FT News Briefing Banks and the Hong Kong autonomy act, Wirecard’s Jan Marsalek, Boohoo scrutiny
Jul 10, 2020
Emergency audits are underway as US and European banks assess clients in Hong Kong amid potential sanctions from the new national security law. The Wirecard scandal deepens with intrigue surrounding Jan Marsalek's ties to intelligence and claims of a Russian chemical weapon. A surprising global bicycle shortage has emerged due to the pandemic's cycling boom. Meanwhile, allegations of worker mistreatment at Boohoo have sparked scrutiny, leading to an investigation into labor practices in the fast fashion industry.
AI Snips
Chapters
Transcript
Episode notes
Hong Kong Bank Audits
- U.S. and European banks in Hong Kong are auditing clients due to the Hong Kong Autonomy Act.
- They aim to identify individuals and companies facing potential U.S. sanctions.
Marsalek and Novichok
- Former Wirecard COO, Jan Marsalek, displayed classified documents about Novichok.
- He boasted about intelligence ties to impress London traders in 2018.
Global Bicycle Shortage
- Increased cycling demand due to the pandemic has caused a global bicycle shortage.
- Manufacturers struggle to keep up, leaving customers on long waiting lists.