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Customs Today Issue 13 Aug to 19 Aug 2019

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Fitch affirms Hungary economic outlook ‘stable’

Hungary’s ‘BBB’ rating balances strong structural indicators and stronger and more stable macroeconomic performance than peers against high general government debt and risks from policy unpredictability and pro-cyclical policies,” Fitch said’ The credit rating agency expects growth to slow to 4.4 percent in 2019, 3.5 percent in 2020 and 2.5 percent in 2021. “Now nobody can deny that the #Hungarian ... Read More »

Spain makes new offer to help migrant rescue boat off coast of Italy

Spain has made another offer to the Open Arms migrant rescue vessel situated off the coast of Italy to dock at the nearest Spanish port. It’s after the boat with more than 100 people on board rejected a plan to dock in Algeciras because it was too far away. The migrants, most of whom are African, had been picked up ... Read More »

Portugal fuel-tanker drivers say they will suspend strike, negotiate

Portugal’s fuel-tanker drivers will suspend a five-day-old strike that led to fuel rationing at filling stations and negotiate with employers in government-brokered talks, their union said. The employer association ANTRAM had earlier rejected the union’s offer to negotiate better salaries and working conditions unless the strike was suspended or called off. “The union understands that the conditions are now in ... Read More »

Greece, EU to talk about bad loans

Talks between the government and the European Commission’s Directorate-General for Competition about banks’ bad loans will begin next week. The Greek proposal involves creating an asset protection vehicle where 16 billion euros’ worth of bad loans will be transferred and guaranteed by the state. The European Union’s concern is that the vehicle does not serve as a conduit for illegal ... Read More »

VN imports more petroleum in July

HÀ NỘI — Việt Nam imported more than one million tonnes of petroleum products in July worth more than US$633.2 million, up 99 per cent in volume and 107 per cent in value from the previous month, according to the General Department of Vietnam Customs. Notably, the import price of petroleum in July was 4.2 per cent higher than in ... Read More »

Italy’s 5-Star says Salvini no longer a credible partner

Italy’s anti-establishment 5-Star Movement said that Matteo Salvini, leader of the far-right League, was no longer a credible partner, apparently closing the door on any possibility of resurrecting the ruling coalition. Top brass of 5-Star met on Sunday at the villa of the movement’s founder, comedian Beppe Grillo, to discuss their stance after Prime Minister Giuseppe Conte addresses the Senate ... Read More »

Norway’s krone hits crisis low as oil slump wipes out value

Norway’s krone hit its lowest level since the 2008 financial crisis as global trade tensions drive down the price of oil, threatening large parts of the Norwegian economy. The krone touched 10.097 per euro on Wednesday in Oslo, its weakest point since December 2008. The price of Brent crude has plunged about 12 per cent since US President Donald Trump ... Read More »

Govt eyes moderate rise in revenue, expenditure in 2020 state budget

President Joko ‘Jokowi’ Widodo has revealed details of his administration’s 2020 state budget proposal, which foresee only a moderate increase in revenue and expenditure targets compared to this year’s double-digit expansions. The government aims to collect Rp 2,221 trillion (US$156 billion) in state revenue next year, a 2.6 percent increase from this year’s budget. Meanwhile, state expenditure is planned to ... Read More »

Air India SATS Employee Among 2 Arrested With Gold Bars Worth Rs. 26 Lakh

NEW DELHI: Customs officials have arrested two persons including an Air India SATS employee at the Delhi airport for their alleged involvement in smuggling gold bars worth over Rs. 26 lakh. Air India SATS, which is a 50:50 joint venture between Air India Limited and Singapore-based SATS Limited, offers end-to-end ground handling services such as passenger and baggage handling, aircraft ... Read More »

Trump warned that island cannot be bought from Denmark

Greenland has said it is “not for sale” after President Donald Trump stated that he would like the US to buy the world’s biggest island. The president is said to have discussed the idea of purchasing Greenland, an autonomous Danish territory, during dinners and meetings with advisers. But Greenland’s government dismissed the idea, saying: “We’re open for business, not for ... Read More »

Asylum applications in Belgium up 19% in 2018

A total of 23,443 requests to the Foreign Office for international protection were filed in 2018, an increase of 19% compared to the previous year, according to the annual report of the Commissioner-General for Refugees and Stateless Persons (CGRS). Still much lower than the 44,760 recorded in 2015. The CGRS explains last year’s increase in the number of applications being ... Read More »

China’s top live streamer Viya sells $30 million worth of New Zealand product in hours

China’s top livestreaming celebrity Viya generated close to $30 million in sales of New Zealand product in four-and-a-half hours on Friday evening. Viya, a livestreamer on internet giant Alibaba’s online shopping website Taobao, holds a record of selling $66 million worth of product in a single day. On Friday, during a livestream from Auckland that kicked off at midnight (8 ... Read More »

Brazil’s foreign exchange move paves way to reduce $385 billion reserve stash

BRASILIA: Brazil’s decision to sell dollars on the spot market for the first time in a decade is a sign the central bank is finally willing to reduce its $385 billion pile of foreign exchange reserves, analysts said. Officially, the central bank’s announcement on Wednesday that it will sell dollars – along with existing sales of reverse currency swaps – ... Read More »

Japan records goods trade deficit in July on weak exports to China

Japan logged a goods trade deficit of ¥249.6 billion in July, weighed down by a decrease in exports to China amid Beijing’s ongoing trade conflict with Washington, government data showed Monday. The trade deficit followed a revised ¥589.6 billion surplus in June, according to a preliminary report by the Finance Ministry. In the reporting month, exports fell 1.6 percent from ... Read More »

Bank Nizwa participates in Malaysia industry event

Muscat: Bank Nizwa, represented by two of its Board Members, Sami Al Dhugishi and Ishaq Al Maouli along with Chief Executive Officer, Khalid Al Kayed, participated in the 2nd Islamic Financial Services Board (IFSB) Executive Programme meeting recently held in Kuala Lumpur, Malaysia. Themed ‘Implementing Effective Stress Testing and Financial Safety Nets for Islamic Banks: Governance and Regulatory Compliance,’ the ... Read More »

Nepal Rising Trade Deficit Jumps By 14.26 Pc

Nepal’s trade deficit is widening further with every passing year. The country’s trade deficit increased by 14.26 percent to NPR 1.32 trillion in the last fiscal year 2018-19. According to data from the Department of Customs, Nepal imported commodities worth NPR 1.42 trillion in the last fiscal, whereas it’s revenue earned from exports stood at NPR 97.11 billion. Even though ... Read More »

Bahrain’s Ithmaar says planning to delist from Boursa Kuwait

Ithmaar Holding, a Bahrain-based company that is licenced and regulated as an investment firm by the Central Bank of Bahrain, has announced plans to voluntarily delist from Boursa Kuwait. The company said it will continue to list on the Bahrain Bourse and Dubai Financial Market. The announcement, by Ithmaar Holding chairman Prince Amr Al Faisal follows the board’s review and ... Read More »

Qatar economic growth to accelerate in 2019-2020: QCB

Qatar’s economic growth will accelerate over the next two years amid expectations of stable oil prices and continued strong exports, the central bank said. Qatar, a major gas exporter, saw its economy grow 1.4% in 2018, down from 1.6% in 2017, government data showed. “Although real GDP growth was somewhat slower than the preceding year, the economic outlook for 2019 ... Read More »

US Firm wins $31m Iraq Training Deal

Irving, Texas, has been awarded a $31,477,060 task order, against indefinite-delivery/indefinite-quantity contract for continued Air Academy training in support of the Iraqi Air Force. Work will be performed at Balad Air Base, Iraq, and is expected to be completed by July 8, 2020. This award is the result of a country-directed sole-source acquisition. Read More »