Search Results for: hong Kong

It is hard to avoid either a cosmetics store or an advertisement for one in Chinese cities today. A mind-boggling wave of new retailers set up by investment firms to cash in on the cosmetics and personal care boom are eagerly seeking franchisees around the country.…

FINANCIAL institutions and other anti-money laundering reporting sectors within Vietnam have had to grapple, since January 1, with a revised Penal Code, which has changed how money laundering is defined in criminal law.

In its 2018, International Narcotics Control Strategy Report (INCSR), the USA State Department notes that this “revises the money laundering offence and adds criminal liability for legal persons involved in money laundering.”…

The Philippines’ latest national trade data, published on October 10, has suggested that a recent slump may be over for this southeast Asian country’s troubled garment export sector. It was considered a sunrise industry during the 1990s but has since fallen far behind its Chinese, Vietnamese and Cambodian counterparts.…

Already a world-leader in terms of knitted products for the sports clothing and outdoors-wear sectors, Japan’s Descente Ltd this July opened a state-of-the-art research and development centre that the company anticipates will help it create “the world’s fastest high-performance wear”.

According to the Osaka-based company, the new initiative is built on the concept of being “fast”.…

AFRICAN garment and textile manufacturers have a long way to go to increase capacity, develop the supply chain and diversify overall production away from North Africa, an industry conference staged in Cairo has been told. But while north Africa accounts for more than USD10 billion out the continent’s USD13.54 billion in clothing and textile exports (during 2016, according to international trade data), the much discussed potential of Africa as the world’s next sourcing hub is starting to materialise.…

AFRICAN garment and textile manufacturers have a long way to go to increase capacity, develop the supply chain and diversify overall production away from North Africa, an industry conference staged in Cairo has been told. But while north Africa accounts for more than USD10 billion out the continent’s USD13.54 billion in clothing and textile exports (during 2016, according to international trade data), the much discussed potential of Africa as the world’s next sourcing hub is starting to materialise.…

COUNTERFEIT foodstuffs were the most common fake good seized by European Union (EU) customs in 2017 – making up 24% of the total – as fakers increasingly look the Internet to sell their illicit wares. Keith Nuthall unpicks the latest EU data on pirated products.…

THE NEW Malaysian government has released its first budget – for 2019 – reducing corporation tax for small-and-medium-sized enterprises (SMEs) from 18% to 17% on their first Malaysian Ringgit MYR500,000 (USD119,484) of taxable income. It has also tightened rules on companies transferring up to 70% of their losses to the balance sheet of a related company – limiting such transfers to three years’ contiguous tax returns, there are currently no time limits.…

THE HONG Kong government has responded to European Union (EU) concerns that its tax system unfairly benefits offshore investment funds by offering them profits tax exemptions. HK is proposing these breaks also apply to onshore funds. The EU had identified these offshore rights as a potentially harmful tax practice, threatening to add HK on its list of non-cooperative tax jurisdictions, potentially sparking financial sanctions.…

The Hong Kong Securities and Futures Commission (SFC) has released proposals to expand the China special administrative region’s politically exposed person (PEP) controls to cover senior officials within international organisations.

The SFC has said that these expanded AML/CFT controls would also apply to customers of a licensed corporation in HK entrusted with a prominent public function by a foreign government and an international organisation simultaneously.…