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Cyber Security: Half of Firms to use Security Services for Company Information

Around half of global companies could routinely use specialist security providers to safeguard their business information within the next four years, analysts predict. Technology forecasters Gartner say global business information security spending will grow by eight per cent before the end of this year, to total $71bn.  Security risk management, data protection and security infrastructure management firms stand to gain ... Read More »

Jailed, Fined, Deported: When a Business Investigation in China Goes Wrong

The British corporate investigator who worked for GlaxoSmithKline, Peter Humphrey, has been sentenced to two-and-a-half years in prison for illegally obtaining private information on  Chinese citizens.  He was fined £19,000 for sourcing the data for an investigation report, and will be deported from the country after serving his sentence. His US-citizen wife – who worked alongside him – was sentenced ... Read More »

Asian Businesses Lead Global Foreign Direct Investment Charge

A major international survey which outlines global business investment trends and conditions, pinpoints Asia as the fastest growing single destination for foreign investment, accounting for a third of global FDI inflows. According to the latest UN World Investment Report 2014, the Asian region saw large increases in external investment with the exception of Western Asia, where instability caused a further ... Read More »

Foreign Businesses in China Get Fast-track Registrations

China’s state Ministry of Commerce (MoC) has said it will substantially relax incorporation requirements for foreign investment in the country, so Foreign-invested Enterprises can be set up more quickly and cost-effectively. The MoC made the announcement in a recent note entitled the “Circular on Improving the Examination and Management of Foreign-invested Enterprise (FIE) Approval” in which it pledged to abolish ... Read More »

FCPA and Bribery Act Causing Corporate and Consumer Pain

Aggressive enforcement of the US Foreign Corrupt Practices Act and UK Bribery Act are becoming a major source of discomfort for cross-border businesses as well as retail banks and their would-be customers… The process of opening bank accounts have slowed to a crawl for foreigners, with stories of institutions taking a month or more to open new private banking accounts. ... Read More »

India’s Business Information Gets a Boost

The Indian government has announced strict action will be taken against accountants who file incorrect financial records for businesses there. Previously in India, the Ministry of Corporate Affairs let chartered accountants, cost accountants and company secretaries file self-certified businesses accounts, online. The sea-change in filing regulations is, in part, a consequence of the country’s new Companies Act broadly coming into effect ... Read More »

Global Business Intelligence Industry Sees Strong Growth

The global Business Intelligence (BI) and analytics software market grew nearly nine per cent in the last year, new data shows. A report by IT researchers Gartner billed 2013 ‘a year of contradictions for the business intelligence and analytics software market’, but added that business intelligence and performance management continues to drive business value.  Analysts there predict the business information ... Read More »

Business Intelligence Company Worldbox Expands into Rotterdam

BIIA member Worldbox, has opened a subsidiary in Rotterdam, Holland named Worldbox Benelux BV. Worldbox’s newest bureau – in addition to existing offices in Switzerland, the UK, Hong Kong and India – will broaden its international reach, offering an extended array of international business information services to existing clients, and reaching new customers from the heart of the European market. ... Read More »

China Tech Giants Choose US for ‘World’s Biggest IPO’

The Chinese e-commerce giant Alibaba has said it will float in the US to raise up to $15bn, while China’s twitter-like service Weibo is expecting a $500m listing in New York. The world’s biggest online retailer Alibaba abandoned plans for an offering in Hong Kong, after talks with regulators failed.  It is unknown whether it will choose the New York ... Read More »

Chinese Cross-border Businesses in UK ‘could Overhaul London’

Infrastructure investment in large areas of London could boom as emerging market countries, led by China, respond to Britain’s call for £50bn of foreign capital to finance major construction projects. Shanghai Zhongrong Property Group Co. has recently stepped in to re-develop the Victorian Crystal Palace site in south London, pouring £500m ($810 million) into revitalising the capital’s former commercial hub, ... Read More »

High Vigilance Urged for Foreign Businesses in Russia

Businesses with new and existing operations in Russia must broach heightened business risks and conduct deeper due diligence in the wake of fresh sanctions from North America and Europe. So far, sanctions against Russia don’t represent a major barrier to doing business there as they are primarily concerned with asset freezing a number of Russian government officials.  However, they do ... Read More »

Chinese Companies Fined for Direct Selling, New Rules Appear

Businesses in China continue to be fined by authorities seeking to clean up the country’s commercial image, with the latest example being Nu Skin Enterprises, accused by the state of direct selling and making false product claims. Nu Skin Inc. was fined $540,000 by the Shanghai Administration for Industry and Commerce for selling items ‘illegally’, as part of a government ... Read More »

Combatting Fraud: Why Employee Background Checks are Important

Managers at an Indian technology company used an employee background checking firm to investigate why 30 job applicants had listed the same unknown company as an employer, with surprising results… The background screening service traced the ’employer’ to a one-room mobile phone repair shop, where they discovered an  individual falsifying applicants’ work experiences for money. The ‘HR manager’ of the ... Read More »

Worldbox and OFWI in Tie-up

Worldbox, a global business intelligence company (and BIIA member), has announced it has taken over all of Orell Füssli Wirtschaftsinformationen AG (OFWI)’s international and domestic research activities. The tie-up will see Worldbox (http://worldbox.net) – which operates from offices in London, Zurich, Beijing and Hong Kong – handle all OFWI corporate and private client orders for company record-sourcing, business investigations, credit-checking ... Read More »

Business Information Firms Close ‘Know Your Customer’ Gap

Business Information Firms Close ‘Know Your Customer’ Gap The ‘Know Your Customer (or Supplier) Gap has spawned a number of information solutions generally categorized as ‘Governance, Risk and Compliance’.   Thomson Reuters, FICO, Dun & Bradstreet, Creditreform and others all have set up capabilities which offer specific solutions to close the ‘Know Your Customer’ (KYC) gap. This week BIIA member Worldbox ... Read More »

Country Risk Climate: Myanmar Eases Company Registration Amid Unprecedented Growth

Myanmar authorities have indicated that they will speed up company registration by cancelling the ‘temporary permit’ issuance, as the country sees strong international investment. Company formation traditionally worked in Myanmar by applying to the Directorate of Company and Investment Administration (DICA) to obtain a permit to trade and to register. This granted the applying company with a temporary company registration, ... Read More »

Asiagate Ramps up its Asian-wide Business Intelligence Offering

A dozen national credit information agencies across Asia have combined to provide the single most powerful due diligence and business research service in the region.   Asiagate Chairman, Ben Wong of Total Credit Management Services Hong Kong, says: “Globalisation and emerging economies in Asia generate more and more business opportunities every year, but the risks of doing business there are ... Read More »

Global Accounting Set for Overhaul by Tech Trends

The Association of Chartered Certified Accountants (ACCA) has identified 10 technology trends that is says will change the face of company reporting, and require accountants to learn new skills and competencies to keep up. The global body for professional accountants’ report “Digital Darwinism: thriving in the face of technology change” says these trends will significantly impact the global accounting profession ... Read More »