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DRI seizes gold bars worth nearly Rs 8 cr smuggled into India from Myanmar, arrests six

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The Directorate of Revenue Intelligence (DRI) has seized gold bars worth nearly Rs eight crore which was smuggled into India from Myanmar, and arrested six people for allegedly being a part of the smuggling racket, according to an official statement issue. The gold was smuggled into India from Myanmar through the porous Indo-Myanmar border at Moreh in Manipur. Acting on ... Read More »

PHL, Japan working on new labor initiatives

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THE Philippines and Japan are now collaborating on new labor initiatives to further strengthen the ties between the two countries, the Japanese ambassador to the Philippines said. Japanese Ambassador to the Philippines Koji Haneda made the statement as the Philippines and Japan celebrated ties in the “Reiwa era” under newly ascended Emperor Naruhito on Tuesday. Haneda also said deepening people-to-people ... Read More »

DOF: Government tax, revenue effort improved in Q1

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THE tax and revenue effort of the government improved for the first quarter of this year to 14.6 percent and 15.8 percent, respectively, due to the continuous implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law, as well as tax administration initiatives, the Department of Finance (DOF) has reported. An economic bulletin of the DOF said the revenue ... Read More »

Tax authorities refund €1.26 billion in April

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Portugal’s finance ministry paid €1.26 billion regarding 1,187,716 refunds in the first month of the personal income tax (IRS) campaign, authorities said. Between 1 and 30 April, tax authorities refunded a total of 2,582,366 tax declarations, 167,000 more than in the same period 2018. The ministry said that a total of 2,666,9993 personal income tax declarations were validated in April, ... Read More »

Thailand’s richest man, 12 others to build US$6.8 billion high-speed rail

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BANGKOK: Thai conglomerate Charoen Pokphand Group (CP) and 12 other companies were selected to build a US$6.8 billion high-speed train project that will link three major airports in the country, the government said on Monday (May 13). The committee, chaired by Thai Prime Minister Prayuth Chan-ocha, chose a joint investor for the public-private partnership that required the lowest amount of ... Read More »

SA ‘resilient to shocks’ but credit profile likely to erode – Moody’s

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Credit rating agency Moody’s says while SA’s credit profile is “resilient to shocks” that support its investment-grade rating, the country’s credit profile is likely to continue to erode. South Africa faces weak long-term growth despite its favourable government debt structure, it said. Moody’s is the only international credit rating agency that has not downgraded SA to junk, keeping SA at ... Read More »

Taxpayers are funding expensive drug development, report says

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The Dutch government invests tens of millions of euros every year in small biotech companies which are developing the expensive medicines ministers are trying to make cheaper, according to a new report. The government places no conditions on its loans and grants to biotech and pharma start-ups about the eventual prices they will charge for their drugs, the report, by ... Read More »

Dubai passenger tries to smuggle drugs in stomach

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A 23-year-old man was caught at a Dubai airport trying to smuggle 1kg of crystal meth and more than 34 grams of hashish in his stomach, the Court of First Instance has heard. The Afghan man arrived at the Dubai International Airport on February 18 this year and was arrested by the customs inspectors. He has been accused of smuggling ... Read More »

Million-car electric dream spurs smoggy Poland to grasp at Elon Musk

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Maciej Chmielinski weaved his electric compact BMW, quiet as a whisper, through the noisy Warsaw traffic – a rare sight among the growling delivery trucks and gas guzzlers that tainted the spring morning with exhaust fumes. It was the fifth day since Innogy Polska rolled out what it says is Europe’s third-largest electric car-sharing fleet, a programme that Mr Chmielinski ... Read More »

Hungary CPI rises to 3.9 pc

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The rate of consumer price inflation in Hungary accelerated to 3.9 percent in April from 3.7 percent in the previous month, the Central Statistical Office (KSH) said. Core inflation growth, which excludes volatile food and fuel prices, stayed unchanged at a seasonally adjusted 3.8 percent, the more than 6-year peak rate it picked up to in March. Assessing inflation prospects ... Read More »

Ukraine Seizes Cocaine Worth $51 Million In Cargo Ship

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Ukraine’s Security Service (SBU) says it has seized a shipment of South American narcotics worth some $51 million. The SBU said it found more than a quarter of a ton of cocaine hidden in “containers with bananas” during an inspection on a South American cargo ship that docked in the Black Sea port of Odesa. The statement did not identify ... Read More »

Tuesday May 14 — Monday May 20, 2019

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Germany mulls ‘mosque tax’ to cut out foreign funding

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The federal government sees it as “a possible path”, according to an answer to a parliamentary query, the Welt am Sonntag newspaper reported. Several of Germany’s 16 states had also signalled support in principle for the idea which would mirror Germany’s voluntary Christian “church tax”, the newspaper said. Concern has grown in Germany about the influence of foreign funding sources ... Read More »

Denmark exports were ‘worst in eight years’

(ARKIV) DSV central i Hedehusene. Efter et stærkt første kvartal trækker DSV sine forventninger til hele 2019 på grund af opkøbet af Panalpina. Det skriver Ritzau, tirsdag den 30. april 2019.. (Foto: Simon Skipper/Ritzau Scanpix)

The figure comes from stats agency Statistics Denmark, which monitor’s the country’s overseas trade. The March decrease was not enough to overshadow results from January and February, however, with an overall trade increase of 1.4 percent for the first three months of the year. Denmark still maintains a trade surplus, but the disappointing monthly result is the cause for some ... Read More »

Trade Balance Indonesia: Second Consecutive Monthly Surplus in March

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And when we take a closer look at the latest export and import data, then there remains room for concern, specifically about the international environment. Indonesian oil and gas exports fell 18.3 percent year-on-year (y/y) to USD $1.09 billion in March 2019 (from USD $1.34 billion in March 2018), while Indonesia’s non-oil and gas exports fell 9.2 percent (y/y) to ... Read More »

Norwegian Air reschedules aircraft delivery, to cut 2019-20 capex by $2.1 billion

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Norwegian Air has agreed with Airbus and Boeing to reschedule delivery of aircraft to cut capital spending, the loss-making budget carrier said. The Oslo-listed airline has shaken up the long-haul market by offering cut-price transatlantic fares, but its rapid expansion has left it with hefty losses and high debts. In total, the announced restructurings and postponements of Boeing and Airbus ... Read More »

Gucci owner Kering agrees record Italian tax settlement

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French luxury goods group Kering said it had agreed to pay a record 1.25 billion euros ($1.40 billion) to settle a dispute with Italian tax authorities centered on its fashion brand Gucci. The settlement, first reported by Reuters last month, is the highest ever agreed by a company with Italian tax authorities. Kering, which has denied avoiding tax, has a ... Read More »

Việt Nam, China have room to grow trade ties: experts

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Vietnamese and Chinese enterprises are encouraged to tap into the great bilateral trade potential driven by the two countries’ open trade policies, experts said. Việt Nam values and gives priority to strengthening economic and trade co-operation with China, and hopes to receive greater investment from China and the overseas Chinese community, said Nguyễn Nội, deputy director of the Foreign Investment ... Read More »

Greek Unemployment Down 2.1 Percent in February of 2019 Compared to Year Prior

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The Greek Statistical Authority (ELSTAT) issued a report on Thursday which shows that unemployment in Greece fell from 20.6 percent in February of 2018 to 18.5 percent in February of 2019. The unemployment rate also recorded a small decline on a monthly basis, as it was determined to be at a level of 18.6 percent in January of this year. ... Read More »

Economic experts fear tariff war will shrink world trade

FILE - In this Feb. 23, 2015 file photo, container ships wait to be unloaded at the Port of Los Angeles. China has raised tariffs on $60 billion of U.S. imports in an escalation of their trade battle following a deadline for President Donald Trump’s latest increase. (AP Photo/Nick Ut, File)

International economic experts fear that the tariff war between the US, China, and Europe will lead to a decline in world trade. This is the result of the World Economic Survey conducted by the ifo Institute among 1,130 economists worldwide. When asked to name the most significant consequence of the higher tariffs, the predominant answer was “less trade.” This answer ... Read More »