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HK port cargo throughput declined 13.8% in 2015

HONG KONG: Hong Kong’s total port cargo throughput slumped 13.8 percent in 2015, the biggest year-on-year drop in the past 10 years. The sluggish global economy is one of the main reasons to blame and the industry is in need of new markets to alleviate the situation. The Census and Statistics Department of Hong Kong released the data here the ... Read More »

Shanghai coal imports jump in first 2 months

SHANGHAI: Imports of coal and lignite through Shanghai in January and February were up 150 percent year on year, the local customs authority announced on Tuesday. Shanghai imported 1.94 million tons of coal and lignite in the first two months. The average price for a tonne of coal stood at 316 yuan ($49), down 6.2 percent year on year, according to ... Read More »

UK gov’t cuts tax credits for 800,000 people without parliamentary debate

LONDON: MPs have voted to make £1 billion of cuts to tax credits, without holding a parliamentary debate on the subject. George Osborne said in his autumn statement that he had cancelled cuts to the in-work benefits – but a little-noticed cut to the so-called “income disregard” was quietly left in place. The change reduces the amount a claimant’s income ... Read More »

Mexican steel imports rise significantly in 2015

MEXICO CITY: The latest statistics released by the Mexican Tariff Information System (Siavi) indicates that the country’s steel imports grew considerably by nearly 20% in 2015. The steel imports during the year totaled 11.7 million tonnes. The imports recorded the highest level since 2003. The Mexican steel The largest exporter of steel to Mexico during the year was the US. ... Read More »

FBR collects Rs 52b thru 5,257 returns under VTCS

ISLAMABAD: Federal Board of Revenue (FBR) has successfully documented about Rs 52 billion undocumented or untaxed amount through recently-announced working tax amnesty scheme for traders. According to the official sources, the FBR received 5,257 returns of non-filers till March 15 under the Voluntary Tax Compliance Scheme (VTCS). The country’s top revenue authority has also extended the last date for availing ... Read More »

Cargo trade value declines at Port Everglades

WASHINGTON: Cargo trade through Port Everglades, as measured in dollars, declined in 2015 while increasing at PortMiami, according to trade analysis company WorldCity. Recent reports on the company’s website, ustradenumbers.com, state that the combined value of imports and exports through Port Everglades fell 7.21 percent, from $27.15 billion to $25.22 billion, between calendar years 2014 and 2015. Trade value through ... Read More »

US Customs seizes narcotics worth $1.2m

DEL RIO: U.S. Border Patrol agents working in the Del Rio Sector seized more than 1,078 pounds of narcotics, valued at $1.2 million in nine different incidents.Eagle Pass Border Patrol agents encountered two abandoned black luggage bags, containing a total of 47 pounds of marijuana. “Del Rio Sector is devoted to the security of this nation by preventing illicit narcotic ... Read More »

US Customs seizes meth worth $214k

SALTON CITY: El Centro Sector Border Patrol agents assigned to the Indio Station working at the Highway 86 checkpoint, arrested a man suspected of drug smuggling after they discovered packages of methamphetamine hidden in his vehicle on Tuesday. The incident occurred at approximately 3:45 p.m., when a 25-year-old man approached the checkpoint driving a silver Honda Accord. A Border Patrol ... Read More »

US Customs arrests previously deported man traveling to New York

SAN JUAN: U.S. Customs and Border Protection (CBP) Field Operations officers arrested Sunday a previously removed man attempting to board a flight to New York City. Jose Oscar Marte-Payano, 35, citizen of the Dominican Republic appeared yesterday before the US District Court Magistrate Judge Marcos Lopez to face charges for re-entering after a previous removal or deportation. “Persons that are ... Read More »

Work hard to avoid privatisation, Kh Asif asks Wapda employees

ISLAMABAD: I Federal Minister for Water and Power Khawaja Muhammad Asif employees if they want to avoid privatisation, they should work hard. Addressing a ceremony, Kh Asif said that the government was taking every possible step to overcome electricity crisis. He said the representatives had to stop power theft in the country and directed to take stern action against the ... Read More »

Russian lawmakers propose fines for sales of banned food

MOSCOW: A bill presented at the Russian State Duma on Monday would introduce fines of up to 1 million rubles ($14,154) for the sale of food items that Russia has banned from import to the country in response to Western sanctions over the Ukraine crisis. Lawmakers from the Liberal Democratic Party, who introduced the bill, argued in an explanatory note ... Read More »

Russia seen exporting 180,000 bpd more oil in 2016

MOSCOW: Russia will export about 180,000 bopd more in 2016 as compared to last year, analysts said here the other day. According to ESAI Energy, exports via pipelines and Far East ports leading directly to Asia will only increase by 50,000 bopd, with the remainder of the growth coming in outflows from European ports. Higher exports from European ports will ... Read More »

Russia’s giant carmaker plans to boost export by 20,000 cars in 2016

MOSCOW: Russia’s flagship car manufacturer Avtovaz plans to boost exports to around 50,000 units in 2016, general director of Lada Izhevsk (part of Avtovaz) Mikhail Ryabov said Tuesday. Russia’s largest carmaker may start promoting its cars in Europe “Around 50,000 [cars are planned] to be exported. Of course, it will depend on many factors but we realize that amid current ... Read More »

Chinese Customs seizes 700kg of banned plant khat

BEIJING: Customs authorities in China seized a total of 705 kilograms of banned plant Khat, which can be used as stimulant, from Ethiopia. Khat was banned in China 2014, which makes it a criminal offense to plant hold, transport, traffic or eat the leafy shrub. The first parcel full that contained 14 kilos of khat, a leafy shrub grown in ... Read More »

Malaysia police seize 1.2 tonnes ganja worth RM4.2m

KUALA LUMPUR: Police have busted the largest drug distribution and smuggling syndicate in the country so far this year with the seizure of 1.2 tonnes of ganja worth RM4.2 million at two locations, in Selangor and Kedah. Bukit Aman Narcotics Criminal Investigation Department director Datuk Seri Mohd Mokhtar Mohd Shariff said a 38-year-old man was arrested in the raid in ... Read More »

Indonesia, Netherlands ink MoU to tackle Customs abuse

AMSTERDAM: Indonesia and the Netherlands entered into a memorandum of understanding to deepen cooperation in excise duty enforcement and customs matters. Under the terms of the MoU, the Dutch and Indonesian customs authorities will establish a formal basis for cooperation, especially in capacity building and information sharing. They will also exchange details about reputable traders from both countries. Heru Pambudi, ... Read More »

Indonesia, Australia free trade talks set to progress following heightened tensions

JAKARTA: Indonesian and Australian free trade talks are set to progress this week in a bid to turn around “underdone” business and investment ties following a period of heightened bilateral tensions. Former investment banker now Indonesian trade minister Thomas Lembong, arrived in Sydney on Tuesday for meetings with Australian business and political figures before travelling to Canberra on Wednesday for ... Read More »

Eurozone employment increases in Q4

BRUSSELS: Seasonally-adjusted employment in 19-country eurozone in the fourth quarter of 2015 rose by 0.3 percent compared with the previous quarter, official data showed on Tuesday. In the wider 28-member European Union (EU), employment saw a quarterly increase of 0.1 percent. The figures suggested that the bloc’s labor market continued to recover despite doing so at quite a slower pace. ... Read More »

Germany records 15-year-strong consumption growth in 2015

BERLIN: Fueled by a favorable shopping environment, German consumers’ spending in 2015 grew faster than any year else in the past 15 years, compensating their country’s losses in exports declines due to weak global recovery, official data showed on Tuesday. In 2015, German households spent 1.63 trillion euros (1.8 trillion U.S. dollars) on private consumption, said German federal statistics office ... Read More »

China vows to invest more in infrastructure, public services

BEIJING: China’s top economic planner has pledged to increase investment in infrastructure and public services, following a mild recovery in fixed assets investment over the first two months of this year. A total of 15 new fixed asset investment projects worth 34.1 billion yuan ($5.3 billion) have been approved this month, Zhao Chenxin, the spokesman for the National Development and ... Read More »