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Author Archives: Ammad Ahmed

Nepal Customs collects 1% of revenue target

KATHMANDU: The Birgunj Customs Office fulfilled just 1 percent of its revenue collection target in the fourth month of the fiscal year as cross-border movement of goods has been virtually blocked due to an undeclared Indian embargo. The customs office collected Rs73.9 million during the period lasting mid-October to mid-November, or 1 percent of the targeted revenue collection of Rs7.3 ... Read More »

Bangladesh Customs starts legal action against Chittagong company for Tk 110m tax evasion

CHITTAGONG: The Customs department has started a case against a Chittagong company for allegedly dodging duties to the tune of Tk 110 million by selling at home imported raw materials meant for export. Zakir Hossain, Deputy Director of the Customs’ detective wing, pressed charges against Liberty Enterprise with the Customs Bond Commissioner on Tuesday. He told bdnews24.com the company had ... Read More »

India’s vegetable oil sector demands rise in customs duty on edible oil imports

NEW DELHI: To stimulate vegetable oil and oilseeds sector, an industry body has come up with a number of suggestions, such as increasing customs duty on edible oil imports to safeguard farmers’ interest, for the upcoming annual Budget 2016-17. “We have sent the proposals on October 29 to the government and now we are pursuing the matter,” B V Mehta, ... Read More »

Brazil police seize 24.5 tons of marijuana

ICARAIMA: Brazilian Federal Highway Police seized a shipment of marijuana, weighing 24,572 kilograms. It is the largest marijuana confiscation ever registered by the Brazilian Federal Police, three tons more than the previous 2010 record. The drug was transported in a two semi-trailers truck, and it was hidden under a corn cargo. The driver, arrested at scene, admitted knowing that he ... Read More »

Australian border officials seize 10m illegal cigarettes

MELBOURNE: Tonnes of tobacco and more than 10 million illegal cigarettes have been seized in Melbourne by Australian border officials. The cigarettes were seized after Australian Border Force officers searched a container that had arrived in Melbourne, Minister for Immigration and Border Protection Peter Dutton said on Wednesday. The cigarettes would have been subject to $5.6 million in taxes had ... Read More »

India’s DRI seizes 25 gold biscuits

COCHIN: Officials of the Directorate of Revenue Intelligence (DRI) on Tuesday nabbed a Thalassery native while attempting to smuggle in around three kilograms of gold soon after his arrival at the Cochin International Airport. Sources said a team of DRI sleuths, acting on a tip-off, detained Madhu Laj, 22, who landed here by a Jet Airways flight from Abu Dhabi ... Read More »

India’s BSF confiscates heroin Rs. 100m

AMRITSAR: The BSF today seized two packets of heroin, worth Rs 10 crore in international market, near Jagdish seema chowki. Acting on a tip-off, BSF jawans held a special vigilance drive in the Ferozepur sector and recovered two packets of heroin weighing 1 kg each. It’s value in the international market is Rs 10 crore, BSF Inspector General, Punjab Frontier, ... Read More »

Indian police arrest three culprits with gold, silver

INDORE: Khandwa police arrested three persons carrying gold and silver worth Rs 70 lakh from Indore to Maharashtra on Tuesday morning. “A man and his two drivers were arrested from Indore-Ichhapur highway and 2.383 kg gold and 30 kg silver was seized from their possession. Two gold biscuits and several silver bricks were seized. The trio were allegedly taking it ... Read More »

China’s plastic surgery industry set to become world’s 3rd largest market by 2019

BEIJING: China’s cosmetic surgery industry will be valued at 400 billion yuan ($62.6 billion) by the end of this year and is expected to double in size to 800 billion yuan by 2019. If growth continues as expected, China will be the world’s third largest market after the United States and Brazil by 2019, according to the latest industry trend ... Read More »

Indonesia to cooperate with Japan for infrastructure projects

JAKARTA: Indonesia’s cooperation with Japan remains solid as the government expects investment from the East Asian nation in infrastructure projects despite unavailing partnership in high-speed railway development. After his meeting with Japanese Prime Minister Shinzo Abe in Kuala Lumpur on Sunday, President Joko “Jokowi” Widodo said Indonesia was willing to cooperate in future infrastructure projects with Japan. Jokowi said Indonesia ... Read More »

Value of Taiwan’s gold reserves declines about NT$380bn

TAIPEI: The value of the gold reserves held by the central bank has dropped by about NT$380 billion (US$11.59 billion) amid falling global gold prices, but the nation’s foreign exchange reserves remain at a record high. With the US dollar strengthening, the price of gold has fallen to about US$1,076 per ounce in New York, the lowest in six years. ... Read More »

Taiwan unemployment rate surges by 0.01% in Oct

TAIPEI: Unemployment last month rose by 0.01 percentage points to 3.9 percent, the lowest level for October in 15 years, according to government figures released yesterday. The number of total unemployed people was 455,000 last month, an increase of 1,000 from the previous month, but a decrease of 2,000 from the same month last year, the Directorate General of Budget, ... Read More »

Average wages in Taiwan rise 3% in first nine months

TAIPEI: The average monthly wages of workers rose 3 percent in the first nine months of this year from a year earlier, partially reflecting an increase in year-end and performance bonuses, according to government statistics released yesterday. In the nine-month period, the average employee earned NT$49,977 (US$1,524) per month, the highest-ever recorded for the same period of the year in ... Read More »

China secures 30.2% world outsourcing market

BEIJING: Chinese firms are securing more market shares in global offshore service outsourcing as they seek to narrow the gap with the current largest provider, India, an official report showed. After booming growth in the past five years, China accounted for 30.2 percent of the world’s outsourcing market by 2014, up from 23.2 percent in 2011, providing services for nearly ... Read More »

Evergrande to pay $617m for 50% stake in Great Eastern Life Assurance

BEIJING: Evergrande Real Estate Group Ltd, one of China’s largest property development companies, has launched an ambitious plan to expand into the insurance sector, after taking a half stake in a joint-venture insurer. Evergrande Nanchang, an indirect wholly owned subsidiary, will pay $617 million for a 50 percent stake in Great Eastern Life Assurance (China) Co Ltd – a Chongqing-based ... Read More »

China’s Zhong Jin to invest $1.56b in Moscow property market

BEIJING: China Zhong Jin Yin Di City Development, a State-owned real estate company, is investing 10 billion yuan ($1.56 billion) in the Moscow property market, which it believes has huge potential and can deliver a high return on investment. The company signed a strategic cooperation framework agreement with Sistema JSFC, the largest conglomerate in Russia, earlier in the year, paving ... Read More »

Duzhe planning to raise $78m in Shanghai IPO

BEIJING: Duzhe Publishing & Media Co Ltd, the publisher of China’s most popular magazine The Duzhe (The Readers), is planning to raise 500 million yuan ($78.2 million) in a Shanghai initial public offering. Subscription will begin on Dec 1. The company is to issue up to 60 million new shares, pushing its total shares to 240 million. The capital being ... Read More »

China’s Sun Paper plans to build $1.36bn pulp plant in US

JINAN: China’s Shandong Sun Paper Industry Joint Stock Co Ltd plans to build a pulp mill valued at $1.36 billion in the US state of Arkansas, the company said in a stock exchange disclosure on Monday. The planned production capacity of the pulp mill in Arkansas, home to abundant forests, is 700,000 tons per year. The details were included in ... Read More »

HSBC eliminating 2,000 jobs to cut costs

LONDON: HSBC Holdings is eliminating 2,000 jobs in its commercial bank as part of a plan to cut costs, according to a person briefed on the matter. The reductions began last week and are expected to take two years, the person said, asking not to be identified discussing personnel matters. In June, Europe’s largest bank unveiled a three-year plan to ... Read More »

Pos Malaysia net profit dips 89% to RM3.48mil in Q2

KUALA LUMPUR: Pos Malaysia Bhd recorded a 89% drop in net profit to RM3.48mil for the second quarter ended Sept 30, 2015, compared with RM33.99mil it posted a year ago. However, revenue was 7.3% higher at RM398.8mil against RM371.67mil in the same period last year. In its filing with Bursa Malaysia, the company said its performance was due to lower ... Read More »