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India cuts import tariff on gold

NEW DELHI: The government on Thursday marginally reduced the import tariff value on gold to $345 per 10 grams but raised it to $452 per kg on silver due to global price trends. During the first fortnight of this month, the tariff value on imported gold was fixed at $347 per 10 grams and $448 per kg for silver. The ... Read More »

Taiwan iron ore imports fall 6% in Oct

TAIPEI: The trade statistics released by the Taiwan’s Directorate General of Customs for the month of October 2015 indicates sharp fall in iron ore imports by the country. Taiwan’s iron ore imports during the month totaled 1.959 Million tonnes, down by 6% when compared with the imports during the same month a year ago. The import prices averaged at $61.6 ... Read More »

ICCI felicitates Abdul Rauf, Zafar Bakhtawari on wining FPCCI elections

ISLAMABAD: The Islamabad Chambers of Commerce and Industry congratulated Abdul Rauf on being elected as president and Zafar Bakhtawari as vice president of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) for the year 2016. ICCI President Atif Ikram Sheikh, Senior Vice President Sheikh Pervez Ahmed, Vice President Sheikh Abdul Waheed, Executive Committee, former presidents and members congratulated the ... Read More »

Dar hails performance of NFC Award Monitoring Committee

ISLAMABAD: The Federal Minister for Finance Mohammad Ishaq Dar chaired the meeting to review the 2nd Bi-annual monitoring Report on the implementation of the 7th NFC Award for the period from January –June 2015. Secretary Finance Dr. Waqar Massod briefed the meeting, in which the provincial Finance Ministers from Punjab,and Sindh participated.  Secretary Finance briefed the participants that the total ... Read More »

Indian rupee falls 6 paise against dollar

NEW DELHI: The rupee weakened 6 paise to quote at 66.45 against the dollar in early trade on Wednesday on increased month-end demand for the American currency from importers and banks. The dollar was firm against major global currencies, which dampened rupee sentiment, but a higher opening of the domestic equity market capped the losses, dealers said. The rupee had ... Read More »

India reduces $345/10g import tariff value on gold

NEW DELHI: The government today marginally reduced the import tariff value on gold to USD 345 per 10 grams, but raised it to USD 452 per kg on silver due to global price trends. During the first fortnight of this month, the tariff value on imported gold was fixed at USD 347 per 10 grams and USD 448 per kg ... Read More »

India to import 500,000t of duty free corn

NEW DELHI: India will soon ask state-run traders to import half a million tonnes of duty-free corn after a second straight drought cut output, in what would be the country’s first overseas purchase in 16 years, two government sources said on Thursday. India has agreed to allow state-run traders such as PEC Ltd to import corn to curb rising prices ... Read More »

HK Customs seizes 3kg methamphetamine

HONG KONG: Hong Kong Customs seized a total of about 3 kilograms of suspected methamphetamine and 477 grams of suspected ketamine at two land boundary control points and Mong Kok, and arrested a man and two women. The total market value of the drugs was about $1,009,000. Customs officers intercepted an incoming male passenger at Lok Ma Chau Spur Line ... Read More »

Police officer arrested in betel nut smuggling case

GUINEA: NCD Police Metropolitan Superintendent Ben Turi says officers involved in illegal activities will be dealt with accordingly. A police mobile squad officer has been arrested, charged and suspended on the sport after he was caught smuggling betel nut into Port Moresby city. NCD police metropolitan superintendent, Ben Turi says this swift action was done by the members of the ... Read More »

Customs official arrested for smuggling 52kg of silver bars

NEW DELHI: The Madurai police arrested nine people, including a sub-inspector from the customs department, for allegedly stealing 52kg of silver bars from a businessman in November. They recovered 30kg of silver bars from the accused. The police are searching for three more people in connection with the case. The robbery took place on November 24 when Salem-based businessman E ... Read More »

Customs seizes 2.4 tonnes of cocaine from cargo

PARIS: Over 2 tonnes of cocaine was seized from a cargo ship in northern France, making it the largest haul ever in the country. 2.4 tonnes of cocaine was seized by customs officials on Thursday in Boulogne-sur-Mer, Le Figaro reported, citing government and judiciary sources. The drugs were brought in a ship travelling from Colombia and destined for Gdansk in ... Read More »

Saudi Customs foils attempt to smuggle alcohol in washing liquid bottles

RIYADH: Saudi customs officers at King Abdul Aziz Port in Dammam foiled an elusive attempt at smuggling alcohol in washing up liquid bottles. According to the report, over five liters of alcohol was found in 24 bottles that were disguised as washing up liquid. General Manager of customs at King Abdul Aziz Port, Ghannam al-Ghannam, said that this was not ... Read More »

PM likely to announce ‘Voluntary Tax Compliance Scheme’ on January 1

ISLAMABAD: Prime Minister Nawaz Sharif is likely to announce “Voluntary Tax Compliance Scheme” on January 1, 2015 for registration of non-filer traders in a ceremony to be held at the Prime Minister Secretariat. It is learnt that the traders from all over the country would be invited to attend the launching of the scheme The government is expected to promulgate ... Read More »

Saudi annual revenue generates from oil exports

RIYADH: Roughly two-thirds of Saudi Arabia’s annual revenue is generated from oil exports. Low prices have forced the country to re-evaluate its 2016 spending plans. The Kingdom of Saudi Arabia’s Ministry of Finance has outlined the country’s 2016 budget plans, revealing a plan to reduce spending next year due to low oil prices. The ministry expects to generate roughly $137 ... Read More »

Bangladesh’s garment sector exports $26.26b this year

DHAKA: The year 2015 saw the garment sector log in its highest ever export earnings, facilitated in part by the regrouping brought on by the twin industrial disasters of Rana Plaza collapse and Tazreen Fashions fire. Between January and November, garment exports raked in $26.26 billion (S$37.15 billion), which is already the highest figure recorded by the sector at any ... Read More »

Turkey foreign trade deficit down 49% to $4.236b in Nov

ANKARA: The foreign trade deficit has decreased by 49.1 percent over the course of one year, falling from $8.317 billion in November 2014 to $4.236 billion in November 2015, according to data released by the Turkish Statistical Institute (TurkStat) on Thursday. Exports decreased by 10.2 percent and reached $11.738 billion while imports decreased by 25.3 percent to $15.974 billion, compared ... Read More »

Annual inflation in Paraguay reaches 3.1% in 2015

ASUNCIÓN: Annual inflation in Paraguay reached 3.1 percent in 2015 on relatively stable food prices and some increases for imported goods as the local currency depreciated versus the U.S. dollar, the central bank said on Wednesday. The rise was on the lower end of the central bank’s target of 4.5 percent, plus or minus 2 percentage points. Inflation ended 2014 ... Read More »

Russia’s inflation slows to slowest pace in 2015

MOSCOW: Russia’s inflation decelerated to its slowest pace this year, even as the weakening ruble and an embargo on Turkish products temper both the slowdown and arguments for the central bank to continue easing monetary policy. Consumer-price growth slowed to 12.9 percent from a year earlier in December, compared with 15 percent in November, the Federal Statistics Service in Moscow ... Read More »

Dubai pearl exports reach at AED28.8b in H1 of 2015

DUBAI: Trade in pearls, gemstones, precious metals, plated ornaments and mineral jewels, registering at AED138.9 billion and accounting for 34.1 per cent of the total trade, topped Dubai direct foreign trade during the first half of 2015, which reached AED407bn. Dubai imports of pearls, gemstones and precious metals amounted to AED77.3bn, while exports reached AED28.8bn and re-exports amounted to roughly ... Read More »

S. Korean Govt to create $1.2b ship investment fund

SEOUL: The South Korean government will create a US$1.2 billion ship investment fund to aid the shipping industry which has been struggling due to decreasing global trade. A report by South Korea’s Yonhap News Agency said the fund will help shippers buy and sell vessels with less financial risk. The fund, aims to “aid the shipping industry which has been ... Read More »