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India, Nepal to amend trade treaty

The Indo-Nepal Treaty of Trade and Transit will be amended soon to include waterways as a mode of cargo transport to enhance connectivity between the two countries. According to Pravir Pandey, Chairman, Inland Waterways Authority of India, currently the Indo-Nepal treaty of 1991 only allows movement of cargo by road and rail between the two countries. Need for amendment “We ... Read More »

Fire breaks out at kerosene unit in Kuwait port

Manama: A fire that engulfed a kerosene unit at the Mina Abdullah refinery on Tuesday evening has been put out, the Kuwait Petroleum Corporation (KPC) has said. The fire broke out at 11.30pm local time on Tuesday, and it took firefighters about 75 minutes to extinguish it, KPC chief Hashem Al Hashem said in a statement carried by Kuwait News ... Read More »

How economic blockade on Qatar backfired

When a small Gulf nation like Qatar is blockaded by four of its powerful neighbours for two consecutive years by land, sea and air, one would expect a crisis of unparalleled proportions. The blockade began on June 5, 2017, when Saudi Arabia, the United Arab Emirates, Egypt, and Bahrain accused Qatar of sponsoring terrorism. It was Qatar’s independent foreign policy, ... Read More »

Iraqi Stock Market wakes up from its Slumber

Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The market finally woke up from its multi-month slumber, increasing by +14.7% for the month as measured by the Rabee Securities RSISUSD Index, in the process turning the year’s loss of -11.8% as the end of April into a gain of ... Read More »

Jordan: Abbas Rejects Solution To Financial Crisis

Jordanian officials are reportedly furious at the head of the Palestinian Authority, Mahmoud Abbas, claiming that his conduct regarding the economic crisis facing the PA could result in bankruptcy and violence that threatens to spill over into Jordan, it was reported by the Hebrew daily Israel Hayom. A senior Jordanian source said a proposal to solve the economic crisis was ... Read More »

Dollar smuggling abroad behind weakening afghani: DAB

KABUL: Central bank Da Afghanistan Bank (DAB) has cited smuggling of US dollars from Afghanistan abroad as the reason behind devaluating Afghan currency. One US dollar was accounted for 75.6 afghanis on March 24, the beginning of the new solar year, compared to 79.70 afghanis today. The Meshrano Jirga or Senate summoned DAB head Khalil Seddiq, deputy customs head and ... Read More »

3 additional Taiwan firms pledge to invest NT$37.6 billion at home

TAIPEI: Three additional Taiwanese companies operating overseas have pledged to invest a total of NT$37.6 billion (US$1.20 billion) in Taiwan to avoid the possible impact from rising trade tensions between the United States and China, according to the Ministry of Economic Affairs (MOEA). Investments pledged by the three companies, including LED back light module supplier Shian Yih Electronic Industry Co., ... Read More »

Samsung Electronics to cut China phone output as market share sinks

South Korea’s Samsung Electronics Co Ltd said on Wednesday it plans to cut production at a smartphone plant in China, as competition from domestic rivals squeezes its share of the world’s biggest smartphone market to less than a paltry 1%. The output reduction at the factory in the southern city of Huizhou comes just six months after Samsung said it ... Read More »

Gov’t urged to intensify crackdown vs. oil smuggling

MANILA: The government should intensify its efforts against the rampant smuggling of petroleum products in order to generate revenues for infrastructure projects under the Build, Build, Build Program as well as the implementation of the Universal Health Care (UHC) program. Federation of Philippine Industries (FPI) Chairman Jesus Arranza urged various government agencies such as the Bureau of Internal Revenue (BIR), ... Read More »

Indian-origin man part of world’s most prolific steroid smuggling gang faces jail in UK

An Indian-origin man in the UK has been found guilty of being part of a criminal gang believed to be one of the world’s most prolific smugglers of anabolic steroids. Gurjaipal Dhillon acted as a fixer for the group, arranging dozens of unlicensed shipments of drugs from India into Europe, according to Britain’s National Crime Agency (NCA) which led the ... Read More »

Japan business card app operator Sansan prices IPO at top of range, raises $360 million

TOKYO: Japanese business card management company Sansan Inc priced its initial public offering (IPO) at the top of an indicative range on Friday, a regulatory filing showed, raising 38.9 billion yen ($360 million). Sansan said in the filing the IPO had been priced at 4,500 yen per share, at the top of a book-building range of 4,000-4,500 yen, valuing the ... Read More »

Brazil will not bar Huawei from 5G network -vice president

BRASILIA: Brazilian Vice President Hamilton Mourao on Friday told journalists that the government will not exclude Chinese telecom company Huawei Technologies Co from operating a fifth-generation (5G) mobile telecoms network in Latin America’s largest economy. The United States has asked countries to reject Huawei technology in the development of new mobile phone networks, arguing that it could be vulnerable to ... Read More »

‘Freed SA drug mule stuck in Thailand as Home Affairs drags its feet’

The Department of Home Affairs has been accused of dragging its feet for two weeks, leaving a freed South African drug mule to languish at a Thailand detention centre, The Star Reported. DispatchLive reported on Wednesday that Thando Pendu, 33, from Welkom in the Free State, was now a free woman after she was released from Bangkok’s Klong Prem prison ... Read More »

Warders bust smuggling drugs into Drakenstein Prison

Two prison warders have been arrested with drugs allegedly meant to be smuggled into Drakenstein Prison. The 27-year-old female officer and her 29-year-old male partner were nabbed after they were found with 50 mandrax tablets and 42 grams of dagga just outside a Wellington. The two were apprehended by officers attached to the Crime Prevention Unit, while they were parked ... Read More »

Aussie entrepreneur reveals truth behind Shark Tank appearance

It seems so straightforward: come up with a business idea, appear on Shark Tank — and watch yourself become a millionaire overnight. But it turns out the reality of an appearance on the hit show is far removed from that glamorous fantasy. Just ask Lori Phegan who made her Shark Tank debut a year ago. The mum-of-two pitched her business, ... Read More »

3 Belgian shops made it to the top 50 best sandwiches in Europe

Global travel site Big 7 Travel has put together a list of the 50 best sandwich spots in Europe of 2019 based on reader’s tips and feedback, and three Belgian shops made the cut. The highest scoring Belgian shop, in 30th place, is Pistolet Original (pictured), in Brussels. The shop makes pistolets, which are simple white bread rolls, and offers ... Read More »

Over a dozen guns seized after tipster calls police for help

Police dispatched to the scene of a home on Troelstrastraat in Rotterdam found over a dozen guns, some cash, and also a small quantity of drugs and drug paraphernalia. A call to emergency services requesting assistance at the house brought authorities to the scene, and two men took off running when the officers were spotted. One of the two, a ... Read More »

Coca-Cola to start using 100% recycled plastic bottles in Japan

Coca-Cola (Japan) Co said it will start selling a beverage product next week using plastic bottles made entirely from recycled plastics. The move comes as beverage companies around the world are increasingly moving toward more sustainable packaging in a bid to protect the environment from plastic wastes. Coca-Cola will use the new plastic bottles when it launches its revamped Hajime ... Read More »

IGP: Migrant smuggling ring crippled, 11 arrested

Police have crippled a migrant smuggling syndicate following the arrest of 11 people, including three Malaysians. The arrests were made at the Padang Besar Customs, Immigration and Quarantine Complex and two other locations in the Klang Valley. Inspector-General of Police Datuk Seri Abdul Hamid Bador said the syndicate, which had been active since mid-2018, was using Malaysia as a transit ... Read More »

‘Mexican drug cartels pushing crystal meth in Nl, western Europe’

The police are finding an increasing number of crystal meth labs in the Netherlands. Mexican drug cartels are trying to push the highly-addictive and dangerous drug in Western Europe. So far, crystal meth is not very popular in the Netherlands. “The use and trade of crystal meth in the Netherlands is marginal”, police spokesperson Robbert Salome said to AD. But ... Read More »