Business
Asian shares rise after Japan’s PM announces plan to resign
People stand in front of an electronic stock board showing Japan’s Nikkei index at a securities firm on Sept 8 in Tokyo. (AP)
TOKYO, Sept 8, (AP): Asian shares mostly rose with Japan’s benchmark jumping higher in Monday morning trading, despite the looming political uncertainty after Prime Minister Shigeru Ishiba last night that he plans to resign. Analysts said his announcement was expected for some time and welcomed it as moving things forward, although uncertainty remains as the ruling Liberal Democratic Party will need to hold an election to choose a new leader.
Ishiba will remain prime minister until his successor is chosen and approved by parliament. “Markets may react short-term to the temporary uncertainty of lame-duck leadership, but this may resolve once a new leader is chosen. Meanwhile, the LDP’s position as a minority leading party is unlikely to change anytime soon, and as such compromise will be the name of the policy-making game,” said Naomi Fink, chief global strategist at Amova Asset Management.
Japan’s benchmark Nikkei 225 gained 1.5% to finish at 43,643.81. South Korea’s Kospi gained 0.5% to 3,219.74. Australia’s S&P/ASX 200 lost 0.2% to 8,849.60. Hong Kong’s Hang Seng edged up 0.8% to 25,632.00, while the Shanghai Composite rose 0.4% to 3,825.88. Also Monday, Japan’s Cabinet Office said the economy expanded at a stronger rate in the fiscal first quarter than previously estimated, at a seasonally adjusted 2.2% annualized rate, better than the earlier 1.0% rate as solid consumer spending and inventories lifted growth more than previously thought.
On Wall Street, stocks finished last week lower in Friday trading on uncertainty whether the U.S. job market has slowed by just enough to get the Federal Reserve to cut interest rates to help the economy, or by so much that a downturn may be on the way. After rising to an early gain, the S&P 500 erased it and fell 0.3% below the all-time high it set the day before.
The Dow Jones Industrial Average dropped 220 points, or 0.5%, after swinging between an early gain of nearly 150 points and a loss of 400. The Nasdaq composite edged down by less than 0.1%. A report from the US Labor Department said American employers hired fewer workers in August than economists expected. The government also said that earlier estimates for June and July overstated hiring by 21,000 jobs.
The disappointing numbers follow last month’s discouraging jobs update, along with other lackluster reports in intervening weeks, and traders are now betting on a 100% probability that the Fed will cut its main interest rate at its next meeting on Sept. 17. In energy trading, benchmark US crude added 91 cents to $62.78 a barrel. Brent crude, the international standard, rose 98 cents to $66.48 a barrel. In currency trading, the U.S. dollar edged up to 148.03 Japanese yen from 147.39 yen. The euro cost $1.1722, inching down from $1.1723.
Undersecretary of the Kuwaiti Ministry of Finance, Aseel Al-Munifi
KUWAIT CITY, Sept 9: Undersecretary of the Kuwaiti Ministry of Finance, Aseel Al-Munifi, on Tuesday emphasized the need to develop the tax system and achieve financial sustainability to promote economic integration among Gulf Cooperation Council (GCC) member states.
Speaking at the 15th meeting of the Committee of Heads and Directors of Tax Administrations in GCC countries in Kuwait, Al-Munifi said the meeting is part of ongoing efforts to coordinate GCC tax authorities and develop mechanisms to unify joint tax policies that serve the interests of member states and their populations.
She expressed hope that the annex to amend the unified excise tax agreement would be signed at the upcoming financial and economic cooperation meeting scheduled in Kuwait next October, which will bring together the GCC finance ministers. Al-Munifi also commended the heads and directors of tax authorities and the Unified Tax System Working Group for their efforts in preparing studies, working papers, and recommendations.
Khalid Al-Sunaidi, Assistant Secretary-General for Economic and Development Affairs at the GCC General Secretariat, said the meeting continues the process of cooperation among GCC countries in tax policies. He noted that the aim is to unify tax frameworks, enhance economic integration, and support competitiveness at the regional and international levels.
Al-Sunaidi added that discussions at the meeting included outcomes from the GCC Unified Tax System Working Group on redefining energy drinks to reduce the consumption of unhealthy products, and plans to establish a comprehensive electronic system for all types of indirect taxes, alongside other related topics.
During the meeting, GCC tax heads and directors reviewed recommendations and decisions from the 14th meeting and previous sessions, submitting them to the undersecretaries of finance in the GCC. It was agreed to form a technical working group to develop the electronic system for indirect taxes and to redefine energy drinks in the Unified Excise Tax Agreement according to international definitions and classifications.
The 15th GCC Tax Committee meeting held in Kuwait.
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