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New Unexplained Wealth Orders that passed into UK law on April 27 are as significant in the global fight against corruption as the 2010 Bribery Act, according to anti-graft group Transparency International UK (TI). The orders, a provision of the new Criminal Finances Act, will empower UK law enforcement agencies to target corrupt money flowing into the UK and more easily return it to those from whom it has been stolen, said a TI note.…

INDIA’S financial sector has been taking increasingly strong measures to fight against banking fraud, but tough anti-fraud measures adopted by Indian banks can upset customers, reducing business and obstruct government plans to popularise banking services.

The Bank of India, a government-owned commercial bank, for instance, now blocks all withdrawals from an account that has not recorded a transaction for three months.…

SEVEN years of recession and two years of capital controls have taken their toll not only on the Greek economy but also on the country’s cosmetics market, although local companies have been maintaining their focus on R&D and exports. According to the Hellenic Statistical Authority (Elstat), the overall turnover retail index for cosmetics and pharmaceutical products in February 2017 was 58.8% of sales in 2010 – the year marking the beginning of Greece’s financial and economic turmoil.…

Consumers in the United Arab Emirates (UAE) are becoming savvier about their beauty products and more conscious of what ingredients they’re putting on their skin and hair. This increasing awareness along with a widening choice of products is driving steady growth in the country’s natural and organic cosmetics and toiletry market.…

ISRAEL’S booming natural and organic cosmetics sector has grown largely because of its focus on scoring international sales and manufacturers have in the past shown less interest in increasing the local market base. But this strategy has been changing significantly of late. …

AN increasing number of Japanese consumers are becoming more environmentally conscious in their purchases and adhering to what is commonly referred to as a ‘LOHAS’ (lifestyles of health and sustainability) way of life. In the Japan cosmetics and personal care market, this initially manifested itself in the rising popularity of imported brands that prided themselves on their use of organic and natural ingredients.…

Traditionally, Japanese people bathe on a daily basis and there was in the past comparatively little historical demand for the scents that were developed in Europe in previous centuries to mask lingering body odour. And while perfumes still remain a strictly niche market in Japan, deodorants have more recently become a significant part of the overall personal care sector.…

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.…

VIETNAM is working hard to develop an upstream parts manufacturing base, but this goal is proving hard to achieve and meanwhile, regional liberalization through the Association of Southeast Asian Nations (ASEAN) is threatening the country’s auto assembly segment.

In many ways, it is crunch time for Vietnam’s auto sector.…