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International Customs

Pakistan’s first in-depth newspaper that presents balanced news reports, analysis and reviews regarding Customs, Federal Board of Revenue (FBR) and Sales/Income Tax Departments beside covering import and export sectors comprehensively. Up-to-the-minute news bulletins regarding Customs and FBR departments are also displayed regularly on both website and face book for the interest of common people

Iraq Risks Losing Access to Key Bank Account

The Trump administration has reportedly threatened to block Iraq’s access to its funds in the Federal Reserve Bank of New York if Iraq expels US troops from the country. The Wall Street Journal quoted unnamed Iraqi officials as saying that the US State Department warning came after the Iraqi parliament voted in favor of a resolution demanding the removal of ... Read More »

Qatar-Turkey trade reaches QR5.69bn during first nine months of 2019

The Qatar-Turkey bilateral economic cooperation is expected to continue maintaining robust growth in 2020 and beyond. Bilateral trade volume between the two friendly countries during first nine months of 2019 reached QR5.69bn. The trade exchange between Qatar and Turkey witnessed remarkable jump of 85 percent from QR4.88bn ($1.34bn) in 2017 to QR8.74bn ($2.4bn) in 2018, according to data provided by ... Read More »

Middle East tensions could impact markets after strong end to 2019

KUWAIT: Financial markets enjoyed a strong end to 2019 with the US S&P equity index up 3 percent m/m and 10-year treasury yields edging back above 1.9 percent as optimism grew over the outlook for global growth amid mildly encouraging economic data and the agreement of a ‘phase one’ trade deal between the US and China. Some of this optimism ... Read More »

Scattered production and export makes country’s trade weak

Nepal’s trade deficit, which had been consistently rising, had started narrowing down in recent months especially following a rise in export of refined palm oil lately and fall in import of petroleum products. However, the recent decision of the Indian government to ban import of refined palm oil, Nepal’s top export, has raised many eyebrows. Sujan Dhungana of The Himalayan ... Read More »

Port of Salalah joins blockchain-enabled digital shipping platform

Muscat: As part of its digital initiative to enhance customer experience, Port of Salalah recently joined TradeLens, the blockchain-enabled digital shipping platform. TradeLens, which is one of the leading open and neutral supply chain platforms has been developed in a collaboration between Maersk and IBM. The TradeLens ecosystem presently comprises of over 100 diverse organisations including carriers, ports, terminal operators, ... Read More »

Airport authority plans €1.5-billion overhaul for Madrid’s Barajas

The Spanish airport authority Aena is planning to invest around €1.5 billion in remodeling its Adolfo Suárez Madrid-Barajas facility as part of its 2022-2026 Strategic Plan. Recently approved by the Aena board of directors, the operation consists of merging Terminals 1, 2 and 3 and expanding Terminal 4 and its satellite 4S to optimize the overall functionality of the airport ... Read More »

Wages, salaries grow by 3.1% in Sept-Nov

The wages and salaries sum of the whole economy was 3.1 per cent greater in the September to November period than in the corresponding period twelve months earlier, according to Statistics Finland. In November, the wages and salaries sum of the whole economy grew by 2.3 per cent from the year before. One year previously in September to November, the ... Read More »

Greece Appears to Bow to US Pressure, Delays Decision on Chinese 5G Network

Greece has been reluctant to use the Huawei Fifth Generation (5G) telecommunications network, although pilot programs have already taken place in Greek cities. And some analysts now attribute the Greek government’s slow pace in this burgeoning sector to pressure from the United States. The United States has been increasingly concerned in recent years over China’s growing economic power in Greece, ... Read More »

Zhytomyr hotel project aims to transform Ukraine’s regional hospitality industry

December 2019 saw the launch of an ambitious new Ukrainian hospitality sector initiative that aims to shift the focus away from Kyiv and highlight the untapped potential of the country’s regional capitals. The plans for MOI Zhytomyr envisage accommodation for up to 350 guests in a mix of budget and four-star rooms along with long-stay five-star apartments, together with extensive ... Read More »

US-China Trade War Seen as Boosting Vietnam Growth

Vietnam will enjoy the fastest economic growth in Southeast Asia in 2020, according to a new forecast from British multinational investment bank HSBC. Vietnam has been a beneficiary of the China-U.S. trade war, enjoying a boost in services and exports that should drive economic growth to 7% this year, HSBC economist Yun Liu said last week. But she said the ... Read More »

Belgian customs officer suspended for posting ‘hate speech’ on YouTube

A Belgian customs officer was suspended last week after the Federal Public Service Finance department discovered that the individual concerned had a YouTube channel on which he posted anti-Islam, homophobic and conspiratorial videos. The man posted a video back in 2015 in which he called homosexuality an “abomination” and a “perversion,” RTBF explains. In a video posted in 2016, the ... Read More »

Gold price surges amid geopolitical uncertainty

These are golden days for gold, the precious metal whose very name is a synonym for something special and successful. In 2019, its price surged by almost 20% in dollar terms Little surprise then to see gold funds dominating the top performing investment funds of 2019 in the UK, a financial services hotspot. Funds which connected investors with gold mining ... Read More »

New Zealand businessman Grant Biggar owes $3m in New York taxes

A New Zealand man owes US$2 million (NZ$3m) in New York income taxes according to a decision by the New York Tax Appeals Tribunal. In its decision at the end of last year, the tribunal found that New Zealander Grant Biggar had a shortfall of US$2.08m in unpaid income taxes. A long-time resident of New York, Biggar had filed state ... Read More »

Firms in China remain wary despite US trade deal

Washington and Beijing may be ready to sign a preliminary trade agreement, but companies in China are not taking any chances, forging ahead with contingency plans in case the tariff war resumes. As Chinese Vice Premier Liu He travels to Washington to to seal the deal, manufacturers and suppliers told AFP that they fear the agreement could be upended even ... Read More »

Brazil central bank monitoring impact of Iran-US conflict

BRASILIA: Brazil’s central bank chief, Roberto Campos, said that policymakers are monitoring tensions between Iran and the United States to understand how they may affect inflation forecasts, and cited recent sharp swings in commodity prices. He noted oil prices rose in the first day of the conflict, but were again trading below levels seen before the killing in a US ... Read More »

Taiwan and Korea move to expand their tech influence as US-China trade war drags on

With the United States and China still locked in a trade battle, non-Chinese tech companies in Asia are looking to seize on the opportunity and expand their influence in the tech industry. That maneuvering was on display at the Consumer Electronics Show this past week, one of the world’s largest consumer technology trade shows where more than 4,500 companies put ... Read More »

Gold smuggling on the rise as high prices boost appeal in India

NEW DELHI: Illegal inflows have jumped after the Indian government increased import taxes in July and prices surged to record highs in September. Customs officials have arrested people for attempting to smuggle in gold by concealing it in bags, clothes and their rectums. On one flight alone, officials caught 30 passengers trying to smuggle in 7.5 kilograms (16.5 pounds) of ... Read More »

Govt, oil firms cite progress vs fuel smuggling

GOVERNMENT and oil companies have cited progress in curbing smuggling through a fuel marking program as the Department of Finance (DOF) said it has, to date, marked more than a billion liters of fuel. Finance Secretary Carlos G. Dominguez III told reporters last Friday the government has placed special markers in about 1.1 billion liters of fuel. Dominguez added they ... Read More »

Bitcoin in wait-and-see mode as downward trend persists

With bitcoin’s wild price swings subsiding over the past week, investors are now looking ahead to its next potential breakout. Bitcoin’s price has stabilized above its support level of the initial gap created on May 10, potentially marking a bottom for the largest cryptocurrency around $6,500. However, the coin continues to move in the bearish pattern it formed in late ... Read More »

Indonesia, UAE sign business deal worth B690 billion

JAKARTA: Indonesia signed 11 business deals with the United Arab Emirates worth a combined 314.9 trillion rupiah (690 billion baht) covering investment in energy and other sectors, Indonesian President Joko Widodo said via his Twitter account. Widodo witnessed the signing of the deals with Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed over the weekend during an official visit to ... Read More »