Law & Trade

Chinese shoe company's CEO, COO, cash go missing


A Germany-based Chinese shoe company says the CEO and COO have gone missing – and so has the company's cash.

Ultrasonic AG, in a statement on Tuesday citing chief financial officer Chi Kwong Clifford Chan, said the company had been unable to contact the two executives since the weekend.

"Moreover, Mr. Chan was informed by the accounting department that most of the company's cash funds at PRC and Hong Kong levels have been transferred being no longer in the company's range of influence," the company's statement said.

China's rising middle class alluring

Shanghai Daily

China is the top growth destination for Asian enterprises which are keen to tap its rising middle class, a private report showed on Monday.

Companies in food and beverage, tourism, leisure and travel services aim to capture the increased spending power of Asia's middle class, Singapore-based United Overseas Bank said in the report.

By 2030, Asia is expected to account for two-thirds of the world's middle-class consumers, or about 3.2 billion people, with the majority of them living in China, UOB said in the report citing Brookings Institution.

Shanghai FTZ to open duty-free shop

Shanghai Daily

Shanghai's pilot free trade zone will open a duty-free shop to offer good deals on cosmetics and fragrance to both foreign and domestic customers.

To be located in an office building in the Pudong Airport Comprehensive Free Trade Zone, the FTZ’s first duty-free shop will sell imported cosmetics and perfumes, according to a news release on the city government's website on Thursday.

New Taipei fines dishonest store


With inspections connected to the polluted oil scandal underway, more well-known companies have been implicated for using tainted oil. In addition, local governments are also taking strict measures to deal with the problem. Not only have they asked companies to recall problematic food products, but they are also issuing fines to companies unwilling to cooperate with examination procedures.


LVMH, Google unite against fake online luxury goods

The Malaysian Insider

French luxury products group LVMH and internet search engine Google have agreed to work together to fight the sale of counterfeit goods online, the two firms said on Thursday.

The agreement ends nearly 10 years of litigation over complaints by LVMH – owner of top luxury labels in everything from champagne to luggage – that the Google Adwords key words service helped counterfeiters sell their products on the back of LVMH brands.

Draft bill passed regulating Taiwan online payment services


The Executive Yuan on Thursday passed a new draft bill on regulating Internet-based third-party payment services, which is slated to be deliberated in the upcoming legislative session.


Rado India ‘watching’ fakes sold online

The Hindu Business Line

Despite e-commerce being touted as the next big wave in retail, luxury watchmaker Rado India said it is keeping its focus on brick and mortar retail as fakes in the e-commerce channel may hamper its brand equity.


Zara, H&M in quality safety scare

Shanghai Daily

Imported clothing products from big-name overseas brands like Forever 21, Zara, H&M and Mango topped the list of failures in quality control tests conducted by inspection and quarantine authorities in the first half of this year, China’s quality watchdog said on Thursday.


Bangkok police urge retailers to tighten security

Bangkok Post

Thieves are exploiting security flaws at small retail and banking outlets in Bangkok to reap big rewards, with police promising a new campaign urging business owners to pay more attention to their security needs.

Metropolitan Police Bureau deputy chief Thitirat Nonghanpitak says banks, gold shops and convenience stores, favourite targets of thieves who have robbed dozens of such outlets in the past year, are not playing their part in keeping their assets and their customers safe.

Government mulls unique ID for hallmarked jewelry sold across India

The government is working to give a unique ID to each piece of hallmarked jewellery that is sold through registered jewellers and BIS recognized hallmarking centres in India, to Sunil Soni, director general of the Bureau of Indian Standards (BIS).

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