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India one of the largest gold smuggling hubs in the world: report

International non-government organisation IMPACT, in its latest report, has said that India has become one of the largest gold smuggling hubs in the world. Gold possibly tied to conflict, human rights abuses and corruption in Africa and South America is entering legal international markets through India, said the Canada-headquartered organisation in a statement. The NGO said it had uncovered how ... Read More »

Trade War Incentive Schemes flourishing in ASEAN

Governments across ASEAN have been unveiling an array of incentive packages to entice businesses affected by the US-China trade war. Countries such as Thailand, the Philippines, Malaysia, and Indonesia have introduced tax breaks and initiatives to improve the ease of doing business whereas Vietnam, Singapore, and Cambodia have accelerated business reforms, such as executing free trade agreements (FTAs), and double ... Read More »

Government to reduce KUR annual interest rate to 6 percent in 2020

The government plans to reduce the annual interest rate for its microcredit program (KUR) from 7 percent to 6 percent per year starting Jan. 1, 2020. It will also rise the ceiling for KUR from Rp 140 trillion (US$10 billion) to Rp 190 trillion, in line with fund allocation, as stated in the 2020 state budget. It expects the figure ... Read More »

The company cashing in on South Africa’s minibus taxi industry

SA Taxi owner Transaction Capital published its results for the year ended September 2019, showing headline earnings growth of 18% despite South Africa’s strained operating environment characterised by low consumer and business confidence. SA Taxi grew headline earnings by 38% to R519 million and debt collection business, Transaction Capital Risk Services (TCRS), grew headline earnings by 15% to R313 million. ... Read More »

Nearly 100 Kilos Of Cocaine Found In Melon Shipment From Brazil

Investigators working near the Rotterdam port found nearly 100 kilograms of cocaine at a fruit company in the IJsselmonde district of the city. The drugs were hidden in a shipment of melons from Brazil, the police said in a statement. “Employees of the fruit company found the drugs among the fruit and reported it,” police said. “The company probably has ... Read More »

Vietnam, Taiwan reap biggest benefits from US-China trade war

TAIPEI: Vietnam and Taiwan have seen the largest surges in exports to the U.S. as its trade war with China rages on, according to data from Statista. German online statistics portal Statista published a report showing that over the first nine months of this year, U.S. imports from Vietnam and Taiwan have seen a year-on-year surge of 35 and 21 ... Read More »

Customs Today Issue 26 Nov to 02 Dec 2019

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Russia’s MTS to sell Ukrainian business for $734 mln

Russia’s biggest mobile phone operator MTS said on Monday it had agreed to sell its Ukrainian business to Bakcell LLC for $734 million. The company also said its board had approved a special dividend of 13.25 roubles ($0.2076) per ordinary share, or 26.5 billion roubles in total. Read More »

Haya Water signs agreements with 10 SMEs

Muscat: Haya Water has recently signed agreements with 10 Small and Medium Enterprises (SMEs) to connect residential units to Al Amerat main sewage treatment plant. The pacts aim to supporting and enhancing the role played by SMEs in the local market. The agreements were signed on behalf of Haya Water by Eng. Hussain bin Hasan Abdulhussain, the company’s CEO and ... Read More »

Ooredoo Kuwait organizes the ‘Business to Digital’ conference

KUWAIT: Ooredoo Kuwait, the first to launch innovated digital services in Kuwait, organized the “Business to Digital” conference in its second year yesterday, under the Patronage of Minister Khaled Al-Roudhan and with the attendance of Deputy Director-General of the Central Agency for Information Technology, Dr Ammar Al-Hussaini. This event was held under the supervision of Ooredoo Business and FASTtelco Business, ... Read More »

Umm Qasr Port Reopened

The entrance to Umm Qasr port has reportedly been reopened after security forces dispersed protesters. According to Reuters, the port had been blockaded since Monday. Read More »

Trade, investments top talks between Jordan, Kuwaiti economic delegation

AMMAN: During a meeting with a Kuwaiti economic delegation to the Kingdom on Tuesday, Minister of Industry, Trade and Supply Tareq Hammouri highlighted the importance of economic integration between the two countries. The minister called for effective economic partnerships between the two countries’ private sectors in various fields, according to the Jordan News Agency, Petra. “The Jordanian and Kuwaiti governments ... Read More »

Central Asian Nations Adopt Ashgabat Initiative To Reduce Trade Barriers

The Central Asian nations of Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan adopted the Ashgabat Initiative on the reduction of barriers to trade and transport in the region. The adoption of the initiative was part of the Days of the United Nations Special Program for the Economies of Central Asia (SPECA) held Nov. 18-21 in the Turkmen capital. According ... Read More »

Thai exports down 4.5% in October

BANGKOK: The overall export sector performance in October 2019 has lagged for the third consecutive year, resulting in a negative 4.54 percent growth, mainly due to the consequences of the trade war between the U.S. and China as well as lower oil prices. The overall export sector performance in the first 10 months of 2019 remained negative. The Thai export ... Read More »

Rand gains as trade war news lifts market sentiment

The rand started the week on the front foot on Monday morning, as positive news on the US-China trade war boosted global market sentiment. News reports that China will raise penalties on intellectual property rights, which is one of the crucial topics discussed in the trade talks, renewed hope that the US and China may be moving closer to concluding ... Read More »

Australian, Dutch police break up massive ecstasy smuggling operation

International police have broken up a huge drug smuggling operation preventing millions of ecstasy pills flooding into Australia, officials said minister claimed the drugs were timed to target holidaying teens. The joint Dutch-Australian operation seized US$200 million worth of MDMA – the key ingredient in ecstasy – in the Netherlands and Belgium and led to charges against 11 people, including ... Read More »

Danish jihadist arrested at Copenhagen Airport after Turkish deportation

More than 20 Europeans including French and Germans were also in the process of being expelled to their countries of origin. Turkey has criticised Western countries for refusing to repatriate their citizens who left to join the Islamic State group (Isis) in Syria and Iraq, and stripping some of them of their citizenship. Its interior ministry said it deported an ... Read More »

Business Round-Up: Spies sold to Norwegian billionaire

The Danish travel company Spies now has new owners following the completion of a 6 billion kroner takeover. A consortium led by Norwegian billionaire Petter Stordalen (40 percent) along with capital funds Altor and TDR Capital (40 and 20 percent) has taken control. Since Thomas Cook Northern Europe’s bankruptcy in October, it had received several bids, and one has finally ... Read More »

Brussels to praise Greece’s progress

Greece’s fourth post-bailout assessment by the European Commission, set to be published Wednesday, is expected to be fairly positive, paving the way for the disbursement of 767 million euros in eurozone central banks’ profits from Greek bond holdings (SMPs and ANFAs). Although that decision will take place at next month’s Eurogroup meeting, the report sends a strong message that Greece ... Read More »

Japan’s ruling bloc calls for ¥10 trillion to boost slowing growth and typhoon recovery

Ruling coalition lawmakers have called for an extra budget that would include ¥10 trillion ($92 billion) in spending to support slowing growth and recovery from two powerful typhoons, party officials said on Thursday, raising worries about straining public finances. The agreement, made in a meeting between senior officials of the Liberal Democratic Party and Komeito on Wednesday, highlights the concern ... Read More »