- The Straits Times
Uber's business has been doing remarkably well despite its series of scandals. In its latest quarterly report, its revenues were up and its loss was down.
It's 2017 and the retail landscape is quickly evolving. To combat the "death of retail", retail giants are increasingly being forced to revamp their online and offline strategies as a whole, instead of treating them as individual business units. Local conglomerate CapitaLand announced on Wednesday (Aug 23) new strategic alliances with e-commerce giants Alibaba Group and Lazada Singapore to advance what it calls its "omni-channel strategy". CapitaLand, which currently manages 109 shopping malls across 54 cities, will be managing a new shopping podium and one office tower at Alibaba’s new 80,000 sq m Shanghai headquarters. As a partner, CapitaLand will also be responsible for the pre-opening of these spaces. Founder of popular e-commerce site Taobao, Alibaba is one of the world's largest retailers. While it is mainly an e-commerce company, the Chinese group with over 50,000 employees started dabbling in physical retail stores earlier this year. Mr Wang Tao, Head of Intelligence Building at Alibaba Group, hopes that the firm's partnership with CapitaLand will chart “new frontiers in integrating online, offline, logistics and data across a single value chain to meet the needs of consumers”.
Washington - The United States said Tuesday it is seeking forfeitures of $11 million from companies that allegedly laundered money for North Korean banks that are subject to US sanctions. The Justice Department's complaints, filed against Singapore-based Velmur Management Pte Ltd and Transatlantic Partners Pte Ltd., and China-based Dandong Chengtai Trading Co. Ltd by the US Attorney for the District of Columbia, represent two of the largest North Korea-related seizures the government has ever pursued. The government is also seeking a civil penalty against the firms over alleged sanctions and money laundering violations. The actions by the Justice Department came on the same day as the Office of Foreign Assets Control (OFAC) separately imposed fresh North Korean sanctions against a string of Chinese and Russian firms for supporting Pyongyang, including the companies at the heart of the Justice Department's case. The Justice Department said it is seeking a forfeiture of nearly $7 million from Velmur Management and associated Transatlantic Partners over allegations they laundered money for sanctioned banks that were trying to procure petroleum from JSC Independent Petroleum Company. JSC Independent Petroleum Company, a Russian company, was designated by OFAC in June. The Justice Department accused Dandong Chengtai, which is also known as Dandong Zhicheng Metallic Material Co. Ltd, of conspiring to evade US economic sanctions on behalf of the North Korean Workers' Party. It said that the company helped facilitate the trade of North Korean coal, and proceeds from the coal sales are used to fund the country's missile weapons programs. An FBI investigation into the company found that Dandong Chengtai is one of the largest importers of North Korean coal in China. "These complaints show our determination to stop North Korean sanctioned banks and their foreign financial facilitators from aiding North Korea in illegally accessing the United States financial system to obtain goods and services in the global market place," US Attorney Channing Phillips said in a statement.