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Iran, Turkey aim to triple trade to $30B

TEHRAN: Iran and Turkey aim to triple their annual trade to $30 billion within two years, officials said in Tehran Saturday, despite the two countries being at odds over fighting in Syria. Following last year’s nuclear deal with world powers Iran is being targeted by Europe as a new market but Turkey is also seeking to cash in after the end ... Read More »

Adidas forecasts boost

BERLIN: Adidas AG, the German sport-shoe maker, forecast an increase in earnings this year as consumers spend more, making it easier to sell higher-priced goods and offset rising costs. Net income from continuing operations is set to increase 10 to 12 percent excluding goodwill impairment, Adidas said yesterday. Operating margin excluding goodwill impairment is to be at least stable compared ... Read More »

Korea land rises 4.47% in best performance in 8 years

SEOUL: Land prices grew at the fastest pace in eight years in the past 12 months, largely because of the establishment of so-called innovation cities as well as newly constructed subway lines. According to the Ministry of Land, Infrastructure and Transport, the assessed value of land grew 4.47 percent on average compared to a year earlier. That is the biggest ... Read More »

E-commerce in Switzerland hits to 6.6 billion euros in 2015

GENEVA: Swiss online shoppers bought goods online with a total value of 7.2 billion Swiss francs, or 6.6 billion euros, last year. The online retail sector in Switzerland increased by 7.5 percent in 2015 and now also accounts for 7.5 percent of the total retail sector in this Central-European country. That is the result of a total market survey conducted ... Read More »

Fake brand imports blocked by Japan down 8.7% in 2015

TOKYO: Japan’s customs authorities blocked the import of fake brand products and other items violating intellectual property rights in 29,274 cases in 2015, down 8.7 percent from the previous year, the Finance Ministry said Friday. Despite the first decline in six years, the number was the second largest on record after the figure rose to 32,060 in 2014, partly reflecting ... Read More »

Luxembourg seeks investment opportunities in India

NEW DELHI: Luxembourg today said it is looking for investment avenues in India for its companies and invited domestic firms active in automobile, pharma and IT sectors to set up ventures in the European country. “We are here to learn more about opportunities for Luxembourg companies to invest in India, which has shown strong economic growth and even overtook China ... Read More »

China to create 10 million jobs in 2016

BEIJING: China aims to create at least 10 million new urban jobs and keep the registered urban unemployment rate within 4.5 percent this year, according to a government work report delivered by Premier Li Keqiang at the legislative annual session on Saturday. Although the targets are unchanged from those for last year, meeting them this year is unlikely to be ... Read More »

India set for SaaS leap in 10 years

NEW DELHI: Software as a service (SaaS) product companies in India are expected to generate a combined annual revenue of $10 billion (Rs 68,000 crore) in 10 years as they tap small and medium enterprises in America and Europe with their mobile-first solutions. Currently, there are around 500 SaaS companies, with a total revenue of $600 million (about Rs 4,000 ... Read More »

Thailand’s central group plans investment of $1.1b

BANGKOK: Thailand’s Central Group, the country’s largest retail conglomerate, said it will invest around 39 billion baht ($1.1 billion) this year in new hotels, supermarkets and stores, part of its plan to boost revenues. The conglomerate, which owns five luxury department store companies in Europe including Italy’s La Rinascente and Denmark’s Illum, is also keen on buying more foreign assets, ... Read More »

China to keep inflation at around 3% in 2016

BEIJING: China aims to hold this year’s consumer price growth at around 3 percent, according to a government work report delivered by Premier Li Keqiang at the annual legislative session on Saturday. The target is unchanged from that for 2015, but the consumer price index (CPI), a main gauge of inflation, only rose 1.4 percent last year, a six-year low. ... Read More »

China sets 6.5-7% growth target for 2016

BEIJING: China will prioritize stable economic growth this year, with an annual year-on-year GDP growth target between 6.5 to 7 percent, according to the government work report obtained by reporters ahead of the official opening of the National People’s Congress annual session on Saturday morning. Policymakers set a growth target of 7.5 percent for 2014 and 7 percent last year. ... Read More »

Djibouti launches new project for export of Ethiopian gas

WASHINGTON: President Ismaïl Omar Guelleh of Djibouti on Thursday laid the foundation stone for a new mega-gas project for the export of Ethiopian gas, comprising a natural gas pipeline, a liquefaction plant and an export terminal at Damerjog in Djibouti, APA learns on Friday. The pipeline project will enable Ethiopia to export gas to China and support socio-economic development across ... Read More »

Canada police seize drugs worth $500,000

OTTAWA: Golden-Field RCMP say half a million dollars of illicit drugs were seized during a road check near the B.C. town of Field this week. It happened on March 2 during a traffic stop with a person driving a Mitsubishi Outlander. Officers found four kilograms of marijuana and 10 litres of high-quality hash oil known as “Phoenix Tears”. “It is ... Read More »

Ireland Customs target punters buying illegal tobacco

DUBLIN: Punters who purchase illegal tobacco at Drogheda’s Bolton Square market run the risk of having their items confiscated by watching Revenue officers. The Drogheda Independent has learned that a number of people who bought cigarettes from the contraband sellers were then followed by the customs and had the purchases taken off them. One man stated that it was a ... Read More »

Drugs worth S$235,000 seized in islandwide operation

SINGAPORE: A total of 103 suspected drug offenders were arrested in a six-day islandwide operation which kicked off on Feb 27, the Central Narcotics Bureau (CNB) announced on Friday. Officers also seized drugs worth S$235,000 in total, including 1.8kg of heroin, 338 Ecstasy tablets, 1,462 Erimin-5 tablets and 454g of Ice. One of the cases accounted for S$210,000 worth of ... Read More »

South Africa’s maize imports to soar

CAPE TOWN: South African maize imports could cost up to 19 billion rand ($1.2 billion) this year, a sharp increase from 2 billion rand in 2015, as a severe drought hits farm output and pushes up food prices, the Treasury said in February. South Africa’s government estimates it will need imports of around 5 million tonnes of maize in 2016, ... Read More »

Philippines authorities seize smuggled sugar worth P22.4m

ZAMBOANGA CITY: Authorities seized some P22.4 million worth of smuggled refined white sugar off Barangay (village) Recodo here the other evening. Philippine Navy Commander Roy Vincent Trinidad, spokesperson of the Naval Forces Western Mindanao, said on Friday that the smuggled sugar—totaling around 7,000 sacks—was on a large boat, which was spotted and intercepted by a routine maritime patrol around 10 ... Read More »

US Customs seizes meth worth $77,000

TUCSON: Customs and Border Protection officers arrested a Mexican national for attempting to smuggle almost 26 pounds of methamphetamine through the Port of Nogales.CBP officers at the Port of Nogales arrested a Mexican national after a search of a vehicle led to the discovery of $77,000 worth of meth Officers at the Dennis DeConcini crossing referred a 21-year-old man from ... Read More »

US Customs officers intercept $95k in unreported funds

TUCSON: A male Mexican national was arrested for attempting to smuggle slightly more than $95,000 in unreported U.S. currency into Mexico through the Port of Lukeville here the other day. U.S. Customs and Border Protection officers conducting outbound inspections selected a Chevrolet truck driven by a 45-year-old Mexican national for further inspection. During the search, officers found an ice chest ... Read More »

US Customs nabs woman for smuggling marijuana

S,T THOMAS: U.S. Customs and Border Protection (CBP) Field Operations officers arrested a woman attempting to smuggle marijuana into the island. Deangelia D. Quintana, 30, made her initial appearance today before U.S. Magistrate Judge Ruth Miller after being charged in a complaint with possession with intent to distribute marijuana. “CBP officers remain vigilant to detect and seize illegal contraband being ... Read More »