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UK Customs seizes 30,600 illegal cigarettes

LONDON: Investigators have seized a haul of illegal tobacco and alcohol from shops in Leicester. HM Revenue and Customs (HMRC) staged a two-day operation this week. Officials visited 18 shops in and around Belgrave and Narborough Road on Tuesday and Wednesday and confiscated more than 30,600 cigarettes, 51kg of tobacco and 919 litres of spirits and wine from 13 of ... Read More »

USA Customs seizes meth worth $150,000

DEL RIO: U.S. Customs and Border Protection officers at the Del Rio International Bridge recently discovered more $150,000 worth of suspected narcotics hidden in a vehicle coming from Mexico. “Smugglers continue to use creative tactics in their attempts to bring contraband into the United States,” said Port Director Alberto D. Perez, Del Rio Port of Entry. “Our frontline CBP officers ... Read More »

US Customs seizes marijuana worth $12k

TUCSON: Customs and Border Protection officers arrested a Rio Rico, Arizona man for an alleged attempt to smuggle approximately 23 pounds of marijuana, worth about $11,700, through the Port of Nogales here the other day. Officers at the Dennis DeConcini crossing referred the 45-year-old man for further inspection of his Chevrolet truck when he attempted to enter the U.S. as ... Read More »

US Customs seizes marijuana worth $2.75m

TUCSON: U.S. Customs and Border Protection officers at the Mariposa Commercial Facility in Nogales, Arizona, seized $2.75 million in marijuana – approximately 5,500 pounds – from a Mexican national here the other day when he attempted to enter the United States. After an alert by a CBP narcotics-detection canine, officers found the drugs within palletized boxes identified as assorted electronic ... Read More »

Russian social network Vkontakte’s revenues grow 44%

MOSCOW: The revenues of Russian social network Vkontakte grew 44.2 percent last year to 6.23 billion rubles ($82.4 million), the RBC business news agency reported Friday, citing financial statements of Mail.Ru Group, which owns Vkontakte. In the second half of 2015, revenues increased 52.8 percent, with an EBITDA of 3 billion rubles, RBC reported. The monthly active audience on Vkontakte ... Read More »

Russian black caviar exports rise sharply

MOSCOW: Russia saw a significant increase in black caviar exports last year, reestablishing its position on the global market, the Interfax news agency reported Friday, citing data from the Russian Agriculture Ministry. The volume of the exports rose three times from 1.65 tons in January-November 2014 to 4.71 tons during the same period last year, as imports of black caviar ... Read More »

Russian-Japanese ties develop despite sanctions – Russian Trade Minister

MOSCOW: Russia’s economic relations with Japan are expanding despite anti-Russia sanctions, Russian Industry and Trade Minister Denis Manturov said in an interview with Japanese media here the other day. “The situation is changing, but to interrupt dialogue in foreign trade and economic cooperation is impossible. Even under sanctions the Russian-Japanese relations are developing,” Manturov told the Yomiuri Shimbun daily. Ties ... Read More »

Eurozone economic confidence drops amid weak data, Cheap Oil

BRUSSELS: The euro-area economic confidence declined over the course of  February to its lowest level since last June amid less-than-expected inflation, overall economic sluggishness, and political risks, including Brexit concerns and Middle Eastern tensions. As investors seek safety in bonds and non-liquid assets like gold, the international markets’ impact on the Eurozone’s economic performance has skyrocketed due to a substantial ... Read More »

RBS pays chief executive Ross McEwan £3.8m as it reports £2bn loss

LONDON: Royal Bank of Scotland has defended a £3.8m pay deal for its chief executive after reporting a £2bn annual loss and falling into the red for the eighth consecutive year. Shares in the bank slumped as RBS dampened expectations that it will start returning cash to shareholders as soon as the beginning of next year. The shares closed down ... Read More »

Tesco considering cutting store staff by 39,000 over three years

LONDON: Tesco is considering cutting store staff by 39,000 over the next three years as Britain’s biggest supermarket group attempts to reverse a slump in profits. The potential job losses, revealed in a leaked document, are the equivalent of Tesco shedding one in six employees, either by cutting jobs or reducing hours. Tesco confirmed the validity of the document but ... Read More »

Sugar tax decision delayed until summer after Gov’t postpones obesity strategy report

LONDON: Campaign groups are furious after the Government confirmed that it is delaying a decision on the sugar tax by postponing the publication of a report into childhood obesity until the summer. The Department of Health is understood to be delaying publication of the report to make sure they get it right. Tam Fry, spokesman for the National Obesity Forum, ... Read More »

Investigation report into gold smuggling scam to be published in week

KARACHI: The authorities concerned of the Federal Board of Revenue (FBR) are reluctant to make public the most important report in connection with gold smuggling case, it is learnt. Sources disclosed that the report regarding the mega gold scam has been prepared by the department concerned of the Pakistan Customs, but it has yet to be made public as some ... Read More »

Sialkot traders express concerns over delay in issuance of refund claims

SIALKOT: All trade bodies, including the Sialkot Chamber of Commerce and Industry (SCCI) and Pakistan Ready-made Garments Manufacturers and Exporters Association (PRGMEA), have expressed concern over the inordinate delay in the payment of refunds and duty drawback claims to the exporters. An important joint meeting of Sialkot’s trade bodies was held at the SCCI and was chaired by SCCI President ... Read More »

LCCI delegation leaves for Iran to explore trade, investment opportunities

LAHORE: A delegation of Lahore Chamber of Commerce and Industry (LCCI) left for 7-day visit to Islamic Republic of Iran to explore trade and investment opportunities and possibilities of joint ventures between the private sectors of both countries. LCCI Senior Vice President Almas Hyder is leading the delegation while other members are Kamal Mahmood Amjad Mian, Tariq Mahmood, Muhammad Ibrahim, ... Read More »

ANF foils bid to smuggle heroin worth Rs 10m at Lahore airport

LAHORE: The Anti-Narcotics Force (ANF) has foiled an attempt to smuggle heroin from Allama Iqbal International Airport to Colombo. The estimated value of the seized heroin is more than Rs 10 million. Sources told Customs Today that a passenger who was identified as Kashif Mughal was going to collect his boarding card for Colombo bound flight. During routine checking, the ... Read More »

FCCI demands extension in returns filling date

FAISALABAD: Faisalabad Chamber of Commerce and Industry (FCCI) President Muhammad Nawaz urged for extension in date for filling returns under Voluntary Tax Compliance (VTC) Scheme 2016. In a statement issued here, he said, VTC Scheme was devised to entertain hundred percent demands of the business community particularly the small traders. He mentioned that during his recent visit to the chamber ... Read More »

SEPA shutdown 10 industrial units for polluting environment

HYDERABAD: The Sindh Environment Protection Agency (SEPA) has shutdown ten industrial units in Kotri SITE area, Jamshoro district for allegedly violating the environment laws. The SEPA’s Regional Director Munir Abbass said that all the sealed units were issued prior notices by SEPA to comply with the environmental laws. However, all of them continued to flout the law as well as ... Read More »

NAB holds anti-corruption awareness seminar

SIALKOT: The National Accountability Bureau (NAB) organized an anti-corruption awareness seminar at Govt. College Women University (GCWU) Sialkot. Addressing the participants, chief guest Muhammad Sajid (Deputy Director NAB) stressed the need for making all-out sincere coordinated efforts to purge the society of corruption. A large number of students and teachers also attended the seminar. Read More »

ICCI, IPO organizes awareness session on intellectual property rights

ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) in collaboration with Intellectual Property Organization (IPO) Pakistan organized an awareness session on intellectual property rights (IPRs) including trademarks, patents, industrial designs and copyrights for business community. Speaking on the occasion, Shahid Rashid, Chairman, IPO-Pakistan said that the protection of intellectual property rights brought many benefits to the economy as strong enforcement ... Read More »

FTA between Pakistan, Thailand likely to be concluded by 2016

KARACHI: Consul General of Thailand in Karachi, Suwat Kaew Sook has said that Free Trade Agreement (FTA) between Pakistan and Thailand was likely to be concluded by end of 2016 which would facilitate trade and help in furthering the existing trade ties between the two countries. Exchanging views with KCCI Office Bearers and Managing Committee members during his visit to ... Read More »