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Chinese man sentenced to jail for life in weapon smuggling case

BEIJING: A man in north China’s Hebei Province was sentenced to life in prison after being convicted of smuggling weapons from Hong Kong, local customs said on Tuesday. The Intermediate People’s Court of Qinhuangdao City handed down the verdict to the suspect, surnamed Wang, who confessed to purchasing imitation guns online via two agents in Hong Kong starting in September ... Read More »

China Sunergy reports Q1 2015 net loss of US$12.2m

BEIJING: Struggling PV module manufacturer China Sunergy (CSUN) has reported a first quarter 2015 net loss of US$12.2 million as revenue fell 27.8% and shipments declined 37.2% from the prior quarter. Despite a positive operating income of US$5.5 million in the first quarter, compared with loss from operations of US$2.8 million in the fourth quarter of 2014, CSUN was also ... Read More »

Bangladesh border force detains smuggler with 16pcs gold in Jessore

DHAKA: Members of Border Guard Bangladesh (BGB) have detained suspected smuggler with 16 pieces of gold bars weighing 1.6kg from Benapole Bazar area in Jessore. The detainee is Hanif Ali, 35, son of Shohor Ali of Gotipara village in Benapole. He was a worker at Benapole land port. Jessore BGB 26 Battalion Commanding Officer Lieutenant Colonel Jahangir Hossain said: “Acting ... Read More »

Asian development Bank predicts Bangladeshi GDP growth 6.7% this year

DHAKA: The Asian Development Bank (ADB) has predicted that Bangladesh’s gross domestic product (GDP) is to grow 6.7 percent in the current 2015-16 fiscal year (July 2015 – June 2016). “For 2015-16 fiscal year, growth is edged up to 6.7 percent, the inflation projection is restrained, and the current account is now seen to remain a small deficit,” the Manila-based ... Read More »

Saudi Arabia crude oil stockpiles rise as exports dip

RIYADH: Saudi Arabia’s crude stockpiles rose to a record in July after exports by the world’s biggest oil shipper declined for the third time in four months. Commercial petroleum stockpiles increased to 320mn barrels, the highest since at least 2002, from 319.5mn barrels in June, according to data on Sunday on the website of the Riyadh-based Joint Organisations Data Initiative. ... Read More »

Ukraine meat export to Russia declines from 4.6% to 0.4%

MOSCOW: Ukraine is still active on Russian market of meat, though its role in Ukrainian agrisector has declined considerably. Exports of poultry meat to Russia dropped from 4.6% to 0.4%. At the same time, supplies of beef and pork increased during the first six months of 2015, despite all the statements and prohibitions. There are several reasons for this. Russia ... Read More »

Iran cancels wheat import duty last month

TEHRAN: Iran has canceled import duties it imposed on wheat and barley in July, according to an official document seen by Reuters on Tuesday. The document said the import duties ended on Sept. 6 for wheat and on Aug. 22 for barley. It gave no reason for the cancellation. The Iranian government imposed a wheat duty of 1,500 rials per ... Read More »

Customs arrests 6 men in fake currency case at Chittagong port

DHAKA: Six persons have been accused in a case filed yesterday over the Rs 2.71 crore, allegedly in fake currency, found hidden in boxes inside a container at the Chittagong port. The container arrived on September 16 from the United Arab Emirates via Colombo and was opened on Monday afternoon. The accused are ASM Sayem alias Shamim, chairman of clearing ... Read More »

Naushad Ali Khan takes charge as Member

ISLAMABAD: Naushad Ali Khan, an Inland Revenue Service officer of BS-21, has assumed the charge of the post of Member, Federal Board of Revenue (HQ), Islamabad. Naushad assumes charge as Member in pursuance of Board’s Notification No.2200-IR-I/2015, dated 15.09.2015, with effect from September 28. Read More »

Date of filing WHT statements extended till Oct 8

ISLAMABAD: Federal Board of Revenue has extended the date of filing of Withholding Tax statements due on August 15, September 15 and 28th to October 8. The Board, exercising the powers conferred upon it under Section 214A of the Income Tax Ordinance, 2001, extended the date of filing WHT statements for the tax year 2015-16 under the provisions of Section ... Read More »

Chinese authorities seize 30 tons smuggled beef

SHANGHAI: Zhabei District government yesterday confiscated about 30 tons of smuggled South American beef from a cold storage which did not pass the required quarantine tests. The market supervision department and police raided Yuda Grocery Food store on No. 258 Jincheng Road yesterday where frozen beef was being sold at cheaper prices. The officers found most of the meats had ... Read More »

China, EU sign deal to develop 5G

BEIJING: The European Union yesterday announced that it has signed a key agreement with China on fifth-generation telecommunications, or 5G, a move to seek an edge in global digital competitiveness. “Both parties are committed to reciprocity and openness in terms of access to 5G network research funding, market access as well as in membership of Chinese and EU 5G associations,” ... Read More »

China inks framework agreement on currency swap with Georgia

BEIJING: China’s central bank announced here the other day that it had signed a framework agreement on a currency swap program with Georgian central bank. Zhou Xiaochuan, head of the People’s Bank of China (PBOC), inked the document with Giorgi Kadagidze, governor of the National Bank of Georgia, on the sidelines of the 34th Meeting of the Central Bank Governors’ ... Read More »

Gree revenue falls by 13.4% to $7.87bn

BEIJING: Gree Electric Appliances Inc, China’s leading air conditioner manufacturer, has reported a fall in revenue for the first time in six years. According to its mid-year financial report, Gree saw a 13.4-percent year-on-year slump in revenue to 50.11 billion yuan ($7.87 billion) over the six months ending June. Its net profit attributable to shareholders rose 0.5 percent to 5.72 ... Read More »

Chinese listed firms expect profit squeeze in H2

SHANGHAI: Listed companies are likely to see their profits squeezed further in the second half of the year due to possibly rising commodity prices and a lukewarm stock market, according to a report. “Higher investment returns and increasing fiscal subsidies have helped listed companies to slow a decline in profits in the first half of the year, but it’s not ... Read More »

New direct air link to boost China-New Zealand trade, people links

BEIJING:  A new direct air link between New Zealand’s main international gateway at Auckland and Shanghai, China, will boost bilateral trade and people-to-people links, air industry officials said on Monday. The launch of year-round flights by China Eastern Airlines had been strongly supported by the New Zealand government, senior vice- president of the airline, Liuwen Tian, said in a statement ... Read More »

Bank of China helps firms with low-cost financing

BEIJING: Chinese companies often face financing difficulties when they expand internationally due to the lack of information about their credit history overseas. However, this is providing several business opportunities for Bank of China Ltd, the most internationalized bank in the country, an official said. Zhu Yun, general manager of the corporate finance department of BOC’s branch in Xinjiang Uygur autonomous ... Read More »

BoC to embrace hi-tech opportunities

BEIJING: China’s banking industry will become more vigorous through technological innovation and upgrades, rather than perish with the rise of new industries, said Tian Guoli, chairman of Bank of China Ltd. “When compared with those e-commerce companies such as the one Jack Ma has built, commercial banks sound out-of-fashion and conservative. But as a commercial banker, I feel particularly impressed ... Read More »

Bangladesh imports jump by 16% to over $3bn

DHAKA: Bangladesh’s imports surged about 16 percent to over 3 billion in the first month of the 2015-16 fiscal year (July 2015-June 2016). According to statistics of the Bangladesh Bank (BB), the settlement of letters of credit (LCs), generally known as actual imports, stood at 3,437.71 million U.S. dollars in July this year compared to 2,964.69 million U.S. dollars in ... Read More »

Chief collectors, collectors, deputy collectors resume office after Eid holidays

KARACHI: Almost all the Pakistan Customs officials, including chief collectors, collectors, additional deputy collectors and deputy collectors on Monday, resumed their offices after enjoying four-day Eidul Azha holidays. Chief Collector Enforcement-South Zahid Khokhar, who celebrated Eid in Lahore, has resumed his office on the very first day, while Chief Collector Appraisement-South Rashid Sheikh also attended the office. Moreover, Collector of Model ... Read More »

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