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Consumer Corner: Foreclosure settlement no magic bullet for economy
TEHRAN, Oct. 9 (UPI) -- Iran said it would postpone implementation of a 3 percent sales tax after merchants in several cities shuttered stores in protest.
Angry merchants kept stores closed for two days in the shopping bazaar in Esfahan. Shops also closed in Tehran, Mashad and Tabriz in a display of public indignation, The Washington Post reported Thursday.
In a state television interview Tuesday, Iranian President Mahmoud Ahmadinejad said the new tax was essential to economic reforms, which include ending government subsidies for flour, gasoline and electricity, the Post reported.
The reforms are meant reel in government spending and cut inflation, which is 29.4 percent in Iran, Iran's Central Bank said.
But, after a meeting between merchants and Iranian tax authorities Wednesday, it was agreed the tax would be suspended for 3-6 months.
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BAGHDAD, Feb. 14 (UPI) --
U.S. supermajor Exxon Mobil won't be able to take part in an oil and natural gas licensing auction scheduled for May in Iraq, a spokesman said.
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WASGHINGTON, D.C., Feb. 13 (UPI) --
Defense industries are weighing the potential impact of proposed defense cuts running into tens of billions of dollars over the next 10 years.
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Local markets will probably not be swamped by waves of foreclosures following the multi-state mortgage settlement announced yesterday. Rather, the huge inventory of one to two million foreclosures will enter markets gradually....
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Investors will not have the distraction of financial reports to look forward to this week. They will have to look at the spot news headlines instead.
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