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Author Archives: ghadia

China, Bahrain sign 2 trade agreements to enhance cooperation

BEIJING: Two major agreements aimed at promoting trade are expected to be signed by Bahrain and China, with more than 100 business leaders currently visiting Bahrain. More than a 100 business leaders from the Chinese region of Ningxia, led by its vice governor and the China Chamber of International Commerce are visiting Bahrain, said a statement. As part of a ... Read More »

Indian soyameal exports facing problems due to high prices

NEW DELHI: Farmers in Madhya Pradesh and Maharashtra might be celebrating the average price of soyabean touching 3,900/quintal, much higher than the government rate of 2,700, but the processing industry is in trouble. Higher domestic prices, a loss of key markets, such as Iran and Vietnam, and a global bumper crop have impacted soyameal exports, which were down nearly 80 ... Read More »

Indonesia seeks Iranian oil imports, investment opportunities

JAKARTA: Indonesia could soon be purchasing crude oil form Iran and tapping into the Middle Eastern nation’s oil fields. An Indonesian delegation, including Energy and Mineral Resources Minister Sudirman Said and Sofyan Djalilis, the coordinating minister for economic affairs, is in Iran to discuss greater energy cooperation between the two countries. “The government is considering opportunities to buy Iranian crude ... Read More »

Saudi Arabia executes total 88 drug smugglers in 2015

RIYADH: The number of people beheaded in Saudi Arabia this year overtook the total for all of 2014 on Tuesday, despite activists` concerns that trials are not conducted fairly. According to AFP tallies, the executions of two Saudis for drug trafficking and a third for murder brought to 88 the number carried out in the conservative Islamic kingdom this year. ... Read More »

Iran raises oil prices by 40% to boost revenue

TEHRAN: Iran has raised fuel prices by 40 percent and scrapped an eight-year-old rationing program for private motorists as President Hassan Rouhani’s government seeks to shore up public finances. Gas stations will sell regular fuel for 10,000 rials (36 U.S. cents), a liter, said Naser Sajadi, head of national Iranian Oil Products Distribution Co., according to Iranian state television. Under ... Read More »

India’s PM inks $22b worth trade deal with China

NEW DELHI: India’s PM Narendra Modi signed trade and economic co-operation deals worth US$22bn in his visit to China last week. The agreements cover a range of industries including renewable energy, the financial sector and ports, a sign of the Modi government’s commitment to remove trade barriers and enhance bilateral trade: “India is ready for business,” Modi announced. A spokesperson ... Read More »

China’s FDI rises 24.8% in Q1 of 2015

BEIJING: Foreign direct investment (FDI) into China jumped more than 10 percent year-on-year in April, the commerce ministry said on Friday, accelerating significantly from previous months despite slowing growth in the world’s second-largest economy. FDI, which excludes financial sectors, rose 10.5 percent to $9.61 billion, the ministry said, after rises of 2.2 percent in March and only 0.9 percent in ... Read More »

India customs launches APIS at Amritsar airport

AMRITSAR: Customs department launched the advance passengers information system (APIS) at Sri Guru Ram Das Ji International airport on Friday. The system was inaugurated by Ananya Ray, chief commissioner, customs (preventive), Delhi zone at the airport. APIS is already operational at major airports of the country including Delhi, Mumbai, Chennai, Kolkata and Hyderabad. Ananya informed that with the introduction of ... Read More »

Indian customs fails to stop gold smuggling at Ahmedabad airport

AHMEDABAD: In spite of relaxation by the central government in restrictions on import of gold, smuggling of the yellow metal continues to rise at the city airport. In the first four months of 2015 itself, Customs and Directorate of Revenue Intelligence (DRI) have detected 18 cases of gold smuggling and recovered 22.87kg gold worth Rs 6.17 crore at Sardar Vallabhbhai ... Read More »

Afghan Chamber shows concerns over iron smuggling from Iran

TEHRAN: A sharp drop in the price of Iranian iron goods in the Afghan market has put crippling pressure on the Afghan iron industry that could lead to factories closing, according to the Afghan Chamber of Commerce and Industries (ACCI). Khan Jan Alakozai, the ACCI’s Deputy Chief, Iran has initiated a dumping policy in Afghanistan in hopes of running their ... Read More »

Indian exports down 21% in March against 13.5% last month

NEW DELHI: President of Federation of Indian Export Organisations (FIEO), S C Ralhan, said in a statement that trade data of March 2015 showed a decline of over 21 percent in exports and close to 13.5 percent in imports. The continuous demand slowdown in global markets and liquidity problem has been responsible for double digit negative growth in exports during ... Read More »

Afghanistan, Pakistan to start joint business trade

KABUL: Afghanistan and Pakistan are negotiating Preferential Trade Agreement for promotion of bilateral trade. Minister of State, Muhammad Baligh Ur Rehman, formed the senate about this discussion. In question hour, he said Pakistan has also shared proposed draft of the agreement with Kabul. He said both the countries are also establishing a joint business council whose first meeting is expected ... Read More »

Central Bank of Oman expects 10% rise in growth

MUSCAT: Executive President of Central Bank of Oman said that bank is expected to raise 10 percent in growth. “We will see a double digit growth rate in the balance sheet of banks in both credit and deposit,” Hamoud Sangour Al Zadjali said in a statement. Oman’s total bank credit grew 11.3 per cent to OMR16.90 billion by the end ... Read More »

Iranian oil trade slows due to Saudi-led operation in Yemen

TEHRAN: Iranian oil trade has slowed after Saudi-led warplanes struck rebel targets in Yemen, market analyst told to media. US benchmark West Texas Intermediate for May delivery fell 72 cents to $48.15 and Brent crude for May eased 41 cents to $56.00 in afternoon trade. “There is a big fears that the deteriorating conflict in Yemen could see a disruptional ... Read More »

Indian state proposes tax exemption for animation, visual effects

MUMBAI: Indian state proposed tax exemption for the Animation, Visual Effects, Gaming and Comics (AVGC) sector in Maharashtra. The sector has finally got itself a space in the fourth IT Policy, which will be sent to the Cabinet soon. “I agree that the state has so far not focussed on the Media & Entertainment (M&E) sector,” said Government of Maharashtra ... Read More »

Bangladesh plans to raise textile export to $50b by 2021

DHAKA: President of Bangladesh Textile Mills Association, Tapan Chowdhury, said in a statement that Bangladesh has planned to raise its ready-made garments and textile exports to $50 billion by 2021. Bangladesh, the world’s second largest cotton importer, has invited buyers and sellers to a two-day global summit from next Friday to help support its textile and clothing exports. The sector ... Read More »

Philippines plans to build new port in Cebu worth $200m

MANILA: Philippines government has planned to build a $200 million new port in Cebu to help decongest Cebu City port. Transportation Undersecretary for Project Implementation, Julianito Bucayan, said the final site for the new port in Cebu will depend on the outcome of the feasibility study that is still being conducted. The Japan International Cooperation Agency is helping the Philippine ... Read More »

Bangladesh redefines export-oriented products to enhance export

DHAKA: Bangladesh government is going to redefine export-oriented traditional and non-traditional products to enhance exports. The move came as the contribution of the traditional products to the export basket came down to 2.74% in the last fiscal year, while the contribution of non-traditional products soar to 97.26%. Recently, the Prime Minister Office (PMO) in a letter directed the Export Promotion ... Read More »

World’s biggest freight liner stops at Saudi port

JEDDAH: The world’s biggest freight liner stopped at Jeddah Islamic Port in Saudi Arabia. Chairman of Saudi Ports Authority, Dr. Nabil Muhammad Al-Amoodi, received the freight liner. ‘The CSCL GLOBE,’ which belongs to the Chinese Shipping Lines Company Ltd., has the capacity to accommodate 19,000 containers each measuring 20 feet. Read More »

India to reduce penalty on customs duty by 10%

NEW DELHI: Indian government proposed to reduce penalty on customs duty by 10 percent in cases involving fraud and other means to evade. Section 28 of the Customs Act, 1962, is being amended to provide that in cases involving fraud, collusion, wilful mis-statement or suppression of facts with the intent to evade payment of duty. The amount of penalty payable ... Read More »