Month: January 2023

Oil edged lower on Wednesday after slumping in the previous session, weighed down by concerns about weak demand due to the state of the global economy. Brent futures for March delivery fell 13 cents to $81.97 a barrel, a 0.1 per cent loss, by 0511 GMT. US crude dropped 28 cents, or 0.3 per cent, to $76.65 per barrel. Both benchmarks plunged more than 4 per cent on Tuesday, with Brent suffering its biggest one-day loss in more than three Read Full Details…

The President of the Philippines Ferdinand Marcos Jr landed in Beijing on Tuesday, January 3 for a three-day state visit to China. This is President Marcos’ first visit to China since taking office last year. During his visit, President Marcos will meet with President Xi Jinping, as well as Premier Li Keqiang and Chairman Li Zhanshu of the Standing Committee of the National People’s Congress (NPC). In a regular press briefing, the spokesperson for China’s Foreign Ministry Wang Wenbin stated Read Full Details…

The National Board of Revenue (NBR) is finally going to purchase six container scanners worth Tk 327 crore from a Chinse company which will boost examination of export and import consignments and curb duty evasion through false declarations. The NBR made scanning of all containers mandatory in 2009 to prevent import of goods through misdeclarations and smuggling of arms and ammunition. Taking into consideration the trade volume and time constraints, this has not been possible using the existing 10 scanners, Read Full Details…

Multiple new laws and regulations that affect doing business in China came into force on January 1, 2023. Foreign investors and businesses engaging in food and beverage, import and export, new energy vehicles, sports, and financial activities should pay special attention. On January 1, 2023, many new laws and regulations that may affect your business and everyday life came into effect. In this article, we list 10 such laws, regulations, or national standards, and briefly explain why they matter. On Read Full Details…

China’s commercial authorities have canceled registration requirements for businesses engaged in foreign trade activities from Dec 30, 2022, following a revision of the country’s Foreign Trade Law, the Ministry of Commerce said. The authorities will no longer require market entities to provide foreign-trade operator registration materials in applying for import and export licenses, registration certificates of technology import and export contracts, quotas, state-owned trade qualifications, and other relevant documents. The change is a significant reform measure in foreign trade management, Read Full Details…

Local commerce authorities in China have stopped filing and registering foreign trade operators from December 30, in accordance with the revised law on foreign trade, the Ministry of Commerce said on Tuesday. The relevant authorities will no longer require market entities applying for certain certificates and qualifications to provide foreign trade operator filing and registration records. The certificates and qualifications in regard include import and export licenses, technology import and export contract registration certificates, quotas, and State-operated trade certificates. “That Read Full Details…