Archive
International News Services archives articles supplied to clients one year or more after initial publication. These articles are protected by a password and not made available to readers without permission from clients. They are used as a background resource by agency journalists. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.
COVID-19 FUELS ADDITIONAL DEMAND IN ALREADY GROWING MARKET FOR RUSSIAN READY-TO-HEAT FOOD PRODUCTS
Russian food retailers are expanding their offerings of ready-to-heat food in response to growing demand from consumers. The Covid-19 pandemic has encouraged sales, as an alternative to eating out, but it is building in longer-term trends among Russian consumers, particularly in large cities, to seek out convenient food product options.…
INTERNATIONAL TECHNICAL UPDATE – IFRS FOUNDATION ADVISES ON ‘GOING CONCERN’ CALLS DURING COVID-19 PANDEMIC
THE IFRS Foundation has released an advisory document helping accountants decide whether a business is a going concern, helping them make sounder judgements when Covid-19 is impacting revenues. The advice will help accountants decide whether a business will bounce back after the pandemic ends or go under anyway.…
BANGLADESH PUSHES FORWARD WITH OVERSEAS DENIM SALES, DESPITE COVID-19 CHALLENGES
WHILE Covid-19 dealt body blows to Bangladesh’s apparel industry last year, one fast-expanding segment fared surprisingly well: denim. While the south Asian country has been the largest exporter of jeans clothing to the European Union (including the UK) for the past few years, as per Eurostat data, last year (2020) it was the largest overseas source of denim to the USA, elbowing out Mexico, according to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).…
COVID-19 EXPERIENCE IN REMOTE TEACHING HELP NIGERIAN UNIVERSITIES EXPAND ONLINE SERVICES IN FUTURE
COVID-19 has been tough for all Nigerian higher education institutions, their staff and students, but one bright spark has been the fact that universities have developed remote learning capacities that will stand them in good stead for the future.
One university that has used Covid-19 to evaluate and improve its remote learning systems is the Obafemi Awolowo University (OAU), a public university based in Ife, east of Ibadan.…
INTERNATIONAL TECHNICAL UPDATE – IASB CONSULTS ON IN-GROUP MERGER ACCOUNTING STANDARDS
The International Accounting Standards Board (IASB) is consulting on proposed new accounting requirements for mergers and acquisitions involving companies within the same group. At present IFRS 3 on business combinations covers mergers and acquisitions involving third party-owned businesses, not intra-group deals.…
ASIAN REGULATORY ROUND UP – INTEGRATED INDIAN PIGMENT AND RESIN PLANTS TO AVOID EIA ASSESSMENTS
NEW integrated paint manufacturing units in India with an annual production capacity of less than Indian Rupees INR500 million (USD6.6 million) will soon be exempt from securing prior environment clearance by the ministry of environment and forests (MoEF). This rule, covering plants with production facilities for resins and pigments, is expected to come into force early next year (2021) once the central government formalises and gazettes a new Environment Impact Assessment (EIA) Notification.…
NEW ZEALAND DIGITAL TEXTILE PRINTING SECTOR USES INNOVATION TO PUNCH ABOVE ITS WEIGHT
WHILE New Zealand’s digital textile printing sector may be of moderate size, serving apparel, accessories and interior design markets, the country still manages to be an innovator with a taste for experimental work such as printing on merino wool. This of course reflects how NZ remains a global wool powerhouse and the country’s textile sector is always striving for competitive advantages.…
EU APPROACHES CONTROVERSIAL SHAKE-UP OF ITS ANTI-MONEY LAUNDERING CONTROLS
THE EUROPEAN Union (EU) is debating a major overhaul of its anti-money laundering (AML) legislation, forcing member states to abide by its AML rules to the letter, and creating a powerful EU AML supervisory agency. This would be the first such supranational body worldwide, working alongside a new collaborative system for financial intelligence units (FIUs).…
AMERICA’S SEC PAYS RARE REWARD TO AUDITOR WHISTLEBLOWER
The United States Securities & Exchange Commission (SEC) has taken the unusual step of awarding a whistleblower involved in a company audit with a reward of more than USD300,000. Although individuals with audit or compliance responsibilities are generally not eligible for such awards, the SEC said it makes exceptions for whistleblowers who reasonably believes that a company’s conduct could impede an agency investigation.…
CORRUPTION REMAINS A MAJOR PROBLEM IN ASIA, SURVEY FINDS
A new Transparency International (TI) survey has reported significant concern in 17 Asian countries (1) that corruption continues to be a problem or is getting worse, undermining equitable access to public services and trust in government. TI’s ‘Global Corruption Barometer – Asia’ (2) found 74% of the 20,000 people surveyed believe that government corruption is a major problem in their country, with 19% of citizens surveyed admitting to paying a bribe and 22% using personal connections when accessing public services in the previous year.…