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Saudi Customs asks declaration for jewelry, precious metals

RIYADH: The General Authority for Civil Aviation (GACA) has ordered all domestic and international airlines operating in the country to make it mandatory for passengers to declare jewelry, precious metals and cash over SR60,000 in their possession, with invoices or other documentation as proof of value. GACA said the Kingdom has regulations in place for passengers to fill in forms ... Read More »

European stocks close lower, European Stoxx 600 slips 0.4pc

ROME: European markets climbed off session lows to close lower as investors reacted to a fresh jobs report from the U.S., a policy meeting from OPEC and the new stimulus announced by the European Central Bank on Thursday. The pan-European STOXX 600 ended slightly lower, down 0.4 percent, but rising off session lows as positive trade in the U.S. helped ... Read More »

Customs Intelligence seizes 148 gas cylinders worth Rs 50m

KARACHI: The Custom Intelligence and Investigation has seized 148 sulfur hexafluoride gas cylinders worth Rs50 million from industrial area of Karachi, it learnt here. According to the details, the visit of Customs Intelligence Director General Imtiaz Ahmed to Karachi is proved encouraging, as it has given new momentum to the anti-smuggling operations in the region. The custom officers following the ... Read More »

LCCI demands withdrawal of new taxes

LAHORE: Executive committee member of the Lahore Chamber of Commerce and Industry Raja Adeel Ashfaq has feared that the recent taxation measures will add to the miseries of business community that is already coping with a number of challenges. It would be better if government takes measures to give expansion to the tax net instead of introducing new taxes for ... Read More »

National Road Show on Competition Law kicks off at ICCI‏

ISLAMABAD: The National Road Show on Competition Law being organized by the Competition Commission of Pakistan (CCP) throughout the country, was kicked off at the Islamabad Chamber of Commerce and Industry (ICCI). The seminar was attended by Vadiyya Khalil, chairperson CCP, Atif Ikram Sheikh, president Islamabad Chamber of Commerce and Industry, members of CCP Mueen Batlay, Shahzad Ansar, Ikram Ul ... Read More »

Chinese investment of Rs 46b pave way for economic progress of this region: Mian Adrees

FAISALABAD: China Pakistan Economic Corridor (CPEC) will open new avenues of progress and prosperity for the entire region and the business communities of Pakistan and China have to prepare them to fully exploit the business opportunities brewing as a by-product of this mega infrastructure project, said Jamil Ahmad, vice president Faisalabad Chamber of Commerce and Industry (FCCI). He was addressing ... Read More »

Free trade agreement with South Korea clears hurdle

SEOUL: South Korea’s parliament ratifies its free trade agreement (FTA) with China during the plenary session, Nov 30, 2015. Goods and services trade between China and South Korea is set for a quantum leap after the much-anticipated free trade agreement between the two countries crossed a crucial legislative hurdle. The National Assembly of South Korea gave the green light to ... Read More »

Germany’s Bundesbank sharply cuts 2016 inflation forecast

BERLIN: Germany’s Bundesbank has sharply cut its inflation forecast for next year on the back of lower oil prices, its semiannual forecast showed. The data suggest that even in one of the eurozone’s stronger economies, inflation will remain weak for some time, underscoring the challenge facing the European Central Bank as it tries to revive inflation in the 19-country currency bloc. ... Read More »

Peru eyes Free Trade agreement with India

BENGALURU: Hoping to increase bilateral trade with India, South American nation Peru is looking to sign a Free Trade Agreement (FTA) with India in the next three to four years, a successful achievement of which will make it the first Latin American country to have an FTA with India. Peru’s Ambassador to India Jose JG Betancourt said on Monday: “The ... Read More »

USAID to help RCCI in enhancing exports to Afghanistan, CARs

RAWALPINDI: USAID will assist Rawalpindi Chamber of Commerce and Industry (RCCI) for promoting exports to Afghanistan and Central Asian Republics (CARs) under an agreement signed. The agreement was signed here by the USAID-Pakistan Regional Cooperation Economic Integration Activity (PREIA) head Donal Cotter and RCCI President Mian Humayum Pervez. Appreciating the role of USAID for promotion of numerous sectors in Pakistan, ... Read More »

75,000 illegal cigs nabbed as police descend on dodgy traders

LONDON: Police have seized almost 75,000 illegal cigarettes with a street value if £38,000 during a sting operation in Burton. In a multi-agency move, police officers teamed up with Trading Standards officials after receiving intelligence about the illegal tobacco trading. In what is still an ongoing operation to combat the sale of illicit and counterfeit tobacco in East Staffordshire, 74,571 ... Read More »

Taiwan TV makers’ shipments expected to reach 35.14m in 2016

TAIPEI: Taiwan TV makers’ shipments are expected to reach 35.14 million in 2016, up 2.6% on year, to hold a 16.4% global share of the overall 215 million TVs estimated to ship in the year, according to Digitimes Research. The 2.6% increase will come following a 5.6% decrease in 2015, prompted by order declines from Japan-based vendors as a result ... Read More »

North Dakota ag trade delegation travels to Cuba

BISMARCK: In late October a delegation of agriculture representatives from North Dakota traveled to Cuba on a mission to establish trade relationships. The group, led by North Dakota Agriculture Commissioner Doug Goehring, were in Cuba from Oct. 25-28, and included representatives from several commodity groups and agricultural organizations. One of those making the trip was Mark Formo, president of the ... Read More »

Algerian delegation to meet with Michigan officials in trade visit

DEARBORN: A crowd of Algerian CEOs and ambassadors in town on a trade mission this week are scheduled to meet with Detroit Mayor Mike Duggan and the head of the state Licensing and Regulatory Affairs Department Mike Zimmer on Tuesday, according to the American Arab Chamber of Commerce. The Algerians are on a three-city U.S. tour starting Monday in Washington ... Read More »

US platinum, gold, silver jewelry imports up in Q3

NEW YORK: U.S. jewelry imports jumped 85 percent for platinum in the third quarter of 2015 and 12 percent for gold, ahead of the holiday season, as prices for both precious metals fell for the fifth straight quarter, Thomson Reuters GFMS calculations showed. “The holiday season is the most significant contributor to annual retail sales,” said Chicago-based Erica Rannestad, senior ... Read More »

Oman’s oil revenue drop 45.5% during first nine months

MUSCAT: Oman’s revenues from oil for the first nine months of 2015 dropped 45.5 per cent when compared to the same period last year. Oil revenue at the end of September stood at 4.2 billion rials, compared to 7.8 billion rials in the nine months of 2014, according to the National Centre for Statistics and Information. Total revenues were estimated ... Read More »

UAE non-oil trade up 2% to Dh534 billion in H1 of 2015

DUBAI: The non-oil trade of the UAE reached Dh534.1 billion in first half of 2015 compared to Dh521.8 billion year-on-year, achieving a growth of 2 per cent, according to the preliminary statistical data of the Federal Customs Authority (FCA). Commissioner Ali Al Kaabi, Head of the FCA said in a press statement yesterday, that the UAE total direct non-oil trade ... Read More »

India rice exports hit 55.26 LT in Apr-Sept

NEW DELHI: India has exported 55.26 lakh tonnes of rice, valued at over USD 3.17 billion, in the first six months of the current financial year. During the April-September period, the country has exported 20.84 LT of basmati rice valued at over USD 1.91 billion and 34.42 LT of other varieties valued at over USD 1.25 billion. In a written ... Read More »

Saudi Arabia preferring India over Iran in rice imports

RIYADH: Saudi Arabia continues to be the largest importer of rice from India, importing more than Iran during the first six months of 2015-16, a trend that was first set last fiscal. Saudi Arabia imported 598,001 tonnes of rice valued at $527.16 million during the April-September period, as against Iran which imported 361,474 tonnes of rice valued at $319.71 million. ... Read More »

Iran to export gas to Iraq, Oman

TEHRAN: Referring to Iraq’s request for the purchase of Iran’s LNG, deputy oil minister reported on creation of a 48-inch split from the 7th overall pipeline in order to export gas to Oman. Hamid Reza Araghi explained Iran’s new program to increase gas exports adding “the final negotiations with Oman are being undertaken in order to sign a gas contract, ... Read More »