Search Results for: Brazil

Brazil’s textile industry has reported an overall growth in sales of 3.2% for 2017, and even bigger increases are forecast for the year ahead. Latest data from the Brazilian Textile and Apparel Association (ABIT – Associação Brasileira da Indústria Têxtil e de Confecção) predicts an overall growth in revenues of 3.29% for the year 2018.…

WITH tobacco being a key driver of Zambia’s agriculture sector and a past reliable source of export earnings, a recent decline in leaf production has taken a heavy toll on this southern African country’s economy. Indeed, Zambia saw its agricultural foreign exchange earnings (of all farm-based products) fall by USD100 million in 2017, according to Zambia’s agriculture ministry.…

THE EUROPEAN Union’s (EU) financial watchdog, the Court of Auditors, has highlighted concerns about how Chinese knitwear exporters maybe exploiting loopholes in EU customs and VAT controls to evade paying proper amounts of these taxes.

In a report on shortcomings in EU import procedures, the court noted how Chinese traders were abusing EU customs procedure CP42, which allows an importer to bring goods into one EU member state without paying VAT, because they will be sold in another EU country.…

THE RUSSIAN government has said it plans to significantly increase its beef exports from Latin American states (except from Brazil) to compensate for potential domestic supply shortages created by the existing ban on imports of meat from western countries and a recent ban on beef imports from Brazil.…

Brazilian state-controlled oil giant, Petrobras, is offering to pay out USD2.95 billion to settle an American class action lawsuit by shareholders that lost money in the massive Brazilian corruption scandal uncovered in Operation Car Wash (Lava Jato). In a statement, Petrobras has said that the payout, which still needs to be agreed by a US federal court, is intended to resolve all pending and prospective claims against the company in the US, “eliminates the risk of an adverse judgment … and puts an end to the uncertainties, burdens and costs of protracted litigation.”…

EUROPEAN Union (EU) and Brazilian textile industry associations have joined forces to draw up common proposals to put to negotiators drawing up the clothing and textile chapters of a future free trade agreement (FTA) between the EU and Mercosur group of countries, consisting of Argentina, Brazil, Paraguay and Uruguay.…

OECD SAYS 49 JURISDICTIONS WILL AUTOMATICALLY EXCHANGE TAX INFORMATION THIS YEAR

THE IDENTITY of 49 jurisdictions that will automatically exchange tax information in 2017 under a global standard has been revealed by the Organisation for Economic Cooperation & Development (OECD).…

It has been weeks since quotas limiting European Union (EU) sugar production were scrapped on September 30, and while its impact has yet to become clear, experts agree that EU output will rise, at least in the short term. The EU executive, the European Commission is predicting that EU sugar production will increase 20% in the coming year.…

THE RUSSIAN Federal Service for Veterinary and Phytosanitary Surveillance (Rosselkhoznadzor) may impose a ban on all imports of beef and pork from Brazil, the largest meat importer to Russia, in coming days over concerns about the detection of a forbidden hormone, government officials have warned.…

WHILE the Vatican City State and Holy See’s acceptance that their financial institutions could be exploited by money launderers is far more realistic than the denials of 10 years ago, a much-anticipated Italian court ruling has shown much work is needed to clear dirty money from these hallowed accounts.…