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Author Archives: Tahir Iqbal

Bangladesh hikes duty on grape imports

DHAKA: Grape exporters from India are unhappy over the increase in import duties imposed by Bangladesh on Indian grapes. On the brighter side, new markets are opening up and a team from the US is currently in India conducting feasibility studies for possible exports. Like Europe, other countries that import grapes from India, including China, Indonesia and Russia, have decided ... Read More »

Polish initiatives uhat can benefit your business

WARSAW: Poland is ushering in new programmes, geared to improving commercial processes and the overall business landscape, while building on existing regulations. In 2017, the sixth largest European Union member state adopted the Strategy For Responsible Development. A central tenet of this fresh vision for economic growth is inclusiveness through ambitious social projects, while fostering stability in public finances.On 26 ... Read More »

Bank Indonesia launches joint initiative as rice prices bite

JAKARTA: Bank Indonesia has teamed up with the government to establish five measures designed to keep inflation within its target band of 2.5%–4.5% this year. CPI inflation in Indonesia was 3.61% in 2017, the third consecutive year it has remained within the band. However, the soaring rice price has recently become a concern for officials, who fear it might restrict the ... Read More »

Plant smuggler faces fines in New Zealand

WELLINGTON: An air passenger has been fined 2,250 NZ dollars (1,644 U.S. dollars) for following his cousin’s advice to smuggle plant cuttings and seeds into New Zealand, a statement of the Ministry for Primary Industries (MPI) said on Friday. Deo Rajan Gounder appeared in the Manukau District Court in Auckland on Wednesday after pleading guilty of trying to bring four ... Read More »

Germany halts weapons exports to parties in Yemen conflict

BERLIN: The German government said on Friday that it would “immediately” stop approving arms exports to anyone participating in the war in Yemen. The move would include Saudi Arabia, a major buyer of German weapons. Chancellor Angela Merkel’s spokesman wrote on Twitter that Germany “isn’t taking any arms export decisions right now that aren’t in line with the results of ... Read More »

Malaysian tax authority freeze bank account of currency exchange Luno

KUALA LUMPUR: Malaysian Inland Revenue Board (IRB) was responsible for freezing the company’s bank account citing tax-related reasons. The exchange also stressed that all funds stored on the platform, whether fiat or digital, remain safe. Luno operates in several countries around the world, including those in Africa, South-East Asia and the continent of Europe. While customers in Malaysia are currently ... Read More »

Opening the green lane to Australian exporters

CANBERRA: Australia’s fresh produce is regarded  rightfully so  as some of the best in the world. After attending the 2017 Asia Fruit Logistica in Hong Kong earlier this year, it is abundantly clear that produce from all corners of our island home is in high-demand across the globe. Unsurprisingly, it is our northern neighbours who have truly grown to love ... Read More »

Commerce investigates dumped Chinese ribbon imports

BEIJING: Commerce Department has taken up antidumping and countervailing duty investigations into decorative ribbon imports from China on behalf of a Pennsylvania manufacturer of these products. Commerce Department has started antidumping and countervailing duty investigations of decorative ribbon imports from China. Dumping occurs when a foreign company sells its products in the United States at less than fair value, while ... Read More »

Helsinki becomes world busiest passenger port

HELSINKI: The port of Helsinki became the busiest passenger harbor in the world in 2017, narrowly surpassing the British port of Dover, Finnish news agency STT reported on Wednesday. In scheduled passenger services last year, 11.8 million people used the port of Helsinki, while in Dover the figure was 11.7 million, said STT. The main reason for the growth of ... Read More »

India gold imports up 53% to 846 tonne

MUMBAI: India’s gold imports rose 53 per cent to 846 tonnes last year on strong domestic demand and lower global prices, according to MMTC-PAMP India. The world’s second largest gold consumer had imported 550 tonnes of the metal in 2016. There has been a significant jump in the gold imports in 2017. Imports touched 846 tonnes,” MMTC-PAMP India President (Marketing) ... Read More »

DOHA: Qatar and the Republic of Turkey, a total of 150 Turkish companies will present their products at Qatari-Turkish Economic Forum, which will open in Doha Today. Turkish companies specialising in infrastructure, building materials, pharmaceutical and medical supplies, foodstuff, agriculture, glass and plastic, industrial equipment, electricity, and logistics and security systems will be represented at the event, organised by Qatar ... Read More »

Turkey continues reducing sunseed imports

ANKRA: Turkey, the current marketing year features a bumper sunseed crop of 1.6 MMT. UkrAgroConsult has already addressed the topic of 2017/18 forecasts for this country and its prospective trading relations with Ukraine and Russia. After the first three months of the current season, we’ll assess below to what degree the expectation of a decrease in Turkey’s dependence on imported ... Read More »

Saudi Arabia moves ahead with renewables and nuclear project

RIYADH: Saudi Arabia is pushing ahead with its renewables and nuclear power projects to meet rapidly growing power demand, top government officials from the kingdom said in Abu Dhabi. According to Gulf News, the country will build a nuclear plant comprising two reactors with a total capacity of 3.2 gigawatts, Abdul Malek Al M. Saberi, a senior official from King ... Read More »

Transparent business environment in Bangladesh

DHAKA: Bangladesh Marcia Bernicat on Tuesday laid emphasis on a Transparen business environment and to help ensure a level playing  field for US businesses in Bangladesh which will ultimately help all businesses. That’s almost double what our trade was just 10 years ago. However, our two-way trade relationship remains heavily in favor of Bangladesh,” said Ambassador Bernicat. While the United ... Read More »

Australian wine exporters taking on French rivals in China

CANBERRA: In recent years, the performance of Australian wine in the Chinese market has been impressive, competing strongly with traditional wine suppliers such as France. According to China’s customs data, a total of 482 million liters of bottled wine were imported in 2016, with a total value of $2 billion. Australian wine took a large share, with exports of Australian ... Read More »

Denmark carbon taxes do make economic sense

COPENHEGEN: Unfortunately, our local state Rep. Drew MacEwen seems to miss the obvious conclusion in his recent piece on going to learn about clean energy in Scandinavia. The first half was all about Denmark and Sweden’s impressive transition to renewable energy, and what a good thing that is. But the second half was all about how we don’t need a ... Read More »

Ovako receives extended tax reassessment notice in Finland

HELESINKI: The extend reassessment notice from the Finnish tax authority entails a demand for payment of approximately EUR 6.1 million (including interest and penalties), bringing the total claim to EUR 15.6 million. The demand relates specifically to interest expenses on loans from Ovako Finland Oy’s Swedish parent company, Ovako AB (publ), which the tax authority deem non-deductible. After consultation with ... Read More »

Currency exchanger Luno account frozen by Malaysian tax authorities

KUALA LUMPUR: Luno, a globally-recognised cryptocurrency exchanger based in London, said today that its bank account in Malaysia has been frozen by the Inland Revenue Board, pending an investigaton relating to tax matters. As such, it has not been able to process deposits or withdrawals in the country over the past few weeks. The account is held under the name ... Read More »

French digital boss pushes tech giants to pay more taxes

PARIS:  The digital affairs chief for the French government is urging tech giants to pitch in to “our common goals” by paying more taxes. Mounir Mahjoubi said Wednesday that “paying taxes where you are creating value is a really important question.” He spoke to The Associated Press at the Consumer Electronics Show in Las Vegas. French President Emmanuel Macron’s government ... Read More »

Quinoa trade has tripled in four years

AMSTERDAM: In 2016, the Netherlands imported approximately 5.5 million kilograms of quinoa seeds, a record amount and more than three times the volume of 2012. Statistics Netherlands (CBS) reports this based on new analyses of trade figures. Quinoa exports have increased as well, from 1.4 million kg in 2012 to 3.5 million kg in 2016; in the first half of ... Read More »