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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.

Australia urged not to close trade borders

closed broders

CANBERRA: Australia must resist the rising tide of protectionism and continue fighting for free markets or risk dire consequences, the Productivity Commission has warned. Donald Trump’s election on a protectionist agenda has emboldened parts of Europe, after some major economies began lurching towards restrictive trade measures following the global financial crisis. The commission has urged Australia not to follow suit. ... Read More »

OIC trade jumps to $3.43 trillion during 2005-2015

enhance trade relations

JEDDAH: Trade among the member states of the Organization of Islamic Cooperation (OIC) grew rapidly during the Ten Year Plan of Action (2005-2015) from $1.77 trillion in 2005 to $3.43 trillion in 2015, an increase of 93 percent. A report, issued by the Islamic Center for the Development of Trade (ICDT) for the period of 2016-2017, attributed this growth to ... Read More »

Ogun Customs rolls out release of e-auction vehicles

ogun customs

WASHINGTON: The Ogun Command of Nigeria Customs Service, NCS, has rolled out the release of e-auction vehicles to Nigerians who won the bid,  in line with the policy of the top Customs Management, initiated by CGC Hameed Ali. The programme, which took place at Idiroko office of the Command was a huge success, as Nigerians who collected their vehicles expressed ... Read More »

Customs urges Govt to provide scanning machines to ease operation


ABUJA: The Nigerian Customs Service (NCS) has urged the Federal Government to install functioning scanning machines to enable it to enhance its operations. The Comptroller, Port Harcourt Area II Command, Abubakar Bashir made the call at the weekend at Onne, Rivers State. Bashir, who was giving an update on the activities of the command from January to June 2017, said ... Read More »

Nigeria imports goods worth N6.7trn in 2015

imports increased

KANO: Nigeria expended more than N6.7 trillion in 2015 on the importation of goods that the country can produce locally, Minister of State for In­dustry, Trade and Investment, Hajiya Aisha Abubakar, has said. The minister made the statement on Friday in Kano during the opening of the North-West zonal sensitisation workshop on the campaign for patronage of Made-in-Nigeria products.‎ “In ... Read More »

China says economy grew 6.9% in second quarter

growth increase

BEIJING: China posted better-than-expected growth of 6.9 percent in the second quarter, official data showed Monday, but authorities warned of lingering risks to the economy. Analysts polled by AFP had forecast growth of 6.8 percent after the economy expanded 6.9 percent in the first quarter. “Generally speaking, the national economy has maintained the momentum of steady and sound development in ... Read More »

Nigeria Customs vehicles e-auction records first internet scam victim


ABUJA: The e-auction‎ of seized vehicles and goods by the Nigeria Customs Service, NCS, Ogun State command, started on Thursday but with a mild drama. At the exercise, about 45 bidders were handed keys to their vehicles, having fulfilled all necessary conditions attached to the auctioning. The exercise, which took place at the Idi -Iroko border office of the command, ... Read More »

Bulgaria annual CPI records 1.9% inflation in June


WASHINGTON: Bulgaria’s annual consumer price index (CPI) recorded 1.9 per cent inflation in June, after monthly figures showed 0.5 per cent deflation, according to data released by the National Statistical Institute (NSI). This was the second month in a row of decline in the annual inflation figure after six straight months of increases, which peaked at 2.6 per cent in ... Read More »

Latvian gasoline, diesel fuel imports drop in January-May

Crashing chart

WASHINGTON: In January-May 2017, Latvian gasoline imports dropped 8.6% from the first five months of 2016, while diesel fuel imports fell 8.5% year-on-year, the Central Statistical Bureau reported LETA. In January-May 2017, Latvia imported 111.453 million liters of gasoline and 535,167 tons of diesel fuel. Latvia imported EUR 43.371 million worth of gasoline in January-May this year, which was 17.8% ... Read More »

Customs recovers N229.95m in revenue through anti-smuggling operations


ABUJA: Nigerian Customs Service (NCS) Federal Operations Unit, Zone A, Ikeja Lagos, has recovered a total sum of N229.50 million through its newly reviewed anti-smuggling operations in the Lagos area. Mohammed Uba Garba, Customs Area controller of the command, told newsmen in Lagos yesterday that the command recorded this from June 13 to July 10, following the reviewed operational strategies ... Read More »

Myanmar exports over 180,000 tons of rice in May

srilanka rice

WASHINGTON: Myanmar exported over 180,000 tonnes of rice – worth over US$59 million – in May, including over 72,000 tonnes of rice – worth over $21 million – by ship, according to the Ministry of Commerce. May’s rice export volume exceeded April’s volume by over 100,000 tonnes. The country exported 39,115 tonnes of white and parboiled rice worth $11 million ... Read More »

Tin-Can Customs collects N130bn in six months


ABUJA: Nigeria Customs Service, Tin-can Island Command, Lagos has generated a sum of N130,006,136,996.36 between January to June, 2017 into the Federation coffers. The figure was contained in a revenue chart made available to Tribune Online by Public Relations Officer of the command, Uche Ejietseme, in Lagos. According to him, the command in January recorded a sum of N19,834,314,976.00 and ... Read More »

Cambodia bans exports of two types of sand from Koh Kong


WASHINGTON: Cambodia’s government has permanently banned exports of sand for construction and sand mud from Koh Kong province amid impact concerns, but an environmental group on Tuesday urged it to end the export of all types of sand and demanded greater transparency for the industry’s practices. Mines and Energy minister Suy Sem announced the ban on July 10 to replace ... Read More »

Trade deficit doubles in May


WASHINGTON: Malta’s trade deficit doubled in May reaching €501.5 million compared to €249.8 million in the corresponding month of 2016. The National Statistics Office said imports increased by €120.3 million while exports dropped €131.3 million. The increase in the value of imports was primarily due to machinery and transport equipment (€135.5 million). On the exports side, mineral fuels, lubricants and ... Read More »

Nigeria Customs Service seizes 1333 bags of rice


ABUJA: 1,333 bags of 50kg foreign rice with Duty Paid Value of N38,390,000 has been seized by the  Federal Operations Unit, Zone C of the Nigeria Customs Service, Owerri. Speaking to journalists at NCS Imo/Abia Command in Owerri, Imo State, the Customs Area Comptroller, Bukar Amajam, stated that out of the 1,333 bags of rice, 530 were craftily loaded in ... Read More »

Ogun Customs generates N1.1b in 60 days


WASHINGTON: The Ogun State Area Command of Nigeria Customs Service (NSC) has generated the sum of N1.1b in the last two months, with assurance to partner with  genuine businessmen and women in the field of commerce and industry in the state. The Controller of the Command, Comptroller Sanni Madugu made this disclosure when he paid a courtesy visit to Alake ... Read More »

Ghana imports $150 mln fruit juice yearly


WASHINGTON: US$150 million worth of fruit juice is imported into Ghana each year, while fruit juice processing factories in the country are said to be collapsing. Only US$ 40 million worth of juice representing 28 percent of total domestic demand is produced in the country. 99 percent of these major factories including Coastal Groove in the Central Region, Coco Bean ... Read More »

Oil, gas investment set to recover slightly: IEA

oil and gas facility

ISTANBUL: Investment in the oil and gas industry will see a tentative recovery in 2017 after an “unprecedented contraction” in 2016 and 2015 in face of stubbornly low energy prices, the International Energy Agency said in a report. The IEA said upstream oil and gas investment—such as in exploration and production facilities—fell 26 percent in 2016 in nominal terms to ... Read More »

Tehran, Ankara after free trade agreement


TEHRAN: Iran’s industry minister and Turkish ministry of the economy emphasized the need to convert preferential trade agreement between the two sides into a free one. Speaking at a meeting with Turkish Minister of Economy Nihat Zeybekci in Tehran, Minister of Industry, Mines and Trade Mohammad Reza Nematzadeh called for moving towards free trade between the two countries in view ... Read More »

Nigeria Customs to begin another round of e-auction bidding


ABUJA: The Nigeria Customs Service will commence the next batch of 48 hours of electronic bidding on July 10 as it reloads the portal with more items. The Public Relations Officer of the NCS, Joseph Attah, said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja. Mr. Attah said the announcement of the 43 ... Read More »