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Primary exports to reach $48bn in 2020 – MPI

The report, released yesterday, predicts primary industry exports will reach nearly $48 billion for the year to June 2020. That would be a rise of more than 3 percent on the previous financial year and was an improvement from MPI’s October forecast, which predicted the value of exports would drop by 0.1 percent. MPI’s economic data and analysis manager, Wido ... Read More »

Oct tax hike not sufficient to boost Japan finances

TOKYO Japan’s tax revenue is expected to end up lower than the record high figure estimated in the fiscal 2020 draft budget, with critics saying the initial tally was based on an economic growth forecast that was “too optimistic.” Since Prime Minister Shinzo Abe returned to power in late 2012, the actual pace of growth in the world’s third-largest economy ... Read More »

Korea’s exports down 2% in first 20 days of December

South Korea’s exports fell 2 percent in the first 20 days of December mainly due to decreased shipments of semiconductors and ships, customs data showed Monday. The country’s exports stood at $30.4 billion in the Dec. 1-20 period, compared with $31.06 billion in the same period last year, according to the Korea Customs Service. By product, exports of semiconductors and ... Read More »

Brazil delays two big rail projects until third quarter 2020

BRASILIA: Brazil pushed back the auction of two major railway projects for grain exports until the third quarter of 2020, Infrastructure Minister Tarcisio Freitas said as he announced plans for 101 billion reais (24 billion) in investment next year. Freitas said drawing up the concession model took longer than expected, but the auction rules have already been submitted to Brazil’s ... Read More »

Chennai: 3 get 10 years jail for drug smuggling

HENNAI: A special court under the Narcotics, Drugs and Psychotropic Substances (NDPS) act has sentenced three people for ten years rigourous imprisonment after finding them guilty of attempting to smuggle drugs to Malaysia. Two of the accused — M Mohammed Ali, 53, N Imran Khan, 33— are from Chennai while M Noorul Ameen, 23, is from Sivaganga district. DRI officials ... Read More »

Nov exports drop 7.39% y-o-y, worse than forecast

Thailand’s customs-cleared exports in November fell 7.39% from a year earlier, after falling 4.54% the previous month, the commerce ministry said on Monday. November’s export numbers came in worse than a Reuters poll forecast for a decrease of 4.5% in shipments, a main driver of Thai growth. Shipments to China rose 2.3% in November from a year earlier, while those ... Read More »

Drakenstein reveals plans to service R1.63bn debt

The Drakenstein municipality has a loan debt of more than R1.63billion and low revenue streams. A recent document showed that the municipality took out loans to the value of R2.184bn over the past nine years and has only repaid R554 million of that debt. It also showed that cash reserves were depleted and that the municipality’s revenue growth had slowed ... Read More »

Over 1,400 Kilos Of Cocaine Captured At Rotterdam Port

Four separate shipments of cocaine were found by Customs officials at the Port of Rotterdam over the past week. All told, officials captured 1,457 kilograms of cocaine, the Public Prosecution Service (OM) said. All of the cocaine made its way to the Netherlands from Brazil. The drugs were later destroyed, the OM said. It started on December 12 when Customs ... Read More »

Spain planning on going ahead with ‘Google tax’ despite US tariff threats

Spain will press ahead with the creation of a tax on certain digital services as soon as a government is formed, according to sources from the caretaker executive. This so-called “Google tax” could, however, raise the ire of the United States, which has already threatened France with reprisals over a similar levy. Sources from the Finance Ministry said that the ... Read More »

Govt felicitates highest taxpayers

The government has honoured the highest taxpayers of the country under different categories on the occasion of the eighth National Tax Day today. The highest taxpayers were honoured also to promote the taxpaying culture. Finance Minister Yubaraj Khatiwada honoured the top companies in 15 categories amidst a programme organised by Inland Revenue Department. IRD has classified the highest taxpayers as ... Read More »

Telenor says Huawei will still play role in 5G rollout

Telenor (TEL.OL) reiterated Huawei would be involved in building Norway’s 5G network along with Ericsson (ERICb.ST), one of several companies to continue working with the Chinese company despite U.S. pressure. Still, the head of Telenor Norway, Petter-Boerre Furberg, told Reuters that the operator would gradually phase out the use of Huawei network components in Norway over a 4-5 year modernization ... Read More »

OECD Releases Cautiously Positive Report for Greek Economy

The Greek economy is projected to grow by 2.1 percent in 2020 and 2.0 percent in 2021, after experiencing a 1.8 percent growth rate in 2019, the Organization for Economic Cooperation and Development (OECD) said. In its newest economic outlook report, the OECD said that it expected Greece to achieve the target of a 3.5% of GDP primary surplus next ... Read More »

Japan’s exports shrink for 12th month as US, China demand falls

TOKYO: Japan’s exports slipped for a 12th straight month in November, as declining shipments to the United States and China hit the trade-reliant economy, raising the risk of a fourth-quarter contraction. Official data released on Wednesday showed Japan’s exports fell 7.9% year-on-year in November, a smaller decline than the 8.6% decline expected by economists in a Reuters poll. However, it ... Read More »

Nevada accuses US government of ‘secret plutonium smuggling’

RENO: Nevada wants a federal judge to declare illegal what it calls the US government’s “secret plutonium smuggling operation” and order the removal of weapons-grade material already shipped to a security site north of Las Vegas over the state’s objections. The latest filing in a yearlong legal battle asks US district judge Miranda Du in Reno to reject the government’s ... Read More »

Third quarter revenue growth of Industries slows to 7.6 percent, says data agency

While economic growth picked up in the third quarter of 2019, the increase in revenues of major industries slowed to 7.6 percent during the period, the Philippine Statistics Authority (PSA) reported Thursday. In its report, the PSA said gross revenue growth of industries from July to September was below the 9.7-percent growth posted in 2018 for the same period. On ... Read More »

The industries that pay the highest average salaries in South Africa

Stats SA has published its latest Quarterly Employment Survey, showing what the average monthly salary is in South Africa right now, across all industries. As part of the data, Stats SA breaks down earnings across various sectors in the country, including mining, manufacturing, trade and transport, among others. The country’s formal sector lost 28,000 jobs in Q3:2019 compared to Q2:2019, ... Read More »

Dutch Hitman Sought In Marbella Assassination; Dutch Man Held In Drug Bust There

Police in Spain are looking for a 29-year-old Dutch man in connection with the fatal shooting of a French man in Cabopino, Marbella. The man in his 60’s was gunned down on the street at about 8 p.m. on Tuesday when he was walking to his car, according to local newspaper Diario Sur. The newspaper said the Dutch suspect, an ... Read More »

‘Shipbuilders, chipmakers tipped to turn around in 2020’

South Korea’s major exporters such as shipbuilders and chipmakers are likely to see their business performances improve next year as eased uncertainties over the Sino-American trade dispute help jack up demand overseas, analysts said on Monday. Last week, the United States and China announced a much-awaited phase-one deal for their protracted trade war, which has weighed heavily on the global ... Read More »

Customs Today Issue 17 Dec to 23 Dec 2019

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Ukraine extends ‘special status’ for conflict-hit regions

KIEV: Ukraine’s parliament voted to extend regulations giving limited self-rule to separatist-controlled eastern regions, a prerequisite for a deal to settle the five-year conflict there. Lawmakers gave a one-year extension to the regions’ “special status”, which was adopted in 2014 and has been extended several times. The conflict in eastern Ukraine that broke out in 2014 has killed more than ... Read More »