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MIDDLE EAST PAINT MARKET MIXED BAG – AS ECONOMIC DIVERSIFICATION PROJECTS BOOST SALES WITHIN WEAK MARKETS
Paint markets throughout much of the Middle East are experiencing a downturn due to the region’s political instability and economic slowdown. However, manufacturers are nonetheless betting on a rebound as larger projects re-start and reconstruction begins in certain markets.
In the oil-based economies of the United Arab Emirates (UAE) and Saudi Arabia, lower oil prices have hit government budgets, causing state-backed projects to be suspended or delayed, while having a knock-on effect on the wider economy.…
EU ROUND UP - BREXIT DEAL LEAVES QUESTIONS OPEN
THE DRAFT Brexit agreement that has caused political controversy in the UK, but which the European Union (EU) insists is its final offer, would not – if approved – guarantee British membership of the European Chemicals Agency (ECHA).
There have been calls for the UK to remain within ECHA and its REACH chemical control system, if the UK quits the EU, as planned on March 29.…
COMMISSION SETS STRICTER CMR LIMITS FOR TEXTILES
THE EUROPEAN Commission has adopted a regulation* tightening use restrictions for 33 carcinogenic, mutagenic or toxic for reproduction (CMR) substances in clothing and 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.…
CHARITIES STILL STRUGGLE TO AVOID BEING TAINTED WITH TERRORIST FINANCING
Charities continue to be at risk of being exploited by terrorist groups looking to transfer money and finance their operations, with the Middle East a high-risk area.
These non-governmental organisations (NGOs) are, however, criticising the extra scrutiny the sector is facing from regulators, banks and governments, saying it is driving charity financing into the shadows, actually increasing risks of financing by crime and terror groups.…
CRYPTOCURRENCY FRAUD RISKS EVOLVING AS THESE E-MONEY SYSTEMS GROW
WHILE crypto-currencies such as Bitcoin, Ethereum, Monero and the others have built their reputation and success of the reliability of their blockchain-based transaction records, it does not mean that these financial systems are immune to fraud. Indeed, fraudsters have found ample opportunities to exploit and subvert the eco-system that surrounds cryptocurrencies.…
ANTI-CORRUPTION IT SYSTEMS GROW IN SCOPE AND SOPHISTICATION
WITH an estimated USD1.5 trillion lost to the global economy because of bribes, the World Bank is pushing for a diverse array of technology to be deployed – it is a call being answered with anti-graft systems being installed worldwide.
Reducing corruption “is a priority” for the World Bank, it said in a briefing note in September 2017.…
INTERNATIONAL TECHNICAL ROUND UP – EU PASSES VAT FRAUD REFORMS
*EU member states have been given temporary permission to use so-called reverse charge mechanisms to collect VAT, involving shifting liability to pay from suppliers to customers, to fight fraud. The EU Council of Ministers has approved a directive allowing governments to reverse charge VAT on domestic supplies of goods and services above EUR17,500 per transaction until June 2022, when a country is losing 25% or more of VAT to carousel fraud.…
ASIA REGULATORY ROUND UP – NEW SALES AND SERVICES TAX LAUNCHED IN MALAYSIA
A SALES and Services Tax (SST), replacing Malaysia’s now abolished goods and services tax (GST), has come into force (from September 1), via the new Sales Tax Act 2018 and the Service Tax Act 2018. The SST is a single-stage tax, a sales and services tax imposed on manufacturers and service providers rather than end customers, as with the 6% GST.…
ASIA REGULATORY ROUND UP – NEW SALES AND SERVICES TAX LAUNCHED IN MALAYSIA
A SALES and Services Tax (SST), replacing Malaysia’s now abolished goods and services tax (GST), has come into force (from September 1), via the new Sales Tax Act 2018 and the Service Tax Act 2018. The SST is a single-stage tax, a sales and services tax imposed on manufacturers and service providers rather than end customers, as with the 6% GST.…
EU ROUND UP – EU PLANS NEW EXPANDED RESEARCH PROGRAMME – PAINT SECTOR TO BENEFIT, ALTHOUGH UK FIRMS MAY MISS OUT
THE EUROPEAN Union (EU) paint and coating sector will be keeping a close eye on plans to craft a new EUR94.1 billion Horizon Europe research and development programme operating from 2021 to 2027. These major EU research budgets fund innovation in the sector involving companies from different countries within the EU – proposed industry and natural resources priority spending sections in the 2021-27 programme may especially promote paint and coating studies.…