’s Association and Sultan Qaboos University. Besides promoting his own Bee Products Healing Centre, Al Lawati is actively involved with the Ministry of Agriculture when it comes to the promotion of beekeeping and honey production activities.
SHRUTHI NAIR
shruthi@timesofoman.com MUSCAT: A pioneer in the true sense, he has been using bee products and spreading awareness of its medicinal properties for the treatment of various ailments. Dr H Al Lawati, unlike many who struggle to channelise their passion in the right direction, used his efforts to set up Bee Products Healing Centre (BPHC), which was founded in 2009. BPHC, the brainchild of Al Lawati, uses bee products such as honey, propolis, royal jelly, bee pollen, bee bread, bee wax, bee sting (bee venom) and bee larvae to heal various bone, skin, mouth
and tooth, respiratory and other diseases. Having a doctorate in Bee Science, Al Lawati has played an active role in the fifth Honey Market organised by the Ministry of Agriculture. All the bee products are imported from foreign countries, es-
Dr H Al Lawati.
pecially the European Union, the United Kingdom and Brazil. With the aim of promoting such activities and spreading awareness, Al Lawati has been conduct-
Marketing honey During the four-day Honey Market, held at Muscat Grand Mall from December 27 to 30, some 40 beekeepers from across the Sultanate were invited to market their honey and other products made of honey. >A6
TOP THREE INSIDE STORIES
OMAN
Bakery in Ruwi shut after rats found inside
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A leading bakery in Ruwi was shut down by Muscat municipality officials on Tuesday. According to a tweet posted by the Muscat Municipality on its Twitter handle, the bakery was closed down after officials found rats inside the bakery. >A2
OMAN
SPORTS
PACP to monitor price increases
AHF Award for Naqvi, Macki
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S. A. S. Naqvi and Habib Macki were awarded AHF Lifetime Achievement Award. >C3
The PACP said it would intensify its efforts to control prices, so that there will be no increase. >A5
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Loans at low interest rates to spur inflation
B1
PUT ON HOLD: The ministry had said that prices of a large num-
ber of drugs will be reduced from January 1, 2016.
Medicines price cut deferred until June REJIMON K
reji@timesofoman.com MUSCAT: A move to reduce the profit margin on drugs in the private sector in Oman from January 1, has been deferred until June 1, 2016, according to a circular issued by the ministry. Last month, the ministry had stated that the prices of a large number of drugs would be reduced from January 1, 2016. However, the latest circular issued to all private pharmacies and stores states that the decision to revise the prices has been postponed until June 1, 2016. “We are aware that the ministry is reviewing a study submitted on the price reduction. This may take time and it might be the reason that the decision to reduce the profit margin has been deferred. However, if they
implement the price reduction decision, the pharmaceutical industry may be hit,” an official from one of the pharmacies in Muscat, said. While announcing the earlier decision, officials had said the move was a continuation of an earlier phased approach, such as reducing the export prices of drugs being sent to the Sultanate by unifying the prices of innovative drugs in Gulf Cooperation Council (GCC) countries to the same level and re-pricing generic drugs at the local level. During that phase, the prices of 4,246 drugs registered in the Sultanate were reduced. The ministerial decision also stipulated a reduction in the profit margin of drugs in the private sector so that the profit margin remains between 35 and 43 per cent, instead of 55 per cent. >A6