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Norway’s $1 trillion fund to cut oil and gas investments

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Norway’s $1 trillion sovereign wealth fund is expected to sell some of its oil and gas holdings. The world’s largest sovereign wealth fund owns $37bn of shares in oil companies such as BP, Shell and France’s Total. Selling the shares means it would not be as reliant on oil prices, it says. But Norway’s finance ministry said oil will still ... Read More »

Indonesia, UAE improve economic ties

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Indonesia and the United Arab Emirates (UAE) inked US$9.7 billion of investment deals during the official visit of Abu Dhabi’s Crown Prince Mohammed bin Zayed al-Nahyan to the country. This is the first state visit of a UAE leader in almost three decades, following that of bin Zayed’s father and then-UAE president Sheikh Zayed bin Sultan al-Nahyan in 1990. The ... Read More »

Danish businesses fear the worst as Johnson takes power in UK

-Arkiv- RB PLUS Flere grønne job kan blomstre i Vestdanmark - - - RB plus. Rasmus Helveg: Det er grøn blok mod sort. Et regeringsskifte vil koste mange grønne arbejdspladser og dansk eksport af energiteknologi. Blå blok er blevet sort som kul, mener klima- og energiminister. Glem alt om rød og blå blok. Ved det kommende folketingsvalg skal vælgerne beslutte, om de vil støtte grøn blok eller sort blok. Sådan lyder det fra klima- og energiminister Rasmus Helveg Petersen (R), som beskylder Venstre, Dansk Folkeparti og Liberal Alliance for at svigte kampen mod klimaændringerne og sætte tusinder af danske arbejdspladser og en voksende grøn milliardeksport på spil. Mens der tampes på valgtrommerne, hævdes det ofte i debatten, at der ikke er væsensforskel på rød og blå blok. Men intet kunne være mere forkert, mener Rasmus Helveg og peger på sit eget område. - Venstre har netop meddelt, at de ikke længere vil forfølge de mål, statsminister Anders Fogh Rasmussen satte i 2008 om at gøre Danmark frit af fossile brændsler, men at de vil gøre det på en anden måde.... (Foto: Henning Bagger/Scanpix 2017)

Interest organizations representing Danish businesses have warned of the increased risk of a no-deal Brexit following Tuesday’s confirmation that Boris Johnson will be the new British prime minister. Johnson will take over from Theresa May on Wednesday after winning 66 percent of the votes of around 160,000 Conservative Party members in the party’s leadership contest, thereby becoming the UK’s new ... Read More »

Deutsche Bank posts worst quarterly loss in four years

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Deutsche Bank has made its biggest quarterly loss in four years as it counts the costs of plans to reduce its global workforce by 18,000. The German lender made a €3.1bn (£2.8bn) net loss in the second quarter, driven by €3.4bn in costs related to job cuts and reorganisation at the bank. Deutsche Bank expects the turnaround strategy to cost ... Read More »

Orange Belgium revenues up 1.9% in Q2, EBITDA grows 18% as cable business turns positive

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Orange Belgium reported second-quarter revenues up 1.9 percent to EUR 319 million, as 9.6 percent growth in retail services offset lower MVNO revenues. EBITDA jumped 18.2 percent year-on-year to EUR 79 million, helped by cost control and improvements in its growing cable business. The company maintained its outlook for the full year, for a small increase in revenue and flat ... Read More »

Small business confidence still down, growth prospects show signs of improvement

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The latest ANZ data on small business sentiment shows confidence is still down but growth prospects are showing early signs of improvement. New Zealand’s largest bank’s composite growth measure – which takes into account small firms’ views on growth indicators including activity, hiring, profit and lagged investment intentions, and is a proxy for GDP growth – improved in all regions ... Read More »

Brazil GDP to get 0.35 percentage point boost from worker fund stimulus

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BRASILIA: New measures unveiled by the Brazilian government on Wednesday allowing employees to access cash from worker guarantee funds will be worth 0.35 percentage points to gross domestic product over the next 12 months, the Economy Ministry said on Wednesday. Freeing up 42 billion reais ($10.6 billion) from the “FGTS” severance fund and more cash from the social contribution fund ... Read More »

Nissan to cut 12,500 jobs globally after Q1 profit drops 98.5%

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Nissan Motor Co said on Thursday it would slash 12,500 jobs globally by 2022 and cut output to rein in costs as it suffers from sluggish sales and rising costs and tries to recover from a scandal surrounding ousted Chairman Carlos Ghosn. Japan’s No. 2 automaker also posted a 98.5% plunge in first-quarter operating profit to 1.6 billion yen ($14.80 ... Read More »

Korea protests Japan’s ‘grave’ plan to drop it from smooth-trade list

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SEOUL: South Korea protested on Wednesday against a Japanese plan to remove it from a list of countries that face minimum trade restrictions, saying it would undermine their decades-old economic and security cooperation and threaten free trade. Japan’s planned revision of a law to take South Korea off its so-called white list comes amid a deepening row over compensation for ... Read More »

Canara Bank Q1 profit surges 17% to Rs 329 crore on lower provisions, asset quality improves

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State-owned Canara Bank has reported 17.08 per cent year-on-year rise in its standalone net profit at Rs 329.07 for the quarter ended June 30, 2019, helped by lower provisions and improvement in asset quality. “The Bengaluru-headquartered public lender had posted a net profit of Rs 281.49 crore in the same quarter last year,” Canara Bank said in a filing to ... Read More »

Philippines’ Jollibee to buy Coffee Bean & Tea Leaf for US$350m

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MANILA: Philippines’ Jollibee Foods Corp said on Wednesday (Jul 24) it is spending US$350 million to buy US brand Coffee Bean & Tea Leaf. In a filing to the Philippine Stock Exchange, Jollibee said it had entered into an agreement through its wholly owned subsidiary Jollibee Worldwide to invest US$100 million in a new Singapore-based holding company to acquire 100 ... Read More »

Economists predict Thai exports could fall 3.1% this year

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Economists are forecasting that Thailand’s exports will drop by up to 3.1% for 2019 after June figures fell when compared to the same period last year. After the Commerce Ministry reported a 2.1% fall in June, the SCB Economic Intelligence Centre projected the country’s exports will drop this year by between 1.6-3.1%. “Although the US-China trade meeting after the G20 ... Read More »

Europe fights the ‘Uberisation’ of cocaine trade

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European authorities are seizing record quantities of cocaine, according to a report by the European Union drugs agency published on Tuesday. The European Monitoring Centre for Drugs and Drug Addiction (EMCDDA) said the availability of drugs in Europe is on the rise, partly fuelled by new distribution methods and the “Uberisation” of the drugs trade. The agency also said the ... Read More »

Dutch man arrested in large German dark web drug bust

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The German authorities arrested a total of 11 suspects, including a Dutch national and two persons from Poland, while shutting down Germany’s largest online drug shop called ‘Chemical Revolution’, the General Prosecutor’s Office in Frankfurt announced. The detainees are suspected drug trafficking and other drug related crimes. This investigation was launched with the arrest of a 26-year-old German in the ... Read More »

Customs Today Issue 23 July to 29 July 2019

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Customs Today Issue 16 July to 22 July 2019

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Customs Today Issue 09 July to 15 July 2019

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Customs Today Issue 02 July to 08 July 2019

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Customs Today Issue 25 June to 01 July 2019

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Amazon workers in Germany strike over pay, Verdi union says

FILE PHOTO: Amazon.com's logo is seen at Amazon Japan's office building in Tokyo, Japan, August 8, 2016. REUTERS/Kim Kyung-Hoon/File Photo

BERLIN: More than 2,000 workers at seven Amazon (AMZN.O) sites across Germany have gone on strike over pay for at least two days, labor union Verdi said on Monday. The walkouts, under the motto ‘No more discount on our incomes”, started overnight and coincide with Amazon’s Prime Day when the U.S. online retail giant offers its ‘Prime’ customers discount deals. ... Read More »