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Author Archives: Sahar

Foreign direct investment in Latin America falls 16% in 2014

NEW YORK: Foreign direct investment in Latin America and the Caribbean fell 16 percent in 2014, reversing a decade-long growth trend as the region’s economies slowed, a UN panel said Wednesday. Foreign investment in the region fell to $158.8 billion last year from a record $190 billion in 2013, said the Economic Commission for Latin America and the Caribbean. It ... Read More »

Canada central bank maintains key lending rate at 0.75%

OTTAWA: Canada’s central bank maintained its key lending rate at 0.75 percent as a recovery in the United States Canada’s neighbor and largest trading partner — remained sluggish. Lower oil and gas prices also continued to keep inflation low, while domestic consumption has held strong, the Bank of Canada said. “Although a number of complex adjustments (in the economy) are ... Read More »

China customs seizes 120 ISIS rings at Ben Gurion airport

BEIJING: Customs officials at Ben-Gurion Airport made an unusual seizure on Tuesday after discovering 120 rings carrying Islamic State emblems and texts. The package was on its way to an importer in Ramallah, and contained hundreds of other items of jewelry, the Customs Directorate said. The Tax Authority added that the rings were shipped from Turkey, and have been categorized ... Read More »

Nigeria Customs intercepts N122.5m smuggled goods

ABUJA: The Federal Operations Unit (FOU) Zone “A’’ of the Nigeria Customs Service (NCS) has intercepted smuggled goods with a Duty Paid Value (DPV) of N122.5 million. Its Public Relations Officer (PRO), Mr Uche Ejesieme told reporters in Lagos yesterday: “The unit was able to effect 205 different seizures of assorted, offending and prohibited items with a Duty Paid Value ... Read More »

French, Italian stock markets edge lower due to losses in US market

PARIS: European stock markets edged lower early on Monday, tracking losses in the US market after US Federal Reserve Chair Janet Yellen indicated that the central bank was poised to raise interest rates this year. US shares fell on Friday after Yellen said the economy was on course to bounce back from a sluggish first quarter and headwinds at home ... Read More »

Netherlands customs recover 65kg cocaine from beans shipment

AMSTERDAM: Customs found two bags containing cocaine during an inspection on the Maasvlakte on Sunday night. A total of about 65 kilograms of cocaine, worth more than 2.2 million euros, was seized and destroyed. The cocaine was packed into two sport bags and hidden in a container of cocoa beans. The container had come from Ecuador. The Rotterdam Hit and ... Read More »

“Dramatic” fall witnessed in corporation tax paid by UK banks

LONDON: There has been a “dramatic” fall in corporation tax paid by UK banks, despite growing profits, according to research by Cambridge Judge Business School. Total UK corporation tax receipts from the banking sector declined from £7 billion in 2005/06 to £1.3bn in 2011/12 and £2.3bn in 2012/13 — or a fall from about 20% of total UKCT receipts in ... Read More »

German group takes over second-biggest Dutch cheese firm

BRUSSELS: The second biggest cheese company in the Netherlands, dairy cooperative DOC Kaas, is being taken over by German dairy giant DMK, the Financieele Dagblad says. Hundreds of DOC Kaas members voted in favour of the move at a special meeting on Thursday afternoon. The takeover was first mooted three years ago but there was little support, the FD says. ... Read More »

Wind power generation in Belgium reached a peak of 530.72 MW

BRUSSELS: Wind power generation in Belgium reached a peak of 530.72 MW at 1745 local time on May 23, surpassing by 8.92% the forecast of the national transmission system operator (TSO) Elia. The company expected wind farms in the country to be producing power at a rate of around 487.24 MW. For May 24, Elia expected wind power to peak ... Read More »

Germany, France & Italy agree to start EU drone program

BERLIN: Germany, France and Italy have agreed to start a European drone program aimed at reducing reliance on US and Israeli technology. The first EU-tailored drone is expected to be operating by 2025. It’s a very important step for European cooperation, a critical cooperation which we must have at our disposal in many theaters of operation,” French Defense Minister Jean-Yves ... Read More »

Irish customs seizes 120,000 Superman ecstasy tablets

DUBLIN: Gardaí and Customs have dealt another blow to criminal gangs eager to earn millions from the Christmas black market. The Garda National Drugs Unit and Customs seized 120,000 ecstasy tablets, with a retail value of around €1.2m. The beige-coloured tablets, impressed with the “Superman” logo were destined for the festive period. It follows a series of operations by gardaí ... Read More »

UK consumer confidence hits pre-crisis levels of 2006

LONDON: UK consumers are at their most upbeat for nine years on the back of improving job prospects and low inflation, according to the latest report to suggest spending power is recovering. Consumer confidence rose for the fifth successive quarter in the opening months of this year to hit its highest level since the pre-crisis days of 2006, according to ... Read More »

Govt’s plan to hold EU referendum can hit UK investment

LONDON: The government’s plan to hold an EU referendum will dent foreign investment in the UK and threatens its position as Europe’s top destination for overseas investors, according to a new report. Consultants EY say their latest research into inward investment showed the UK retained its leading position in Europe last year but that many investors are putting plans in ... Read More »

Govt’s plan to hold EU referendum can hit UK investment

LONDON: The government’s plan to hold an EU referendum will dent foreign investment in the UK and threatens its position as Europe’s top destination for overseas investors, according to a new report. Consultants EY say their latest research into inward investment showed the UK retained its leading position in Europe last year but that many investors are putting plans in ... Read More »

Spain import of tropical fruits and almonds equals that of footwear

MADRID: For the first time since official data from the Regional Directorate of the Ministry of Industry and Foreign Trade Institute of Spain (ICEX) have been available, the province of Alicante imports as much fresh fruit (especially tropical fruits) and almonds as it does footwear. In the first quarter, the suppliers of these fruits from South America, South Africa and ... Read More »

Ireland customs officers seize 50m illegal cigarettes in 10 months

DUBLIN: Customs officers have scored a major victory in the battle against smugglers after seizing 50 million cigarettes in 10 months. The Irish Mirror can reveal Revenue officers made 5,025 separate swoops between January and the end of October. They also impounded 9,560kgs of tobacco in 867 operations. The record haul makes 2014 one of the most successful to date in ... Read More »

Italy, Iran ink trade insurance deal

TEHRAN: Iran and Italy on Sunday signed a bilateral trade insurance agreement which is expected to help facilitate commercial transactions between the two countries, specifically once the US-engineered sanctions against Iran are lifted. The agreement was signed between the Export Guarantee Fund of Iran (EGFI) and Italy’s Servizi Assicurativi del Commercio Estero (SACE) in a ceremony held in the Italian ... Read More »

Netherlands customs recover 65kg cocaine from beans shipment

AMSTERDAM: Customs found two bags containing cocaine during an inspection on the Maasvlakte on Sunday night. A total of about 65 kilograms of cocaine, worth more than 2.2 million euros, was seized and destroyed. The cocaine was packed into two sport bags and hidden in a container of cocoa beans. The container had come from Ecuador. The Rotterdam Hit and ... Read More »

Amazon starts paying corporation tax on sales in UK

LONDON: HMRC will notice a jump in corporation tax paid by Amazon soon enough, as the online retailer is finally booking its sales through the UK. The company is the first to succumb to pressure on tax avoidance, which many tech firms have been accused of doing in recent years. £5.3bn of Amazon’s worldwide sales had come from Britain, but ... Read More »

Bulgaria, Greece, Turkey agree to set up common border police, customs centre

ANKARA: Bulgaria, Greece and Turkey agreed to set up a common border police and customs centre to combat a surge in illegal migration. “This agreement guarantees closer cooperation of the three countries that face one and the same challenges… migration, organised crime and terrorism,” Bulgaria’s Interior Minister Rumyana Bachvarova said after a signing ceremony in Sofia. The centre will be ... Read More »