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International Customs

Pakistan’s first in-depth newspaper that presents balanced news reports, analysis and reviews regarding Customs, Federal Board of Revenue (FBR) and Sales/Income Tax Departments beside covering import and export sectors comprehensively. Up-to-the-minute news bulletins regarding Customs and FBR departments are also displayed regularly on both website and face book for the interest of common people

Activists urge U.S. customs to ban palm oil imports from Malaysia’s FGV

Oil pumps in operation at an oilfield near central Los Angeles on February 02, 2011.  World oil prices recently rallied close to $100 per barrel, as traders absorbed impressive fourth-quarter US economic growth and fretted over worsening political turmoil in Egypt. Most other commodity markets also won support this week from news that the US economic recovery picked up speed in the last three months of 2010, stoking hopes of strengthening demand for raw materials. The US economy grew at its fastest clip in five years in 2010, the Commerce Department reported, as the country bounced back from recession and fears of a double-dip recession ebbed.                                        AFP PHOTO/Mark RALSTON (Photo credit should read MARK RALSTON/AFP/Getty Images)

KUALA LUMPUR : A group of non-governmental organizations is calling on U.S. authorities to ban imports of palm oil from Malaysia’s FGV Holdings and investigate the company, citing concerns of forced labor and human trafficking on its plantations. U.S.-based NGOs International Labor Rights Forum (ILRF), Rainforest Action Network (RAN) and SumOfUs said they had filed a complaint with the U.S. ... Read More »

Singapore shares down 1.5% on Thursday afternoon, after near 2% dive at open


SINGAPORE – Singapore shares skidded on Thursday along with markets in Asia after an inversion of the US yield curve during Wednesday’s (Aug 14) session on Wall Street stoked recession fears, already heightened by dismal economic data from China, Germany and the eurozone. Singapore’s Straits Times Index (STI) was trading at 3,100.36, down 47.24 points or 1.5 per cent, as ... Read More »

‘No deal Brexit’ customs plan for Manston airport site


No deal Brexit preparations will include customs administration being carried out at the Manston airport site. The government’s HMRC department says it is the only site of its size available in Kent and “its owners are content to have it on standby for use if there is any serious travel disruption.” The site already has a special development order designating ... Read More »

Turkish exporters to capitalize on trade war, increase sales to US, China


The U.S.-China trade war will increase Turkey’s exports to both countries. While Turkey has launched negotiations in four branches to export readymade clothing and textiles to the U.S. and fresh fruit, vegetables and cereals to China, more shares are expected from the two giant markets. China’s restriction on imports of agricultural products from the U.S. and the latter’s continuous trade ... Read More »

South Korea imports more U.S. oil in July as Iran shipments on hold

A two-mile Canadian Pacific train loaded with oil tank cars idles on a track in Enderlin, North Dakota, November 14, 2014.  REUTERS/Ernest Scheyder

SEOUL : South Korea’s oil imports from the United States and the United Arab Emirates jumped in July, with Iranian shipments remaining at zero for a third month due to U.S. sanctions, customs data showed on Thursday. South Korea, typically one of Tehran’s major Asian oil customers, halted importing Iranian crude from May after the U.S. government announced an end ... Read More »

Teejay extends partnership with University of Moratuwa


Teejay Lanka PLC, one of the largest knit fabric providers in South Asia, has announced an extension of its support to the University of Moratuwa for another two years, further strengthening a long standing and mutually beneficial partnership. A memorandum of understanding first signed in 2014 provided the now tight-knit organisations with a framework for a long-term collaborative relationship that ... Read More »

Saudi Arabia to Regain India’s Top Oil Supplier Spot After Reliance Deal

Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/Files

New Delhi: Saudi Arabian Oil Co (Aramco) buying a 20 percent stake in Reliance Industries’ oil-to-chemical business will help it regain the position of being the biggest supplier of oil to the world’s fastest-growing oil market. Saudi Arabia, which traditionally has been India’s top oil source, lost the slot to Iraq during the last two financial years. This will change ... Read More »

China curbs gold imports as trade war heats up


China has severely restricted imports of gold since May, bullion industry sources with direct knowledge of the matter told Reuters. The move could be aimed at curbing outflows of dollars and bolstering China’s yuan currency as economic growth slows. The world’s second-largest economy has cut shipments by some 300 to 500 tonnes compared with last year. That amount is worth ... Read More »

Supply Nation and Business Council of Australia raise the bar for Indigenous businesses


The Business Council of Australia has cemented its commitment to Aboriginal and Torres Strait Islander businesses by pledging $3 billion to boost economic opportunities and participation. The ‘Raising the Bar’ initiative will be designed to grow Indigenous businesses and will be delivered in partnership with Supply Nation. Business Council CEO Jennifer Westacott said the Council wants to “build diverse Indigenous ... Read More »

Paschal Donohoe says Irish economy is ‘well-capable’ of withstanding a no-deal Brexit


MINISTER FOR FINANCE Paschal Donohoe has said that Ireland’s economy is “well-capable” of withstanding a no-deal Brexit. He said that although the possibility of a no-deal Brexit was “clearly growing”, the Irish economy was prepared. “We have an economy well capable of responding to a no-deal Brexit, approaching the challenge with more people working in Ireland than ever before… This ... Read More »

China Power’s Hong Kong business on track for return to China


The High Court of Hong Kong has rubber stamped plans for solar project development company China Power Clean Energy Development Co Ltd to de-list from the island exchange and be subsumed by its Chinese state-owned parent. The move is expected to go ahead as planned on Monday with the Hong Kong shares to be removed from the exchange on Tuesday. ... Read More »

Russia Warns China It Could Ban Timber Exports Over Illegal Logging


Russia could ban timber exports to China unless Beijing takes action to help mitigate the effects of illegal logging, a Russian government minister said in an interview published Thursday. Russian authorities this month attributed some of the vast wildfires that have engulfed portions of Siberia in recent weeks to arsonists trying to conceal illegal logging activity. Dmitry Kobylkin, Russia’s minister ... Read More »

Wealthsimple targets Canada’s richest with Grayhawk partnership


Wealthsimple Inc., the robo advisor favoured by millennials, is expanding in the opposite end of the Canadian wealth spectrum — services for high-net worth families. The investment firm’s Wealthsimple to Advisors unit will provide technology, dealer and advisory services to Grayhawk Investment Strategies Inc., a Calgary-based firm that manages about $800 million for 30 of Canada’s richest families. Wealthsimple will ... Read More »

United Cannabis Corporation Establishes Distribution Relationship with Cloud 9 Switzerland


DENVER,: United Cannabis Corporation (has announced that it has begun selling its patented Prana Hemp products as well as hemp-derived extracts in Italy, and shortly will be selling these products in Switzerland, through a partnership with Cloud 9 Switzerland. Cloud 9 Switzerland is a based in Lugano Switzerland, with active affiliates in Italy, Switzerland, France and Jamaica. Cloud 9 Switzerland ... Read More »

UAE’s IBC group plans to acquire 10,000 holiday homes in Dubai in $5bn deal


UAE-based investment company IBC Group intends to acquire 10,000 holiday homes in Dubai in a deal valued at $5bn (Dhs18bn), it announced on Wednesday. The company has contracted Berkshire Hathaway HomeServices Gulf Properties on an exclusive basis to play an advisory brokerage role to assist in identifying, acquiring and financing the properties. The properties to be acquired will be financed ... Read More »

France expels German national ahead of G7 summit


PARIS: French authorities have expelled a German national ahead of next week’s G7 summit in France, which he was supposed to be covering for a German radio station, the interior ministry said Thursday. The man, whose name was not released, was arrested in southern France a week ago, and had been the target of an expulsion order since July 18, ... Read More »

Shree Airlines to fly to India, Bangladesh

Latvian airline

The government has granted permission to Shree Airlines to conduct international flights to India and Bangladesh. The Ministry of Culture, Tourism and Civil Aviation (MoCTCA) has allowed Shree to operate flights to Dhaka of Bangladesh and four sectors in India — Delhi, Kolkata, Bangalore and Ahmedabad. Earlier, the Civil Aviation Authority of Nepal (CAAN) had permitted Shree to operate chartered ... Read More »

US economy ‘handcuffed’ by Fed: Trump


WASHINGTON: US President Donald Trump called on the Federal Reserve to lower interest rates by a full percentage point, saying the nation’s economy was being “handcuffed” by the US central bank’s monetary policy. Trump, speaking to reporters at the White House, said a strong US dollar was hurting American manufacturers and that the Fed needed to lower rates further despite ... Read More »

France threatens to BLOCK UK fish exports and not let ‘a single kilo’ into EU


Ministers have pledged to use Britain’s EU divorce as an opportunity to reclaim control of the country’s territorial waters and have rejected linking fishing rights to a future trade deal with Brussels. This has infuriated the regional fisheries committee in Northern France, who are behind the threats to blockade Calais. Its chairman Olivier Lepretre said: “If there is a hard ... Read More »

A floating nuclear plant in Russia features a gym, bar, and pool. An expert calls it ‘Chernobyl on ice.’


For more than a decade, the Russian town of Pevek has anticipated the arrival of a floating nuclear-power plant. This month, it is finally slated to arrive, but first the plant must complete a 4,000-mile ocean voyage. The plant, called Akademik Lomonosov, is expected to supply electricity to an estimated 100,000 homes in a remote, far-east region of Russia — ... Read More »