Search Results for: hong Kong

The Chinese auditing unit of accounting giant PwC has been fined a record Chinese Yuan Renminbi CNY441 million (USD62.7 million) and banned from auditing in mainland China for six months after a regulator concluded it had “covered up and even condoned” fraud.…

Speaking at the event on Friday (Feb 17), Mark Carney, UN special envoy for climate action and finance, and former central bank governor for the UK and Canada, said of the baseline: “It’s critical. You need compatible information.”  

Mr Carney stressed ongoing discussions between the ISSB and major jurisdictions, such as the EU (European Union), the USA and Japan, about the need for regulatory harmony.…

The Cambodian government has now launched a long-awaited five-year development plan to shape the future of the country’s garment, footwear and travel goods sector by boosting productivity and reducing tariffs on businesses, but industry commentators say its proposed reforms are still at an early stage.…

The Vietnamese apparel sector is a great success story, but to maintain its strong position, the country will have to build backward linkages, while mitigating some deep-rooted cost and labour challenges. Data from the World Trade Organisation (WTO) shows that from the 1990s, the country’s garment industry has risen from a low base to overtaking Bangladesh’s exports’ sales in 2020, with USD29 billion overseas sales revenues, ranking second worldwide.…

China’s fast fashion cross-border e-commerce fashion retailer Shein is little known within China but its profile overseas continues to rise, with Reuters reports estimating the company may have generated about Chinese Yuan Renminbi CNY100 billion (USD15.7 billion) in revenue in 2021 as the Covid-19 pandemic shifted global consumption online.…

The Chinese government has been hindering international infant formula brands by encouraging the growth of domestic manufacturers while failing in its attempt to boost the birth rate, reducing overall demand.

The government has been rolling out its Action Plan for the Promotion of Domestic Infant Milk Formula published in May 2019, involving stricter manufacturing quality standards to improve faith in Chinese brands such as Feihe.…

The Ukrainian cosmetics industry has been hit hard by Russia’s invasion, forcing many producers to halt production and close their businesses. The country’s personal care products market had been projected to generate USD2. 9 billion in sales during 2022 by data service Statista (1) and has been steadily growing year on year.…

NEW Zealand’s butter industry is thriving, despite the disruption of Covid-19 and now Russia’s invasion of Ukraine, with strong export demand particularly from China but also from other markets worldwide, especially in the ASEAN (Association of Southeast Asian Nations) bloc. Major exporter Fonterra is also looking ahead to a world that increasingly cracks down on carbon emissions, introducing the first carbon-zero certified organic butter made in NZ, reflecting how consumers are seeking more sustainability in their food purchases.…

With fraud levels booming – a PwC report released last May (2021) said 47% of more than 5,000 interviewees’ companies suffered an average of six frauds in the previous two years – anti-fraud professional salaries are growing. (1)

The Association of Certified Fraud Examiners (ACFE) will release its next anti-fraud sector salary survey in the summer, but Mason Wilder, an ACFE research specialist confirmed pay is “going up – as are most wages and salaries in professional fields”.…

Roughly two decades after China entered the World Trade Organisation (WTO) (in December 2001) and nearly two-and-a-half years into the Covid-19 pandemic, the country’s textile and apparel sectors seem healthier than ever. Customs data show that in 2021, the cumulative export value of China’s textiles and clothing reached USD315.5 billion, a year-on-year increase of 8.4%.…