An Associated Press investigation published last week uncovered systemic fraud in China’s anti-counterfeiting industry. Major multinational companies, blind to problems on the ground, unwittingly paid investigators who themselves manufactured or sold counterfeit goods. In other cases, investigators colluded with the very counterfeiters they were supposed to expose.
Fraud in the anti-counterfeiting industry goes well beyond luxury fashion goods and has affected products that can be dangerous — including auto parts, pharmaceuticals and critical electrical components, the AP found.
Western companies share the blame because many have bought into a system that facilitates widespread fraud, according to more than a dozen lawyers, law enforcement officials and private investigators interviewed by the AP.
Spending measures aim to help economy
WASHINGTON >> Just as the Federal Reserve is pulling back slightly on the economic accelerator, Congress is pressing down a bit harder.
The spending and tax-cut package that Congress approved Friday stands to modestly boost growth next year. It could also help drive a shift away from government as a drag on economic growth to a source of potential stimulus.
JPMorgan agrees to $307M settlement
WASHINGTON >> JPMorgan Chase is paying $307 million to settle federal charges of failing to reveal conflicts of interest from steering clients into certain investments tied to its businesses.
The civil settlements were announced Friday by the Securities and Exchange Commission and the Commodity Futures Trading Commission. JPMorgan, the largest U.S. bank by assets, admitted wrongdoing in the settlements.
The wrongdoing was brought to light by a JPMorgan executive who reported it to the SEC, the law firm representing the unidentified executive said.
Unemployment rates drop in 27 states
WASHINGTON >> Unemployment rates fell in more than half of U.S. states in November as employers stepped up hiring.
The Labor Department said Friday that jobless rates fell in 27 states, rose in 11 and were unchanged in 12 states. Employers added jobs in 35 states, while employment fell in 14. Montana’s job total was flat last month.
The widespread improvement suggests employers in most parts of the country are confident enough to hire more. Nationwide the economy generated a robust 211,000 jobs last month, and the U.S. unemployment rate remained 5 percent, a seven-year low.
Labor market key to future Fed rate hikes
Federal Reserve Governor Jerome Powell said he will be watching for continued labor-market improvement to guide policy as the U.S. central bank proceeds along a gradual path of interest rate increases.
“We do look at a wide range of things. For me, at the top of the list will be continued progress in the labor market, and with it, continued progress on inflation,” Powell told Marketplace radio in an interview Friday. “I want to see continued strong job growth. We’ve had three years of very strong job growth. I want to see that continue.”
The Fed raised interest rates Wednesday for the first time since 2006.
Moody’s boosts South Korea’s credit rating
South Korea’s credit rating was increased one level by Moody´s Investors Service, which cited the nation’s “strong and resilient” credit metrics and prudent fiscal stance. Moody’s raised the rating for South Korean debt to Aa2 from Aa3, one step above China and two above Japan.
It’s the first time the nation has received the third-highest ranking by a major rating company and is meaningful given that other countries’ ratings are currently being cut, the Finance Ministry said. Standard & Poor’s and Fitch Ratings both rank South Korea at AA-, the fourth-highest level.
The nation’s economic and fiscal strength were the main drivers for the change, and the country will probably remain resilient compared with its peers even against a backdrop of weak external demand, Moody’s said in a statement published late Friday in Frankfurt, Germany.
ON THE MOVE
Retail Merchants of Hawaii has welcomed Michelle Stofle as the newest member of its board of directors. Stofle is advertising manager for Pacific Business News and has beenwith the company since 2001. Her experience includes working at Laird Christianson Harris Advertising and Tiffany Co. in Honolulu.
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Straub Clinic & Hospital has announced the following new additions to its medical staff:
>> Dr. Edith Canby-Hagino is the hospital’s new urologist physician. She completed her residency at San Antonio Uniformed Services Health Education Consortium at WilfordHall Medical Center in Texas. Canby-Hagino also completed her urologic oncology at the University of Texas Health Science Center in San Antonio.
>> Dr. Timothy Stoddard is the hospital’s new otolaryngologist, specializing in the study of nose, throat and ear conditions. He completed his residency in otolaryngology-head and neck surgery at the Medical College of Wisconsin.
