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Author Archives: Ammad Ahmed

Turkish crew ‘caught smuggling four tonnes of cocaine’

ANKARA: A National Crime Agency officer told a jury that the quantity of cocaine found on a tugboat was so large that it took two days to remove it from the ship’s ballast tank. Alistair Gow was giving evidence at the trial of nine Turkish sailors who deny smuggling the drug in a boat intercepted off the east coast of ... Read More »

Takata airbags kill two persons

Tokyo: Two people have died in the nation after airbag inflators made by Japan’s Takata Corp exploded, carmaker Honda Motor Co announced, raising the global toll to 13 in a scandal that has led to the biggest auto recall in US history. The deaths came last month in Sabah State and in the northern Kedah State this month. Honda said ... Read More »

Irish customs border ‘unavoidable’ if UK pulls out of European Union

DUBLIN: A customs frontier between Ireland and the UK is unavoidable in the event of a British withdrawal from the European Union, a conference heard yesterday. Brussels-based solicitor Dr John Temple Lang of Cleary Gottlieb also said there would no longer be a common travel area between the two jurisdictions as there would be an “immigration frontier”. The conference, jointly ... Read More »

All top 20 global shipping lines call on Colombo

COLOMBO: Due to Sri Lanka’s strategic location, all top twenty global shippers call on historic Colombo port –and Sri Lanka’s central geographic location is a great drawcard for the 16th World Export Development Forum (WEDF) session to be held in Colombo this October, as revealed on 05 May in Colombo. Minister of Industry and Commerce Rishad Bathiudeen addresses the launch ... Read More »

Customs officials intercept R7.9m in currency bust at Durban airport

PRETORIA: South African Revenue Services (SARS) Customs officials intercepted a consignment of currency worth R7.9 million at King Shaka International Airport in Durban last Friday‚ SARS revealed. SARS Customs officers became suspicious when five suitcases scheduled for loading at the departing Emirates flight to Dubai were being removed from the international arrivals hall. “Upon investigation‚ it was established the owner ... Read More »

Ahli United Bank reports a profit of $154.6 million

KUWAIT: Ahli United Bank BSC (AUB) reported a net profit attributable to its equity shareholders of $154.6 million for the quarter ended 31 March 2016. The net profit reflected an increase of 5.0% in Q1/2016 as compared to the net profit figure of $147.2 million achieved in Q1/2015. The Q1/2016 net profit also represents a 31.0% improvement over the Q4/2015 ... Read More »

Ottawa vows ‘long-term solution’ to rising U.S. imports of milk protein

OTTAWA:  It is committed to finding a “long-term solution” to surging U.S. imports of milk protein that farmers blame for sapping their incomes. Agriculture Minister Lawrence MacAulay promised Tuesday to consult with farmers and processors in the coming weeks to deal with the problem of so-called diafiltered milk, triggering a potential trade showdown with the United States. “We are going ... Read More »

Dongxing Customs enhance their skills in detecting illegal wildlife trade

DONGXING: More than 100 Dongxing Customs officials received enforcement training from the Guangxi Branch of China’s Convention on International Trade in Endangered Species of Wild Fauna and Flora Management Authority (CITES MA) in co-operation with TRAFFIC last month. Dongxing is a border port that links China with Viet Nam. The rugged terrain creates particular challenges in the Dongxing area that ... Read More »

Sri Lanka raises VAT to 15%

COLOMBO: Sri Lanka is seeking to raise 100 billion rupees (RM2.7 billion) in revenue in 2016 by increasing the value added tax (VAT) and new taxes effective from today, finance minister Ravi Karunanayake said late yesterday. The VAT will rise to 15% from 11% and will be imposed on private sector health services as the government struggles to reduce a ... Read More »

American Tower Posts another Revenue Increase

WASHINGTON: American Tower Corp. increased profit and added to its steady string of revenue gains by a double-digit percentage as the cellular-tower company continues to use acquisitions to expand its footprint. The Boston-based company leases, owns or operates some 143,000 towers in the U.S. and other countries. Recently, the company has snapped up rights to Verizon towers in the U.S., ... Read More »

Transport Minister Garneau says Canada needs a greener transportation system

OTTAWA—Canada must make its transportation system smarter and greener, says Transport Minister Marc Garneau, but documents show the country is falling behind its trading partners in connecting infrastructure to the vehicles that use it. Garneau told a luncheon audience in Toronto that he wants to see Canada at the forefront of the push to create so-called intelligent transportation systems that ... Read More »

Dundee University forensic science ranked ‘best in UK’

LONDON: Prof Sue Black heads the university’s centre for anatomy and human identification Dundee University has been ranked the best in the UK for forensic science. Its centre for anatomy and human identification is headed by leading forensic anthropologist Prof Sue Black. The university was awarded a £10m grant to establish the Leverhulme research centre for forensic science, led by ... Read More »

Carbon emissions to cost Malaysia $9.1 trillion by 2100: study

KUALA LUMPUR: If Malaysia doesn’t take action to control its carbon emissions through a carbon tax, the damage caused by climate change over a 95-year period could cost the country more than 40 trillion Malaysian ringgits (US$9.1 trillion). Temperature in Malaysia is projected to rise between 0.8°C and 3.1°C by 2100. This rapid temperature rise and the resulting climate changes ... Read More »

SiriusXM Canada revenue jumps by 5.4% to C$84.4 million

OTTAWA: SiriusXM Canada Holdings INC. fiscal second quarter 2016 revenue rose 5.4% to C$84.4 million, with net income up from a loss of C$25.1 million to a gain of C$28.2 million.  Total subscribers grew 4% to 2,653,000, with self-pay subscribers rising 4.8% to 1,952,000 and subscriber acquisition cost up 11.4% to C$39. “Our growth continued into Q2 fiscal 2016, with ... Read More »

Canada Ups Its Arctic Game with Plans to Build Port at the Top of the World

OTTAWA: After the fishing vessel Saputi struck an iceberg earlier this year in the Davis Strait off Iqaluit, water rushed on board the Canadian ship faster than the ship’s pumps could handle. The Danish Navy arrived to help as a Canadian Coast Guard chopper made its way from a base in Greenwood, Nova Scotia — nearly 1,300 miles away. The ... Read More »

EIF signs two more SME financing agreements in Italy

BRUSSELS: The EU said on Friday the European Investment Fund (EIF) has signed two new agreements to provide a further 400 million euros (456.3 million U.S. dollars) in finance to innovative SMEs (small and medium-sized enterprises) in Italy over the next two years. The EU said in a statement the two agreements were signed with Banco Popolare, the fourth largest ... Read More »

Closer cooperation with German police, customs authorities

Closer cooperation with German police, customs authorities BERLIN; The two-day visit of a high-level delegation of the German finance ministry and customs authority, which began on April 4, ended on Wednesday. The delegation held “several fruitful top-level meetings,” the Serbian customs administration said in a statement. The German delegation met with key representatives of the Serbian customs and police authorities ... Read More »

Shell bringing first US import of Malaysian condensate

KAULA LUMPUR: A cargo of Malaysian Bintulu condensate bought by Royal Dutch Shell is sailing to New Orleans, Louisiana, a trade that grade of offshore oil according to Thomson Reuters Trade Flows data. The Polaris, a medium-range vessel, loaded 200,000 barrels of the condensate at Malaysia’s Bintulu terminal in early February, before stopping at Singapore’s Jurong Port to pick up ... Read More »

Shell bringing first US import of Malaysian condensate

KAULA LUMPUR: A cargo of Malaysian Bintulu condensate bought by Royal Dutch Shell is sailing to New Orleans, Louisiana, a trade that grade of offshore oil according to Thomson Reuters Trade Flows data. The Polaris, a medium-range vessel, loaded 200,000 barrels of the condensate at Malaysia’s Bintulu terminal in early February, before stopping at Singapore’s Jurong Port to pick up ... Read More »

Sri Lanka firms want to import labour as shortages mount

  COLOMBO: ECONOMYNEXT–ri Investors in SLanka are asking to be allowed to import labour at a time local professionals are opposing a new economic pact with India fearing job losses, Sujeewa Senasinghe, State Minister of International Trade, said. Companies registered with the investment promotion agency, Board of Investment, are finding it difficult to fill vacant positions in their factories, he ... Read More »