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.
EXPERTS DON’T SEE ONE FORMULA FOR FIXING USA SHORTAGE
The American infant formula market has been suffering from shortages, in part, because of a problem rarely encountered in the US economy, a lack of free market competition.
The nationwide baby formula out of-stock percentage was at 74% for the week ending May 28, according to retail-tracking company Datasembly.…
BANGLADESH CLOTHING MAUFACTURERS COUNT THE COST OF DEADLY PORT BLAZE – IN MONEY AND REPUTATION
The Bangladesh clothing industry is counting the cost of the deadly fire at the Sitakunda depot, serving the country’s major port at Chittagong, blaming the government and the depot owners for the blaze that appears to have erupted amongst stored chemicals.…
OLAF SHOWS TREND OF GANGS INFILTRATING EU FUNDING
The latest annual report from the European Anti-Fraud Office (OLAF) has shown a “worrying phenomenon” of organised criminal groups infiltrating the economy “to get their hands on” European Union (EU) grants and loans. Criminality is being committed “through patterns of administrative irregularities, such as double funding, conflict of interest, manipulation of tenders, and other means”, said The OLAF report 2021, released on June 8 (2022) (1).…
DUO BEHIND GREEN INVESTMENT SCAM JAILED IN THE UK
A duo behind a fraudulent green investment scheme, Global Forestry Investments, which defrauded around 2,000 investors out of their savings and pensions, have been jailed for 11 years in the UK, following a successful prosecution by the Serious Fraud Office (SFO).…
EFFECTIVE LEGISLATION AND FUNDING ESSENTIAL TO KEEP TEXTILE INDUSTRY AFLOAT, SAY TEXTILE EXPERTS
THE EUROPEAN Commission’s planned ‘Textile Transition Fund’ could be key to achieving a sustainable clothing and textile industry in Europe, Dirk Vantyghem, director general of the European Apparel and Textile Confederation (Euratex), has told Just Style.
He hoped it will enable the industry to fulfill the goals of the European Union [EU] Strategy for Sustainable and Circular Textiles (1), announced in March (2022).…
GLENCORE UK CONVICTED ON SEVEN COUNTS OF INTERNATIONAL BRIBERY
Glencore Energy (UK) has been convicted on seven charges of international bribery under the UK Bribery Act 2010, including two of corporate failure to prevent bribery. In a case brought by the Serious Fraud Office (SFO), at Southwark Crown Court on June 21, Glencore admitted to multiple counts of paying bribes in Africa to secure preferential access to oil and generate illicit profit.…
CANADA’S FIU AND FEDERAL MOUNTIES ARE TOO WEAK TO FIGHT BRITISH COLUMBIA ML, SAYS COMMISSION
A major commission of inquiry in the Canadian province of British Columbia (BC) has concluded federal AML institutions are so ineffective, they should be bolstered by special provincial law enforcement and regulation.
The report, headed by a BC supreme court judge, Austin Cullen, lambasts Canada’s federal FIU FINTRAC, for failing “to produce timely, useful intelligence about money laundering activity”.…
NATIONAL AML/CTF ASSESSMENTS ALMOST WORTHLESS, SAYS WORLD BANK STUDY
National risk assessments (NRAs) for money laundering and terrorist financing, required by the Financial Action Task Force (FATF) since 2012, are not comparable nor based on sound methodology, according to a new World Bank study (1) ‘National Assessments of Money Laundering Risks: Learning from Eight Advanced Countries’ NRAs’.…
CHINA’S FINISHING SECTOR READIES TO INJECT MORE SUSTAINABILITY INTO SYNTHETIC DYE SEGMENT
Although China’s 13th Five-Year Development Outline for the Textile Industry (2016–2020) mandated sustainability improvements for China’s entire textile industry, the government’s efforts to improve the environmental performance of the country’s synthetic dye segment have gained visible momentum more recently, under the 2021-25 14th Five-Year plan. …
WESTERN BANK FACE TOUGH TASK IN IMPOSING DELUGE OF SANCTIONS ON RUSSIA OVER UKRAINE INVASION
While the torrent of international sanctions imposed on Russia following its invasion of Ukraine on February 24 have slowed, the breadth and complexity of these measures have continued to challenge compliance officials in banks and other financial services.
An American Bankers Association (ABA) paper released this month noted that the sanctions deluge had been “unprecedented in its speed, complexity, and global impact”.…