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Author Archives: CT Report

Indonesia targets annual furniture export at $5bln by 2020

JAKARTA: The Indonesian government expects the export value of its furniture to reach 5 billion U.S. dollars per year in the next five years, a minister said on Friday. That compares with 2.2-billion-U.S. dollar shipment of the products to overseas market in 2014, Indonesian Industry Minister Saleh Husin told reporters in Jakarta. “This trend leads to the optimism for the ... Read More »

Stakeholders to tackle bank services issue as Customs goes 24/7

MANILA: A bankers’ group, businessmen and an exporters’ group will meet next week to address the concern about 24/7 bank services requested by the Bureau of Customs which will implement 24/7 operations starting this week. Melanie Ng, president of the Cebu Chamber of Commerce and Industry (CCCI), said the 24/7 bank services’ concern will be discussed when the CCCI, Philexport ... Read More »

Ireland revenue officers seize counterfeit cigarettes

DUBLIN: Three people have been arrested after revenue officers in Cork seized a large quantity of illegal cigarettes and counterfeit tobacco. As part of an ongoing operation into the sale and distribution of unstamped tobacco in Cork, revenue officers seized 12,400 unstamped cigarettes and 1 kg of unstamped hand-roll tobacco. The cigarettes, branded ‘Excellence’, and the tobacco, branded ‘Flandria’, was ... Read More »

US Customs nabs sex offender, seizes marijuana

LORDSBURG: U.S. Border Patrol agents working in New Mexico apprehended a wanted sexual offender in one incident and also seized over 2,600 pounds of marijuana in two additional law enforcement encounters. Late Monday agents from the Santa Teresa station were patrolling in the Mount Cristo Rey area when they were alerted to the presence of four subjects crossing the U.S./Mexico ... Read More »

De minimis value increases to $800

WASHINGTON: As agreed in the Trade Facilitation and Trade Enforcement Act of 2015, signed by President Barack Obama Feb. 24, U.S. Customs and Border Protection (CBP) announced that March 10, it raised the value of a shipment of merchandise imported by one person on one day that generally may be imported free of duties and taxes from $200 to $800. ... Read More »

US Customs seizes 5 pounds of cocaine worth $30,000

ORANJESTAD: U.S. Customs and Border Protection officers working at the Aruba Preclearance facility intercepted a cocaine courier traveling with nearly five pounds of cocaine valued at more than $30,000, on Mar. 8. The courier, a U.S. permanent resident, was traveling to Florida when CBP officers referred her to a secondary examination. During the examination of her luggage, officers indicated an ... Read More »

Russia show interest to import Turkmenistan textile products

MOSCOW: Russia and Turkmenistan discussed possibilities of selling Turkmenistan’s textile and cotton products on the Russian market during a meeting at the Russian Chamber of Commerce and Industry. The Russian side was represented by Alexander Rybakov, vice president of the Russian Chamber of Commerce and Industry. The delegation of Turkmenistan included Berdymurad Redzhepov, Turkmen’s ambassador to Russia as well as ... Read More »

HDPE Jan-Feb imports into Russia fall 41% YoY

MOSCOW: Total imports of high density polyethylene (HDPE) into Russia decreased to about 16,700 tonnes in the first two months of 2016, down 41% compared to the same period of 2015. The largest decrease occurred for the sector of extrusion coating of large-diameter pipes, according to MRC DataScope. February imports of HDPE into Russia decreased to 8,000 tonnes, compared with ... Read More »

Russia to supply China with 3bln kilowatt-hours of electricity in 2016

MOSCOW: On Friday, Russian Energy Minister Alexander Novak held a meeting with China’s National Energy Administration head, Nur Bekri, in Beijing. According to the statement, the sides briefly summed up the results of bilateral energy cooperation in 2015. “In particular, the supply of crude oil from Russia to China [in 2015] increased by 17.5 percent compared to the same period ... Read More »

Japan urges Russia to lift food embargo imposed over radioactivity fears

MOSCOW: The diplomat was speaking at an event in Japan’s Moscow Embassy timed to the fifth anniversary since the 2011 meltdown at the Fukushima power plant, which caused tonnes of radioactive water to leak into the ocean. “Japan and Russia are looking for ways to work together to resolve the issue of contaminated water at the Fukushima Daiichi NPP. Russia ... Read More »

Revenue of top 1,000 Singapore firms crosses $3tn

SINGAPORE: Defying all the doom and gloom, Singapore’s private sector has just hit a striking new milestone. The country’s top 1,000 companies now have combined annual revenues surpassing $3 trillion. DP Information Group, which compiles an annual ranking of Singapore’s biggest 1,000 firms and top 1,000 small and medium-sized enterprises (SME), said this comes just three years after Singapore’s corporate ... Read More »

Malaysia’s GST revenue to exceed first year target of RM27 billion

KUALA LUMPUR: Malaysia’s unpopular goods and service tax (GST) has been declared a success by the country’s Customs Department, which hopes to exceed its first year collection target of RM27 billion (S$9 billion). The department’s deputy director-general Subromaniam Tholasy said it has “slightly” exceeded its 2015 target but the total amount collected will be announced by the prime minister. Mr ... Read More »

Technological advancement key to business success: Nasir Saeed

LAHORE: Technological advancement is a key of success for the business as not only it opens new avenue for progress and prosperity but also provides a chance to the business community to avail the global opportunities with ease. These views were expressed by the LCCI Vice President Nasir Saeed while addressing the inauguration ceremony of ATS latest machinery display center ... Read More »

Belarusian delegation expresses keenness to undertake joint ventures

KARACHI: A high-powered delegation from Belarus Chamber of Commerce and Industry (BCCI) comprising representatives of the textile, leather, heavy machinery, construction machinery, petrochemicals, medical equipment and tire sectors, during its visit to the Karachi Chamber on Friday, expressed keenness to undertake joint ventures with their counterparts in Karachi in order to promote trade and investment ties between the two countries. ... Read More »

Palestine to organize Trade Expo in Pakistan this year‏

ISLAMABAD: Walid Abu Ali, Ambassador of Palestine said that a Trade Expo of Palestine was being planned in Islamabad preferably in June this year to showcase the potential of many Palestinian products including marble and stones, food items, agro products, industrial goods, handicrafts, technology and communications, leather goods, construction, tourism and many others for Pakistani consumers. He said the Organization ... Read More »

Multifinance firms urged to invest more in creative minds

JAKARTA: With hopes high for the future of Indonesia’s creative economy, multifinance firms are expected to extend their financial support for the country’s creative minds planning to start or expand businesses in the booming sector. Last year, the country’s multifinance firms secured approval from the Financial Services Authority (OJK) to expand their business into several new sectors, including the creative ... Read More »

Chunghwa Telecom net profit rises 2.1%

TAIPEI: Chunghwa Telecom Co yesterday posted 2.1 percent annual growth in net profit for last month primarily on lower 4G equipment depreciation costs, making it the most profitable telecom operator among its local peers. Net profit expanded to NT$3.82 billion (US$106 million) last month, compared with NT$3.74 billion in February last year, according to a company statement. That translated into ... Read More »

Mideast homeland security market to double

DOHA: The Middle East’s homeland security market is set to double to $34bn by 2020, demonstrating the Arab World’s robust homeland security and national resilience agenda, industry experts announced yesterday in the build-up to the International Exhibition for National Security and Resilience (ISNR) 2016. Over the next five years, the Middle East’s homeland security market is set to grow from ... Read More »

KIPCO completes $500m bond issue

KUWAIT: KIPCO – the Kuwait Projects Company – has announced that it has successfully completed the issue of a US$ 500 million (KD 151.8 million) bond under its US$ 3 billion Euro Medium Term Note (EMTN) Program. The issue was 2.5times oversubscribed. The seven year fixed rate notes are listed on the London Stock Exchange and carry a fixed rate ... Read More »

Zürich Airport underlines commercial impact of Swiss Franc surge in 2015

GENEVA: Zürich Airport non-aviation revenue climbed marginally (+0.8%) year-on-year in 2015 to CHF391.6 million, the company reported today. [The Swiss Franc is currently around 1:1 to the US Dollar -Ed] As previously reported, commercial activities were hit hard by the Swiss National Bank’s decision on 15 January 2015 to abolish the minimum exchange rate to the Euro. This had a ... Read More »