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Egypt to apply new round of customs deductions on EU-imported cars

CAIRO: Egypt will apply a new phase of 10 per cent cuts on customs of vehicles imported from the European Union in accordance with a comprehensive EU-Egyptian trade agreement, sources at the Cairo airport customs said on Saturday. “These reductions will be applied upon the arrivals of the owners of modern European cars in all the Egyptians ports and airports,” ... Read More »

India Customs seizes 38 cartons of smuggled liquor, 6 arrested

NOIDA: The district excise department seized 38 cartons of smuggled liquor and six smugglers were arrested from various parts of the city. “The excise team comprising inspectors Upinder Singh, T R Vaish and V P Singh raided several areas in the district and seized 38 cartons of smuggled liquor,” District Excise officer Kuldeep Yadav said today. “From Mohalla Thskuran, 8 ... Read More »

Turkish trade deficit falls 30% to $6.12 b in December

ISTANBUL: Turkey’s trade deficit in December shrank 30 percent year-on-year to $6.12 billion and for 2015 as a whole fell 25.5 percent to $63.14 billion, the Customs and Trade Ministry said on Saturday. Exports fell 10.14 percent to $11.73 billion in December, and imports fell 18.11 percent to $17.84 billion, the data showed. For 2015 as a whole, exports fell ... Read More »

North Sea Forties crude oil to load 22 cargoes in Feb

BERLIN: North Sea Forties crude oil will load at a rate of 455,171 barrels a day in February, down from January’s revised rate of close to 523,000 bpd, trade sources said. The February programme includes 22 cargoes of 600,000 barrels each, which make up a total of 13.2 million barrels. The January programme included 25 cargoes originally, plus at least ... Read More »

Iranian ports load, unload 97m tons of goods in 9 months

TEHRAN: Iran’s Ports and Maritime Organization has announced that 97.609 million tons of commodities have been loaded and unloaded in the first nine months of the current Iranian calendar year(March 21- December 21), down 10.6 percent against the same period of the last year. In the 9-month period, oil imports through Iranian ports surged by 50.8 percent, Tasnim News Agency ... Read More »

China shipbuilder goes bankrupt as industry slows

BEIJING: A court in the eastern province of Zhejiang said it recently accepted a bankruptcy case involving a state-owned shipbuilder, the first government-backed company to go under amid an industry slowdown. Zhoushan Intermediate People’s Court said it accepted a petition filed by Zhejiang Shipping Group regarding the bankruptcy of a subsidiary called Zhoushan Wuzhou Ship Repairing & Building Co. Ltd. ... Read More »

Asia fuel oil-discounts slashed on final trading session

SINGAPORE: The Singapore 380-cst fuel oil cargo discount narrowed for a second straight session on anticipated tight supply in early January and fewer offers than bids for higher viscosity fuel on the final trading day of 2015. Although no Singapore cash deals were reported, the 380-cst fuel oil cargo discount to Singapore spot quotes narrowed to minus $0.17 a tonne ... Read More »

Ireland motor tax on commercial vehicles drops by up to €4k

DUBLIN: Motor tax on trucks and vans has fallen by as much as €4,000 a year in some cases as new rates announced in Budget 2016 came into force on New Year’s Day. Minister for Finance Michael Noonan cut the top rate of tax on commercial vehicles to €900 from €5,175 in a move that also simplified the charges paid ... Read More »

Singapore 380 CST bunker fuel spot premiums surge on tight availability

SINGAPORE: Premiums for both ex-wharf and delivered 380 CST bunker fuel against the Mean of Platts Singapore 380 CST high sulfur fuel oil assessments soared to multi-month highs Wednesday on tight availability and steady demand. The premium for ex-wharf 380 CST bunker fuel rose $1.78/mt on day to be assessed at $10.54/mt. It was last assessed higher at $10.72/mt on ... Read More »

Egypt tourism in meltdown as British airlines refuse to fly

CAIRO: Egypt is facing economic misery after British tourists stopped flying to Sharm el-Sheikh. The resort shows no sign of recovering after a Russian holiday jet crashed, killing all 224 passengers, in October, in what was almost certainly a terrorist bomb attack. Egyptian authorities, anxious to maintain desperately needed income from visitors, have been reluctant to admit to any ongoing ... Read More »

Honda Jazz RS may be showcased at Auto Expo 2016

TOKYO: Honda Jazz, which was launched in India in July, 2015, is all set to add another variant to its line-up. The RS, much like the Mobilio RS, is primarily a body-kit that not only adds to the car’s style quotient, but also offers additional equipment. Honda is expected to showcase the Jazz RS at the Delhi Auto Expo in ... Read More »

Irish seafood industry to achieve €1bn sales by 2020

DUBLIN: A new €241m development programme for the seafood sector for the period up to 2020 will be rolled out from the beginning of this year. It will follow the pre-Christmas fish quota negotiations at the Council of Fisheries Ministers in Brussels. Agriculture, Food, and Marine Minister Simon Coveney said the outcome was very positive for the industry in light ... Read More »

Cuba sets new record for tourist arrivals in 2015

HAVANA: Cuba set a new record for foreign tourist arrivals with one month remaining in 2015, a year in which the Caribbean island has consolidated its status as a growing cruise-ship destination. A total of 3,139,764 foreign visitors, with Canada accounting for the largest single chunk, visited the island through the end of November, an increase of 17.6 percent over ... Read More »

Chile’s forestry exports fall 9%

SANTIAGO: Chile has exported roughly $5.55 billion in forestry products this year, down 9 percent from 2014, the industry association Corma said on Tuesday. This year’s decline largely reflects a 7 percent fall in exports of long-fiber pine as a result of the economic slowdown in China, Corma said. At the same time, China increased wood purchases from another major ... Read More »

Bolivia postpones allocation of its largest iron ore mine

LA PAZ: The Bolivian government has once again postponed the allocation of the country’s largest iron ore mine, El Mutun, located on the border with Brazil, an official said Tuesday. Two Chinese companies are vying for the rights to develop the mine. The general counsel of the Santa Cruz department administration, Jose Luis Parada, who is on the board of ... Read More »

Argentina cuts auto, motorcycle taxes to boost production

BUENOS AIRES: President Mauricio Macri’s economic Cabinet is cutting taxes on automobiles and motorcycles “to boost production,” the Production Ministry said. The ministry lowered the tax on cars priced above 350,000 pesos ($26,315) to 10 percent “with the goal of increasing production and facilitating investment in the sector.” The tax will be 20 percent on motor vehicles priced above 800,000 ... Read More »

Brazilian currency ends 2015 down 48%

SAO PAULO: The Brazilian real lost 1.75 percent against the dollar Wednesday on the year’s final day of trading in Sao Paulo, bringing the cumulative loss for 2015 to 48.3 percent. Brazilians wanting to buy dollars must cough up nearly 4 reais per greenback. The real’s plunge reflects the multiple woes plaguing the South American giant, which is struggling with ... Read More »

Mexico’s petroleum revenues fall nearly 37%

MEXICO CITY: Mexico’s oil revenues fell 36.7 percent year-on-year during the first 11 months of 2015 to 724.1 billion pesos ($40.71 billion), the Finance and Public Credit Secretariat said. “This result is explained by the 49.2 percent drop in the price of the Mexican export petroleum blend, which fell from $91.50 per barrel in 2014 to $46.50 in 2015,” the ... Read More »

Venezuela raises taxes on wealthy, big business

CARACAS: Venezuelan President Nicolas Maduro announced on Thursday a package of changes to tax law and currency regulation in an effort to boost public revenue amid a deep economic crisis. The leftist head of state acted hours before the expiration of the special powers Congress granted him to legislate by decree in certain areas. The income tax reform targets holders ... Read More »

Dubai Court sentences man to jail for smuggling 2kg of cocaine

DUBAI: A passenger has been sentenced to five years in prison followed by deportation after being caught at Dubai International Airport with more than 2kg of cocaine hidden in his underwear. Dubai Court of First Instance was told the Italian man was stopped because he was behaving oddly in transit. Officials searched him and discovered he was wearing three pairs ... Read More »