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Author Archives: Ammad Ahmed

Sri Lanka resumes oil imports from Iran: Minister

COLOMBO: Sri Lanka’s oil minister said on Sunday that his country plans to resume oil imports from Iran following the removal of anti-Tehran sanctions. At a meeting with Iranian Oil Minister Bijan Namdar Zangeneh in Tehran on Sunday, Chandima Weerakkody announced Colombo’s readiness to restart importing Iran’s crude. Describing Iran and Sri Lanka as close and old-age friends, he expressed ... Read More »

Existing and proposed Customs Act to be examined:President

COLOMBO: Individuals from the Sri Lanka Custom Officers’ Association met President Maithripala Sirisena at the Presidential Secretariat on Thursday and held a discourse on the theme of presentation of the new Customs Act The Custom Officers’ Association apprised the President that the vast majority of the realities incorporated into the Act have been taken from the Customs Acts of different ... Read More »

Consumer prices down 0.7 percent in June

ATHENS: Last month’s 4.7 percent year-on-year decline in transport fares, including ferry tickets, contributed to a 0.7 percent yearly decline of the consumer price index, with the Hellenic Statistical Authority (ELSTAT) confirming on Friday that June was the 40th consecutive month of deflation. This price drop took place despite the tax increases, led by the rise in the main value-added ... Read More »

CIMB’s RM1bil Sompo Japan deal

KUALA LUMPUR: CIMB Group Holdings Bhd will reap a revenue of RM1bil in the first five years of its 15-year tie-up with one of Japan’s largest bancassurance insurers, Sompo Japan Nipponkoa Holdings Inc. Group chief executive Tengku Datuk Seri Zafrul Aziz said beyond the initial five years, the bank would share the “economic upside” of the partnership besides obtaining the ... Read More »

South Australia puts new tax on corporate bookies

ADELAIDE: The South Australian government will hit betting agencies with a new tax that is expected to raise more than $9 million a year. The SA government has decided to introduce a 15 percent tax on net wagering revenue that will apply to bets made in South Australia. The UK imposed a 15 percent tax on all online gambling profits ... Read More »

Moody’s changes outlook on Sri Lanka’s rating to negative from stable; affirms government bond rating at B1

COLOMBO: Moody’s Investors Service has today affirmed the government of Sri Lanka’s foreign currency issuer and senior unsecured sovereign ratings at B1 and changed the outlook to negative from stable. Two key drivers underpin the change in outlook to negative from stable: 1) Our expectation of a further weakening in some of Sri Lanka’s fiscal metrics in an environment of ... Read More »

Lao man arrested for smuggling heroin into Vietnam

THANH HOA: Border guards in the central province of Thanh Hoa Province have cooperated with police in Laos to arrest a Lao national for trying to smuggle 1.3 kilograms of heroin across the border. The 40-year-old suspect was nabbed Saturday afternoon. He admitted that he was on his way to Thanh Hoa, where he planned to sell the drugs. Vietnam ... Read More »

China May diesel exports up over 300 pct on year -customs

BEIJING: China’s diesel exports rose 305.7 percent in May from a year earlier to 1.48 million tonnes, customs data showed on Tuesday. Gasoline exports climbed 105.6 percent in May from a year earlier to 780,000 tonnes, while kerosene exports fell 0.3 percent on-year to 950,000 tonnes, the data showed. Imports of diesel soared 1,544.7 percent to 40,000 tonnes, while kerosene ... Read More »

Varga meets US coordinator for sanctions policy

BUDAPEST: Further expansion of trade relations, helping Hungarian companies enter the market and European Union sanctions against Russia were in the focus of talks between Economy Minister Mihály Varga and US Coordinator for Sanctions Policy Daniel Fried here the other day. Fried was accompanied by US Ambassador Colleen Bell at the meeting, the ministry said in a statement. Varga said ... Read More »

Nigeria: Sultan to Customs CG, Lift Ban On Importation of Rice Through Land Borders

SOKOTO: The Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar III, monday called on the management of the Nigeria Customs Service (NCS) to consider the possibility of lifting the ban on the importation of rice through the nation’s land borders. Speaking when the Comptroller-General of the Service, Col. Hameed Ali (rtd), paid him a courtesy visit in his palace in Sokoto, ... Read More »

Steel imports increase in May, have 23 percent market share

WASHINGTON: Steel import permit applications rose 16 percent in May to 2.9 million net tons, according to the U.S. Commerce Department’s most recent Steel Import Monitoring and Analysis data. Import tonnage for finished steel rose 2 percent to about 2.08 million in May, the American Iron and Steel Institute reported. As compared to April, steel imports from Turkey rose 25 ... Read More »

Zimbabwe: Smuggling Cases Surge

HARARE: Smuggling by some unscrupulous dealers trying to evade customs duty is on the rise, police have said. Chief national police spokesperson Senior Assistant Commissioner Charity Charamba last Friday said police recently recovered 296 bales of second-hand clothes, 32 bales of second-hand shoes and 24 tonnes of onions in two separate incidents in Mutare and Harare. “On June 1, 2016, ... Read More »

McGregor is latest Dutch high street store group in financial trouble

AMSTERDAM: Clothing group McGregor, which also includes Gaastra and Adam Menswear among its labels, has been given court protection from its creditors after running into financial difficulty. The company has a workforce of 1,200, most of whom are in the Netherlands. The chain has 150 shops, of which 80 are in the Netherlands and Belgium and all will remain open ... Read More »

Iran to cut gasoline imports with $14b refinery expansion

TEHRAN: Iran plans to increase its refining capacity for crude and condensate by more than 70 percent within the next four years as it works to improve the quality of fuel sold on the domestic market and wean itself off imported gasoline. The Persian Gulf oil producer will raise capacity to about 3.2 million barrels a day by 2020 from ... Read More »

Ireland police seize 3kg of cocaine

DUBLIN: An estimated three kilograms of the drug were found when o fficers from the Drugs and Organi sed Crime Bureau stopped and searched a van during an intelligence led operation in Clondalkin on Saturday. A 27-year-old man was arrested and taken to Clondalkin Garda Station where he has been charged under the provisions of section two of the Criminal ... Read More »

In Taiwan, Exports Stabilize Despite 16-Month Decline

TAIPEI: Taiwan’s Ministry of Finance announced on Tuesday that the country’s exports saw a 9.6 percent decline in May, compared to a record-high base last year, the gap having widened after a 6.5 percent decline in April. The 9.6 percent fall was slightly better than Bloomberg’s consensus estimate of 9.9 percent, but exports have been on the decline for 16 ... Read More »

US Ports gear up for 2016 shipping season

WASHINGTON: Administrator of the U.S. Saint Lawrence Seaway Development Corporation said, “During the first nine weeks of the 2016 navigation season, ships arrived from 30 countries and delivered high value cargo that supported a wide range of manufacturing.  Our longshoremen worked diligently to offload cargo ships delivering transformers bound for electric power companies, tanks for beer brewing companies, windmills for ... Read More »

Technology and Policy Program celebrates 40 years

LONDON: The MIT Technology and Policy Program (TPP) celebrated 40 years with an event on May 20, bringing together TPP alumni and others from academia, government, and industry. The event was co-organized by TPP associate director Noelle Selin, the Esther and Harold E. Edgerton Career Development Associate Professor in the Institute for Data, Systems, and Society (IDSS) and the Department ... Read More »

Gold seizure by Customs just tip of the iceberg

THRISSUR: It seems that law enforcement agencies are yet to fully assess the magnitude of gold smuggling activities in the State, if the recent developments are any indication. The incident wherein gold smugglers tried to influence a judge hearing their case by offering a huge amount as bribe has come as a shock to investigation agencies. “The smugglers offered bribe ... Read More »

Nigeria’s Ban on Poultry Imports – Important Lessons for Ghana

ABUJA: Ghana’s government is currently implementing an ambitious programme aimed at reversing the nation’s dependence on imported poultry by increasing domestic production, writes Francis Ekow de Heer for ThePoultrySite. The Ghana Broiler Rehabilitation Project (GHABROP), started in 2014, has involved raising tariffs on imported poultry, and requiring poultry importers to source part of their supplies locally. Local producers across the ... Read More »