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Author Archives: ghadia

India re-imposes customs duty on crude oil at 3% in next budget

NEW DEHLI: Indian Government is likely to re-impose customs duty on crude oil at 3 percent in the upcoming budget. With the weakening of crude prices globally and the expectation of the prices to go down further, the government is likely to look towards petrol and diesel as additional sources of revenue. The customs duty on crude at 5 per ... Read More »

Spanish Customs arrests criminal gang for smuggling Egyptian antiquities worth €300,000

MADRID: Spanish Customs arrested a criminal gang on charged of smuggling 300,000 Euros worth of Egyptian antiquities to the West. Customs claimed this transfer of money to the Jihadist in the Middle East. The Civil Guard in the coastal city of Valencia said that it had interrupted a smuggling ring, which had been transporting ancient artefacts from Alexandria to Europe ... Read More »

Saudi Customs executes Jordanian drug smuggler

RIYADH: Saudi Arabia executed a convicted Jordanian drug smuggler that is 18 executions in the kingdom this year. Authorities carried out the sentence against Mohammed Salamah Fareeh al-Azazma in the northwestern Jawf region after he was found guilty of “smuggling a large amount of amphetamines,” the interior ministry said in a statement carried by the official Saudi Press Agency. The ... Read More »

Irish Customs seizes 12 tons tabbaco, 2m cigarettes, £50, 000 cash, 5 arrested

TEHRAN: Irish Cross Border Customs seized a total of 12 tonnes of raw tobacco two million cigarettes, a tobacco processing plant and £50,000 in cash as a result of Cross Border raid. Five smugglers had arrested. A cross-Border raid on properties connected to an organised smuggling outfit has resulted in the seizure of a tobacco processing plant, millions of cigarettes ... Read More »

Afghan Customs commemorates Int’l Customs Day 2015

KABUL: Afghan Customs Department (ACD) celebrated International Custom day 2015 in a gorgeous function at it’s headquarter in Kabul. On this occasion the Deputy Minister for Customs and Revenue Department (CRD) Mr. Gul Maqsood Sabit and the Director General of ACD   Dr. Najibullah Wardak graced the reception and WCO Certificate of Merit awarding ceremony. The Directors of ACD, Head of ... Read More »

Bulgarian Customs confiscates 2.5 Kg of Cocaine worth BGN 3m at Sofia Airport

SOFIA: The National Customs Agency of Bulgaria seized 2.5 kilograms of cocaine worth BGN 3m of very high purity at Sofia International Airport. The cocaine was hidden in bottles of wine packed in the luggage of a female Chilean national. The woman was detained in police custody upon arrival in Bulgaria, the Customs Agency said in a statement without elaborating. The seized cocaine has an estimated street value of over BGN 3M (EUR ... Read More »

Russia oil, gas companies suffers low oil prices, experts see $55 a barrel price till 2017

MASCOW: Russian oil and gas companies suffered low Oil prices, as they have sustainable loan burdens and stable revenues. The Fitch experts said oil price won’t rise in the near future, and in 2015-2017 will be hovering around $55 a barrel. If the ruble exchange rate against the dollar remains around 60, the loan burden of energy companies will allow ... Read More »

Oman welcomes foreign investment in logistics

MUSCAT: Oman welcomed to the foreign investment in logistics in the Sultanate, said a senior official at Port of Sohar. The countries that are still interested in making investments in this sector despite the overall economic global situation are the United Arab Emirates, Saudi Arabia, South Korea, India, China and Brazil. Speaking at a press conference held to announce the ... Read More »

Customs authorities to equip with modern control means soon

MOSCOW: The State Customs Committee SCC Chairman, Lieutenant General of Customs Service , Aydin Aliyev, said that an appropriate legislation is among the main priorities of customs authorities to equip its officials with modern control means. He said the SCC made a lot of work to improve the normative legal framework in the customs field in 2014. Aydin said that ... Read More »

Previous govt smuggled $22b oil money to Turkey, Dubai: Iran vice president

TEHRAN: Iranian vice president accused the previous government that they smuggling $22 billion of oil money out of the country to Dubai and Turkey, allegedly to keep exchange rates in check. “These are astonishing numbers,” Iranian media quoted Eshaq Jahangiri as saying at a conference in Tehran. “If the smuggled money is not returned to Iran, it will remain a ... Read More »

China Xiamen shows RMB1.90t increase in foreign trade last year

BEIJING: The China’s Xiamen foreign trade reached RMB1.90 trillion in last year, 3.7 percent up as compared to previous year. The value of Xiamen’s imports in 2014 was RMB 186.67 billion, down 5.2% compared with the same period of the previous year. Xiamen’s exports in 2014 totaled RMB 326.58 billion, up 0.5% year on year. It is notable that Xiamen’s ... Read More »

Dubai Docker property prices rise 28% in 1Q of 2015, highest in five years

DUBAI: Dubai Marina property prices have been rise 28 percent in the first quarter of 2015 that recorded highest in last five years, now prices standing at Dhs1,670 per square foot of property. The firm said the arrival of The Beach Mall, new entertainment venues and the Dubai Tram have made the district a major draw for residents. Lucy Bush, ... Read More »

Political unrest: Bangladesh Central Bank terms monetary policy ‘cautiously restrained’

DHAKKA: Bangladesh Bank (BB) Governor Atiur Rahman, addressing a press conference in Dhaka, said if the current political unrest continues, the country’s economy would be badly hit. The monetary policy was marked by the “cautiously restrained” monetary policy stance of the latter half of 2014. He said that there is no new loosening or tightening in the new monetary policy. ... Read More »

China surveillance Greek plans to Halt Piraeus Port privatization

BEIJING: China surveillance the plan of the New Greek Government to halted Piraeus Port privatization. China trade minister said, this week it will stop the sale of a majority stake in Greece’s biggest port. The Greek government last year had shortlisted China’s Cosco Group as a potential buyer of a 67 percent stake in Piraeus Port Authority. But Greece stopped ... Read More »

China currency rank at 5th place in global currencies

BEIJING: China’s currency, yaun, has become the fifth widely used currency in global currencies. Now yaun trails the US dollar, the euro, the pound and Japan’s yen in popularity. The Society for Worldwide Interbank Financial Telecommunication said that yuan passed the Australian and Canadian dollars in popularity in December. Beijing is gradually easing controls on the yuan and encouraging its ... Read More »

Russian govt decides to transfer 23.9% stake of Bashneft to local authorities

MOSCOW: Russian government prepared a stakeholder agreement in which they decided to transferring up to 23.9% stake in major oil company, Bashneft, to the local authorities that will foresee joint management and disposal of assets. At the moment the state sets no aim of leaving this asset (Bashneft). The federal agency must retain a 50% stake plus one share in Bashneft, ... Read More »