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Russia imports of PET decrease by over half in Jan-Nov 2015


MOSCOW: Imports of polyethylene terephthalate (PET) in primary and secondary forms into the Russian market decreased to 76,600 tonnes in January-November 2015, down 57% compared to the same period last year, according to MRC’s DataScope report. Russia’s imports of PET chips fell by 59% to 71,000 tonnes over the reported period. Imports of recycled PET-flex in the first 11 months ... Read More »

Cement imports into S. Africa from Pakistan drop by 30%


CAPE TOWN: Cement imports into South Africa from Pakistan dropped by 30 percent year on year to September, following the imposition of provisional anti-dumping duties on cement imports originating from Pakistan. Darryll Castle, the chief executive of listed cement and lime producer PPC, said the number of vessels landing in South Africa with imported cement had also declined. “The cement industry ... Read More »

HK Customs, Marine Police seize 1100kg of suspected red sandalwood


HONG KONG: Hong Kong Customs and the Marine Police yesterday conducted a joint operation and cracked down on a suspected case of smuggling by speedboats at the seashore of Lau Fau Shan. A total of about 1100 kilograms of suspected red sandalwood, an endangered species, valued at about $440,000 were seized. Customs officers and the Marine Police yesterday afternoon spotted ... Read More »

Chinese Customs plans more Belt-Road partnerships


BEIJING: Customs officials from China have pledged to streamline procedures for smoother trading among countries on the Belt and Road Initiative. The General Administration of Customs said on Thursday that the efforts would be centered on preventing cross-border smuggling and on using more multi-modal logistics networks. According to Huang Songping, the GAC spokesman, the administration has already teamed up with ... Read More »

China invested $118bn in western regions in 2015


BEIJING: China invested about 768.7 billion yuan ($118.7 billion) in its less-developed western regions in 2015, the country’s top economic planner announced Wednesday. A total of 30 major projects began this year in west China, according to a statement by the National Development and Reform Commission. The projects were mainly infrastructure, such as railways, highways, water projects and energy projects. ... Read More »

Zoomlion buys 57% stake in Italy’s Ladurner


CHANGSHA: Zoomlion, China’s leading construction machinery producer, on Wednesday said it had signed an official agreement to buy a 57 percent stake in Italy’s waste-disposal company Ladurner. Zoomlion said it had teamed-up with Mandarin Capital to pay 67 million euros for a 75 percent stake in Ladurner. Mandarin Capital takes a 18 percent stake. Ladurner now operates more than 30 ... Read More »

Morocco cuts customs duty on imports of soft wheat to 30%

custom duty

RABAT: Morocco is cutting the customs duty on imports of soft wheat to 30 percent from 50 percent to ensure adequate supplies for the domestic market, a government statement said on Wednesday. Morocco harvested a record 11 million tonne grain crop after good rain this year, including 5.2 million tonnes of soft wheat. However, late rains are threatening the next ... Read More »

China to cut coal-fired power price


BEIJING: China will cut the price of electricity generated by coal-fired plants and sold to the country’s power grid to reduce the burden on enterprises and cut emissions. The country will lower the on-grid price by an average of about 0.03 yuan per kilowatt-hour starting from Jan 1, 2016, according to a statement released after a State Council executive meeting ... Read More »

China Airline signs $2bn deal with Airbus


BEIJING: China Southern Airlines Co has signed deals worth about US$2 billion to buy 10 aircraft from Airbus, the carrier said yesterday. China Southern, the country’s largest airline by fleet size, has agreed to purchase 10 Airbus A330-300 airplanes, each with a list price of US$227.36 million, it said in a stock exchange filing. The planes will be delivered between ... Read More »

Alibaba to invest $1.25b in app


BEIJING: E-commerce giant Alibaba Group Holding Ltd is said to have invested $1.25 billion in, becoming the biggest shareholder of the food delivery application. According to a report from on Friday, the two parties have already reached an agreement but the deal is expected to be completed after China’s Spring Festival in February 2016. The investment is expected ... Read More »

Singapore’s manufacturing output falls 5.5% in Nov

China manufacturing

SINGAPORE: Singapore’s manufacturing output declined 5.5 percent in November on a yearly basis, said the country’s Economic Development Board (EDB) on Thursday. Excluding biomedical manufacturing, manufacturing output fell 6.4 percent year-on-year, according to an EDB press release. On a seasonally adjusted month-on-month basis, manufacturing output decreased 3.6 percent in November compared with the previous month. Excluding biomedical manufacturing, the output ... Read More »

US crude oil imports drop 12% from 2014 levels

crude oil

WASHINGTON: Record US oil production has led to a drop in the weekly US crude oil imports. The EIA (U.S. Energy Information Administration) reported that weekly US crude oil imports fell by 986,000 bpd (barrels per day) to 7.3 MMbpd (million barrels per day) for the week ending December 18, 2015. The weekly US crude oil imports fell by 12% ... Read More »

Vietnam’s inflation in 2015 lowest since 2001: GSO

inflation eases

HANOI: Vietnam’s inflation rate in 2015 posted the lowest level since 2001, according to the country’s General Statistics Office (GSO) on Thursday. Accordingly, the average Consumer Price Index (CPI) of Vietnam in 2015 saw an increase of 0.63 percent compared to that in 2014, the GSO said on its website on Thursday. The actual CPI rate in 2015 was kept ... Read More »

Colombian fiscal deficit expected to hit 3.6% in 2016


BOGOTA: Colombia’s fiscal deficit for 2016 would be 3.6 percent of GDP, said Finance Minister Mauricio Cardenas here the other day. He confirmed that the 3 percent fiscal deficit target for 2015 had been met. Cardenas said the performance of the Colombian economy has been outstanding, considering the difficult international situation, in particular the sharp drop in oil prices and ... Read More »

Morocco cuts Customs duty on imports of soft wheat to 30%

cut rates

RABAT: Morocco is cutting the customs duty on imports of soft wheat to 30 percent from 50 percent to ensure adequate supplies for the domestic market, a government statement said . Morocco harvested a record 11 million tonne grain crop after good rain this year, including 5.2 million tonnes of soft wheat. However, late rains are threatening the next season ... Read More »

Iraq plans to reduce imports of cooking oil from Turkey

cooking oil

BAGHDAD: Iraq plans to reduce government imports of cooking oil from Turkey due to political tensions between the two countries, according to a trade ministry official and the newspaper al-Bayina al-Jadida. A trade ministry spokesman said the administration will gradually cut imports of Turkish cooking oil that it supplies for free to the population under a food rationing programme. “The ... Read More »

Shanghai Customs seizes 80,000 pieces of smuggled mink fur


SHANGHAI: Customs staff in Shanghai have seized more than 80,000 pieces of smuggled mink fur and detained 13 suspects. The fur was packed in 671 boxes of fiber, customs said on Thursday. The suspects confessed that they had illegally transport more than 30 tonnes of fur hidden in other products from July to October this year. The fur market is ... Read More »

Czech Republic Customs seizes over 30kg marihuana


PRAGUE: Customs officers uncovered over 30 kilograms of marihuana at the Prague 4 customs office last Wednesday, customs authority spokeswoman Ivana Kurkova told journalists yesterday. A man, 60, had the drug in aluminum sachets, ready for immediate distribution, Kurkova said. The customs officers singled out a Mercedes-Benz car for a random cheque. “Right at the beginning, the driver said he ... Read More »

Nigeria Customs nabs 23 culprits, confiscates 1,300 cartons of frozen poultry products


ABUJA: The Federal Operations Unit (FOU), Zone ‘C’, of Nigeria Customs Service, Owerri, has arrested 23 suspects in connection with smuggling activities and also are persecuting 22 cases pending in different courts within the Zone ‘C’ axis. The zone has also intercepted a Mercedes truck loaded with 1,300 cartons of imported frozen poultry products, concealed with Polymers Vinyl Chloride (PVC) ... Read More »

Bangladesh Customs seizes 131 gold bars at airport

gold seizes

DHAKA: Customs officials at Bangladesh’s main airport in capital Dhaka on Wednesday seized 131 gold bars weighing 20.5 kg. Shahiduzzaman Sarkar, assistant commissioner of the Customs Intelligence Department, told journalists that “We’ve seized six gold bars weighing about six kilograms from two persons who landed here by Flight MH 112 from Malaysia.” “During the search, they were found carrying the ... Read More »