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Sunday, 27 September 2015

Iran earns more from tax than oil for first time in almost 50 years | World news | The Guardian

Iran earns more from tax than oil for first time in almost 50 years | World news | The Guardian:

"The Iranian government is earning more from tax than oil for the first time in almost half a century as the country shifts its traditional reliance on crude to taxation revenues in the face of plummeting oil prices.

President Hassan Rouhani’s economic strategy is to significantly reduce the government’s dependency on oil and instead collect tax more systematically, according to Ali Kardor, the deputy managing director of the national Iranian oil company (NIOC).

“For the first time in 50 years, the government’s share of the oil revenue is less than what it is earning from tax, including VAT,” he told the Guardian on the sidelines of the second Europe-Iran forum in Geneva. “Only around 10% of Iran’s GDP is currently dependent on oil.” Almost 20% of oil income goes into a sovereign wealth fund, which is reserved for development purposes.

"



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Dubai housing squeeze pushes middle-income expats out to the suburbs | GulfNews.com

Dubai housing squeeze pushes middle-income expats out to the suburbs | GulfNews.com:

"While Dubai continues to pump out new apartment blocks, for a rising number of expatriates the city no longer offers the luxury lifestyle that lured many foreigners to the Gulf.

A shortage of affordable homes and a reduction in overseas allowances since the global financial crisis are pushing foreign staff on middle incomes out to less glamorous areas of the city far from the office, or to neighbouring Sharjah.

Investment bankers, lawyers and top managers at multinationals may enjoy seven-figure salaries but other expats — from architects, accountants and IT managers to legal secretaries and HR executives — are often on household incomes of 10,000-30,000 UAE dirhams ($2,720-$8,170) a month, says property consultants JLL."



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MIDEAST STOCKS-UAE markets edge down in thin trade | Reuters

MIDEAST STOCKS-UAE markets edge down in thin trade | Reuters:

"United Arab Emirates stock
markets edged down in thin trade on Sunday as they reopened
after a break for Eid Al-Adha, with no major corporate news to
move shares and the global market environment slightly negative.

The Dubai stock index slipped 0.6 percent in its
lowest daily trading volume since April 2013, with many
investors still on holiday. Activity focused on
smaller-capitalised, low-priced stocks favoured by local retail
investors rather than institutions.

GFH Financial Group, the most heavily traded stock,
rose 0.6 percent, but builder Arabtec dropped 2.7
percent and Shuaa Capital lost 6.2 percent."



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Ukraine to pay around $230 per thousand cubic meters for gas in fourth quarter — Russian energy minister | GulfNews.com

Ukraine to pay around $230 per thousand cubic meters for gas in fourth quarter — Russian energy minister | GulfNews.com:

"Ukraine will pay a price for Russian gas of around $230 (Dh844) per thousand cubic metres in the fourth quarter, including a discount, Russia’s Energy Minister Alexander Novak said on Saturday, Russian news agencies reported.

Russia cut off its gas supplies to Ukraine in July when an existing contract expired. Ukraine had refused to keep paying the price of $247 per thousand cubic metres that it had paid in the second quarter.

The two countries have been haggling since then over the price that would be embodied in a new agreement to secure winter gas supplies."



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MIDEAST STOCKS-UAE markets to consolidate; global backdrop sluggish | Reuters

MIDEAST STOCKS-UAE markets to consolidate; global backdrop sluggish | Reuters:

"United Arab Emirates stock markets look set to consolidate in quiet trade on Sunday as they reopen after a break for Eid Al-Adha, with the global market environment slightly negative.

The Dubai stock index, which last closed at 3,633 points in thin trade, faces technical resistance around 3,700 points, which has capped it since the end of August.

Global market moves late last week do not suggest Dubai will stage a strong test of this resistance. Since Dubai last closed, Brent oil has edged down nearly 1 percent to $48.60 a barrel, while MSCI's all-country world equities index has dropped 0.6 percent."



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