06282016Tue
Last update: Tue, 28 Jun 2016 10am

South East Asia

World - South East Asia

Japan PM delays tax hike in blow for Abenomics TOKYO: Japan's prime minister said Wednesday that he will delay a consumption tax hike that threatened the fragile economy, but analysts said the move highlighted his failure to spark growth.Shinzo Abe announced his decision to members of the ruling Liberal Democratic Party (LDP) in televised remarks ahead of a press briefing expected around 6:00 pm local time (0900 GMT).The premier said the levy hike, planned for 2017, would be pushed back by more than two years to late 2019, when he is likely no longer in office.The decision also threatened to rekindle fears about Japan's ability to finance a staggering national debt, one of the worst among rich nations."I have made a decision to postpone the rise in the consumption tax to 10 percent by two and a half years," in the hopes of "revving up" growth, he told LDP lawmakers.Abe -- who swept to power in late 2012 on ...

World - South East Asia

Japan PM's move to delay sales tax rise will fan debt concerns TOKYO: Japanese Prime Minister Shinzo Abe will announce on Wednesday that the government has decided to delay a scheduled sales tax hike by two-and-a-half years, putting his plans for fiscal reforms on the back burner amid more weakness in the economy.The widely-anticipated delay will be welcomed by a majority of voters, who will cast ballots in an upper house election in July. But it is fanning doubts about Abe's plans to curb Japan's huge public ...

World - South East Asia

Japan PM Abe expected to announce tax hike delay on Wednesday TOKYO: Japanese Prime Minister Shinzo Abe is expected to announce a delay to next year's proposed sales tax hike to prevent a blow to the economy, when he speaks to members of the media on Wednesday.The press engagement comes days after the prime minister pitched the proposed delay to fellow members of the ruling party and. The prime minister's office said Abe will hold a press conference at 0900 GMT on Wednesday.On Tuesday, the country's ...

World - South East Asia

Japan lower house defeats no-confidence motion against Abe's cabinet TOKYO: The Japanese lower house on Tuesday defeated a no-confidence motion against Prime Minister Shinzo Abe's cabinet, submitted by four opposition parties that criticised his economic and other policies ahead of the July upper house election. Opposition parties argue Abe's decision, expected to be announced on Wednesday, to postpone a proposed sales tax hike is an admission his efforts to reboot the stale economy have not only failed but increased inequality.Abe first delayed the sales ...

World - South East Asia

Earthquake measuring 6.1 shakes parts of Taiwan, including capital TAIPEI: An earthquake with a magnitude of 6.1 shook parts of Taiwan on Tuesday and was felt in the capital, Taipei, residents and officials said, but there were no immediate reports of damage. The US Geological Survey originally recorded the quake, centred about 110 km (70 miles) northeast of Taipei, with a magnitude of 6.4. Taiwan's Central Weather Bureau put the magnitude at 7.2.Witnesses reported that tremors could be felt in buildings in Taipei, including ...

World - South East Asia

Japan PM's proposed tax hike delay receives lukewarm response TOKYO: Japan's prime minister pitched a plan to delay next year's sales tax hike to fellow ruling party members on Monday, some of whom expressed concerns that such a move would signal a failure of his policies to reflate the economy out of stagnation.Prime Minister Shinzo Abe met several senior lawmakers to convey his intention to postpone the tax hike - among them, Masahiko Komura, vice president of the ruling Liberal Democratic Party.The proposal would ...

World - South East Asia

Japan's Abe may leave tax hike to next PM: reports TOKYO: Japanese Prime Minister Shinzo Abe intends to push back his debt-loaded country's next tax hike for two and a half years, when he will likely have left office, reports said Sunday. Abe on Saturday told his close aides, including Finance Minister Taro Aso, that he intends to push back a planned raise in taxes to October 2019, according to Japanese media. Abe's premiership will end in September 2018 unless his ruling Liberal Democratic Party ...