Friday , February 23 2018
Breaking News


US teenager jailed for smuggling tiger across Mexico border


NEW YORK: The six-week-old cub was found in a box on the floor of the teenager’s car as he was crossing from Mexico into the US near the city of San Diego. His lawyer argued that his client had had “a lapse of judgement” and that he wanted to keep the tiger as a pet. But prosecutors said he was running ... Read More »

US disputes need for special digital economy tax rules


WASHING TON: The highly-anticipated interim report of the Task Force on the Digital Economy (TFDE), slated for release in April, will state that countries are divided on whether special tax rules should be developed to address the digital economy, Chip Harter, Deputy Assistant Secretary (International Tax Affairs) at the US Department of the Treasury said February 15. Speaking in Washington ... Read More »

U.S. tax reform benefit drives Australia’s Brambles profit above estimates


WASHING TON: Brambles reported an attributable profit of $447.2 million for the six months ended Dec. 31, compared with $146.2 million a year earlier, beating estimates of $323.8 million, according to an average of two analysts. The company said profit was helped by the absence of impairments incurred in the previous year and recognition of the one-time benefit of $130.1 ... Read More »

Border Officials in Arizona arrest 6 for drug smuggling


NEW YORK: Border authorities in Arizona say they have arrested six people involved in attempts to smuggle a total of more than 200 pounds (90 kilograms) of methamphetamine and cocaine into the United States. The U.S. Customs and Border Protection on Friday detailed six different arrests of people on Thursday after specially trained dogs alerted agents to drugs in the vehicles they ... Read More »

Allianz net profit down 22% on U.S. tax hit, sale

profit downs

NEW YORK: Allianz SE (ALV.XE) said on Friday that its fourth-quarter net profit recorded a double-digit fall, hit by one-off costs. The German insurer said net profit fell 22% to 1.43 billion euros ($1.78 billion) compared with the same period last year. Operating profit was EUR2.76 billion compared with about EUR3 billion a year earlier. Revenue increased 5.6% to EUR31.7 ... Read More »

US Customs report reveals positive travel industry trends


NEW YORK: The United States Customs and Border Protection (CBP) released its annual report Tuesday, indicating significant international travel and trade growth in the fiscal year 2017. The CBP Trade and Travel Report detailed the agency’s focus on advancing America’s economic growth and maintaining the country’s place as the world’s top destination for tourism and business travel. In terms of travel accomplishments, CBP officers ... Read More »

Avocado imports overtake bananas for first time ever in U.S.


WASHING TON: Avocados have overtaken bananas as the most valuable fruit import in the United States, accounting for 15% of the total last year which itself hit a new high of US$18.1 billion. This represents almost a US$6 billion rise since 2013, largely driven by imports from Mexico which have more than doubled in the same timeframe and also increased 37% ... Read More »

U.S. to push for ‘reciprocal tax’ on trade partners


WASHINGTON:U.S. President Donald Trump said on Monday he would push for a “reciprocal tax” against countries, including U.S. allies, that levy tariffs on American products, but officials did not provide details on how such a tax would be structured or what goods it would apply to. During his populist 2016 presidential campaign, Republican Trump railed at countries that had trade ... Read More »

Gas prices rise despite surging U.S. oil output


WASHING TON:  Texas to the Dakotas, oil output has surged, ranking America once again among the world’s top energy producers. But, the boom hasn’t stopped rising gasoline prices. Unleaded regular had pushed over $2.60 per gallon nationwide by midweek, up from $2.26 a gallon a year earlier, reported AAA’s daily price survey. Analysts expect gas prices could climb another 10 cents by early spring, ... Read More »

U.S. lags behind in export promotion investments


WASHING TON: The latest analysis of foreign export promotion program investment shows that several competing countries and the European Union spent close to $1 billion in public funds on agricultural export promotion in 2016, outspending the U.S. four to one. That is an increase of 70% in real competitive public spending since 2011. U.S. public funding for the two largest ... Read More »

US oil exports pour into markets worldwide


WASHING TON: In the two years since Washington lifted a 40-year ban on oil exports, tankers filled with US crude have landed in more than 30 countries, ranging from massive economies like China and India to tiny Togo. The repeal has unleashed a flood of US shale oil, undercutting global crude prices, eroding the clout of the Organization of Petroleum ... Read More »

U.S oil exports pour into markets worldwide


WASHING TON: U.S. crude have landed in more than 30 countries, ranging from massive economies like China and India to tiny Togo. The repeal has unleashed a flood of U.S. shale oil, undercutting global crude prices, eroding the clout of the Organization of Petroleum Exporting Countries (OPEC) and seizing market share from many of its member countries. In 2005, before ... Read More »

UK police arrest 21 in relation to suspected people-smuggling ring


LONDON: British police have arrested 21 people during raids targeting a suspected people-smuggling ring, in a significant crackdown on the criminal networks illegally bringing migrants across the Channel into the UK. Further progress was made in a separate operation in France, when police raided a camp known as Vietnam City in a disused coalmine south-east of Calais, where hundreds of trafficked young ... Read More »

U.S. Customs and Border Protection accepted Elbit systems


NEW YORK: U.S. Customs and Border Protection (CBP) accepted the latest Integrated Fixed Tower (IFT) border security system deployed by Elbit Systems of America, LLC. This IFT system, located in the Sonoita, Arizona, Area of Responsibility (AoR), marks the company’s third successful deployment of the system. Other previous deployments of IFT accepted by CBP were for the Douglas and Nogales, Arizona AoRs. “Our advanced technologies ... Read More »

US business tax cut could erode Europe’s tax base


WASHING TON: US in the short term. However, it warned that long-term effects were less clear, especially if the cut leads to larger US budget deficits. Effects on the 19-country eurozone are “highly uncertain and complex” but could include an erosion of the tax base if countries around the world compete by lowering their tax rates to attract businesses. Lower ... Read More »

U.S. was discussing how to raise the pressure on Venezuela crude oil


WASHING TON: Banning exports of oil or refined oil products to Venezuela was also on the table, Tillerson added. Oil sanctions are one of the few options President Trump has to really hurt Maduro. Venezuelan production has been falling fast since 2014, but the country still pumped 1.7 million barrels a day in December, according to industry estimates. Exports to the ... Read More »

National Grid sees $2b credit on U.S. tax shift


WASHING TON: National Grid PLC (NG.LN) said Friday that it estimates it will have a non-cash tax credit of around $2 billion in fiscal 2018 following tax reform in the U.S. The electricity utility said the tax credit will be reflected as an exceptional item and is expected to be returned to customers over a period of 20 to 30 ... Read More »

U.S tax change to help Roche’s 2018 profit growth outpace sales


WASHINGTON: U.S. tax changes would help profit growth outstrip sales in 2018, while new drugs for multiple sclerosis and cancer would offset revenue declines from older medicines. Roche said it expected sales to stay flat or grow by a low-single-digit percentage. However, core earnings per share were targeted to grow by a high-single-digit, helped by U.S. tax reform that will ... Read More »

U.S. tax cuts forcing others to respond


NEW YORK: The recent U.S. tax cuts and reforms are exerting a lot of pressure globally, with most countries now looking at ways to enhance their tax competitiveness in order to attract investments and boost growth, according to Mukesh Aghi, president, US-India Strategic Partnership Forum (USISPF). His statement assumes significance as there are expectations that the government may also usher ... Read More »

Dreamers’ nabbed smuggling illegals into U.S


NEW YORK: The lives of two “Dreamers” just turned into a nightmare. Cops say two men in the U.S. under the Deferred Action of Childhood Arrivals (DACA) program were arrested for human smuggling, officials said. Border Patrol agents reportedly arrested the two men in separate incidents on Jan. 24-25. U.S. Customs and Border Protection received a tip-off from a witness who observed human ... Read More »