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Police in Spain seize 2.7 tonnes of hashish

This undated handout photo released on September 14, 2016 by Guardia Civil shows bales of hashish at the Cartagena seaport seized by Spanish Civil Guard off the Spanish Murcia region coast.
The Spanish Civil Guard said on September 14, 2016 they seized this weekend 14.5 tons of hashish and arrested two people, one Bulgarian and one Dutchman, aboard a sailboat sailing off the southeast Spanish coast of Murcia region. / AFP PHOTO / Guardia Civil / HO / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / GUARDIA CIVIL " - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS

A three-year joint operation by Spanish and Italian police has resulted in the seizure of 2.7 tonnes of hashish in the Spanish region of Andalusia. Forty-four people have been arrested and more than 70,000 euros weres seized, along with illegal firearms. Those arrested were mostly suspected members of the Italian ‘Ndrangheta group and the Spanish “Los Castanas Clan”. They face ... Read More »

Omani jailed for exploiting 4,000 expat workers

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A business owner has been fined nearly OMR 140,000 and sentenced to three years in prison for violating Omani labour laws. The Ministry of Manpower said that the suspect let his employee work for others illegally. “The Court of First Instance in Salalah issued a judgement sentencing a citizen to three years in prison and a fine of OMR 139,000 ... Read More »

12 Indians arrested for running networking business in Nepal

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KATHMANDU: Police have arrested 12 Indian nationals on suspicion of running illegal networking business. Police arrested them from Hotel Yak and Yeti, Durbarmarg while they were holding a meeting. A team of Nepal Rastra Bank, Revenue Investigation Department and Central Investigation Bureau arrested them. They have been kept in custody and further investigation was underway, police said. Read More »

Kuwait revives debate of 5% expat tax on remittances

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Talks to introduce a 5 percent tax on expat remittances have been revived, according to several media reports. A member of parliament (MP) has started collecting signatures in a bid to table a motion on the issue before the National Assembly, according to a report by the Kuwait Times. The proposal is aiming to implement the 5 percent tax on ... Read More »

S&P affirms Qatar’s ratings with stable outlook

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Noted rating agency S&P Global has affirmed Qatar’s sovereign ratings with a stable outlook, and said that government’s assets will likely remain a core rating strength of the economy. The rating agency, in its report released yesterday, projected that Qatar’s GDP is expected to grow by 2.8 percent and the current account surplus will be averaging 4.5 percent of GDP ... Read More »

Iraq’s Energy Sector: Roadmap to a Brighter Future

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Iraq, one of the world’s biggest energy producers, can address its current electricity shortfall and growing power needs through immediate action to relieve pressure on the system, according to an in-depth report by the International Energy Agency. It also provides a medium-term strategy that makes the best use of the country’s abundant oil and natural gas resources and solar potential. ... Read More »

2019 Taipei 5G Summit opens May 30

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TAIPEI: The 2019 Taipei 5G Summit will take place at the Taipei International Convention Center (TICC) May 30, bringing together experts from around the world to share their insights on the development of 5G technologies, and providing a platform for businesses to network. In cooperation with COMPUTEX 2019, the theme of the summit is “Readiness for 5G – Technology, Service ... Read More »

Belgium exports sand to the Middle East

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Everyone knows that little Belgians are the champion of sandcastles, but few people know that in its quarry in Mettet, near Charleroi, Sibelco exploits “the Rolls-Royce of track sand for horseracing tracks around the world, including those in Qatar and Dubai”. Although the Middle East is not exactly lacking in sand, the quality cannot compare with that of the sand ... Read More »

Tobacco, alcohol and gambling tax costing Māori over $1b a year

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Tax taken from tobacco, alcohol and gambling consumption cost Māori over $1b in 2018, a report has found. While consumption of alcohol and gambling was in line with the general population, Māori paid a disproportionate amount in tobacco tax, which researchers want to see in the hands of iwi. The New Zealand Institute of Economic Research report, commissioned by Dr ... Read More »

Korean, Jordanian businessmen discuss cooperation

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AMMAN: A trade delegation from the Republic of Korea held business meetings with representatives of Jordanian companies during a visit to the Kingdom last week, according to a statement of the Korea Trade-Investment Promotion Agency (KOTRA). Under the theme of “Jordan-Korea Business Partnership”, the two sides discussed business and investment opportunities and ways to develop and enhance cooperation. The meetings ... Read More »

Brazil to cut import tariffs by 10 percentage points: economy minister

FILE PHOTO: Brazil's Economy Minister Paulo Guedes attends a session of the commission of the pension reform bill at the National Congress in Brasilia, Brazil May 8, 2019. REUTERS/Adriano Machado

RIO DE JANEIIRO: Brazil plans to reduce import tariffs by 10 percentage points during the new government’s four-year term, Economy Minister Paulo Guedes said, a move away from the direction currently being taken by countries such as the United States. Guedes announced the average tariff reduction at an event in Rio de Janeiro, saying there will be a cut of ... Read More »

Toshiba net profit up 26% in fiscal 2018 after selling chip unit

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Toshiba Corp. said Monday its group net profit in the year ended March rose 26 percent to a record ¥1.01 trillion after selling its prized chip unit in June. The technology conglomerate’s bottom line was boosted by the ¥2 trillion ($18 billion) sale of Toshiba Memory Corp. to an international consortium including US private equity firm Bain Capital LP, Apple ... Read More »

Korea orders arrest of two Samsung Electronics officials over affiliate’s accounting scandal

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A Korean court said it had approved warrants to arrest two senior officials at Samsung Electronics in relation to an alleged accounting fraud at the tech giant’s biopharma affiliate. The Seoul Central District Court said in a statement it had granted warrants to arrest the officials suspected of destroying evidence in the case. Prosecutors accused the two Samsung Electronics officials ... Read More »

Gold worth Rs 38.4 lakh seized from passengers at Chennai airport

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CHENNAI: Customs officials at Chennai airport detected one case of gold smuggling on Friday morning and four cases in the intervening night of Wednesday and Thursday. They seized a total of 1.17 kg of gold, worth Rs 38.4 lakh. the officials searched Mohammed Rafi, 23, of Chennai who arrived here from Kuala Lumpur in an AirAsia flight. They found three ... Read More »

Agency uses technology for tax cheats

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The Revenue Department is warning corporate taxpayers that it has already adopted data analytics and a risk-based auditing system that can better track the accuracy of tax payments. The tax-collecting agency is using high-tech software to evaluate the financial position of operators relative to their industry peers, using data analytics and a risk-based auditing system to create a balanced scorecard ... Read More »

Thailand slashes 2019 exports estimates as trade war escalates

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Thai exporters are expected to pay a heavy price as the ramping up of the US-China trade war continues. The US has now launched a new round of tariffs on Chinese imports. Last Friday US President Donald Trump tweeted: “Talks with China continue in a very congenial manner, there is absolutely no need to rush, as Tariffs are NOW being ... Read More »

Bitcoin climbs above $7 000 as cryptocurrency rally extends

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Bitcoin climbed to the highest since September, briefly surpassing $7 000, as a rally in cryptocurrencies gathered pace in trading over the weekend. Bitcoin advanced 11% from Friday to $6 957.73 as of 09:01 Tokyo time, having earlier hit $7 585, according to Bitstamp pricing. The largest cryptocurrency is on a tear after trading closer to $5 000 at the ... Read More »

Dutch court won’t send back British drugs trafficker, citing prison conditions

Corridor prison. Picture was taken in a dark key, to emphasize the bleakness of the environment

Dutch judges have refused to extradite a British drugs smuggler to the UK because of their concerns about the state of a British jail. The man, who had been living in Spain, was the subject of a European arrest warrant issued in Liverpool in 2017 on charges of trafficking heroin and cocaine, and was picked up in the Netherlands. The ... Read More »

BlackRock pulls out of rescue bid for Italian bank Carige

Das Logo am Eingang der Tessiner Privatbank BSI in Lugano am Montag, 14. Juli 2014. Die Privatbank BSI mit Sitz in Lugano erhaelt einen neuen Besitzer: Sie wird vom italienischen Versicherungskonzern Generali an die brasilianische Finanzgruppe BTG Pactual verkauft. Der Preis betraegt 1,5 Mrd. Franken. BTG Pactual zahle 1,2 Mrd. Fr. in bar und 300 Mio. Fr. in BTG-Anteilen, teilte Generali am Montag mit. Der Verkauf der Banca della Svizzera Italiana (BSI) sei ein wichtiger Schritt zur Staerkung der Kapitalbasis. BSI verwaltet rund 90 Mrd. Fr. (rund 100 Mrd. Dollar) an Kundenvermoegen und beschaeftigt etwa 2000 Mitarbeitende in mehr als 10 Laendern. Bei BTG Pactual wird BSI zur weltweiten Vermoegensplattform. Die Brasilianer wollen nach eigenen Angaben an der Marke BSI festhalten. (KEYSTONE/TI-PRESS/Gabriele Putzu)

MILAN: US asset manager BlackRock has pulled out of a proposed rescue of Italian bank Carige, raising the prospect that Rome could be drawn into a costly state bailout. A BlackRock spokesperson confirmed a report first carried by La Repubblica newspaper but gave no details. BlackRock was to have bought around half of a 720 million euro ($806 million) share ... Read More »

Vietnam Braces for Hard Landing Amid World Trade Tensions

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HO CHI MINH CITY — If a rising tide lifts all boats, then Vietnam may find that there is a related saying in economics: when the tide goes out, you will see who was swimming naked. The Southeast Asian country has fared fairly well amid the trade frictions around the world, with its foreign investment and gross domestic product continuing ... Read More »