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World Business

A business, also known as an enterprise or a firm, is an organization involved in the trade of goods, services, or both to consumers.

U.S. crude oil exports to Asia soar, complicating OPEC’s efforts: Russell

  NEW YORK: U.S. crude oil is flooding into Asia, and may continue to do so as the arbitrage window that was initially created by Hurricane Harvey remains open, even though the disruption from the costliest storm to hit the Gulf of Mexico has faded. A record amount of U.S. crude is scheduled to arrive in Asia in November, according ... Read More »

Sunwah International reports Q1 fiscal 2018 results

  TORONTO: Sunwah International Limited, TSX: SWH (the “Company”), an Asian based financial services firm, today announced its financial results for the period ended September 30, 2017. All figures quoted are in U.S. dollars. Sunwah International and its subsidiaries (collectively “the Group”) recorded a net profit attributable to owners of the Company of $0.3 million in the first quarter of ... Read More »

OPEC likely to extend supply cuts in bid to rebalance the market: UAE energy minister

  ABU DHABI: United Arab Emirates Minister for Energy Suhail al-Mazroui said Monday that he expected OPEC and non-OPEC countries to extend global supply cuts at a closely-watched meeting at the end of the month. Speaking at the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC), al-Mazroui said: “My prediction is OPEC will continue to do what it takes to rebalance ... Read More »

Trade ministers agree Asia-Pacific trade pact without US

DANANG: Trade ministers from 11 Asia-Pacific countries agreed Saturday to press ahead with a major trade deal without the United States, as the world’s largest economy seeks to go it alone under President Donald Trump’s ‘America First’ policy. Trump pulled his country from the Trans Pacific Partnership (TPP) at the start of the year, dismaying allies and casting into doubt ... Read More »

Trump does not blame China for ‘unfair’ trade

  SHANGHAI: US President Donald Trump has said he does not blame China for the “unfair” trade relationship between the countries, despite long railing against the economic imbalance. Speaking in Beijing, he gave China “credit” for working to benefit its citizens by taking advantage of the US. He spoke alongside China’s president Xi Jinping on Thursday, as the US leader ... Read More »

Customs donate 33,114 bags of rice, other relief materials to Borno IDPs.

ABUJA: The Nigeria Customs Service (NCS) on Friday handed over  33,114 (50kg) bags of rice and other relief materials to assist the Internally-Displaced Persons  in Borno. The Assistant Comptroller-General, Abdulkadir Azarema who doubles as  Chairman, National Logistic Committee on Distribution of Relief Materials, handed over the items. He said the fifth round of distribution of government’s relief materials started on ... Read More »

Northeast unemployment rises to 6% in October

WASHINGTON: Unemployment in the Northeast jumped to six per cent in October, up slightly from 5.2 per cent recorded in August and September. In a labour force of 40,100, the region saw 37,800 people employed, down from 38,200 in September. Another 2,400 were unemployed last month, according to Statistic Canada’s labour force survey. The unemployment rate for British Columbia sat ... Read More »

Customs generates N829.5m in 6 months in Sokoto

ABUJA: The Nigerian Customs Service (NCS) Command in Sokoto, Kebbi and Zamfara says it has generated N829.5 million between May and October. The command’s Comptroller, Mr Nasiru Ahmad, who said this at a news conference in Sokoto on Wednesday, added that it also seized 39 vehicles worth N83.6 million paid duty value. Ahmad, who assumed duty  in April, said “the ... Read More »

Richmond area’s unemployment rate declined to 3.8% in September

WASHINGTON: The Richmond area’s unemployment rate declined to 3.8 percent in September from 4 percent in August, the Virginia Employment Commission reported Wednesday. The jobless rate was down from 4.3 percent in September 2016. The local rates reported by the state have not been adjusted for seasonal factors that may temporarily affect employment, such as school openings. A drop in ... Read More »

Colombia cenbank to trim rate if inflation fall continues

BOGOTA: Colombia’s central bank will make further cuts to the benchmark interest rate if inflation continues its downward trend, board member Adolfo Meisel, who estimates consumer prices will continue to ease, said on Wednesday. Policymakers surprised the market last week by cutting lending costs by 25 basis points to 5 percent, after holding the rate in September amid uncertainty about ... Read More »

Nigeria Customs impounds N5 mln poultry products, 300 bags of rice

ABUJA: The Nigeria Customs Service in Ogun State has impounded 350 cartons of contaminated poultry products valued at N5 million and 300 bags of rice illegally imported into the country. The Comptroller of the Area Command, Sani Madugu, told PREMIUM TIMES on Tuesday that the command made the seizure within one week. He said four fairly used vehicles illegally imported ... Read More »

Unemployment rate further drops in Romania in September

WASHINGTON: The unemployment rate reached 4.14% in September in Romania, down 0.06 percentage points compared to the previous month and down 0.63 percentage points over September 2016. The unemployment rate among men dropped to 4.37% in September, whereas the rate among women reached 3.88%, according to the National Workforce Occupation Agency – ANOFM. About 362,000 unemployed people registered in the ... Read More »

Kenya’s inflation drops to 5.72% in October

NAIROBI:  Kenya’s year-on-year inflation fell to 5.72 percent in October from 7.06 percent a month earlier, driven by a fall in prices of some food items, the statistics office said on Tuesday. Month on month, inflation was -0.63 percent, the Kenya National Bureau of Statistics said in a statement. Inflation for the food and non-Alcoholic beverages was -1.78 percent during ... Read More »

ANLCA urges members on trade facilitation

ABUJA: The Association of Nigerian Licensed Customs Agents (ANLCA) has urged its members to keep supporting the Federal Government’s trade facilitation programme. Investigations have revealed that the association mandated its members to follow all Customs’ rules and regulations associated with quick cargo clearance as the “Ember” months and the Yuletide season approach. The association’s Public Relation Officer, Dr Kayode Farinto, ... Read More »

Nigeria imports N45bn fishery products from Norway yearly

ABUJA: The Norwegian Ambassador to Nigeria, Mr Kjemprud Jens-Petter, says Nigeria imports fishery products worth $125m (N45bn) from his country annually. Jens-Petter said in Lagos on Monday that the fishery imports from Norway included stockfish, mackerel and salmon. “Annually, Norwegian fish exports to Nigeria stand at $125m and these include stockfish, pelagic fish, mainly mackerel and salmon. “We are interested ... Read More »

Zimbabwe inflation to quicken

HARARE: The International Monetary Fund (IMF) predicts Zimbabwe’s inflation to quicken, in light of the recent price increments and high premiums on the parallel market. This comes as the IMF has listed Zimbabwe as one of the 20 countries in a “fragile situation” due to fiscal challenges in a regional Economic Outlook for sub-Saharan Africa 2017 report which was launched ... Read More »

Head of Tyumen customs office to stand trial for car-tire bribe

WASHINGTON: According to the investigation, July 26, 2017, the department head received a bribe in the form of a complete set of Sailun Ice Blazer WST3 automobile tires worth 13.4 thousand rubles ($230) from a director of a commercial organization. The ICR believes that the customs officer promised the commercial organization to ensure its victory in the competition for the ... Read More »

Cambodia to witness slower growth in garment exports

WASHINGTON: Cambodia’s garment and footwear exports is expected to see a slower growth of around 5 per cent this year compared to 7 per cent in 2016. But the trend is a normal market occurrence and does not indicate an overall decline or is linked to the political situation, say industry experts. Twenty five new factories opened this year in ... Read More »

Home appliances imports down 80% in 2017

CAIRO: Imports of home appliances decreased 80 percent over the past fiscal year on a decision that stipulates the Ministry of Industry and Trade’s approval of imports, deputy chairman of the home appliances division at the Federation of Egyptian Chambers of Commerce (FEDCOC) Fathy El-Tahawy said Sunday. In a symposium organized by the Egyptian Media Group, Tahawy explained that this ... Read More »

Customs intercept 850 cartons of drugs

ABUJA: The Tin Can Island Port Command of the Nigeria Customs Service says it has handed over to the National Agency for Food, Drug Administration and Control two containers falsely declared as containing vehicles and computer accessories. The service said instead of three used vehicles, cartons of makeup kits, 850 cartons of computer accessories (keyboard and mouse), declared in the ... Read More »