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Author Archives: CT Report

US Customs seizes fake FitBit devices in Philadelphia

NEW YORK: US Customs and Border Protection (CBP) officers have seized hundreds of counterfeit smart wristbands in Philadelphia. The 350 intercepted smart wristbands – copies of the successful Fitbit brand of activity trackers – would have a value of around $35,000 at manufacturer’s suggested retail prices (MSRP). The shipment arrived in Philadelphia from Hong Kong on December 4. “Working with ... Read More »

Sri Lankan Customs targets Rs 1t record revenue in 2016

COLOMBO: Sri Lanka Customs (SLC) is expected to collect Rs. 1 trillion as tax revenue for 2016, Director General Chulananda Perera said. Speaking at a seminar on Sri Lanka Customs’ Single Window Implementation for Boarder Regulatory Authorities, Perera said the Customs will take proactive measures to reach this target. Perera however noted that the SLC is not willing to touch ... Read More »

Egypt looks to reduce import bill by 25% in 2016

CAIRO: Egypt aims to reduce its import bill by 25 percent in 2016 compared to the previous year after the central bank imposed sweeping new import controls last month, its governor said. The country plugged major loopholes that had long allowed some importers to dodge customs tariffs, robbing the government of revenues and making it harder for local producers to ... Read More »

Australia apple, pear exports increase in 2015

CANBERRA:  Apple and pear exports from Australia increased significantly between January-November 2015, climbing 111% and 46% respectively. Oneonta apple shot Total apple exports in the period reached 3,612 metric tons (MT), valued at some AUD$10.3 million (US$7.2 million), according to Apple and Pear Australia Limited (APAL). The positive results were influenced heavily by a five-fold increase in the apple trade to ... Read More »

Jamaica: Levy wants brakes on chicken imports

KINGSTON: Chairman of the Jamaica Broilers Group Robert Levy has charged agriculture minister Derrick Kellier to put the brakes on the importation of chicken parts, warning that opening even a small import window could have disastrous consequences for the local industry. “America would never allow it. They would let the people go short. I implore you, sir, that you hold ... Read More »

South Korea resumes Canadian beef imports

CALGARY: South Korea has reopened its borders to Canadian beef after imposing a temporary ban over concerns about mad cow disease. Agriculture Minister Lawrence MacAulay and Trade Minister Chrystia Freeland made the announcement Thursday. The country imposed the ban in February after a beef cow was discovered near Edmonton with bovine spongiform encephalopathy. Soon after Peru, Belarus and Taiwan also ... Read More »

NZ dollar catches upgrade

WELLINGTON: In a 2016 exchange rate forecast note to clients CBA say they are also upgrading their kiwi dollar forecasts against the US dollar. No doubt, it will be the upgrades to this rate that will have impacted on the changes made to the GBPNZD cross. “We have increased our NZD/USD forecasts. The main reasons for a higher NZD/USD are ... Read More »

India: Chennai Port to import apples

CHENNAI: The Directorate General of Foreign Trade (DGFT) has lifted restriction on apple import through Chennai Port. This move will increase revenues for the port and will also bring down the cost of apples by a few rupees. Statistics indicate that the Chennai Port imports more than 50 per cent of apples. In September 2015, the DGFT issued a notification ... Read More »

Saudi Arabia’s exports rise to 54 mln tons in 2015

RIYADH: The volume of Saudi exports in 2015 surged to 54 million tons at a value of ($42 bln) SR158 billion, compared with 2014 when they amounted to 53m tons valued at SR194 billion. Eisa Al-Eisa, a spokesman for the Saudi Customs, told Al Eqtisadiah that imports touched 83m tons in 2015 at a value of SR640 billion, as against ... Read More »

Garment makers fear further drop in exports

LAHORE: Pakistan Ready­­­­­­­­made Garment Manu­­­­facturers and Exporters Association (PRGMEA) on Wednesday cautioned the government to address the issues of value-added textile sector as continued drop in exports might widen further due to Vietnam-EU Free Trade Agreement, and massive decline in cotton production and high import duty on yarn. In a statement, PRGMEA Chief Coordinator Ijaz Khokhar asked the government to ... Read More »

Jordan Spieth signs deal with Coca-Cola

AMMAN: Jordan Spieth can do no wrong these days. Barely 48 hours after ripping through the Tournament of Champions for his seventh PGA Tour win, it was announced that Spieth signed a deal with Coca-Cola. A really, really big deal. “It’s a special brand with a rich history, and I couldn’t be more excited to be a part of that ... Read More »

Jordan: 3 companies to import diesel, selling directly to consumers

AMMAN: French oil company Total, Jordan’s Manaseer Oil & Gas and the Jordan Petroleum Refinery Company (JPRC) will start floating tenders as of the end of January to buy diesel from international markets, putting an end to the JPRC monopoly over diesel imports. Under a memorandum of understanding signed between the three companies and the Energy Ministry, the companies will ... Read More »

Australian lemon supply compress prompts US imports

CANBERRA: IT’S enough to give you the pip — lemons are selling for up to $1.60 each and extra imports are on the market. Coles says it has had to stock lemons from the United States for the past three weeks in most states, including Victoria, because of a local supply squeeze. “Ordinarily, we can stock Australian lemons year-round; however, lower ... Read More »

Iraqi Kurds to start gas exports to Turkey in 2016

BAGHDAD: Iraq’s Kurds will start building their first natural gas pipeline next month to export the fuel to Turkey, a project that would bring the self-governed region closer to economic independence. The link will transport gas from the Khor Mor and Chamchamal fields in northern Iraq’s Kurdish enclave, first to Turkey and later to Europe, Bewar Al-Khinsi, an economic adviser ... Read More »

Drug smugglers busted after disguising more than a ton of marijuana as fresh carrots 

MEXICO: These green-minded drug smugglers tried hiding more than a ton of marijuana as carrots while crossing the border through Mexico. Drug smugglers were busted trying to hide more than a ton of marijuana disguised as carrots while crossing the U.S.-Mexico border, officials said. Hiding their green bud among the orange vegetables, the smugglers tried driving through the Pharr-Reynosa International ... Read More »

Vietnam’s pangasius exports may drop 5% YOY in 2016

HANOI: Viet Nam Association of Seafood Exporters and Producers (VASEP) estimates that Vietnam’s pangasius (tra catfish) exports may drop by 5 per cent year on year in 2016. Last year, the total value of pangasius exports reached USD1.6 billion, which was 10 per cent lower than the value in 2014, according to VASEP’s statistics. Six out of the eight largest export ... Read More »

Ring members smuggling heroin arrested at airport

TAIPEI: The case of a drug ring was sent to New Taipei prosecutor’s office Wednesday after two of its members were arrested earlier this month at an airport for trying to smuggle in heroin from Vietnam, the police said. The first suspect, a woman identified as Hsiao, was caught Jan. 10 concealing 847 grams of heroin in her crotch and ... Read More »

Vietnam’s trade deficit with China climbs in 2015

HANOI: Doanh Nhan Sai Gon has quoted statistics from the General Statistics Office (GSO) as reporting that Vietnam’s trade deficit with China in 2015 climbed to $32.3 billion, an increase of 12.5 percent, the highest figure so far. GSO said the sharpest increase occurred with the import of steel & metal, automobiles, car parts and the input materials for the domestic ... Read More »

Saudi Customs foils attempt to smuggle 61,993 amphetamine pills

RIYADH: Customs officers foiled an attempt to smuggle in 61,993 amphetamine pills (Captagon) through King Abdulaziz International Airport in Jeddah. They searched a passenger who looked dubious on his arrival at the airport and seized the pills which were hidden in his suitcase. The smuggler covered the amphetamine pills with blue carbon and hid them inside 15 ladies gowns but ... Read More »

BTMU obtains 20% stake in Philippine bank

TOKYO: The Bank of Tokyo-Mitsubishi UFJ, Japan’s largest financial group, has unveiled plans to extend its advance across Asia by acquiring a 20 per cent stake in Security Bank of the Philippines. The decision to pay nearly $800m for a foothold in the midsized commercial lender, follows a record year of Y10tn outbound mergers and acquisitions activity by Japanese companies ... Read More »