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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

Hong Kong Customs smash two counterfeit cosmetics rings

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Hong Kong Customs officers have smashed two counterfeit-cosmetics rings selling makeup and skincare products. In a five-day-long anti-counterfeiting operation last week, 12 people were arrested after seven retail stores and three warehouses were raided across the territory. Some 6400 items of suspected counterfeit cosmetics were seized with a market value estimated at HK$590,000. The raids followed routine patrols where Customs ... Read More »

BOI inks agreement with edotco to equip Sri Lanka with Smart City Solutions

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July (LBO) – The Board of Investment (BOI) and edotco Sri Lanka, an integrated telecommunications infrastructure services company today entered into an agreement to invest in the latest Smart City solutions and energy-efficient systems. Under this agreement, the BOI grants edotco Sri Lanka the approval to deploy urban smart solutions throughout the country over the next 3 years. The BOI ... Read More »

Castletownbere’s Shellfish Ireland secures €500,000 contract for Lidl stores in Spain and Portugal

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A Castletownbere based seafood company is celebrating after landing a €500,000 deal with Lidl to supply brown crabs to 800 of its stores in Spain and Portugal. Shellfish Ireland, which employs around 150 people in Castletownbere, landed the deal due to their relationship with Lidl Ireland, and will now see its produce shipped from West Cork to depots all over ... Read More »

Australia’s Port Hedland iron ore shipments to China jump 11% in June

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SYDNEY, : Iron ore shipments to China from Australia’s Port Hedland terminal rose more than 11% in June from a month earlier, port data released on Wednesday showed. Iron ore shipments to China from the world’s biggest iron ore port totalled 42 million tonnes in June, compared with May’s 37.8 million tonnes, the Pilbara Ports Authority said. Port Hedland is ... Read More »

Effects of U.S.-China Trade War: ‘The Proof’s In The Ports’

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U.S. trade with the world is up a sliver this year, 0.47%, down from a slice just a couple months ago. According to the latest U.S. Census Bureau data, five of the nation’s top 10 ports — five are seaports (with as asterisk), three airports and two border crossings — are showing trade increases, five are showing decreases. As you ... Read More »

Turkey’s economy to contract in 2019, limited growth ahead

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ISTANBUL: Turkey’s economy is expected to contract in 2019 for the first time in a decade and to see only modest growth in the following two years, a Reuters poll showed on Wednesday. The poll of more than 40 economists showed the Turkish economy shrinking 1.5% this year, according to the median forecast. The government’s own sharply-lowered forecast for this ... Read More »

Saudi Arabia approves 24-hour trading for retail, restaurants

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The cabinet decision ‘doesn’t include carrying out commercial activities during prayers and it doesn’t touch any previous decision related to prayer times,’ said Khalid Al-Degaither, a deputy at the ministry implementing the change Saudi Arabia said it will allow some businesses to stay open 24 hours a day, an announcement that triggered puzzlement over whether it was ending rules that ... Read More »

Oil slips as Trump, Pompeo signal Iran tensions may ease

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Oil slipped over 3 percent as President Trump and Secretary of State Mike Pompeo both signaled potential progress with U.S. – Iranian relations in the Middle East Opens a New Window. . “We will work with them in any way we can, but they can’t have a nuclear weapon,” Trump said in a Cabinet meeting. “They can’t be testing ballistic ... Read More »

France to vote on ratifying contentious EU-Canada trade deal

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French lawmakers in the National Assembly will vote on Wednesday on whether to ratify a controversial trade deal between the European Union and Canada. The EU-Canada Comprehensive Economic and Trade Agreement (CETA) was approved by the European Parliament two years ago, but it must also be ratified by each of the member states of the European Union to become permanent. ... Read More »

Singapore exports drop most in 6 years as electronics slump

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SINGAPORE: Singapore’s exports fell more than expected in June, marking their biggest decline in six years, as it struggles against tepid global demand and the Sino-US trade war. The grim trade numbers add to a slew of weak economic data and reinforce economists’ expectations that the central bank could ease monetary policy at its October meeting. Non-oil domestic exports (NODX) ... Read More »

Russia Eyes 2035 Grain Crop Boom With $70 Billion Investment Plan

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The Agriculture Ministry said on Tuesday it saw Russia’s grain crop rising as high as 150.3 million metric tons by 2035 in an “optimistic scenario” as it outlined a draft strategy to invest billions of dollars in grain infrastructure and logistics. The 2035 strategy, which has been sent to the government for discussion, would cost more than 4.4 trillion rubles ... Read More »

Crypto foundations continue to thrive in Switzerland

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Yet more overseas blockchain firms are coming to Switzerland to set up foundations. British company Atlas City will establish a non-profit entity for its Catalyst project. But what’s in it for commercial enterprises that develop cutting-edge technologies? The Swiss foundation model looked to be faltering with disputes at Tezos and Cardano last year. But 18 crypto foundations were set up ... Read More »

Cheaper energy pulls Canada’s inflation rate down to 2% in June

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)

Canada’s consumer price index rose at a two per cent annual pace in June, as the price of just about everything except energy went up. Statistics Canada reported Wednesday that prices for food, shelter, clothing, home furnishings, services, insurance, new cars, to name a few, have risen in the past year. But the overall inflation rate fell to two per ... Read More »

Amazon wants to source products from Bangladesh under a new business model

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Under the proposed mode of financial transaction, Bangladeshi exporters have to keep their goods at Amazon warehouses in the USA Amazon, an American e-commerce giant, yesterday formally wanted to source goods from Bangladesh for its global buyers with flexible terms that will require amending a number of regulations on external trade including the foreign exchange regulations. In making the sourcing ... Read More »

State customs overpaid RM41.4m in LPG subsidies in three years

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KUALA LUMPUR : The state customs has overpaid a total of RM41.4 million in liquefied petroleum gas (LPG) subsidies claim from 2015 to 2017. According to the activities of the Federal Ministries/Departments 2018 section under the Auditor General’s Report 2018 series 1, the overpayment is due to a claim submitted to the Treasury without the approval of the State Customs ... Read More »

France tech tax: What’s being done to make internet giants pay more?

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France is to become the first country in Europe to introduce a tax on tech giants like Facebook, Amazon and Google. The move has upset the US. So how does it work, what are other countries doing and what could the impact be on these huge companies? What is the new digital tax? The French government has approved a 3% ... Read More »

Germany, Austria say sanctions among options for Turkey’s Cyprus drilling

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The European Union will decide on Monday to symbolically punish Turkey over what it calls “illegal” drilling for oil and gas off Cyprus and threaten harsher sanctions in the future unless Ankara changes tack, German and Austrian ministers said. Foreign affairs ministers of the 28-nation bloc meeting in Brussels on Monday are due to endorse a decision to curb diplomatic ... Read More »

Hong Kong millionaires moving cash to Singapore as political crisis lingers

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Private bankers are being flooded with inquiries from investors in Hong Kong who are worried about the long-term effects of the political crisis in the Chinese city. While the Hong Kong government has shelved the controversial law that sparked the latest round of unrest — one that would have allowed criminal suspects to be transferred to the mainland for trial ... Read More »

China’s commodity demand holds up, with copper the exception

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LAUNCESTON: One of the prevailing China narratives in commodity markets is that the trade dispute with the United States is weakening demand in the world’s biggest importer of natural resources. The problem is the numbers tell a somewhat different story. While the overall economy may be feeling strain, with gross domestic product growth slipping to 6.2% in the second quarter ... Read More »

Future Enterprises CFO arrested over unpaid customs duties

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Indian federal authorities arrested a top executive at the retail conglomerate Future Group, one of the largest retailers in the country, on customs fraud charges involving more than $2 million of unpaid customs duties on garment imports, a government statement said on Saturday. The Directorate of Revenue Intelligence, part of India’s finance ministry, arrested Dinesh Maheshwari, executive director and chief ... Read More »