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Author Archives: Ammad Ahmed

Iranian ports handle 13pc increase in freight in August

TEHRAN: Iranian ports recorded a 13 per cent increase in the amount of goods loaded/unloaded during August compared to the figure for the same month in 2015, said a report. A total of 23.83 million tonnes of oil and non-oil products were loaded and unloaded in 25 ports across the country, according to latest figures released by Iran’s Ports and ... Read More »

Police busted 2,000 pounds of cocaine at gateway to Europe’s drug market

MADRID: Police and customs officials in southern Spain intercepted nearly 2,000 pounds of cocaine hidden in a commercial shipment of bananas, Spanish officials reported on Sunday. The seizure was the result of a joint investigation that began in April, when Spanish authorities say they became aware of an international organization based in Spain that allegedly used maritime shipping containers to ... Read More »

Uzbek delegation visits ICCI, shows interest in joint ventures, investment in Pakistan

ISLAMABAD: A 10-member delegation of Uzbekistan led by Nodir Atajanov, Deputy Chairman, UzAgroSanoatmash holding visited Islamabad Chamber of Commerce and Industry (ICCI) and showed keen interest in joint ventures and investment in Pakistan. The delegation was representing various sectors, including agriculture machinery, power production, chemical and petrochemical industry, automobiles, building and plastic material. Speaking at the occasion, Nodir Atajanov, head ... Read More »

Men arrested for foreign currency smuggling in Sri Lanka

COLOMBO: Two Maldivians nationals who attempted to smuggle foreign currency out of Sri Lanka was arrested by the Sri Lanka Customs officials at the Bandaranaike International Airport (BIA), Sri Lanka Customs announced. The Customs have apprehended two Maldivians who attempted to smuggle out US$ 45,000 of foreign currency worth Rs. 6.7 million, Customs media spokesman Dharmasena Kahadawa told local media. ... Read More »

Fuel prices may increase 42 to 60% in Kuwait

KUWAIT CITY: With only two days left before the implementation of the new fuel prices an increase ranging from 42 to 60 percent, official sources said the middle income families will suffer the brunt of the price hike considering the estimated monthly expenses for fuel will be between KD 17 to KD 20, reports Al-Qabas daily. Sources also denied the ... Read More »

Oman’s food commodities imports fall by 3%

MUSCAT: The value of the Sultanate’s imports of food commodities stood at OMR1.13 billion during 2015 compared to OMR1.19 billion during 2014 comprising a decline by 3.06 per cent according to date released by the National Centre for Statistics and Information (NCSI). The value of exports and re-exports of food commodities stood at OMR441.1 million during 2015 against OMR426.7 million ... Read More »

Philippine PH business decreases 3% in 3Q 2016

MANILA: Despite stellar economic growth in the first half of this year, the local business community’s confidence is down for the third quarter, according to the Bangko Sentral ng Pilipinas. The Q3 Business Expectation Survey (BES) released on Friday, August 26, showed that the overall confidence index (CI) declined to 45.4% from 48.7 % in the Q2 2016 survey. While ... Read More »

PFA seals eight shops,milk-sellers protest

LAHORE: The Punjab Food Authority (PFA) on Monday continued its crackdown against adulterated and sub-standard milk products as well as inspection of food outlets in Lahore. The authority sealed eight milk shops in various areas of the city. The PFA Ravi Town food safety officers sealed warehouse of Akram Bodi Milk Shop in Taxali Gate area over poor cleanliness. The ... Read More »

Indonesian police arrested five Taiwanese with 60kg drugs

JAKARTA: Indonesia police arrested five Taiwanese suspects Thursday during a raid on a private residence in Jakarta, where they found 60 kilograms of the drug of methamphetamine, according to Indonesian authorities. Investigators have determined that the drug was being supplied by a crime ring based in Taiwan, said Indonesian National Police spokesman Boy Rafli Amar on Thursday. During the raid ... Read More »

German bank favours tax reduction

BERLIN: Germany’s central bank has come out in favor of reducing the overall tax burden for Germans in light of a continuously robust labor market and annual balanced budgets. But it also urged a less popular change. The German economy was set to stay on a path of growth this year, with a slight spring dent no big cause for ... Read More »

China imports, exports slump in July: Customs

BEIJING: China’s imports and exports both slumped in July, with its purchases plummeting by 12.5 percent, Customs said Monday, in the latest poor figures from the world’s second-largest economy. Measured in US dollars, imports fell to $132.4 billion. The drop was significantly larger than the 7.0 percent median forecast in a survey of economists by Bloomberg News. Exports also fell ... Read More »

India to impose dumping duty on cold rolled steel imports

NEW DELHI: India is likely to impose anti- dumping duty on imports of certain cold-rolled steel products from four countries – China, Japan, Korea and Ukraine. The duty recommended by the commerce ministry will be the difference between the landed value and the prescribed value which $594 per tonne. In its preliminary findings, the Directorate General of Anti-Dumping and Allied ... Read More »

Mother arrested near San Clemente for allegedly smuggling cocaine with 2 kids in car

SAN CLEMENTE: A mother driving with two young children was arrested Monday morning near San Clemente after more than 38 pounds of cocaine were found in her vehicle, authorities said. About 10 a.m., a U.S. Border Patrol K-9 handler stopped a 2001 Honda Accord driven by a 25-year-old woman on Interstate 5 near the Cristianitos Road exit, according to a ... Read More »

Stocks in Athens tumble 3.15 pct as banks take a hit

ATHENS: The knock-on effect of the publication last week of European bank stress tests continued to be felt on stock markets across the continent on Tuesday, with the Greek bourse also suffering a fall. The Athens stock exchange’s general index dropped 3.15 percent to 551.64 points on Tuesday. It was dragged down by Greek bank shares, with the lenders’ combined ... Read More »

Australia cuts interest rate

CANBERRA: The Reserve Bank of Australia yesterday cut its benchmark interest rate to a record-low 1.5 percent in a bid to jolt the nation’s sluggish economy amid low inflation rates. The central bank cut the cash rate by a quarter percentage point from its previous low of 1.75 percent. The board last cut rates in May. In a statement accompanying ... Read More »

N Ireland’s finance minister aims to bring tax lower level

DUBLIN: Northern Ireland’s finance minister has put the estimated cost of the planned reduction in the corporation tax rate to 12.5% from the current UK-wide 20% rate at around £500m over three years. Finance minister Máirtín Ó Muilleoir provided the figures in a written answer to a question in the Norther Ireland Assembly about the cost of bring the rate ... Read More »

Ministries of finance, interior to adjust property taxes

TAIPEI: The Ministry of the Interior and the Ministry of Finance plan to join hands and adjust the calculation mechanism for housing and land taxes to make them more accurate and reasonable with the aid of real-price transaction data. The move could lead to a steep increase in land and house taxes currently based on government-assessed values, which are much ... Read More »

Former NY prison guard pleads guilty to drug smuggling conspiracy

NEW YORK: A former New York prison guard pleaded guilty Wednesday to a drug smuggling conspiracy that brought hundreds of pounds of pot over the Canadian border. Federal agents say during 2010 and 2011, the smugglers transported loads of marijuana through the Akwesasne Mohawk reservation destined for cities like New York and Boston. Agents caught Brad Rushford, 33, of Ellenburg ... Read More »

Staffing bank boards is proving a tough task

ATHENS: Finding new members to staff the governing boards of banks, to replace of those who received a negative assessment based on a recently introduced law, is proving quite difficult, given the conditions candidates must fulfill. The issue has raised some concern over the law’s criteria, with some criticizing the Hellenic Financial Stability Fund (HFSF) of being too strict in ... Read More »

HRE Securities LLC buys 230,952 shares of InterXion Holding NV (INXN)

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