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Newpaper24 - Global online News around the World 776240aa-1140-11e8-851b-21ca695cbae4_image_hires_144310 Hong Kong anti-graft physique raids clinic operator as probe into Convoy monetary scandal widens - NEWPAPER24  Newpaper24 - Global online News around the World 776240aa-1140-11e8-851b-21ca695cbae4_image_hires_144310 Hong Kong anti-graft physique raids clinic operator as probe into Convoy monetary scandal widens - NEWPAPER24

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Hong Kong anti-graft physique raids clinic operator as probe into Convoy monetary scandal widens – NEWPAPER24

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Hong Kong anti-graft physique raids clinic operator as probe into Convoy monetary scandal widens

2018-02-14 04:57:55


Hong Kong’s anti-graft physique and market regulator have searched the workplaces of medical clinic operator City Well being Worldwide Medical Group within the newest transfer of their joint investigation into an internet of wrongdoing surrounding monetary advisory agency Convoy International Holdings.

The Unbiased Fee Towards Corruption and the Securities and Futures Fee executed a search warrant on February 9 on the premises of the medical clinic group within the northern Sha Tin space, City Well being Worldwide mentioned in a submitting to the inventory change late on Tuesday night time.

The crackdown on Convoy and associated firms that started in December is Hong Kong’s largest anti-graft and market misconduct case, and has led to the arrests of 4 individuals, together with Convoy’s former chairman, Quincy Wong Lee-man, and Mark Mak Kwong-yiu, former chairman of a associated monetary companies agency, Lerado.

Net of lawsuits involving Hong Kong finance agency Convoy to be heard in court docket collectively in March

City Well being Worldwide’s founder and govt deputy chairman is Cho Kwai-chee, who’s a former director of Convoy. City Well being’s chairwoman is Crystal Choi Ka-yee, daughter of Hong Kong’s “toy king”, industrialist Choi Chee-ming. Choi Chee-ming can also be deputy chairman and a non-executive director of City Well being.

City Well being mentioned the ICAC motion was associated to alleged offences beneath sections 9(1) and 9(2) of the Prevention of Bribery Ordinance, which prohibits the providing of a bribe to or its acceptance by staff of the corporate and to using false doc by an agent to deceive his principal.

It’s also associated to part 179(1) of the Securities and Futures Ordinance, which provides the SFC powers to require the manufacturing of paperwork and data in respect of legal or different misconduct involving a company that’s or was listed.

“To the most effective of the data, info and perception of the administrators, the search has not affected the enterprise and operation of the group,” City Well being mentioned.  

Its shares have been suspended from buying and selling by the SFC since November 27 after the regulator discovered deceptive info in a few of the firm’s earnings experiences.

The SFC had no touch upon Wednesday on whether or not anybody had been arrested within the newest motion. 

Timeline: How Convoy morphed from MPF adviser to focus of Hong Kong’s largest graft probe

In a December 18 lawsuit, Convoy claimed HK$1.57 billion (US$210 million) funding by the rich Tsai household of Taiwan was diverted and stolen by firm insiders. The corporate sued Cho Kwai-chee for misuse of the funds.

Cho couldn’t be reached for remark.

Newpaper24 - Global online News around the World  Hong Kong anti-graft physique raids clinic operator as probe into Convoy monetary scandal widens - NEWPAPER24



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EU arsenic warning over magnetic putty kids’s toy – NEWPAPER24

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Newpaper24 - Global online News around the World _100106388_putty EU arsenic warning over magnetic putty kids's toy - NEWPAPER24

EU arsenic warning over magnetic putty kids’s toy

2018-02-23 12:01:36

Picture caption The product additionally comprises a magnet which fails to satisfy rules

An EU-wide warning has been issued over a kids’s toy feared to comprise dangerously excessive ranges of arsenic.

The “Magnetic Putty” toy was banned from sale by Northamptonshire Buying and selling Requirements (NTS) who discovered it had seven instances the permitted quantity of arsenic.

Amazon, eBay and Groupon all eliminated the toy, which has no producer or importer identification, from sale.

Final week a schoolgirl reportedly had 10 instances the protected restrict of arsenic in her system after taking part in with the toy.

NTS found the toy on a market stall within the county and, in addition to a excessive degree of the poison, the included magnet was discovered to be 29 instances over the allowed magnetic pressure and may very well be “simply swallowed”.

It solely banned this one explicit kind of magnetic putty, which didn’t embrace a CE mark to indicate it complied with the important security requirement for toys and likewise had twice the permitted quantity of lead.

NTS has been unable verify the provision chain of the putty due to a scarcity of traceability, however different manufacturers have been being examined.

Picture copyright Northamptonshire Buying and selling Requirements
Picture caption The Magnetic Putty product didn’t establish a producer or importer

Based on the European Union’s Speedy Alert System web site for shopper merchandise, the distributor has been ordered to withdraw the product from the market.

Its warning states: “Arsenic is poisonous and publicity to steer is dangerous for human well being and may trigger developmental neurotoxicity.

“If a toddler swallows this small magnet and different metallic objects, they might appeal to each other inflicting intestinal blockage or perforation.”

A spokesman for Northamptonshire County Council stated: “Buying and selling Requirements officers would reiterate the recommendation that if they’ve this explicit kind of magnetic putty to cease utilizing it.

“Any dad and mom with well being considerations a couple of little one ought to seek the advice of their physician.”

Earlier this month, a warning was issued for an additional magnetic putty, branded “Peanfun”, over fears of choking on the magnet.

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Fitch says South Africa’s finances partly reverses fiscal deterioration | Investing House – NEWPAPER24

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Newpaper24 - Global online News around the World 1519539389_ Fitch says South Africa's finances partly reverses fiscal deterioration | Investing House - NEWPAPER24

Fitch says South Africa’s finances partly reverses fiscal deterioration | Investing House

2018-02-23 11:17:17


JOHANNESBURG (Newpaper24) – South Africa’s finances reverses a few of final 12 months’s fiscal deterioration however poor funds of state-owned firms stay a significant threat to fiscal targets, rankings company Fitch mentioned on Friday.

In a finances introduced on Wednesday, the Treasury mentioned value-added tax can be raised for the primary time in 25 years, a part of efforts to chop the deficit and stabilise debt.

“This may characterize a partial reversal of current fiscal deterioration,” Fitch mentioned in a press release.

“Nonetheless, fiscal targets are topic to substantial dangers, the most important of which stems from state-owned enterprises, notably the electrical energy firm Eskom, whose medium-term funds are beneath stress.”

Reporting by Olivia Kumwenda-Mtambo; Enhancing by James Macharia

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Dubai’s Emirates NBD mentioned to plan bid for Turkey’s Denizbank – Banking & Finance,UAE,Europe – NEWPAPER24

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Newpaper24 - Global online News around the World 630846210_Emirates-NBD Dubai's Emirates NBD mentioned to plan bid for Turkey's Denizbank - Banking & Finance,UAE,Europe - NEWPAPER24

Dubai’s Emirates NBD mentioned to plan bid for Turkey’s Denizbank – Banking & Finance,UAE,Europe

2018-02-19 10:11:13


Emirates NBD is making ready to submit a bid for Sberbank’s wholly-owned Turkish unit in March, folks with information of the matter mentioned.

Dubai’s greatest financial institution is evaluating a suggestion for Denizbank, the folks mentioned, asking to not be recognized as a result of the talks are personal. It might take a number of months earlier than Sberbank decides whether or not or to not promote, they mentioned.

Emirates NBD final month mentioned it began preliminary discussions for the Denizbank stake. A deal for Sberbank’s 99.9 % holding may very well be valued at as a lot as $four.12 billion, in line with Newpaper24 calculations.

Denizbank had a e book worth of $three.44 billion on the finish of September and Turkish banks commerce at a mean of 1.2 instances e book worth, in line with knowledge compiled by Newpaper24.

Sberbank CEO Herman Gref on Feb 15 instructed Newpaper24 that there’s no time-frame for a suggestion for Denizbank. The financial institution obtained “an excellent provide” for the unit after US and European sanctions on Russia made it tough for the lender to function in Turkey, he mentioned on Feb 13.

Emirates NBD and Denizbank declined to remark.

Gulf lenders are in search of to spice up their presence in Turkey with acquisitions and license functions as they face restricted growth alternatives at house. Qatar Nationwide Financial institution in 2016 purchased Nationwide Financial institution of Greece’s Turkish unit for two.75 billion euros ($three.four billion), whereas Industrial Financial institution of Qatar acquired a 71 % stake in Alternatifbank from Anadolu Group in 2013.

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