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Newpaper24 - Global online News around the World 2a69415e65e979d522e3826802ad13fd2b66a4b70e1d4db6ecf1cec41bfc3155_3980760 Outgoing FCA chair joins race to go competitors watchdog - NEWPAPER24  Newpaper24 - Global online News around the World 2a69415e65e979d522e3826802ad13fd2b66a4b70e1d4db6ecf1cec41bfc3155_3980760 Outgoing FCA chair joins race to go competitors watchdog - NEWPAPER24

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Outgoing FCA chair joins race to go competitors watchdog – NEWPAPER24

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Outgoing FCA chair joins race to go competitors watchdog

2018-02-14 12:09:00

John Griffith-Jones, the outgoing chairman of the Metropolis watchdog, has been shortlisted to go the Competitors and Markets Authority (CMA) even because the audit agency the place he spent most of his profession faces calls for to be damaged up.

Sky Information has learnt that Mr Griffith-Jones, who steps down because the Monetary Conduct Authority (FCA) chairman subsequent month, is amongst a handful of candidates to succeed Lord Currie on the CMA.

His inclusion on a shortlist submitted to the Division for Enterprise, Power and Industrial Technique (BEIS) has stunned some in Whitehall.

Mr Griffith-Jones spent 37 years at KPMG, the place he rose to turned joint chairman of its European enterprise.

KPMG and the opposite “huge 4” accountancy corporations have been left to struggle calls for his or her perceived oligopoly over the audit marketplace for huge firms.

These calls for have been sparked by the collapse of Carillion, which KPMG audited, and disclosures made to MPs this week exhibiting that the quartet of corporations earned £70m in charges from Carillion over the last decade.

Mr Griffith-Jones’ five-year stint as chair of the FCA and Fee Methods Regulator has additionally been chequered, with the Metropolis watchdog at the moment embroiled in a row with the Treasury Choose Committee (TSC) over the therapy of small companies by Royal Financial institution of Scotland.

He additionally confronted criticism over the FCA’s dealing with of a disaster over a botched media briefing in 2014 which triggered a crash within the Share costs of main insurance coverage firms.

Picture: Mr Griffith-Jones joined the FCA’s predecessor physique the Monetary Companies Authority in 2012

The seek for a brand new chairman of the CMA comes because the competitors watchdog anticipates a post-Brexit enhance in its workload.

Sky Information revealed in December that Andrew Tyrie, the previous Conservative MP who chaired the TSC, was the popular candidate of Greg Clark, the Enterprise Secretary, to chair the CMA.

Mr Tyrie can be an intriguing however probably contentious alternative‎ for the job, which pays a wage of as much as £160,00zero, in keeping with a Authorities recruitment commercial.

The previous ‎Tory MP for Chichester, who stepped down at this 12 months’s Common Election, could possibly be seen as an explicitly political alternative for a task which is meant to be impartial.

Mr Clark is alleged to be eager on seeing Mr Tyrie within the function amid a continued notion of dissatisfaction in ministerial ranks in regards to the regulator’s dealing with of key probes into the banking and power markets.

The CMA is going through a demanding interval within the run‎-up to, and aftermath of, the UK’s departure from the European Union due to a rise in its post-Brexit remit.

The UK watchdog can be required to adjudicate on mergers that are presently below the jurisdiction of the European Fee, in addition to most of the company competitors points at the moment overseen by Brussels.

In his resignation assertion final September, Lord Currie alluded to this, saying: “Brexit is prone to generate a giant enhance within the CMA’s workload and its function on this planet, and I owe it to my successor to permit them sufficient time to be concerned ‎in shaping its plans to answer that problem, after which take the organisation into the following section of its growth.”

Present circumstances consuming the watchdog together with 21st Century Fox’s bid to accumulate Sky plc, the proprietor of Sky Information, and plenty of enforcement actions referring to NHS medication suppliers.

Different sector-wide inquiries embody a shopper regulation investigation into lodge reserving websites introduced in October.

Interviews to establish Lord Currie’s successor are anticipated to happen in the course of the coming weeks, in keeping with a Whitehall supply.

The FCA declined to touch upon Mr Griffith-Jones’s candidacy.

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Hong Kong’s JETCO newest to supply cashless funds with smartphone-based platform – NEWPAPER24

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Newpaper24 - Global online News around the World aa67e43a-0cdd-11e8-a09e-8861893b1b1a_image_hires_225921 Hong Kong’s JETCO newest to supply cashless funds with smartphone-based platform - NEWPAPER24

Hong Kong’s JETCO newest to supply cashless funds with smartphone-based platform

2018-02-08 14:59:25



Hong Kong money machine community operator Joint Digital Teller Providers (JETCO) has joined the frenzy of firms providing cashless funds with the launch on Thursday of a smartphone-based service provider cost system.

Clients will have the ability to pay retailers with their smartphones by scanning QR codes, a characteristic of mainland opponents Alipay and WeChat Pay, which dominate the cellular cost market in China.

JETCO’s platform joins old school bank cards, the pay as you go Octopus card, Apple Pay, Samsung Pay in addition to the mainland Chinese language operators in an more and more crowded cashless cost world in Hong Kong. The corporate had already launched a peer-to-peer cash switch service in April 2016.

“We wish to obtain a cashless society in Hong Kong by penetrating the small cash-and-cheque shops, which nonetheless characterize 40 per cent of town’s outlets, corresponding to cha chaan teng [tea restaurants],” stated Angus Choi, chief govt officer of JETCO.

Hong Kong lags behind mainland China within the adoption of cashless cost strategies, partially due to the next share of bank card holders within the metropolis and the recognition of the Octopus card amongst retailers.

“It’s going to take some time,” Choi stated. “The important thing precedence is to coach Hong Kong customers in utilizing cashless cost strategies.”

Hong Kong gradual to go cashless? Blame success of Octopus card, minister says

Cardholders of eight banks, together with Financial institution of East Asia and Financial institution of Communications (Hong Kong), can obtain the JETCO cellular utility and pay any vendor by scanning its QR code, both an digital one on the display or a sticker.

Clients will even have the ability to use the cost choice in on-line procuring, by selecting it when settling payments and getting into a password within the JETCO Pay utility. Contact ID and Face ID shall be obtainable to finish transactions within the coming months, Choi stated. Extra member banks are set to affix later this 12 months.

The day by day most transaction quantity for the app is HK$5,000 (US$640), a restrict set by the Hong Kong Financial Authority for web banking accounts.

“[It is] not sufficient and we’re speaking with the authority to extend that restrict, as a result of funds are very totally different from peer-to-peer transactions,” Choi stated.

JETCO operates about three,000 ATMs in Hong Kong, Macau and mainland China. The community has round 30 member banks, embody Financial institution of China (Hong Kong), Financial institution of Communications (Hong Kong), Financial institution of East Asia, and Citibank.



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350 million banknotes price HK$10 billion: Hong Kong’s love affair with lai see money  – NEWPAPER24

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Newpaper24 - Global online News around the World c2d5ee80-1300-11e8-949a-3357302fbab7_image_hires_131316 350 million banknotes price HK$10 billion: Hong Kong's love affair with lai see money  - NEWPAPER24

350 million banknotes price HK$10 billion: Hong Kong’s love affair with lai see money 

2018-02-17 04:04:47



Regardless of the recognition of bank cards and cell funds, folks in Hong Kong persist with money for lai see packets. 

This contributes to a requirement for about 350 million banknotes price nearly HK$10 billion (US$1.28 billion) simply inside the two weeks earlier than Lunar New Yr yearly, based on the Hong Kong Financial Authority. 

What’s altering is that some financial institution clients are keen to simply accept notes that aren’t newly printed, with about half prepared to simply accept used banknotes in good situation for his or her lai see packets.

“Since 2006, the HKMA has been advocating using good-as-new notes for lai see due to environmental issues. Due to the help of the general public and the note-issuing banks, the Share of good-as-new notes issued within the run-up to every Chinese language New Yr has elevated from 20 per cent in 2006 to about 45 per cent lately,” stated an authority spokeswoman. 

HSBC, Customary Chartered Financial institution and Financial institution of China (Hong Kong), town’s three note-issuing banks, stated they’ve recorded a rise within the variety of folks utilizing good-as-new notes for lai-see, a follow that’s extra environmentally pleasant.

To fulfill the demand for forex notes, many banks lengthen opening hours about two weeks forward of Lunar New Yr for purchasers, who queue as much as trade previous notes for brand new ones. Senior members of households give lai see packets to youngsters and single folks as a approach of giving them blessings.

Most firms and senior administration additionally give lai see packets to their employees as a blessing on their first day again at work after the Lunar New Yr break.

Making new banknotes for lai see isn’t environmental pleasant because it requires 532 tonnes of cotton to supply 400 million banknotes, which occupy 666 cubic metres of space for storing – sufficient to fill 26 20-foot containers, based on statistic supplied by the financial authority. 

With extra folks now accepting used banknotes in good situation, the necessity for printing new banknotes has been minimize by 45 per cent, or about 160 million items, saving greater than 200 tonnes of cotton in consequence.

Since 2006, the HKMA has been advocating using good-as-new notes for lai see due to environmental issues

HKMA spokeswoman

Banks have additionally developed digital lai see for shoppers. HSBC simply launched a lai see characteristic in its PayMe app, which permits customers to ship pink packets with private messages. The Financial institution of East Asia was the first in Hong Kong to launch digital lai see, known as i-Laisee, earlier than Lunar New Yr in 2016. However these have performed little to decrease demand for banknotes.

“The demand for banknotes for lai see packets is powerful and just like earlier years,” stated a spokeswoman for Financial institution of East Asia. She stated HK$20 banknotes had been the preferred. 

“Though the development of utilizing i-Laisee is rising annually and we foresee an increasing number of folks, particularly tech-savvy clients, utilizing i-Laisee, it’s nonetheless too early to say it may substitute the normal lai see packet,” she stated.

“Though an rising variety of persons are distributing digital lai see, bodily lai see with banknotes of HK$20 or HK$50 in pink packets stays a preferred Chinese language conventional follow. We don’t see digital lai see changing bodily lai see any time quickly,” stated a Financial institution of China (Hong Kong) spokeswoman.



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Uganda Challenged to Enhance Espresso High quality – NEWPAPER24

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Newpaper24 - Global online News around the World aa-logo-rgba-no-text-128x128 Uganda Challenged to Enhance Espresso High quality - NEWPAPER24

Uganda Challenged to Enhance Espresso High quality

2018-02-17 15:08:01


Uganda has been tasked to enhance its espresso high quality if it needs to promote its product at a premium worth on the worldwide market.

Audio system on the just-concluded African Fantastic Espresso convention held at Serena resort in Kampala noticed that whereas Uganda was upping its espresso manufacturing ranges, its Robusta and Arabica coffees acquired unfavorable differentials on the world market due to poor high quality.

This implies it fetches much less cash than it will have if it was rated positively.

Agriculture minister Vincent Ssempijja stated the nation was decided to work on espresso high quality. He stated it’s only then that the nation can promote its espresso at a premium.

Poor high quality for Ugandan espresso comes as a result of farmers choose inexperienced bellies. The opposite drawback is poor post-harvest dealing with, the place farmers dry cofee on naked floor – which impacts the eventual class of the espresso.

Konrad Brits, the director of Falcon Coffees in UK, stated “Ugandan farmers haven’t been taught deal with their espresso. The dealing with may be very poor, ensuing into the unfavorable differentials we see immediately.”

Uganda is the second greatest producer of espresso in Africa after Ethiopia. The nation produced four.6 million baggage as at finish of final 12 months, in line with the Uganda Espresso Growth Authority (UCDA).

The nation fetched as much as $500m after the cash-crop’s costs edged up.

As at January 31, 2018 the common worth ranged between 115 US cents per pound (zero.45kg) and 143.77 US cents, in line with the Worldwide Espresso Organisation (ICO). Robusta offered at 88 US cents.

The difficulty of local weather change was additionally raised as one of many challenges already beginning to impression manufacturing. That it additionally impacts uniqueness and flavour.

Judith Ganes, President of J. Ganes Consulting LLC, a commodity advisory providers agency, stated: “Some small espresso producing nations are getting extinct and not as related to the market.”

She stated world espresso manufacturing was going up frequently however the smallest espresso producers aren’t capable of sustain.

“A lot of the smallest producers are right here in Africa,” she stated. This might be as a result of they nonetheless rely upon archaic methods to develop the crop – reliant on rain, work with out fertilizers and have smaller farms that do not make any financial sense.

Ganes added that whereas quite a lot of provide is prone to come from Brazil subsequent 12 months, the market already is aware of what’s there and it’s already factored into the present international costs. This implies the worldwide espresso costs are unlikely to considerably hunch within the subsequent two years.

International locations like Uganda can take this benefit to money in on the excessive costs.

Uganda has just lately gone on a attraction offensive to extend espresso manufacturing by distributing free seedlings to farmers. The nation tasks its manufacturing to achieve 20 million baggage yearly within the early 2020s.

Whereas this may doubtless improve earnings, it is not going to be sufficient if farmers aren’t taught higher agronomical practices.



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