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The Corliss Group Barcelona and Hong Kong Financial News Magazine

The Corliss Group Barcelona and Hong Kong Financial News Magazine


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    Singaporean corporations are more naive in their approach to anti-fraud and corruption practices in comparison to the Asia-Pacific average, a survey from global accountancy firm Ernst & Young has found.

    According to the "Building a more ethical business environment survey," only 17 percent of Singaporean respondents acknowledged that planned investments in new markets will expose the company to new risks, compared to an average of around 35 percent for the Asia-Pacific region.

    "Companies in Singapore don't necessarily lag behind in terms of anti-fraud and corruption practices; what we found is a disconnect between policies that companies already have in place and the enforcement of those policies," said John Tudorovic, fraud investigation and dispute services partner at Ernst & Young.

    According to E&Y, nearly two thirds of Singaporean executives surveyed said their companies' anti-bribery and anti-corruption practices did not work well in practice, compared with an average of 48 percent for the Asia-Pacific region.

    Furthermore, E&Y said their survey findings showed that a lack of regular training and management commitment to anti-bribery and anti-corruption policies was a cause for concern in Singapore.

    Only 18 percent of Singaporean respondents said their management had strongly communicated their commitment to their anti-bribery and anti-corruption measures, compared with an average of 35 percent for...

  • WASHINGTON (AP) - October 1, 2013 (WPVI) -- Campers in national parks are to pull up stakes and leave, some veterans waiting to have disability benefits approved will have to cool their heels even longer, many routine food inspections will be suspended and panda-cams will go dark at the shuttered National Zoo.

    Those are among the immediate effects when parts of the government shut down Tuesday because of the budget impasse in Congress.

    A look at what is bound to happen, and what probably won't:

    THIS: Possible delays in processing new disability applications.

    BUT NOT THIS: Social Security and Medicare benefits still keep coming.

    THIS: Washington's paralysis will be felt early on in distant lands as well as in the capital - namely, at national parks. All park services will close. Campers have 48 hours to leave their sites. Many parks, such as Yellowstone, will close to traffic, and some will become completely inaccessible. Smithsonian museums in Washington will close and so will the zoo, where panda cams record every twitch and cuddle of the panda cub born Aug. 23 but are to be turned off in the first day of a shutdown.

    The Statue of Liberty in New York, the loop road at Acadia National Park in Maine, Skyline Drive in Virginia, and Philadelphia's Independence National Historical Park, home of Independence Hall and the Liberty Bell, will be off limits. At Grand Canyon National Park, people will be turned back from entrance gates and overlooks will be cordoned off along...


    Google is accused by MPs of jeopardising thousands of British jobs by failing to block websites providing illegal downloads of music and films.

    In a scathing report, the Culture, Media and Sport select committee condemned the internet giant's “derisory” efforts to tackle online piracy and denounced its explanation for its inaction as “flimsy”.

    It said the creative industries were worth £36bn a year to the British economy and employed 1.5m people, but warned that would be put at risk if they could not rely on tough intellectual property safeguards.

    The industry estimates that piracy costs it £400m in lost revenues a year. More than one-third of films watched online are viewed unlawfully and £1bn-worth of music is illegally downloaded annually.

    The committee reserved its strongest words for Google, accusing it of failing to explain why its search engine still directed people to websites flouting copyright rules and challenging it to remove more illegal sites or to demote them down lists of search results.

    It criticised the company for its “evident reluctance to block infringing websites on the flimsy grounds that some operate under the cover of hosting some legal content”.

    John Whittingdale, the committee's chairman, said: “The continuing promotion of illegal content through search engines is simply unacceptable and effo...

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    Investors pour money into European securities.

    According to Goldman Sachs research, U.S. pension funds and other institutions invested $65 billion in European equities in the first half of 2013, the highest since 1977 in that period. Now, there is a boom in European corporate bonds: In the last two weeks, $29 billion has been invested in 39 issues of these securities. Switzerland's Nestle and Norway's Statoil were among the issuers, raising a combined $2.4 billion. Europe is clearly the new investment fashion, even though equities have appreciated significantly since last year and worries about the state of the European economy have not been dispelled. Investors now fleeing emerging markets to invest in Europe may soon have to deal with a ripple effect, though: A third of the big European companies' revenues come from emerging markets.

    Russian opposition in biggest electoral success since before Putin.

    About 7000 election campaigns ended in Russia on September 8, the biggest of them for Moscow mayor. Kremlin appointee Sergei Sobyanin narrowly avoided a second round of voting against opposition leader Alexei Navalny, who is refusing to recognize the result, claiming fraud. In at least four cities, including the important city of Yekaterinburg in the Ural Mountains, President Vladimir Putin's United Russia party suffered defeats. Western-style election campaigning and public politics ar...

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