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Taiwan to spend NT$200 million and ramp up mask production to 10 million a day

TAIPEI: As the Wuhan coronavirus epidemic continues to escalate around the world, Taiwan Premier Su Tseng-chang (蘇貞昌) has decided to speed up production of surgical and N95 masks to 10 million a day in five weeks. Despite the announcement of a month-long export ban on surgical and N95 masks and the fact that local mask manufacturers can produce 4 million ... Read More »

Customs Today Issue 04 Feb to 10 Feb 2020

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Poland signs F-35 contract worth $4.6 billion

Poland has signed a $4.6 billion contract to purchase 32 Lockheed Martin F-35As, with deliveries to start in 2024. Signed on 31 January at the Polish air force academy in Deblin, the deal also includes a training package and logistics support services. To be produced in the F-35’s Block 4 configuration, the Polish aircraft will be equipped with electronic warfare ... Read More »

Central bank destroys 8,923 counterfeit banknotes

Banco de Portugal (BoP) withdrew 8,923 counterfeit banknotes from circulation in the second half of the year, 1,496 more than in the first half. According to a statement published on its website, however, the central bank pointed out that the number of counterfeit banknotes seized is negligible in relation to the number of banknotes in circulation. 3,279 €20 notes, 3,228 ... Read More »

China’s travel restrictions already being felt in Finnish Lapland

THE TOURISM INDUSTRY in Finnish Lapland is already feeling the effects of the ban on overseas tour groups and sales of flight-and-hotel packages adopted on Monday by China. “The information we received today indicates that around 45 groups of Chinese visitors – altogether around 1,000 people – have cancelled their trip or are postponing it until August. Each group consists ... Read More »

Fitch officials project bright future for Greece

Senior Fitch Ratings officials have expressed their optimism in comments to Kathimerini about Greece’s fundamentals in 2020, just a few days after the agency upgraded the country’s credit rating one notch, and offered a roadmap out of “junk” territory. Michele Napolitano, senior director and head of Western Europe Sovereigns at Fitch visited Athens last week for the company’s conference on ... Read More »

Turkish president to attend meeting with Ukraine

Turkey’s president will attend the eighth meeting of a high-level strategic council with Ukraine in its capital Kiev. The Turkish Communications Directorate on Sunday announced that bilateral and regional issues would be discussed during the meeting between relevant ministers under President Recep Tayyip Erdogan and his Ukrainian counterpart Volodymyr Zelensky. During the meeting, the condition of Ukraine’s Crimean Tatars will ... Read More »

Large-cap firms report at least VNĐ3 trillion in 2019 pre-tax profit

HÀ NỘI: Most large-cap firms have released full-year earnings reports for 2019 with 29 companies reporting a pre-tax profit of more than VNĐ3 trillion (roughly US$130 million). Total pre-tax profit of the 29 companies is roughly VNĐ255 trillion, up 21 per cent year on year. Industrial park developer Becamex IDC (UPCoM: BCM) was the lowest earner. The company recorded VNĐ3 ... Read More »

Italy must strengthen its capital markets: OECD

Italy must improve its capital markets to help underperforming companies access funding for investment and growth, while giving investors means for more diversified savings portfolios, the OECD said. In a review of the capital markets of the eurozone’s third-largest economy, the Organisation for Economic Co-operation and Development said Italian companies were deprived of needed funding for long-term projects and planning, ... Read More »

Norwegian police raid shipping company office over waste export

Norway’s national economic crime unit raided the local office of international shipping company Teekay Offshore this week on suspicion of illegally exporting waste, the agency, known as Okokrim, said. In recent years, courts in Europe using tougher regulations have fined shipping companies for transporting hazardous waste for disposal in cases that have added to complexities for seaborne transporters often operating ... Read More »

Indonesia records 2.68 percent January inflation using new formula

Indonesia recorded annual inflation of 2.68 percent in January in applying a new formula for calculating its consumer price index (CPI), Statistics Indonesia (BPS) announced on Monday. The new formula uses 2018 as the base year of the CPI instead of 2012, as well as a new consumption pattern. January’s inflation figure, therefore, cannot be compared with the December inflation ... Read More »

China injects €156 billion into economy

The Chinese central bank announced it will inject 1,200 billion yen (156 billion euros) into the Chinese economy, which is struggling because of the viral pneumonia epidemic. The transfer will take place on Monday, when the Chinese financial markets will reopen after the long Lunar New Year holiday. The holiday was extended because of the coronavirus. The bank issued a ... Read More »

New Zealand shares fall as mainland Chinese markets reopen

New Zealand shares fell as the coronavirus outbreak continued to weigh on investor confidence, however, it weathered a savage reopening to Chinese equity markets as a weaker kiwi dollar buoyed exporters. The S&P/NZX 50 Index declined 167.28 points, or 1.4 per cent, to 11,550.16. Within the index, 43 stocks fell, five rose, and two were unchanged. Turnover was $106.7 million, ... Read More »

Mercedes-Benz sees Brazil truck sales up 18% in 2020

SAO BERNARDO DO CAMPO, Brazil: The Brazilian unit of German automaker Mercedes-Benz (DAIGn.DE) expects overall domestic truck sales to rise 18% as the government keeps pushing its reform agenda and the economy rebounds. Philipp Schiemer, president of Mercedes-Benz in Latin America, said the company estimates some 120,000 trucks will be sold in Brazil this year. That was slightly less than ... Read More »

Japan mask prices surge on online flea markets amid coronavirus scare

OSAKA – As the shortage of face masks continues in Japan amid the spread of a new coronavirus originating in China, their prices are shooting up on online flea markets. Some people are apparently cornering masks at drugstores and other shops, and selling them at excessively high prices on online markets for which there are currently no regulations on resale. ... Read More »

Japanese Companies Operating in Korea Pay a Low Tax Rate

Although Japanese companies earned nearly 48 trillion won in sales in Korea in the past four years, they paid only 300 billion won in taxes. According to the data the National Tax Service submitted to lawmaker Kim Doo-kwan of the ruling Democratic Party on Oct. 28, Japanese companies operating in Korea paid a total of 301 billion won in taxes ... Read More »

DRI busts smuggling rackets, seizes 31kg gold

VIJAYAWADA: The Directorate of Revenue Intelligence (DRI) seized 31.5 kg gold worth 13.3 crore in the last three days. DRI caught three consignments in Vijayawada and one at Secunderabad railway station and arrested 13 people for transporting smuggled gold. DRI units of Nellore, Vijayawada and Hyderabad conducted a coordinated operation based on specific intelligence. On January 31, DRI Nellore unit ... Read More »

Private sector forecasts deeper export decline

The slowing world economy, widespread domestic drought and the deadly virus outbreak have prompted the private sector to lower the export forecast to a 1.8% contraction this year. Sanan Angubolkul, vice-chairman of Thai Chamber of Commerce, said representatives from many trade associations were consulted before the forecast of US$242 billion for export value was decided. Late last year, Mr Sanan ... Read More »

Toyota SA to invest over R4 billion in car assembly and parts

Toyota SA Motors (TSAM) has announced a R4.28bn investment in local vehicle assembly and parts supply. Speaking at the company’s annual State Of the Motor Industry address at Kyalami president and CEO Andrew Kirby said the lion’s share of R2.43bn would go towards the production of a new passenger-car model from October 2021 at the Prospecton plant in KwaZulu-Natal. The ... Read More »

Over 430 Kilos Of Heroin Intercepted At Rotterdam Port

A large quantity of heroin was found hidden on board a ship in Rotterdam just before the end of the year, authorities at the port said. Police and Customs officers discovered some 439 kilograms of the narcotic hidden below a shipment of talc stone during a routine check. The cargo was still inside a sea container on the ship when ... Read More »