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Asian imports of Iran oil drop 16.2% on India, Korea cuts

Malaysia likely to resume oil imports from Iran

LONDON: Asian imports of Iranian oil in November fell by the most in nine months with India and South Korea cutting their imports as buyers mainly hold off on raising their purchases after July’s landmark agreement on Tehran’s disputed nuclear programme. Imports by Iran’s four biggest buyers – China, India, Japan, and South Korea – came to 894,685 barrels per ... Read More »

Pakistan manufactures record 16 JF-17 jets in current year

JF-17 Thunder

KAMRA: The Pakistan Aeronautical Complex (PAC) manufactured record 16 JF-17 Thunder fighter jets during the ongoing calendar year, achieving another milestone in the country’s aviation history. A ceremony to highlight the hallmark achievement of the PAC was organised with the formal induction of newly-manufactured 16th JF-17 Thunder in the fleet of Pakistan Air Force (PAF). Minister for Defence Production Rana ... Read More »

300 Punjab textile mills to get 60MMCFD LNG at $9 per MMBTU

iran natural gas

LAHORE: The Sui Northern Gas Pipelines Company Ltd (SNGPL) has announced to supply 60 MMCFD LNG to 300 textile mills in the province at the cost of $9 per MMBTU. Sources said that negotiations are underway over price issue as the industry is demanding LNG supply at the rate of $8 per MMBTU while government was pressing the millers to ... Read More »

Ukraine plans to control imports of Russian goods in 2016

ukraine flag

KIEV: Ukraine plans to impose a number of measures to restrict imports of Russian goods in 2016, Deputy Economic Development and Trade Minister of Ukraine Natalya Mikolskaya said on Monday. She said that Ukrainian producers are actively working to find new export markets to replace the Russian one, hoping to revitalize trade with Asian and African countries. “Over the past ... Read More »

US steel imports fall by 23% in Nov 2015


WASHINGTON: As the U.S. Department of Commerce starts slapping tariffs on steel dumpers, imports are finally starting to fall. Preliminary steel imports plunged by 23 percent in November, according to the American Iron and Steel Institute. The United States imported 2.3 million net tons in November, which is down 22.7 percent as compared to October. Finished steel imports fell 15.6 ... Read More »

Indian cotton sets to plunge 89% in 2015/16


MUMBAI: The Indian government´s purchases of cotton are set to plunge 89 percent in the 2015/16 marketing year as local prices have jumped after crop failures forced neighbouring Pakistan to raise imports from the world´s biggest producer of the fibre. The increase in shipments to Pakistan, Bangladesh and Vietnam will help India trim spending on cotton buys by nearly 140 ... Read More »

Port of Oakland imports rebound from start to 2015


OAKLAND: Buoyed by a steady flow of import traffic, the Port of Oakland has rebounded from a disastrous start to 2015 tied to a devastating labor slowdown and looks to grow further as it accepts larger tankers full of imports. “Oakland has done extremely well after the labor shutdown. Oakland has remained focused,” said John Martin, principal executive with Pennsylvania-based ... Read More »

Textile, clothing exports on declining trend

export import

LAHORE: The All Pakistan Textile Mills Association group leader and former chairman Gohar Ejaz has said the textile and clothing exports are on declining trend since last three years. “The textile exports were around $9 billion when my group took over APTMA in 2009 and we raised it to around $14 billion,” he said and expressed his disappointment over reversal ... Read More »

Govt asked for attracting FDI in export-oriented sectors

ICCI president Shiekh Atif

ISLAMABAD: Islamabad Chamber of Commerce and Industry President Atif Ikram Sheikh has called upon the government to reconsider and reorient its investment policies with particular focus for attracting foreign direct investment (FDI) in export-oriented sectors that will help in enhancing value-added exports. He said the foreign direct investment in Pakistan has mostly been encouraged in power, telecom, chemicals, cement, auto ... Read More »

Excise seizes documents of 180 tax defaulter vehicles

Jamaica customs not to lower fines for vehicles imported without permits

LAHORE: The Excise and Taxation Department seized documents of 180 vehicles in one week. As per details, the excise has started crackdown against tax defaulters in order to recover outstanding dues or taxes from them. Officials said that different teams following the strict instructions of Director General Akram Ashraf Gondal have started to establish pickets in different areas of the ... Read More »

2 Mexican men accused of smuggling illegal aliens through Greene Co.


BIRMINGHAM: Two Mexican men were indicted by a federal grand jury in Birmingham for knowingly transporting illegal aliens through Greene County, according to U.S. Attorney Joyce White Vance. Roldan Palacious-Rincon, 31, and Martin Rodridguez-Guadarrama, 33, are accused of transporting five people who they knew were in the U.S. illegally through Greene County on Nov 9. The six-count indictment claims they ... Read More »

Malaysia sentences Nigerian over drugs smuggling case


KUALA LUMPUR: The Malaysian high court has sentenced a Nigerian citizen to death for drugs trafficking. Ekene Collins Isaac, 37, was found guilty of smuggling 915.6g of methamphetamine, commonly known as ecstasy or MDMA, into Malaysia three years ago. High court judge Datuk Wan Afrah Wan Ibrahim said the prosecution had proven Isaac’s guilt beyond doubt as she passed down ... Read More »

Greece authorities arrest British cocaine kingpin for smuggling

Greece authorities arrest British cocaine kingpin for smuggling

ATHENS: Simon Dutton, 39, was reportedly arrested in Thessaloniki on a European arrest warrant for drug trafficking and participation in multimember criminal organisation An alleged cocaine kingpin from Britain has been arrested in Greece, it has been reported. Simon Dutton, 39, was reportedly arrested in Thessaloniki on a European arrest warrant for for drug trafficking and participation in a multimember ... Read More »

Singapore police seize 250kg of contraband chewing tobacco over Christmas weekend

Singapore seize contraband chewing tobacco

SINGAPORE: Two attempts to smuggle duty unpaid chewing tobacco via the Tuas Checkpoint over the long Christmas weekend were foiled by authorities. In a news release on Sunday (Dec 27) evening, the Immigration & Checkpoints Authority (ICA) said a total of 28,769 sachets weighing more than 250kg were seized. The first attempt on Christmas Eve at about 10am involved a ... Read More »

Philippines Customs may not meet 2015 revenue target

Philippines Customs

MANILA: The Bureau of Customs (BOC), the second largest revenue earner of the government, is unlikely to reach its full year revenue this year, as it has only collected P353.07 billion ($7.487) as of December 17. The agency is aiming for P436.6 billion ($9.258 billion) in revenues for 2015. In addition, an initial collection report showed that the agency’s actual ... Read More »

Dubai Customs reports 3.1% growth in transactions in 9 months


DUBAI: Dubai Customs has registered a 3.1 per cent year-on-year growth in transactions in the first three quarters of this year, it said in a statement issued on Saturday (December 26). The customs authority processed nearly 6.6 million transactions from January 1 to September 30, compared with 6.4m in the same period of 2014. The transactions comprise 19 main services ... Read More »

Serbia likely to increase trade with Russia in 2016

Serbia Russia

MOSCOW: Belgrade would like to increase the trade with Moscow by many times, Serbian Prime Minister Aleksandar Vucic told Sputnik Serbia. He added that there were many problems for both Serbian and Russian economies, but the economic situation should improve in 2016. Belgrade and Moscow actively cooperate in particular, within the framework of the Intergovernmental Russian-Serbian Committee on Trade, Economic, ... Read More »

Indonesia exports improve as US economy rises


JAKARTA: Indonesia’s export and import performances in 2016 is expected to improve as the United States and Europe have managed to boost its economy. “For 2016, we will still focus on stabilization. In 2015, our imports dropped by 15 to 20 percent, and exports decline by 14 to 17 percent. So, the decreasing trend might continue next year, but not ... Read More »

Hong Kong exports down 3.5% in Nov.


HONG KONG: The values of Hong Kong’s total exports of goods fell 3.5 percent year-on-year to 315.3 billion HK dollars (about 40.5 billion U.S. dollars) in November, 2015, the Census and Statistics Department said. Within this total, the value of re-exports decreased 3.2 percent to 311.6 billion HK dollars last month, while the value of domestic exports lost 21.6 percent ... Read More »

Vietnam seafood exports down $1bn


HANOI: The Vietnam Association of Seafood Exporters and Producers (Vasep) said shrimp export turnover is expected to reach only $3 billion in 2015, down $1bn over last year. Meanwhile, farmers in major shrimp production areas in the Mekong Delta have fallen into heavy losses because of diseases and price drop, reports Saigon GP. Latest statistics by the Department of Agriculture ... Read More »