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World Business

A business, also known as an enterprise or a firm, is an organization involved in the trade of goods, services, or both to consumers.

Customs seizes N252m fake drugs

drugs

ABUJA: The Nigeria Customs Service (NCS) has impounded 5,056 cartons of imported fake drugs. They were intercepted at Idiroko border, Sango-Otta axis and Lagos/Ibadan Expressway by operatives of Federal Operation Unit (FOU),  Zone ‘A’  Ikeja, Lagos. Addressing reporters at the Federal Government Warehouse in Lagos yesterday, Customs Comptroller-General Col. Hameed Ali (rtd) said the items did not have National Agency ... Read More »

Datalex’s profits, revenues for 2016 fly higher

Datalex

WASHINGTON: Travel software company Datalex has reported higher profits and revenues for last year during which it agreed new deals with the likes of Lufthansa and IBM. Datalex said its profit after tax for the year to the end of December rose by 29% to $5.4m while revenues for the year increased by 19% to $55.3m from $46.6m. The revenue ... Read More »

Iredell unemployment ticks up in January

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WASHINGTON: Every North Carolina county, including Iredell, experienced an increase in unemployment rates from December to January. Iredell’s unemployment rate was 5.3 percent in January, up from 4.7 percent in December. That number is down .1 percent compared to January 2016. Eighty-nine of North Carolina’s 100 counties saw a decrease in unemployment rates between January 2016 and January 2017, according ... Read More »

New Development Bank plans joint investments in economies along Belt, Road

aiib

BEIJING: The New Development Bank plans to co-finance infrastructure projects with the Asian Infrastructure Investment Bank (AIIB) along the Belt and Road economies after more members join in, the NDB’s vice president said. “There will be unlimited opportunities to co-finance projects with the AIIB in the future along the Belt and Road, because we share so much in common while ... Read More »

Asian markets mostly down on fears about future of Trump agenda

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HONG KONG: Most Asian markets fell Monday and the dollar struggled on fears the collapse of Donald Trump’s repeal of Obamacare could mean he will struggle to push through his promised tax-cut and infrastructure spending policies. In a severe early blow to the new administration, the healthcare reform was pulled Friday as it failed to garner enough support among Trump’s ... Read More »

Venezuela increases fuel exports to allies even as supply crunch looms

FUEL DIESEL

WASHINGTON: A gasoline shortage in OPEC member Venezuela was exacerbated by an increase in fuel exports to foreign allies such as Cuba and Nicaragua and an exodus of crucial personnel from state-run energy company PDVSA, according to internal PDVSA documents and sources familiar with its operations. Leftist-run Venezuela sells its citizens the world’s cheapest gasoline. Fuel supplies have continued flowing ... Read More »

Senate probes alleged N4trn revenue leakage in Customs

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WASHINGTON: The Senate Committee on Customs, Excise and Tariff, has commenced investigation into alleged over N4 trillion revenue leakage in the Nigeria Customs Service between 2006 and 2016. The Chairman of the committee, Sen. Hope Uzodinma, made this known in an interview with newsmen on Sunday in Abuja. He said that the committee would stop at nothing in recovering the ... Read More »

Infineon ups revenue outlook for fiscal 2017

revenue

WASHINGTON: Infineon is confident; confident enough to increase outlook for revenues and Segment Result Margin for the running, second quarter of 2017 fiscal year. In the second quarter of the 2017 fiscal year, Infineon now expects a stronger quarter-on-quarter revenue increase of approximately 8 percent. This forecast is based on an average exchange rate of around US$1.07 to the euro. ... Read More »

Maui County’s unemployment rate continues to tick downward

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WASHINGTON: Maui County’s unemployment rate for February was 3 percent, down 0.3 percentage point from 2016, the state Department of Labor and Industrial Relations said Thursday. Maui island’s rate was lower, 2.9 percent, down from 3.1 percent in February 2016. The rate fell last month despite the closures of Hawaiian Commercial & Sugar Co., which put more than 600 people ... Read More »

Govt bans Brazil meat imports

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HARARE: Government has temporarily banned the importation of meat and related products from Brazil, with that country already investigating rotten meat exports. In an interview on the sidelines of Vice President Emmerson Mnangagwa’s tour of Pamene Farm in Alaska, Agriculture, Mechanisation and Irrigation Development Minister Dr Joseph Made said the position was precautionary. Sanitary and quality levels have come into ... Read More »

Nigeria to spend U.S. $143 bln on ICT imports by 2019

imports

ABUJA: If the trend of importation of ICT products is not stopped or at least reduced to a barest minimum, Nigeria would be spending $143.8bn on ICT imports in 2019, the Director General of the National Information Technology Development Agency [NITDA] Dr Isa Ali Ibrahim has said. So far the country loses approximately N1.52trillion ($3.8bn) every year through importation of ... Read More »

Customs agents fraud ring busted in Guatemala

customs export

WASHINGTON: Guatemala busted a ring of at least 15 customs agents, port workers and transport company workers on Friday accused of using falsified documents to avoid paying customs duties. The revelation by prosecutors came two years after the previous government fell when it was discovered senior officials took bribes to allow businessmen to escape import taxes. The president and vice ... Read More »

Scholastic revenue drops 8% in Q3

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WASHINGTON: Scholastic Corporation’s revenue in the third quarter of fiscal 2017 is down 8% to US$336.2 million. The decline follows big sales and 48% growth in Q1 2017, due in large part to bestsellers like Harry Potter and the Cursed Child.  Revenue in the Children’s Book Publishing and Distribution segment was down 9% to US$199 million. Lower orders and reduced ... Read More »

Maine unemployment falls again in February

unemployment

WASHINGTON: Maine’s unemployment rate fell by .3 percentage points between January and February to reach 3.2 percent. State labor economist Glenn Mills says 13 of the last 16 months surveyed show an unemployment rate below 4 percent. “So all the indicators of a fairly tight labor market are there. There are certainly pockets of weakness — in much of Northern ... Read More »

Customs seize 7,300 tons of plastic waste from smugglers in Shandong Province

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WASHINGTON: Customs Officers on Thursday caught 16 people suspected of smuggling more than 7,300 tonnes of plastic waste into China from Qingdao City, east China’s Shandong Province. Qingdao customs found five rings importing plastic waste from European countries to China in late February. They did not arrest the alleged smugglers immediately, but observed them to obtain more information. Last week, ... Read More »

Tanzanian export ban costing Acacia Mining $1m a day

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WASHINGTON: A ban on gold and copper exports from Tanzania is costing Acacia Mining more than $1m a day in lost revenues, and the company may soon be unable to continue normal production, it said today. Shares in the London-listed miner, which is majority owned by Barrick Gold, dropped by 13 per cent in a day when the Tanzanian government ... Read More »

OpGen Q4 revenues down 24%

revenues

NEW YORK: OpGen reported after the close of the market on Thursday that its fourth quarter revenues sank 24 percent as increases in laboratory services and collaboration revenues were offset by a decrease in product sales. For the three months ended Dec. 31, the company reported total revenues of $1.0 million, down from $1.3 million in Q4 2015. Product sales ... Read More »

Maui County’s unemployment rate 3% for February

Unemployment to rise in Latin America

WASHINGTON: The Hawaiʻi State Department of Labor & Industrial Relations announced that the seasonally adjusted unemployment rate for February was 2.8%, the same as in January. Other than last month, the last time Hawaiʻi’s unemployment rate was 2.8% was in July 2007. Statewide, 675,550 were employed and 19,350 unemployed in February for a total seasonally adjusted labor force of 694,850. ... Read More »

Winnebago Industries shows 64% growth in revenues in Q2

GROWTH

WASHINGTON: Winnebago Industries, Incorporated today reported financial results for the Company’s second quarter of Fiscal 2017. Revenues for the Fiscal 2017 second quarter that ended February 25, 2017, were $370.5 million, an increase of 64.2%, compared to $225.7 million for the Fiscal 2016 period. Gross profit was $49.3 million, an increase of 95.1% compared to $25.3 million for the Fiscal ... Read More »

Customs plans tighter checks on imported steel products

customs export

WASHINGTON: The General Department of Customs has just asked its officials to strengthen checks on imported steel products after a series of reports on steel firms submitting incorrect declarations about product codes. All customs departments of provinces and cities have been ordered to direct their sub-departments to strictly implement regulations on sampling, analysing and inspecting imported steel products, and identify ... Read More »