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ASIAN REGULATORY ROUND UP – HONG KONG GOVERNMENT RELEASES TAX BREAKS TO BOOST ECONOMY DURING ONGOING TURMOIL
HONG Kong’s government has released tax measures to support an economy buffeted by political protests, the US-China trade war and headwinds from a potential hard Brexit. Its financial secretary announced that 27 groups of government fees and charges would be waived for 12 months to benefit sectors including maritime, logistics, retail, catering, tourism, construction, agriculture and fisheries businesses.…
ASIAN REGULATORY ROUND UP – HONG KONG GOVERNMENT RELEASES TAX BREAKS TO BOOST ECONOMY DURING ONGOING TURMOIL
HONG Kong’s government has released tax measures to support an economy buffeted by political protests, the US-China trade war and headwinds from a potential hard Brexit. Its financial secretary announced that 27 groups of government fees and charges would be waived for 12 months to benefit sectors including maritime, logistics, retail, catering, tourism, construction, agriculture and fisheries businesses.…
EU ROUND UP – ECHA LAUNCHES ORGANIC POLLUTANT PROBE
THE EUROPEAN Chemicals Agency (ECHA) has started looking for persistent organic pollutants (POPs) that it may advise be restricted internationally through the Stockholm Convention on Persistent Organic Pollutants, and hence within the European Union (EU).
This new role for the agency, which could impact the use and availability of coatings and their chemical ingredients, was mandated under a new EU regulation on persistent organic pollutants (POP), that came into force in June – see https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32019R1021&from=EN…
NONWOVENS SECTOR IN MIDDLE EAST AND NORTH AFRICA STRUGGLES WITH OVERCAPACITY
THE NONWOVENS industry in the Middle East and North Africa (MENA) is still struggling with over-capacity, while declining purchasing power has hit the mid- and higher-tier segments, prompting global players to reconsider product offerings.
MENA economies have been impacted by low oil prices and regional instability, with growth forecast at 1.5% this year, down from 1.7% in 2018, according to investment bank JP Morgan.…
AUSTRALIAN WOOL PRICES FALL, BUT INVESTMENT IN ADDITIONAL LOCAL PROCESSING UNLIKELY, SAYS INDUSTRY BOSS
THE TRADE war between the USA and China that has seen both sides impose a wide range of duties on each other’s exports has depressed Australian wool prices though a reduction in demand from key Chinese buyers.
Australian Council of Wool Exporters and Processors executive director Peter Morgan told just-style that the Washington-Beijing stand-off has come during other events depressing wool sales: “Events such as the US, China trade wars, US, India trade disputes, the US, Iran political tensions and the negative rhetoric during the recent G20 meeting” have been disruptive and this obviously “effect global economic confidence,” he said.…
BRAZIL BEEF EXPORTS TO UAE BOOM
Brazilian beef exports to the United Arab Emirates (UAE) saw an increase of 439.84% year-on-year in the first half of 2019, according to figures issued by the Dubai-based Arab Brazilian Chamber of Commerce. Brazilian beef sales to all Arab countries were up 47.62%.…
NESTLÉ’s EMENA RESTRUCTURE IS PAYING DIVIDENDS, SAYS SETTEMBRI
GLOBAL food and beverage company Nestlé’s restructure in the EMENA (Europe, Middle East and North Africa) region, which began in 2017, has delivered improved efficiencies and performance, according to Marco Settembri, Nestlé’s executive vice-president and EMENA zone CEO.
“It’s always a question of evolution,” Mr Settembri told just-food before the opening session of the July 4-5 2nd European Entrepreneurship Education summit in Lille, northern France,* in which he was to speak.…
AI AND MACHINE LEARNING CAN COMBINE WITH HUMAN EXPERTS TO DETECT COMMERCIAL CRIME
SURVEILLANCE and detection are becoming increasingly high-tech, especially when fighting financial crime. But experts still think combining human expertise with new artificial intelligence, machine learning and data analysis is the smartest way to unmask commercial crime. Sarah Gibbons and Sara Lewis report.…
COMMISSION SETS STRICTER CMR LIMITS FOR TEXTILES
The rules amend existing restrictions in the REACH chemicals regulation 1907/2006. They set maximum concentration limits for chemicals “particularly harmful in case of frequent contact with human skin”, the Commission said in an October 10 press note.
Permitted levels range from 1mg/kg for cadmium, chromium, arsenic, and lead to 3,000mg/kg for N,N-dimethylformamide (DMF).…
REGULATORS STARTING TO ENCOURAGE FINANCIAL INSTITUTIONS TO EXPERIMENT WITH AI MONITORING OF SUSPICIOUS TRANSACTIONS
Regulators have started to actively encourage financial institutions to experiment and use machine learning to detect suspicious activity.
US regulatory authorities have called for innovative approaches to meet AML compliance obligations “to further strengthen the financial system against illicit activity”.
In a joint statement, the Board of Governors of the Federal Reserve System; the Federal Deposit Insurance Corporation; USA FIU the Financial Crimes Enforcement Network (FinCEN); the National Credit Union Administration, and the Office of the Comptroller of the Currency announced their support for innovative technology development last December.…