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.
FATF RELEASES GUIDANCE TO HELP PROFESSIONALS FOLLOW RISK-BASED APPROACH WHEN FIGHTING MONEY LAUNDERING
AN increasing number of financial businesses and non-financial professions are acquiring onerous legal duties to detect money launderers and terror financiers. To ensure this work is effective, while not becoming overwhelmingly expensive, comprehensive risk-based strategies are being developed. Keith Nuthall reports.…
IRISH CHARITIES FACE GREATER FINANCIAL REGULATION TO RESTORE PUBLIC TRUST – BUT COMPLIANCE MAY BE TOUGH
The lack of oversight over funds given by Ireland’s Health Service Executive to potentially unworthy charitable organisations, such as the scandal-ridden suicide charity Console (now closed), has caused much political tumult over the past decade. And a series of debates over Irish charity executive pay has dented public confidence.…
FATF RELEASES GUIDANCE TO HELP ACCOUNTANTS FOLLOW RISK-BASED APPROACH IN AML/CFT EFFORTS
ACCOUNTANTS may be the designated non-financial professionals controlled by AML/CFT laws best placed to know if a client is laundering money, given their access to complete financial records. And while Financial Action Task Force (FATF) recommendations do not lay down as comprehensive a duty on accountants as banks on lodging STRs (see https://www.fatf-gafi.org/media/fatf/documents/reports/RBA-Accounting-Profession.pdf…
CHINA’S HUGE PAINT MARKET IS VULNERABLE IF GENERAL ECONOMIC GROWTH STARTS TO SLOW
China accounted for 38% of global paint output in 2018, according to the China National Coatings Industry Association (CNCIA), but its share of the global revenue was 33.4%, suggesting the pricing power of Chinese output is weaker. Industrial coatings accounted for 64.7% of the total output of 21.15 million tonnes (this figure is based on ‘enterprises of scale’ so does not count output by small, cottage companies) according to the CNCIA.…
WHY DO I NEED PLM? AND HOW TO PLAN FOR A SUCCESSFUL PLM PROJECT
Experts have told just-style that clothing manufacturers can today reap rich rewards from using a product lifecycle management (PLM) system due to widespread major advances in their operations nd technical capabilities. Mark Burstein, president of Miami, USA-based NGC Software, said that PLM platforms are “far more powerful” than in the past, “and the scope of PLM has expanded exponentially”.…
PHILIPPINES CLOTHING INDUSTRY EXPORTS SAY MORE COMPETITIVENESS NEEDED TO PROFIT FROM US-CHINA TRADE WAR
Clothing industry sources in the Philippines say that the USA-China trade war has helped boost orders for all garment-exporting countries in southeast Asia but their country, despite the Philippines government’s plan to boost local manufacturing capacity. The much-trumpeted Manufacturing Resurgence Programme of President Rodrigo Duterte had originally stated that a national ‘Roadmap for the Garments and Textile Industry’ should be drafted by the end of last year (2018).…
HIGH FASHION FOR PENNIES? ROMANIA’S CLOTHING AND TEXTILE WORKERS STILL STRUGGLE TO MAKE ENDS MEET
ECONOMIC data show how Romanian clothing and textile workers are suffering from comparatively low wages, with increases lagging behind employees in other sectors.
Average monthly net wages for workers in Romania’s textile, garment and footwear industry reached Romanian Leu RON 2,280 (USD543) in December 2018, almost a third less than the national average of RON3,770 (USD897), according to statistics from Romania’s National Institute for Statistics (Institutul Național de Statistică – INSSE) and Romania’s National Bank (Banca Națională a României – BNR).…
BANGLADESH CLOTHING ASSOCIATION’S FIRST WOMAN BOSS HAS BIG AGENDA, STARTING WITH TAKING OVER WORK FROM THE ACCORD
Months after taking the reins as president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Dr Rubana Huq is determined to fulfill her key goal of ensuring the industry effectively monitors its own environmental and health standards.
It is an important job given how the country’s clothing and textile sector has worked to improve a safety reputation battered by the 2013 Rana Plaza disaster.…
AMERICA SHOOTS ITSELF IN THE FOOT IN TRADE WAR, FROM WHICH MAJOR CHINESE CLOTHING MANUFACTURERS WILL BENEFIT
THE INTENSIFYING trade war between the USA and China has proved to be an opportunity for some larger Chinese clothing manufacturing firms, some of which had already built capacity overseas, notably in southeast Asia, and Vietnam especially. These companies have been able to adjust to the worsening tariff barriers to the US market for China-sourced exports, whereas smaller companies unable to afford new SE Asia operations have suffered.…
CHINESE GOVERNMENT ROLLS OUT DETAILS OF PUSH TO IMPROVE DIETS OF CHINA CONSUMERS
The Chinese government has been releasing plans to reduce China food consumers’ intake of salt, edible oils and sugar. A key step was the July 15 release by the State Council (effectively the country’s cabinet) of information on upcoming health campaigns, which will include advice on diet.…