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.
MEXICO SECTOR NEEDS TO DELAY USMCA FULL IMPLEMENTATION TO ALLOW TIME TO INVEST IN COST EFFICIENCIES
The Mexican auto industry should be able to preserve its critically important USA export sales if it implements the new labour wage and origin components of the United States-Mexico-Canada Agreement (USMCA) slowly and steadily, allowing time to invest in technological efficiencies, experts predict.…
EU PUSHING AHEAD WITH PLANS TO REPLACE 4 AND 5AMLD WITH ‘SINGLE RULEBOOK’ REGULATION
THE EUROPEAN Commission is moving ahead with its plans to replace the European Union’s (EU) long-standing system of anti-money laundering directives – which give member states some flexibility over implementation – with a compulsory AML regulation. This will be directly applicable in all member states and must be followed to the letter.…
TURKISH DENIM MAJOR MAVI JEANS KEEPS GROWING WORLDWIDE, DESPITE COVID-19
Mavi, the Turkish denim giant, sold 9.7 million pairs of jeans worldwide in 2019, and, its chief executive has told just-style, has rebounded from the shuttering of the garment sector earlier this year with e-commerce sales doubling in its major markets.…
EUROPEAN COMMISSION ANNOUNCES UPCOMING FRESH CHEMICAL CONTROLS FOR TEXTILE PRODUCTS, SPARKING CONCERN OVER POST-BREXIT TRADE BARRIERS
CLOTHING and textile manufacturers and their suppliers working in the European Union (EU) may face increasing controls over their use of potentially toxic chemicals under a new policy paper released by the European Commission. This has sparked particular concern about regulatory complexity and trade barriers within Europe because of Brexit.…
CAMBODIA’S CLOTHING AND FOOTWEAR SECTORS STRUGGLE WITH DOUBLE HIT OF COVID-19 AND LOSS OF EU DUTY-FREE STATUS
AMIDST the partial withdrawal of Cambodia’s tariff-free access to the European market that came into effect in August, the Covid-19 pandemic could not have come at a worse time for the country’s garment sector. Its clothing sales to the European Union (EU) – including the UK – alone plummeted 31% or USD403 million within the first six months (January-June) this year compared with the same period in 2019.…
INDIAN FOOD MAJOR EXECUTIVES FOCUS ON FUTURE AS THEIR COMPANIES FIGHT THROUGH COVID-19
AMUL
The owner of India’s popular Amul dairy brand, will invest Indian Rupees INR10 billion (USD136 million) over the next two years in new dairy plants and bakeries, indicating optimism about Indian post-Covid 19 food markets. Rupinder Singh Sodhi, managing director of Gujarat Cooperative Milk Marketing Federation (GCMMF), (which registered sales of USD7 billion in the financial year ending March 2020), told just-food that throughout the pandemic, the company’s sales have been growing consistently.…
GOVERNMENTS AND BANKS FAILING TO TACKLE FINANCIAL CRIME, SAYS UN
Governments and banks around the world are doing too little to tackle tax abuses, money laundering and corruption, according to a United Nations report. A September 24 interim assessment from the High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI Panel) found that outmoded financial controls have failed to keep pace in a globalised, digitalised world.…
FINANCE MINISTERS BACK PLAN FOR EU-WIDE AML LAW AND SUPERVISOR
EUROPEAN Union (EU) finance ministers today (Nov 4) gave support to plans to create an EU-wide anti-money laundering (AML) supervisor and harmonised EU laws to tackle the crime.
The European Commission announced in May that it plans to create “a single EU rulebook” to tackle money laundering and terrorism financing, with more reliance on a mandatory regulation than more flexible directives and a new coordination mechanism for national Finance Intelligence Units (FIU).…
BIGGEST EXPORTERS ARE WORST AT FOREIGN BRIBERY ENFORCEMENT
Countries exporting the most goods and services are also the worst at foreign bribery enforcement, according to the latest report from anti-graft group Transparency International. ‘Exporting Corruption Progress Report 2020: Assessing Enforcement of the OECD Anti-Bribery Convention’ finds that most countries assessed (34 out of 47), conducted weak or no enforcement of their foreign bribery laws, in part hindered by a lack of public information on beneficial ownership. …
UK SFO CHIEF CALLS FOR FAILURE TO PREVENT AND TIPPING OFF FRAUD TO BE CRIMES
The director of the UK Serious Fraud Office (SFO), Lisa Osofsky, has called for the introduction of new British offences criminalising failures to prevent fraud and tip off law enforcement about such crimes. In an October 8 speech on ‘Future Challenges in Economic Crime: A View from the SFO’ at the Royal United Services Institute (RUSI) in London, Osofsky ran through her “wish list for the SFO, if I had a magic wand”.…