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.
DYEING AND FINISHING STRUGGLING IN EGYPT, AFRICA’S LARGEST TEXTILE PRODUCER
Dyeing and finishing capabilities in Africa’s largest textile producer, Egypt, are being undermined by government import and foreign currency restrictions, forcing manufacturers to use roundabout means to source raw materials, say industry critics. Sectoral development is also being impacted by the drop in investment in the wake of the Covid-19 pandemic and a downward slide in orders since the middle of this year (2022).…
BREXIT CHALLENGES BRITISH LAW ENFORCEMENT FIGHT AGAINST FRAUD – BUT UK CAN MITIGATE DIFFICULTIES
The UK’s law enforcement and prosecuting authorities have been striving to mitigate the loss of automatic collaborative relationships with European Union (EU) member states, following Brexit. Keith Nuthall reports
A key priority of the talks forging the 2020 EU-UK Trade and Cooperation Agreement (TCA), (1) which underpinned Britain’s full Brexit form the EU on January 1, 2021, was salvaging the close relationship between UK and EU police and prosecutors.…
TECHNICAL ROUND UP – IPSASB TO CREATE PUBLIC SECTOR SUSTAINABILLITY REPORTING STANDARDS
The International Public Sector Accounting Standards Board (IPSASB) will start detailed work developing sustainability reporting standards for public sector bodies.
Ian Carruthers, IPSASB chair, said: “The public sector needs its own specific sustainability reporting framework and the IPSASB should lead its development.”…
FTX FORMER BOSS JAILED IN BAHAMAS AS USA REGULATORS CRACK DOWN WITH CHARGES
Disgraced former crypto king Sam Bankman-Fried is facing years in jail and huge fines after being charged with multiple fraud offences following the collapse of crypto-trading platform FTX and its associated hedge fund Alameda Research. He is accused of illegally funnelling FTX customer funds for his own personal gain and for Alameda investments.…
DANSKE BANK SETTLES ESTONIA ML CASES IN USA AND DENMARK
Denmark’s largest bank Danske Bank has settled criminal cases brought against it in the USA and Denmark over allowing its Estonia branch to funnel around EUR200 billion (USD213 billion) in funds from non-residents, including from Russia, into international financial networks, with light touch AML controls.…
POORLY PAID TUNISIAN PROFESSORS HEAD OVERSEAS FOR BETTER CAREERS
A cost-of-living crisis in Tunisia, where annual inflation rose to 9.8% in November is pushing Tunisian academics to emigrate, with Saudi Arabian universities being a significant draw – offering better salaries and research opportunities.
The country has been suffering from political turmoil and related economic disruption since President Kais Saied dissolved parliament and started ruling by decree in July 2021.…
EUROPEAN PARLIAMENT HIT BY QATERGATE CORRUPTION SCANDAL
The European Parliament is reeling from the so-called ‘Qatargate’ cash-for-influence corruption and money laundering scandal that broke December 9 when Belgian police found over EUR1.5 million (USD1.6 million) cash in raids on locations across Brussels. In a December 15 resolution (1) on the suspicions of corruption by Qatar, passed by 541 votes in favour, two against, and three abstentions, members of the European Parliament (MEPs) agreed to suspend all work related to Qatar, notably on visa liberalisation and an aviation agreement, as well as to deny access to the Parliament for Qatari representatives.…
BREXIT CONTINUES TO HARM BRITISH TEXTILE INDUSTRY SAY EXPERTS
The UK and European Union (EU) textile and clothing sectors are still working out how to deal with the complex challenges brought by Brexit, with experts saying the industry has been suffering as a result. Work thus far has focused on dealing with the trading difficulties created rather than exploiting any theoretical opportunities created by increased UK regulatory autonomy since full Brexit came into being on December 31, 2020.…
BREXIT WORSENS UK CLOTHING SECTOR IMPACT OF ONGOING RECESSION
With the Bank of England predicting Britain will be mired in recession until 2024 H2, the country’s clothing industry has been left considering how much worse this UK slump will be because of Brexit. The central bank has been focusing on more recent challenges – saying that “high energy prices and materially tighter financial conditions” (through interest rate increases fighting inflation) “will weigh on spending”.…
EFRAG LISTENS TO COMPLAINTS OVER EUROPEAN SUSTAINABILITY STANDARDS DRAFTS – PARES BACK DATA DEMANDS
The European Commission is now assessing a first set of detailed proposed European Union (EU) mandatory sustainability reporting standards, delivered – on time – by the European Financial Reporting Advisory Group (EFRAG) Sustainability Reporting Board (SRB). (1)
Due diligence assessments and potential amendments will now be undertaken by the EU executive, before its formal adoption of these standards, planned for next June (2023).…