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THE PLANNED introduction of mandatory audit firm rotation (MAFR) by the South African Independent Regulatory Board for Auditors (IRBA) has sparked widespread dissention within the country’s business and accounting communities This is despite that the reform’s goal is to strengthen auditor independence and audit quality and that there are some calls for the move to be brought forward from the current introduction date of April 1, 2023.…

The old guard of the United States apparel and footwear industries better wise up to changes occurring all along the supply chain if they want to see their companies survive, the head of a leading Asian research center told a room of industry representatives in New York.…

Securities Commission Malaysia (SC) has released a new Malaysian Code on Corporate Governance (MCCG). This revised guidance encourages the development of corporate governance culture, not just within listed companies, but also state-owned enterprises, small-and-medium sized enterprises (SMEs) and licensed intermediaries. This code includes 36 practices to support strong board leadership; effective audit, risk management, and internal controls; and solid corporate reporting.…

Turkish textile entrepreneurs have been signalling a willingness to relocate their units to Bangladesh, tapping into the south Asian nation’s geo-economic significance, officials and diplomats say.
Interest was notably shown by Turkish investors in week-long seminars on Trade & Investment Opportunities in Bangladesh’, organised by  the Bangladesh embassy in Ankara, in April and this month (May), in five Turkish cities, including the capital Ankara, key textile production centre Istanbul, Kayseri, Bursa and Kocaeli province.…

THE INDONESIAN government must do better in controlling illegal imports of textile and textile products, Anies Soengkar, chairman of the Indonesian Textile Association (API – Asosiasi Pertekstilan Indonesia) branch Pekalongan, Central Java told WTiN.com.

This representative of a key textile production zone in Indonesia said that illicit imports are entering the country for distribution by door-to-door delivery networks.…

THE SYRIAN car sector has been hit hard by the country’s ongoing civil conflict, now into its sixth year. From nearly 90,000 cars being imported into Syria annually before the rebellion against the rule of President Bashar al-Assad started in 2011, imports have now plunged to around 1,000 cars a year.…

Slowly, a central government is re-establishing itself in Somalia. But it is far from being a safe place in which to do business. Even though other sectors (such as livestock) are establishing themselves, the tobacco sector still lacks a functional regulator and effective regulation.…

TOBACCO has been among Zimbabwe’s foreign exchange earners for decades, and the country remains Africa’s top producer of the golden leaf, despite the disruption that its agricultural sector faced in the early 2000s.

These days, the country’s cash-strapped government is supportive and is pinning its hopes on tobacco exports to spearhead an elusive economic recovery.…

Italian state-controlled oil and gas producer ENI has cemented its role as a major gas player in Mozambique, after further defining in 2017 the scope of its Coral FLNG (floating liquified natural gas) project in this southern African country. However, doubts are emerging that ENI will actually deliver significant volumes of Mozambique’s huge gas reserves to Italy, and consequentially the rest of Europe, as an alternative and more secure source of natural gas.…

A case detected last May (2015) at Lisbon international airport, Portugal, says much for the worrying scale of the laundering of illicit funds from Europe into mainland China. A nondescript Chinese couple travelling from Lisbon to Shanghai via the United Arab Emirates’ (UAE) Dubai was stopped carrying more than EUR1 million in large denomination notes found elaborately wrapped in ‘danger, chemicals’ packaging within packets marked ‘FRAGILE’.…