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Tay Ninh Police investigate sugar smuggling racket

VIETNAM: The authorities in the southern Tay Ninh Province are investigating a case of smuggling of various types of sugar from Cambodia to Viet Nam. Authorities in southern Tay Ninh Province are investigating a case of smuggling of thousands of tonnes of sugar from Cambodia to Viet Nam. — Photo vietnamplus.vn The police searched a sugar factory and three other ... Read More »

Man held for smuggling gold worth Rs1cr at IGIA

NEW DELHI: A man has been arrested for allegedly trying to smuggle gold worth over Rs one crore at Indira Gandhi International Airport (IGIA) here. The accuse was intercepted by customs officials after his arrival from Vishakhapatnam on Sunday. “On detailed examination of his baggage and personal search, 16 cut pieces of gold bars total weighing 4 kg with total ... Read More »

Azerbaijani border guards prevent drug smuggling

BAKU: Azerbaijan’s border guards prevented the smuggling of a large amount of drugs to the country, the State Border Service said. As a result of measures taken in the service area of a frontier post located in Azerbaijan’s Fuzuli district, two district residents suspected of drug smuggling to the country were detained. 2 kg of hashish, 1 kg 140 grams ... Read More »

Seven held in Tamil Nadu for smuggling liquor from Goa

GOA: The Prohibition Enforcement Wing (PEW) police have arrested seven people, including four women, for smuggling Indian-made foreign liquors (IMFL) from Goa to Tamil Nadu. The accused have been identified as P Saravanan of Shevapet, K Sathiesh and T Babu of Ponnammapet, V Jayanthi, R Mathammal, S Vijaya, and V Kamala of Ammapet in Salem city. Based on a tip-off, ... Read More »

Japan offers to buy 132,432 tons food wheat via tender

TOKYO: Japan’s Ministry of Agriculture is seeking to buy a total of 132,432 tonnes of food quality wheat from the United States and Canada in a regular tender that will close late on Thursday. Japan, the world’s sixth-biggest wheat importer, keeps a tight grip on imports of the country’s second-most important staple after rice, and buys the majority of the ... Read More »

Cosmo Energy to begin import crude oil from US

TOKYO: Cosmo Energy Holdings Co. will begin importing crude oil from the United States in mid-February, becoming the first Japanese firm to do so after the U.S. government lifted a four-decade ban on oil exports in December, industry officials said Tuesday. Washington’s move increases Japan’s options for procurement and is expected to help stabilize supplies. The country currently relies heavily ... Read More »

Two suspects foiled after gold smuggling attempt fails

NEW DELHI: As originally reported on the Deccan Herald, two people were arrested at the Kempegowda International Airport (KIA) in India for attempting to smuggle gold. One of the two who were arrested was a ground-handling worker. The Customs Air Intelligence Unit (CAIU) of KIA had received a tip-off that after one of the two landed from an Emirates Airways ... Read More »

Kenyan Govt plans to cut spending by 1% of GDP

NAIROBI: The Kenyan government plans to cut spending by 1 per cent of gross domestic product in the next six months as it seeks to rein in its ballooning budget deficit and create “buffers” to counter emerging market turbulence. East Africa’s largest economy, a net oil importer, has suffered less than many counterparts on the continent — notably South Africa ... Read More »

Timber smuggling rampant during Tarai protest

NEW DELHI: Smugglers have been cutting down trees in Parsa, Bara and Rautahat districts under the cover of the ongoing Tarai protest and India’s unofficial blockade. Many groups of forest users in Parsa have started felling trees and chopping saplings. The government’s decision to distribute firewood in order to tide over an acute shortage of cooking gas and kerosene across ... Read More »

Italy to offer financing for investment in Iran

ROME: The Italian government is planning to offer up to €8 billion ($8.71 billion) in financing for companies to invest in Iran, as they expect Italian exports to Iran to quadruple in two years. Under the terms of the agreement announced Saturday, the United Nations lifted its sanctions on Iran, and the European Union and the U.S. lifted their nuclear-related ... Read More »

US decides to continues probe on local steel

HANOI: The United States International Trade Committee (ITC) has decided to continue anti-dumping investigation on Circular Welded Carbon-Quality Steel Pipes (CWP) imported from Viet Nam, according to the Viet Nam Competition Authority. The investigation will also extend to imports from other countries, including Oman, Pakistan and the United Arab Emirates. Under the ITC’s preliminary determination in the case, it said ... Read More »

India plans to double exports to Kenya

NAIROBI: India plans to double its exports to Kenya by tapping into its one million diaspora community that has lived in the country for the past century. In a one-day forum held in Nairobi and attended by 20 chief executives, India said it would use its world renowned liquor and cuisine brands to increase its exports to Kenya through formation of ... Read More »

China imported 62% of total Ukrainian soybean oil exports

BEIJING: Summarizing the results of first four months of season 2015/16 (September-December), soybean oil exports from Ukraine reached 54.4 KMT. This is 50% more than in September-December of season 2014/15 being a record high for this period. China remains the largest importer of soybean oil from Ukraine. The country imported 62% of total soybean oil export volume. For instance, in ... Read More »

Ukraine bans Russian meat imports

KIEV: The Ukrainian government has decided to ban meat and some other food imports from Russia in response to the embargo placed by Moscow on Ukrainian food imports. The ban came into force on January 10, and it is expected to remain in place until at least August 5, according to the Ukrainian government. “Ukraine exits the free trade area ... Read More »

PE imports into Ukraine down by 15% in 2015

MOSCOW: Overall polyethylene (PE) imports into Ukraine in 2015 dropped by 15% year on year, totalling 212,800 tonnes, according to a MRC DataScope report on Tuesday. Low density polyethylene (LDPE) accounted for the greatest fall in demand, while the high density polyethylene (HDPE) segment accounted for smallest reduction in demand. December PE imports into Ukraine fell to 19,800 tonnes from ... Read More »

Gazprom increase exports abroad 29% in H1 of January

MOSCOW: Russian energy giant Gazprom gas deliveries to the far abroad from January 1 through January 16 have increased 29.4 percent to 7.75 billion cubic meters, Gazprom CEO Alexey Miller said Monday. “Key country consumers have shown a considerable growth. In particular, exports to Germany grew by 42.1 percent, to Great Britain by 170.2 percent, to Italy by 23.4 percent, ... Read More »

Australia’s Commonwealth Bank sets up lab in Hong Kong

CANBERRA: The Commonwealth Bank of Australia has launched an Innovation Lab in Hong Kong as the financial institution seeks to drive the fintech industry forward by connecting its customers with local start-ups to solve problems in the finance sector. The lab provides space for start-ups to gather and discuss their ideas, and also offers a host of data tracking and ... Read More »

Italy to offer up to $8.71b investment in Iran

ROME: The Italian government is planning to offer up to €8 billion ($8.71 billion) in financing for companies to invest in Iran, as they expect Italian exports to Iran to quadruple in two years. Under the terms of the agreement announced Saturday, the United Nations lifted its sanctions on Iran, and the European Union and the U.S. lifted their nuclear-related ... Read More »

Australian banks to see weaker profit growth in 2016

CANBERRA: Australian banks’ profit growth is set to slow further this year as lenders’ bottom lines feel the impact of more borrowers falling behind on their loans, Fitch Ratings predicts. A new report from the credit agency says the cycle of very low loan losses, which has helped to pump up bank profits in recent years, is set to turn ... Read More »

Italian banks lead European decliners on Bad-Loan concerns

ROME: Italian banks dropped in Milan, leading declines in the European Stoxx 600 Banks Index, reflecting investor concerns about lenders’ levels of bad debt as the European Central Bank seeks to toughen scrutiny of the region’s non-performing loans. Banca Monte dei Paschi di Siena SpA, bailed out twice since 2009, slumped 15 percent to 76.6 cents in Milan, a fresh ... Read More »