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Danish police arrest seven in raid on smuggling network

In a major police operation, Danish law enforcement arrested the people, who are thought to be connected to a wider-ranging smuggling network. They were arrested while trying to smuggle as many as 16 million copy cigarettes into Denmark, according to police special investigation unit SEV (Særlig Efterforskning Vest), which confirmed the arrests in a press statement. The 16 million counterfeit ... Read More »

Dollar slips below ¥109.20 in Tokyo trading

The dollar eased below ¥109.20 in thin Tokyo trading Monday. At 5 p.m., the dollar stood at ¥109.15-15, down from ¥109.50-51 at the same time. The euro was at $1.1194-1194, up from $1.1129-1130, and at ¥122.22-23, up from ¥121.99-99. After fluctuating narrowly around ¥109.40 in the early morning, the dollar fell to around ¥109.10 by noon on selling to square ... Read More »

2 held for smuggling drugs worth Rs 10 lak

MUZAFFARNAGAR: Police have arrested two persons on Monday night for allegedly trying to smuggle drugs worth Rs 10 lakh.The accused were identified as Anuj and Banti, both residents of Mansoorpur. Police also recovered Rs 1.66 lakh cash and a stolen scooter from them. The seized drugs include 1.6 kg charas, 4.4 kg ganja and 1.8 kg bhaang leaves. According to ... Read More »

Customs Today wishing its readers a very happy new year

Customs Today wishing its readers a very happy new year Read More »

Customs Today Issue 31 Dec to 06 Jan 2020

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Nine Qatari projects nominated for information society summit prizes

Nine Qatari projects have been nominated to the third phase of the ninth edition of the World Summit on Information Society Prizes 2020 (WSIS2020), sponsored by the International Telecommunication Union (ITU), the Ministry of Transport and Communications (MoTC) announced yesterday. The nine Qatari projects are “SafeSpace” under “C5: Building confidence and security in the use of ICTs”, “Open Data” portal ... Read More »

Nestle faces new coffee rival as Vietnam targets instant market

After quietly supplying coffee addicts their daily fix for decades, Vietnam is preparing to take on Nestle SA and its Asian rivals to reach them faster. Instead of selling raw robusta beans to foreign companies for turning into instant coffee, Vietnam’s biggest supplier is preparing to offer its own soluble powder in early 2020. The shift is aimed at reaping ... Read More »

India may overtake Germany to become fourth-largest economy in 2026: Report

India is expected to overtake Germany to become fourth-largest economy in 2026 and Japan to become third largest in 2034, according a recent report by the UK-based Centre for Economics and Business Research (CEBR). It further said India is also set to reach a gross domestic product (GDP) of $5 trillion by 2026, 2 years later than the government’s target. ... Read More »

Saudi Arabia, Kuwait ink deal to resume joint oil output

KUWAIT CITY: Saudi Arabia and Kuwait signed an agreement to resume pumping at two major oilfields in a shared neutral zone shut for five years due to a bilateral disagreement, officials said. Kuwait’s oil minister Khaled Al Fadhel said on Twitter that the memorandum of understanding signed with Saudi Arabia included “the resumption of production in the divided zone”. The ... Read More »

Govt Spends Extra 1.6 Billion Afs From Code 91: Commission

The government spent 2.6 billion Afghanis from Code 91 this year, but only 1 billion Afghanis was supposed to be in the emergency fund, according to the agreed-upon budget, say members of the Afghan parliament’s budget and finance commission. Codes 91 and 92 are two emergency funds within the government budget that cannot be accessed except by the president’s order. ... Read More »

Taiwan’s stock market one of top 3 best performing among emerging economies

TAIPEI: Taiwan is one of the three best performing emerging economies in terms of stock market performances in the past decade, according to U.S.-based finance company MSCI Inc. The MSCI index that gauges emerging market equities has jumped 15 percent since 2010, while the MSCI World index has soared 104 percent during the same period, reported Reuters. Taiwan, Thailand, and ... Read More »

Failed building company Arrow International owes creditors $46 million

The liquidators of Arrow International are working through almost 500 claims from unsecured parties who say they’re owed about $46 million from the failed building company. BDO’s Andrew Bethell, Andrew McKay and Colin Gower said employee wages of $730,000 and a tax bill of $553,000 were settled before their appointment as liquidators to the Arrow International entities. Since their June ... Read More »

Brazilian Entrepreneurs’ Greatest Mistakes, According to Themselves

RIO DE JANEIRO, BRAZIL: From Albert Einstein, through Benjamin Franklin and Theodore Roosevelt, the world is filled with established and anonymous names who claim that mistakes are a natural part of the learning and growth process. There is no need to resort to any consecrated name, however, to know that better than learning from your mistakes is to be able ... Read More »

China-Japan-Korea summit: Business alone won’t heal deep wounds

Riven by legacies of unimaginable war atrocities, decades of Japanese occupation and colonial rule, Asia’s top three economies — China, Japan and South Korea — held a meeting last week. The heads of government for the three countries met in the thriving Chinese city of Chengdu and pledged, among other things, to accelerate their long-standing free-trade negotiations. That’s an admirable ... Read More »

Asia Pacific to outperform other regions in 2020 for real estate investment

According to the real estate consultancy, foreign investments into Asia Pacific are at a decade-high, making up 35 per cent of total volumes, mostly driven by private equity funds and large-scale transactions. “Over the next two years, we expect global real estate transaction volumes to stay elevated and Asia Pacific to outperform Europe and the Americas with an outsized portion ... Read More »

The massive debt problem facing middle class South Africans in 2020

South Africa’s middle class is facing a massive debt problem, and the lack of end-of-year bonuses and wage stagnation means that many people are borrowing to pay for necessities such as food and transport. Speaking to the Sunday Times,Paul Slot from the Debt Counselling Association said that 10 million people in South Africa have bad debt — meaning they have ... Read More »

Cocaine Found Hidden In 40 Barrels Of Fruit Pulp At Rotterdam Port

Customs officers intercepted a large amount of cocaine during a check at the port of Rotterdam on Monday. The drugs were hidden in around 40 barrels of frozen fruit pulp, the Public Prosecutor said. The container with the drugs came from Brazil. The cocaine was removed and destroyed. The HARC team, a joint venture of Customs, FIOD, Seaport Police, and ... Read More »

Iraq Repays more than $20bn in Foreign Debt

Iraq has paid back more than $20 billion in foreign debt, the head of the parliamentary finance committee Haitham Al-Jubouri has said. “Iraq’s foreign debt amounted to more than $50 billion. More than $20 billion was paid back over the last period,” Al-Jubouri told the Iraqi news agency. According to the official, Iraq still owes $27 billion to foreign countries, ... Read More »

A major shipping change is coming, and so are higher fuel prices

A DEFINING moment in the history of the oil-refining and shipping industries is at hand. In fewer than two weeks, thousands of ships the world over will be forced to use fuel containing less sulfur in order to comply with global rules set out by the International Maritime Organization (IMO). Those who don’t could face penalties and even imprisonment. Ports ... Read More »

Industrial exports rise by 8.7 per cent in ten months

AMMAN: The value of the country’s industrial exports during the first 10 months of 2019 posted an 8.7 per cent increase as it reached JD4.933 billion, compared to the figure recorded at the end of the same period last year, according to a report by the Jordan Chamber of Industry, the Jordan News Agency, Petra, said. Leather and textiles exports ... Read More »