Chinese regulators are investigating allegations of bribery levelled against the divisions of foreign medical device companies including Germany’s Siemens, Netherlands firm Philips and US group General Electric (GE).
The State Administration for Industry & Commerce (SAIC) and other regulators last year launched initial investigations into the companies’ Chinese health-care units on suspicion of bribing hospitals in exchange for sales, according to reports.
The new investigation is the latest reported example of overseas firms being targeted by Chinese authorities, who have launched wide-ranging probes in sectors ranging from cars to baby milk.
In 2014 a Chinese court found UK pharmaceutical group GlaxoSmithKline (GSK) had used bribery to boost sales and took kickbacks from travel agencies to organise conferences that never took place. The group was fined 3bn yuan (CNY) – equivalent to US$480m – last September after a nearly year-long bribery probe.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
Far and away, the largest financial market on the planet is the foreign exchange currencies market, where on average individuals and organisations trade more than $5 trillion daily. In the FX world, the ability to master the market isn't considered a luxury for treasury officers–it's a necessity.
Using data for predictive analytics is the future of banking success, argued Jean-Laurent Bonnafé, CEO of BNP Paribas, in his session on how the bank is reinventing its approach to innovate with and for corporates.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.