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China Shipping Container Lines to get boost from ship scrap subsidies

China-Shipping

CHINA: China Shipping Container Lines (CSCL) is to benefit its following financial year by collecting the subsidies for the scrapping of older vessels. The CSCL Group, including its units, “has applied for the special subsidies in respect of the retirement and dismantling of seven vessels (including Xiang Pu vessel) during the period from 1 January 2013 to 30 April 2014, ... Read More »

Kuwaiti customs seizes two drones shipped from China as toys

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KUWAIT CITY: Kuwaiti Air Cargo section’s officials foiled an attempt of smuggling two small drones equipped with developed imaging devices having the ability to identify locations and copy data from documents on a specially designed flash memory. The customs officers found the drones among a shipment of toys which arrived from China. Officers concluded these devices (replicas of toy planes) ... Read More »

7 Chinese customs officials charged for accepting bribe

bribery

CHINA: Seven Customs officials were trapped in a sting operation while they were taking bribes to smuggle goods into Hong Kong. It happened when the officials were at Sha Tau Kok border crossing between Hong Kong and Shenzhen; however the officers were caught and have been charged with accepting bribe. The officials allegedly worked as a group to help people ... Read More »

Chinese ports scams annoy Citigroup Inc

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CHINA: Citigroup Inc. has been in state of panic due to recent scams at two Chinese ports. The fraud uncovered over disputed metal finance deals turned them in a state of panic as their metal was at risk, said Mercuria Energy Group Ltd’s lawyer Graham Dunning. Adding, “The discovery of the fraud was a massive problem for Citi as it ... Read More »

China refuses to sale rare earth and metals to limit India’s military capability

RARE METAL

BEIJING: In what could be a strategy to limit India’s military capability, China is restricting the supply of rare earth and certain other metals, according to a top Defence Ministry official. These metals are of vital importance in the development of several defence equipments and weapons.Avinash Chander, DRDO chief and Scientific Advisor to Defence Minister, said on Wednesday that China ... Read More »

China customs hands over 22 pieces of confiscated cultural relics

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BEIJING: China customs District handed over 22 pieces of confiscated cultural relics to Baoguo Temple Ancient Architecture Museum in Ningbo. The majority of these cultural relics, including cabinets, cases and some other items, were furniture of late Qing Dynasty and early Republic of China Period. The export of these cultural relics was restricted by the State, said Customs officers. Officers ... Read More »

China customs seizes infringing clothes, backpacks, scarves

china bags

BEIJING: Customs officers from Yiwu Customs House (affiliated to Hangzhou Customs District) said they had seized a consignment of infringing backpacks, clothes and scarves. Such well-known brands as Nike”,“Jansport”,“Adidas”,“Reebok”,“PUMA”、“BURBERRY” and “GUCCI”were involved. More than 200,000 infringing items were seized at the scene, according to Customs officers. China customs Infringing scarves seized, Infringing Adidas sports wear seized and Infringing Jansport backpacks ... Read More »

Brightoil Petroleum to benefit from China’s increasing tax cuts on crude oil

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HONG KONG: Hong Kong-listed Brightoil Petroleum says it is poised to benefit from China’s announcement to increase tax cuts on crude oil. The directors of Brightoil Petroleum (Holdings) Limited believe that the implementation of the Notice shall provide a positive effect to the oil upstream business of the Group,” said Brightoil in a release. Beginning January 1, 2015, the special ... Read More »

15 Koreans detained for drug smuggling in China, 32.72kg meth seized

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GUANGZHOU: Fifteen citizens of the Republic of Korea (ROK) have been detained for alleged drug smuggling in south China’s Guangzhou city, the local customs authority said. The suspects were caught at the Guangzhou Baiyun airport while they were trying to board a flight bound for Melbourne of Australia with 32.72 kg of crystal meth. Drug trafficking is a felony in ... Read More »

Asia to face ‘significant economic challenges’ in 2015: Economist Rajiv Biswas

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BEIJING: A lot of risks and opportunities the Asia region’s economies face in 2015.  Japan has returned to recession, and growth in Asia’s developing countries is expected to slow down, Economist Rajiv Biswas said. As China’s economic expansion moderates and Japan struggles to come out of its third recession in two years, economists have revised down forecasts for several economies ... Read More »

Mackerel fish exports from UK, Ireland, Faroes to China surge in 2014

MACKRAL

BEIJING:  Mackerel exports from the UK, Ireland and the Faroe Islands to China surged spectacularly in 2014, in turn reducing Norway’s market dominance in the country. Fresh import data from Customs Inform, available here, shows the UK has gone from accounting for barely 1% of China’s mackerel import volumes in 2013, to being the second largest supplier with 11% of ... Read More »

China, North Korea border authorities quiet due to bribe demands

China North Korea border

PYONGYANG:  On New Year’s Day, usually customs at the North Korea-China border is at its busiest, but this year has seen a marked decline in activity. This is because North Korean customs officials have been demanding too many presents from local traders conducting business with China, creating a dip in supply passing through the border. “These days is when the ... Read More »

China’s Fosun to buy US insurer Meadowbrook for $433 million

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HONG KONG: China’s Fosun International Limited is making its first foray into the US insurance market and buying property and casualty insurer Meadowbrook, a deal that it said would help it secure funds for further acquisitions. Fosun owner Guo Guangchang said in an exchange filing it would buy Meadowbrook Insurance Group for about $433 million. The cash deal of $8.65 ... Read More »

Chinese, US stocks stand out as top performers in 2014

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LONDON: Chinese and US’s stocks headed the list of 2014 top performers while markets elsewhere ended the year on Wednesday on a cautionary note as worries about Greece’s future served as an excuse to take profits. The US dollar lost a little of the recent gains that have made it the year’s star major currency, but European bonds yields scored all ... Read More »

China customs arrests 14 Koreans, seizes 20kg illegal drugs

drugs

BEIJING:  Fourteen Koreans were arrested in China on charges of drug smuggling. A Foreign Ministry official here said that they were nabbed on their way out of China via Guangzhou International Airport. The official said Seoul will offer them consular assistance. The Korean Consulate in Guangzhou asked Chinese authorities for a chance to interview the suspects as soon as possible ... Read More »

China accelerates free trade talk with Arabian Peninsula countries

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BEIJING: China will speed up free trade talks with six countries on the Arabian Peninsula and we want to enhance cooperation with all sectors, said by Zhang Shaogang, head of the Commerce Ministry’s international trade and economic affairs department, here the other day. China and members of the Gulf Cooperation Council started free trade talks in 2004, and a deal ... Read More »

Japanese, Koreans among six convicted in China over drug trafficking charges

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NANJING: Six people were sentenced in China for being involved in drug trafficking cases, including Japanese and two Koreans. The punishments ranged from life imprisonment to death penalty.  Three of the six, including one from the Chinese mainland, one from Hong Kong and one from Japan, were sentenced to death on Dec. 16 for trafficking up to 120 kg of ... Read More »

China integrates regional customs clearance procedures

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CHINA: General Administration of Customs in China has effectively made an integration of customs clearance procedures in three important economic hubs in China, being Beijing-Tianjan-Hebei Region, Yangtze River Economic Belt and Guangdong Region. The reform aims to establish regional customs clearance centers, with unified platforms for customs declarations, risk control, documentation review and field operations across the regions. As such, ... Read More »

China, Japan sign 40 agreements on energy, environment

china japan sign agreement

BEIJING: China and Japan have signed over 40 different collaborative agreements on energy conservation and environmental protection.The deals have been inked at a bilateral forum held in Beijing.The meeting is the first time the two sides have met to discuss environmental cooperation in the last 2-years. Xie Zhenhua is the vice-chair of the National Development and Reform Commission.We welcome Japan’s ... Read More »

China rises tax threshold on oil and gas output for 2015

CHINA OIL AND GAS

BEIJING: China’s Ministry of Finance announced that it will be raising the threshold for windfall taxes on oil and gas output starting January 1. The new threshold will be set at $65 a barrel, up $10 from $55 a barrel, the price set back in November 2011, according to Reuters. A 20% tax is charged to oil being sold at ... Read More »