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.
INDIA CLOTHING AND TEXTILE SECTOR WELCOMES SUPPORT FOR INDUSTRY IN NEW CENTRAL GOVERNMENT BUDGET
Indian clothing and textile manufacturers have welcomed a series of policy changes announced in the central government’s national budget that was released on Saturday (February 1). Reforms highlighted by industry representatives include abolition of anti-dumping duty on key polyester raw material PTA (purified terephthalic acid), cheaper loans to small manufacturing units and exporters, a USD200 million investment into developing India’s technical textile industry and a review of principles underpinning future negotiations on free trade agreements (FTA), responding mainly to concerns about cheap imports from Bangladesh.…
EUROPEAN COUNTRIES PUSH AHEAD WITH BUILDING WHISTLEBLOWER PROTECTIONS
WHISTLEBLOWER laws may not be new, but they are becoming stronger and being implemented in an increasing number of jurisdictions worldwide – with progress being notable in Europe. The European Union (EU) has ensured in a new directive, approved last October (2019), that all 28 member states within the union last year – ahead of Britain’s January 31 exit from the EU – acquire whistleblowing laws with teeth through a new directive approved by EU ministers last October (2019).…
SOUTH KOREA RELEASES NEW NUTRITION LABELLING GUIDELINES
South Korea’s ministry of food and drug safety (MFDS) has released new guidelines designed to enable food companies selling into the country to more easily comply with national nutrition labelling regulations. The guidelines include a 10-step code of practice, a decision tree pictorial as well as a Q&A tutorial.…
OVER GBP1 BILLION HITS UK COURTS IN 2019 AS FRAUD ROCKETS SAYS LATEST KPMG REPORT
Insider frauds helped pushed the value of alleged fraud cases hitting UK courts in 2019 to GBP1.1 billion (USD1.44 billion), according to KPMG’s 2019 Fraud Barometer report. Compared to the accounting network’s 2018 figures, the annual barometer, which records fraud cases of more than GBP100,000 (USD131,000) reaching UK courts, found the cost of insider fraud in 2019 doubled to GBP46 million (USD60 million), with 102 cases involving both complex management frauds and basic embezzlement.…
UK DATA LEAK EXPOSES UBOS OF 400,000 SHELL COMPANIES
Millions of documents leaked from UK-based corporate services firm, Formations House, have revealed the ultimate beneficial owners of some 400,000 secret offshore companies as well as the alleged criminal activities of some. The firm operates from a front office located at 29 Harley Street, in central London, with back office support reportedly coming from Pakistan.…
EU MINISTERS AGREE STRATEGY TO FIGHT FOOD FRAUD
THE EUROPEAN Union (EU) Council of Ministers has called on EU member states and other EU institutions to work harder to fight the scourge of food fraud, which can damage the commercial health of legitimate manufacturers and risk consumer health. In a detailed policy statement (called ‘council conclusions’ in EU jargon), ministers said an EU “legal definition of food fraud” should be created that would underpin future regulatory actions fighting such wrongdoing, which can include deliberate mislabelling and the use of illicit ingredients.…
SFO REVEALS DPA WITH GÜRALP SYSTEMS AS THREE ACQUITTED
The UK Serious Fraud Office (SFO) has revealed details of a deferred prosecution agreement (DPA) Involving the disgorgement of profits worth GBP2,069,861 (USD2.7 million) reached with Berkshire, southern England-based Güralp Systems Ltd. The information was released after three individuals from the seismic device company were acquitted, meaning reporting restrictions could be lifted.…
AMERICAN FOOD INDUSTRY LEADERS WELCOME US-CHINA TRADE DEAL – BUT WILL IT SQUEEZE EUROPEAN EXPORTERS FROM CHINESE MARKETS?
European food and drink exporters to China can be expected to face strengthened competition from American rivals in future, after a preliminary ‘phase one’ trade deal between the USA and China included the reduction in non-tariff barriers to exported US products, including for meat, poultry, seafood, rice, dairy, infant formula and food biotechnology lines.…
AIRBUS HIT WITH EUR3.6 BILLION IN COMBINED UK, US AND FRENCH FINES
Airbus is to pay out EUR3.6 billion (USD4 billion) under a trio of deferred prosecution agreements (DPAs) with British, French and United States authorities that were simultaneously agreed by national courts January 31 as part of a global resolution over bribes to clinch civil and military aircraft sales.…
CONCERNS ABOUT AUDIT QUALITY ARE PROMPTING UK EFFORTS TO FORCE ACCOUNTING SECTOR TO RAISE ITS GAME
WITH financial frauds growing in complexity and sophistication, it goes without saying that the importance of forensic accountants and auditors in spotting wrongdoing is increasing – so it is worrying when evidence suggests that the quality of audits maybe declining. Pressure on the audit profession in the UK, for instance, has intensified amid criticism for failing to spot financial problems at well-known companies, such as Carillion and Patisserie Valerie.…