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Tourism to continue to outpace exports, GDP despite ‘risks’ – Bank


The analysis of recent developments in the tourism sector in Portugal is the highlight of the institution’s December economic bulletin, and in which it downgrades its projections for growth in gross domestic product. It now sees GDP swelling 2.1 percent this year and 1.8 percent next year, against government forecasts of 2.3 percent this year and 2.2 percent next– before ... Read More »

Greek police arrest dozens in gold smuggling network


ATHENS, Greece: Police in Greece say they have arrested 63 people accused of running a major gold smuggling operation, using a network of pawn shops that rapidly expanded during the country’s severe financial crisis. The arrests were announced and police seized cash, gold bars, jewels and other valuable items worth an estimated 2 million euros ($2.3 million). The suspects allegedly ... Read More »

Oman Air eyes more seats from India, bets on leisure, medical tourism


Oman Air is hopeful for an increase in traffic rights to India which would drive more leisure tourists to the West Asian country and help feed its flights to Europe and Africa. At present, Oman Air operates 161 flights per week to eleven Indian cities, utilising the 27,000 seats allocated to airlines from each country. Oman is seeking an increase ... Read More »

Two Ukrainians imprisoned in Greece for 180 years for smuggling of migrants


A court in Greece has sentenced Serhiy Shvayuk, a musician of the Ivano-Frankivsk band Perkalaba, and his friend Petro Lytvynchuk to 180 years in prison for smuggling of migrants. The trial took place both were found guilty, the Ukrainian news outlet Slidstvo.Info said. Interpreter of the prosecutor’s office in the city of Piraeus Lidia Kostiv said that the Ukrainians were ... Read More »

Tuesday Jan 01 — Monday Jan 07, 2019

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Italy’s Populists Pass Budget After Weeks of Market Turmoil


Italy’s populist government won final parliamentary approval for its 2019 budget, barely meeting a year-end deadline after limiting discussion of the spending plans in the wake of a weeks-long clash with the European Union. Lawmakers in the lower house voted 313 in favor and 70 against the budget, which had already been approved by the Senate. The approval came on ... Read More »

Six charged with smuggling 400 kilos of gold


Six men must appear before the Oslo District Court, accused of smuggling a total of 397 kilograms of gold into Norway. The gold is valued at approximately NOK 143 million. The accusation states that two of the six defendants together have imported or facilitated the import of 397 kilograms of gold into Norway. They did not report the gold to ... Read More »

Indonesian fishermen plead guilty to smuggling shark fins


HONOLULU: US prosecutors in Hawaii are accusing the owners and officers of a Japanese fishing boat of helping Indonesian fishermen smuggle nearly 1,000 shark fins, worth about $58,000 on the black market. It’s against US law to remove the fins of sharks at sea. Prosecutors say the fishermen harvested fins from sharks that were still alive, and then discarded their ... Read More »

Danske Bank ends miserable year with profit warning


COPENHAGEN: Danske Bank, at the center of an international investigation into alleged money laundering, cut its 2018 outlook on for the second time this year, citing challenging market conditions on financial markets. Denmark’s biggest lender said it expects net profit for the year of around 15 billion Danish crowns ($2.3 billion), down from the 16-17 billion it had previously guided. ... Read More »

Germany gives nod to $8 billion tunnel link to Denmark


COPENHAGEN: German authorities on gave their approval to an $8 billion rail and road tunnel linking Denmark and Germany, despite environmental objections. The 19 km (11.8 mile) Fehmarnbelt link, connecting the Danish island of Lolland to the island of Fehmarn on the German side, was due to be completed in 2024, but has been delayed by environmental protests in Germany. ... Read More »

Belgian king asks prime minister to stay on until May elections


The king of Belgium has accepted the resignation of Charles Michel as prime minister but asked him to stay on at the head of a caretaker government until elections are held in May. Michel, a Francophone liberal, had led a four-party coalition government that fell earlier this month when the largest party, the New Flemish Alliance (N-VA), quit over objections ... Read More »

Seized: 1.5 million smuggled cigarettes, $2 million cash


About 1.5 million smuggled cigarettes and more than $2 million cash have been seized in what Customs says is New Zealand’s largest-scale alleged tobacco fraud. Five garbage bags full of cash were discovered by investigators, alongside 1.5 million cigarettes, when search warrants were executed at multiple Auckland addresses last week. “This investigation has uncovered the largest-scale tobacco fraud to date, ... Read More »

Brazil arrests Israeli head of global drug smuggling network


An Israeli drug dealer who leads a smuggling network was captured in Brazil after trying to escape extradition. Dany Treyger, 32, was initially arrested last week in Santa Cruz de la Sierra, in Bolivia, and taken to Paraguay’s capital city Asuncion. He was expelled from Paraguay and handed over to Israeli authorities, who were to escort him to the Jewish ... Read More »

Japanese boat owners charged in Hawaii with helping smuggle nearly 1,000 shark fins

This Nov. 28, 2018 photo provided by the United States Attorney's Office and introduced as evidence in court in Honolulu shows some of the hundreds of shark fins seized from a Japanese fishing boat. U.S. prosecutors in Hawaii accuse the owner and officers of the Japanese fishing boat of helping Indonesian fishermen smuggle nearly 1,000 shark fins. Hamada Suisan Co. Ltd., the Japanese business that owned the vessel, and JF Zengyoren, a Japanese fishing cooperative, were charged on Dec. 11, 2018, with aiding and abetting the trafficking and smuggling of shark fins. (U.S. Attorney's Office via AP)

HONOLULU: Prosecutors in Hawaii are accusing the owners and officers of a Japanese fishing boat of helping Indonesian fishermen smuggle nearly 1,000 shark fins, worth about $58,000 on the black market. It’s against U.S. law to remove the fins of sharks at sea. Prosecutors say the fishermen harvested fins from sharks that were still alive, then discarded their carcasses into ... Read More »

Smuggling charges cap chaotic year for family behind Korea’s flagship airline


The matriarch behind Korea’s largest airline and her two daughters are facing arrest on smuggling charges, capping a tumultuous year for Korean Air and raising new questions over the airline’s future. The Korea Customs Service has requested that prosecutors indict Lee Myung-hee, the wife of Cho Yang-ho, the chairman of the Hanjin Group, which controls the airline, for allegedly smuggling ... Read More »

Rajasthan: Man nabbed, beaten up in Alwar on suspicion of cow smuggling


A man was allegedly nabbed and beaten up by villagers in the jungles of Bagheri Khurd in Rajasthan’s Alwar district on the suspicion of smuggling cows. The victim, identified as Sagir Khan, was taking six cows in a pick-up van through a village in Alwar when he was nabbed and roughed up. The police soon reached the location and took ... Read More »

Drive vs. smuggling, tax evasion shifts to high gear in 2018


MANILA: The government continued to intensify its campaign against smuggling and tax evasion through the combined efforts of the Bureaus of Customs (BOC) and of Internal Revenue (BIR) in 2018. On the watch of Finance Secretary Carlos Dominguez III, the BIR spearheaded several raids on warehouses storing counterfeit cigarette brands, while the BOC intercepted undocumented shipments of rice, steel products, ... Read More »

Vietnam court orders Grab to compensate money-losing rival


HANOI: A court in Vietnam has ordered the ride-hailing app Grab to pay a taxi company more than US$200,000 for losses incurred due to competition — a judgement Grab called “a giant step backwards” for the country’s tech community. The Singapore-based company, which launched its service in Vietnam in 2013, has been embroiled in a lawsuit with Vinasun, a major ... Read More »

Gold prices fell B50 to B19,700


Gold prices dropped 50 baht to 19,700.00 baht per baht-weight in Bangkok on Monday. The Gold Traders Association announced the buying price at 19,600.00 baht and the selling price at 19,700.00 baht per baht-weight for bullion. For ornaments, the buying and selling prices were 19,253.20 baht and 20,200.00 baht per baht-weight respectively. On Saturday the buying and selling prices closed ... Read More »

Here’s how South African businesses can prepare for 2019


The sobering news delivered by our new finance minister in the mid-term budget should give business and property owners pause for thought as they face a bumpy last quarter and prepare for an uncertain 2019. Gary Palmer, CEO of Paragon Lending Solutions, looks at seven ways business owners can maintain financial fitness and remain attractive to financiers, despite the gloomy ... Read More »