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☆ Suspected smugglers were caught trying to hide $10 million of gold by painting it silver and disguising it as machinery on a cargo plane
▼ + stars: | 2024-04-09 | by ( Polly Thompson | ) www.businessinsider.com time to read: +1 min

Hong Kong customs officials discovered 146 kilograms of suspected gold on board a freight plane headed for Japan. They say it is the largest gold-smuggling case on record in terms of value. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHong Kong customs officials have seized 146 kilograms of suspected gold, worth more than $10 million, on board a freight plane headed for Japan. The discovery is the largest gold-smuggling case on record in Hong Kong in terms of seizure value, according to the Customs Department.

Persons: — Organizations: Service, Customs Department, Hong Kong International Airport, Business Locations: Hong Kong, Japan

☆ Russia's trade with the US plummets to a 3-decade low while its commerce with China surges toward a record $200 billion
▼ + stars: | 2023-09-20 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Russia's trade with the US has hit a 30-year low amid Western economic sanctions against Moscow. Meanwhile, Russia's trade with China is on track to hit an all-time high of more than $200 billion. The Eurasian nation's trade with the US plunged to a three-decade low in July, while its commerce with China is on track to hit an all-time high of more than $200 billion this year. Russia's trade with China is set to surpass the $200 billion milestone this year, according to the minister of economic development Maxim Reshetnikov, per a local Russian news outlet. However, Russia's oil and gas trade now appears to be making something of a comeback after a year of pain, thanks to a rally in global oil prices.

Persons: Vladimir Putin, Maxim Reshetnikov, Reshetnikov Organizations: Moscow, Moscow . Commerce, Service, United States Census Bureau, Motors, Ford, Mercedes, Benz, RBC Locations: Moscow ., China, Wall, Silicon, Ukraine, Russia, Moscow, Russian

CNN —Japan on Thursday will begin releasing treated radioactive wastewater from its Fukushima nuclear plant, part of a controversial plan that has sparked fierce objections from some regional countries as well as many consumers. During a press conference Thursday morning, TEPCO said it expects to discharge only around 200 or 210 cubic meters of treated wastewater. It will send a boat later Thursday into the harbor to collect samples to monitor and ensure the discharged treated wastewater meets international safety standards. Japan’s devastating 2011 earthquake and tsunami caused water within the Fukushima nuclear plant to be contaminated with highly radioactive material. Hong Kong on Wednesday said it will ban food products imported from some parts of Japan following the release of the treated water.

Persons: Wang Wenbin, “, Wang Organizations: CNN, Tokyo Electric Power Company, TEPCO, United Nations, International Atomic Energy Agency, IAEA Locations: Japan, Asia, Taiwan, China, Fukushima, Hong Kong, Tokyo, Chiba, Tochigi

☆ Russia's economic isolation from the West is deepening its China dependency – car imports from the Asian nation shot up 540%
▼ + stars: | 2023-07-28 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Russian imports of Chinese cars rocketed 543% in the first half, local media reported. Russia now gets 70% of its imported cars from China, compared with just 10% prior to the Ukraine war. That highlights Russia's growing economic dependency on China – thanks to Moscow's deepening from the West. Before the Ukraine war, Chinese cars made up just 10% of Russia's car imports, according to the report. Xi has not publicly condemned Russia's war on Ukraine and continues to ramp up trading ties with Moscow.

Persons: Putin, Cui Dongshu, Vladimir Putin, Xi Organizations: Service, Motors, Ford, Mercedes, Benz, RBC, Federal Customs Service, European Union, –, China Passenger Car Association, Global Times, UN Security Council Locations: Russia, China, Ukraine, Wall, Silicon, – Russia, Western, Moscow

☆ China is restricting the export of two little-known metals crucial to the semiconductor industry. It shows Beijing still holds important chips in its tech war with the West.
▼ + stars: | 2023-07-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China will restrict the exports of gallium and germanium — metals vital to chipmaking — from August 1. The export curb is seen as a retaliatory move by Beijing amid a chip war with the West. A recent move by China to restrict the export of two little-known metals has again sent the semiconductor industry into a tailspin. Exporters can apply for export licenses if they want to continue shipping the products out of China, per the notice. China accounts for about 80% and 60% of global gallium and germanium production, respectively, according to Critical Raw Materials Alliance, a European industry association.

Persons: —, Biden, Janet Yellen, haven't, Ewa Manthey, Europe — Organizations: Authorities, Morning, West, Wall Street, Eurasia Group, US, Industry, Reuters, Alliance, ING Locations: China, Beijing, Netherlands, United States, Japan, European, North America, Europe

☆ Bipartisan Bills Look to Change Import Law Seen as Boon to E-Commerce Companies
▼ + stars: | 2023-06-15 | by ( Jordyn Holman | ) www.nytimes.com time to read: +3 min

Currently, companies importing packages valued under $800 are not charged duties, taxes or fees to the United States government. A bill introduced Thursday looks to bar countries such as China and Russia, which are considered “nonmarket economies,” from being eligible to use this trade law. Some online retailers have financially benefited from the law because they ship small batches of orders directly to shoppers from overseas. Its $11 smock dresses and $6 floral print bikinis are shipped directly to shoppers, allowing it to bypass any import fees. That could lead to more fees at customs as it directs bulks of goods to its warehouses before going to consumers.

Persons: ”, Marco Rubio, Sherrod Brown, Earl Blumenauer, Neal Dunn, ” Mr, Blumenauer, Shein Organizations: United, Customs, Republican, Ohio Democrat, Democrat, Florida Republican Locations: United States, China, Russia, Florida, Ohio, Oregon, U.S

The Chinese customs service did not provide detailed information on imports. It said that "company trade data are not disclosed in our public information". China imported copper and copper alloys worth $852 million from Russia between October and February, according to public customs statistics. As of early 2023, its only owner was the Ukrainian Donetsk regional state administration. The copper alloy shipments from the plant were carried out via the port of Novorossiysk in southern Russia, according to the customs data.

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