Search Results for: Malaysia

CHINA’S central bank, the People’s Bank of China (PBC), has issued a new anti-money laundering and terror finance reporting requirements for all financial institutions inside the country. The rules come into force July 1. They cover banks, brokers, foreign exchange, online and mobile payment systems and insurance companies, who will have to file reports to the central bank, via their headquarters or via representative institutions, if a client requires daily cash transactions exceeding Chinese Yuan Renminbi CNY50,000 (USD7,261) or a larger amount of USD10,000’s worth in foreign currency.…

THE HONG Kong government has signed an avoidance of double taxation agreement with Russia. It will prevent Hong Kong companies with a permanent establishment in Russia being taxed in both jurisdictions. Russian tax paid by Hong Kong companies will be credited against the tax payable in Hong Kong.…

MANY garment manufacturers in the 10-member Association of Southeast Asian Nations (ASEAN) block will have to cope with raises to the minimum wages in 2016. The move comes as ASEAN launches its Economic Community (ASEAN EC) on December 31, easing labour movement across the region.…

MALAYSIA’S Audit Oversight Board (AOB) has revoked the registration of an audit firm for the first time since the regulator was established by the Securities Commission Malaysia in 2010.

It has scrapped the registration of Wong Weng Foo & Co, managing partner, Wong Weng Foo and partner Abdul Halim Husin, from December 2.…

The conflict in eastern Ukraine and Russia’s annexation of Crimea has had significant ramifications for both countries’ oils and fats industries. These are sizeable sectors in Russia and Ukraine, and the industries – and consumers – have certainly felt the impacts of these often traumatic geopolitical events.…

Japan’s Kobe Steel’s (Kobelco) has entered the Bangladesh market as it aims to gain a toehold in the south Asian nation’s growing shipbuilding sector, focusing on high titanium oxide-based welding rods designed to connect mild steel sheets. The third-largest steel maker in Japan, annual revenues of USD16 billion has already delivered 100 tonnes of welding electrodes, which will be marketed among shipbuilders by its local partner TSI Marine Ltd.…

Although the final details of the Trans-Pacific Partnership (TPP) trade agreement have yet to be agreed, it is all but certain that the TPP’s free-tariff treatment for Vietnamese garments will see substantial amounts of yarn being shipped from US textile mills to garment factories in Vietnam, with the resulting clothing returning to the USA as finished ‘Made in Vietnam’ products.…

The meat industry in Pakistan is hoping an upcoming government budget will promote investment enabling the sector to hit a government target of doubling the country’s export earnings from the global halal food market by 2018. This would net Pakistan meat exporters USD600 million in annual export proceeds, compared to USD300 million now, according to Pakistan ministry of national food security and research figures.…

The Danish Agriculture & Food Council (DAFC/ Landbrug & Fødevarer) has invited the country’s leading meat industry players to round-table talks to deepen collaboration between producers, brokers and marketers regarding halal meat exports.
This DAFC initiative would help create a range of common industry guidelines that take into account country-by-country differences in halal slaughtering conventions.…

In recent years, brands that source from textile and garments manufacturers in Asia have been targeted by bad publicity for everything from poor wages, long hours and dangerous exposure to chemicals and unsustainable use of water.
In response, they have tended not to work unilaterally but to sign up for either regional or international standards schemes, or co-operate on open platforms, where knowledge is shared.…