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For evidence that China’s nationalistic ‘guochao’ consumer trend is gathering pace in the personal care product sector, look at the country’s powerful e-commerce sector. In February 2021, the turnover of cosmetics on China’s Taobao platform was Chinese Yuan Renminbi CNY14.7 billion (USD2.3 billion), a year-on-year increase of 11%, with the top brand in sales being the guochao-oriented personal care product brand Hangzhou-based Florasis Hua Xizi.…

INTRODUCTION

THE MANUFACTURE of protective masks has been maybe the largest growth area in the international textile and non-wovens industry during the Covid-19 pandemic. Billions of people have donned masks as they seek to avoid catching a disease that by June 11 (2021) had killed 3.7 million people and infected 175 million [1].…

President Joe Biden may think he has three main foreign policy priorities this year – China, Russia and Iran – but the truth is, as far as the Middle East is concerned, all these challenges roll into one.

That is because both China and Russia are seeking increased influence in the Middle East, and hoping for potential missteps from the USA over the Iran file to leverage their diplomatic positions.…

THE EUROPEAN Union (EU) member state of Malta – along with Haiti, the Philippines, and South Sudan – have been added to FATF’s increased monitoring watch list, with all four countries promising to work with the global AML body to improve their dirty money controls.…

Taiwan’s Environmental Protection Agency (EPA) has announced amendments to the island’s Registration Procedures for New Chemical Substances and Existing Chemical Substances. In addition to delaying a registration period for the standard registration of existing chemical substances in response to the Covid-19 pandemic, it has added a number of simplified administrative and convenient measures to optimise registration applications, review and reporting requirements.…

The Bangladesh clothing industry is looking forward to the completion of five state-of-the-art textile factories at the Korean Export Zone (KEPZ) with combined floor space of 2 million square feet as an important expansion of local backward linkages. The factories, three of which are under construction, and two (producing polyester yarn and fabrics) are already open, will produce manmade fibre (MMF) yarn and finished garments, at the KEPZ, located in the south-eastern port of Chattogram.…

CANADIAN auto dealers, whose sales of high-tech vehicles maybe hampered by safety concerns linked to hacking and computer viruses, are being assisted by a new university cyber-protection unit allied to parts-makers.

The SHIELD Automotive Cybersecurity Centre of Excellence is based at the University of Windsor, just over the Detroit River, and will work with Canada’s Automotive Parts Manufacturing Association (APMA), with whom it has signed a memorandum of understanding.…

Oil companies decarbonising their portfolios are getting out their cheque books for floating offshore wind projects.

Bottom-fixed offshore wind farms familiar in some places worldwide are generally limited to water no more than about 60 metres deep. Beyond that, it becomes economically unfeasible to connect the increasingly large turbine assemblies to the seafloor by either monopile or jacket foundations.…

South Korea will take a tough stance on virtual asset service providers (VASPs) that fail to file suspicious activity reports (SARs) when anti-money laundering (AML) requirements become mandatory on March 25. Barely two weeks before VASPs have to comply with AML and know your customer requirements under a revised March 2020 Act on Reporting and Using Specified Financial Transaction Information, South Korea’s Financial Services Commission (FSC) announced VASPs could be fined for failing to submit SARs or comply with other requirements, such as keeping data on suspicious transactions or managing customer transactions records separately.…

An international model of rules for monitoring and control cryptocurrency operators and crypto-exchanges’ compliance with anti-money laundering and counter financing of terrorism (AML/CFT) regulations worldwide, is needed, some AML/CFT specialists are arguing. Nina Kerkez, market planning director at LexisNexis Risk Solutions, said regulatory frameworks are currently being developed “at an alarming rate” in a wide range of jurisdictions, with significant divergences apparent in, for example, KYC/CDD requirements and when to file suspicious activity reports (SARs).…