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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.

Customs intercepts N178.2m worth of drugs

WASHINGTON: The Federal Operations Unit Zone C, Owerri of Nigeria Customs Service, NCS, has intercepted and detained a huge consignment of medicaments with a duty paid value of N178.2 million. The command also recorded 17 seizures of contraband items with duty paid value of N112.6 million, bringing the revenue figures to N250.9 million in March 2017. The Customs Area Controller ... Read More »

Columbus city officials project a $4.3 mln drop in revenue for 2018

WASHINGTON: As the Columbus Consolidated Government enters another budgeting season, the numbers are looking pretty dismal. City officials project a $4.3 million decrease in revenue from fiscal year 2017 to fiscal year 2018, according to Finance Director Angelical Alexander. Alexander notified Columbus Council of the shortfall during a March 28 meeting, listing anticipated general fund revenue adjustments from FY17 to ... Read More »

Bolivia says March inflation nearly flat at 0.01%

WASHINGTON: Bolivian inflation was 0.01 percent in March, the government’s National Statistics Institute (INE) said on Thursday, citing a slight increase in food and education prices. The March data brought first-quarter inflation to 0.48 percent, INE said in a statement. Inflation for the 12 months through March was 3.34 percent. Consumer prices in Bolivia rose 4 percent in full-year 2016. ... Read More »

Oklahoma’s unemployment rate dips in 55 of state’s counties

OKLAHOMA CITY: State officials say the unemployment rate is dropping in most Oklahoma counties, though some counties remain well above the national rate for people out of work. The Oklahoma Employment Security Commission says McIntosh County had the highest unemployment rate in Oklahoma in February at 8.7 percent. That’s followed by Latimer County at 8.3 percent and Stephens County at ... Read More »

India’s central bank holds rates at 6.25 percent

MUMBAI: India’s central bank held interest rates on Thursday, in line with analysts’ expectations, citing inflationary pressures from an imminent tax reform and the possibility of a poor monsoon. The Reserve Bank of India (RBI) said the benchmark repo rate – the level at which it lends to commercial banks — would remain at 6.25 percent. It was the third ... Read More »

Sigurd posts increased March revenues

WASHINGTON: IC testing company Sigurd Microelectronics has reported consolidated revenues for March 2017 of NT$493 million (US$16.2 million), up 7.6% sequentially and 5.4% on year. Sigurd’s revenues for the first quarter of 2017 came to NT$1.46 billion, rising about 17% from a year earlier. Brisk demand for handset- and networking-related chips, as well as power management ICs, led to a ... Read More »

Getac expects revenues to grow 5-10% in 2017

WASHINGTON: Ruggedized computing device maker Getac Technology expects sales of its rugged PC products to grow by a double digit rate in 2017, while total revenues will increase by 5-10% in the year, according to company chairman James Hwang. There is still room for development of rugged PC products as Getac currently accounts for less than 20% of the global ... Read More »

Greek unemployment steady in Jan, still euro zone’s highest

ATHENS: Greece’s jobless rate remained unchanged at 23.5 percent in January from the previous month, statistics agency ELSTAT said on Thursday. December’s reading was upwardly revised to 23.5 percent. The number of officially unemployed reached 1.1 million people. Hardest hit were young people aged 15 to 24 years, with their jobless rate dropping 48 percent from 50.9 percent in the ... Read More »

US trade deficit narrows on falling imports

WASHINGTON: US trade deficit fall to its lowest level in four months as Americans imported fewer goods while exports held steady, the Commerce Department reported Tuesday. In its biggest monthly drop since September, the gap shrank 9.6 percent to  a seasonally adjusted $43.6 billion on falling imports of cars, consumer goods,fuel and semiconductors. Analysts were expecting a decrease after the ... Read More »

Customs begins duty-free bonded vehicles terminal licence

ABUJA: The Nigeria Customs Service (NCS) said it is ready to licence dealers to operate Bonded Vehicle Terminals in Nigeria with operators paying duty for imported vehicles after 28 days at such terminals. The Public Relations Officer (PRO) of the service, Mr. Joseph Attah, in an interview said dealers and interested persons could apply to the area comptroller through the ... Read More »

Arkansas’ March revenues $50 mln below forecast

LITTLE ROCK: Arkansas’ revenues for March were down nearly $69 million from a year ago and more than $50 million below forecast, according to a report released Tuesday, a day after the state Legislature approved a nearly $5.5 billion budget for the fiscal year that begins July 1. State finance officials said a change in the due dates for corporate ... Read More »

Erie unemployment steady at 6%

WASHINGTON: Erie County’s seasonally adjusted unemployment rate held steady in February at 6 percent, tied for the highest rate among Pennsylvania’s 18 metropolitan areas. But the number also marks a solid improvement since December when unemployment stood at 6.6 percent. On Tuesday, the same day that the latest employment numbers were announced by the state Department of Labor & Industry, ... Read More »

Customs responsible for 82% of ports charges

ABUJA: The Nigerian Customs Service (NCS) and other government agencies account for the huge cost of doing business at the ports, Nigeria’s leading accounting firm, Akintola Williams Deloitte, has said. It stated this in an industry report titled: “Public Private Partnership (PPP) As an anchor for diversifying the Nigeria economy, which it has just published. The report, which was based ... Read More »

Asos revenues rises 37% as it cashes in on battered sterling

WASHINGTON: Online fashion giant Asos is riding high off the weakened pound as an international sales surge hits its half-year results. In the six months to February 28, Asos reported a pre-tax profit boost of 14 per cent to £27.3 million while revenues increased a further 37 per cent to £911.5 million. International sales shot up by 54 per cent ... Read More »

C-K unemployment down 2.6% YOY

WASHINGTON: Chatham-Kent unemployment was up 0.4 per cent from December to January and is now the same as the provincial average of 6.4 per cent. It’s also 2.6 per cent less than it was last January, the lowest rate for the month in the last ten years. “It’s trending in a positive direction,” said Mayor Randy Hope. “I remember at ... Read More »

World Bank urges more investment for developing global electricity

WASHINGTON: Global efforts to provide universal access to electricity, develop more renewable energy sources and increase efficiency are not on track to meet a target date of 2030, the World Bank said Monday. With fewer people receiving electricity for the first time in recent years, only 92 percent of the world’s population will have access to power by 2030, the ... Read More »

China launches seven FTZs to boost belt and road initiative

BEIJING: China on Saturday launched seven more Free Trade Zones (FTZs) including several in inland areas for the first time, a move which is expected to accelerate the country’s opening-up and boost the Belt and Road Initiative, the Ministry of Commerce announced. The inland FTZs will be opened in Henan, Sichuan, Shaanxi and Hubei provinces, as well as in Chongqing. ... Read More »

Thule sees revenues climb 9.2% in Q4

WASHINGTON: Thule reported net sales for the fourth quarter amounted to SEK (Swedish Krona) 1.07 billion, corresponding to an increase of 9.2 percent. Adjusted for exchange rate fluctuations, sales rose 2.5 percent. Operating income amounted to SEK 65 million up from SEK 44 million, a 47.7 percent jump. Underlying EBIT was SEK 68 million versus SEK 48 million and corresponding ... Read More »

Anderson’s unemployment stays at 6.2%

ANDERSON: The unemployment rate for Anderson and Madison County remained unchanged through the first two months of the year, according to data released by the Indiana Department of Workforce Development. Indiana’s rate from January and February increased from 4 percent in January to 4.1 percent in February while the national rate declined from 4.8 to 4.7 percent. The unemployment rate ... Read More »

Tanzania plans to import 400 MW of electricity from Ethiopia

DAR ES SALAAM: Tanzania plans to import 400 megawatts (MW) of electricity from Ethiopia to power its industrial drive, Tanzanian President John Magufuli said on Friday. Despite reserves of over 57 trillion cubic feet (tcf) of natural gas, Tanzania faces chronic power shortages due its reliance on hydro-power dams in a drought-prone region, for about a third of its’ 1,570 ... Read More »