'Brexit' could leave Britain vulnerable: Europol

FEB 22, 201611:47 PM

[THE HAGUE] Britain's citizens could be left more vulnerable to attacks by terror groups and organised crime gangs if they decide to leave the European Union, the continent's policing agency warned Monday.

"I see a very clear picture of the United Kingdom's dependency on the EU to help protect its security interest," Europol's director Rob Wainwright said in The Hague.

Should Britain leave in a so-called "Brexit" it will "no longer have the benefits that it currently has," Wainwright told reporters in The Hague, speaking on the sidelines of a conference on combatting migrant smugglers into Europe.

This included "direct access to our database, the ability to involve itself into our intelligence projects and many other areas," he said.

Europol's warning follows remarks by British Prime Minister David Cameron over the weekend that a Brexit would offer "risk in a time of uncertainty." Britain would be "safer, stronger and better off" in the 28-member bloc, Cameron said Saturday after announcing June 23 as the date for a referendum on the issue.

The issue has deeply divided Britain's ruling Conservative Party with five cabinet members as well as London's outspoken mayor Boris Johnson supporting the "Leave" campaign, and the country's continued security is a key issue.

Following Cameron's remarks, Work and Pensions Secretary Iain Duncan Smith told the BBC that staying in the EU would make the country more vulnerable to Paris-style attacks.

And Justice Secretary Michael Gove, who also backs an exit, told British media that the EU's policies "have become a source of instability and insecurity," which has encouraged extremism.

Wainwright however said even if Britain would negotiate an agreement with Europol in the event of leaving "it will not be a full member any longer and will not enjoy the benefits."

AFP

Stay or go? Arguments for and against Britain leaving EU

From immigration to sovereignty, here are the main arguments for and against Britain staying in the European Union which will be debated ahead of a referendum expected to be held in June. 

PHOTO: REUTERS

FEB 15, 201610:21 AM

[LONDON] From immigration to sovereignty, here are the main arguments for and against Britain staying in the European Union which will be debated ahead of a referendum expected to be held in June.

Pro-Brexit: Those who want to leave the EU say Britain should be able to control its own borders and limit the number of migrants coming from the European Union. They are particularly worried about migrants who claim benefits and use public services like the National Health Service (NHS). Last year saw record net migration to Britain of 336,000, of which 180,000 people came from the EU.

Pro-EU: Those in favour of staying argue that migrants from the EU contribute to the economy by paying taxes. They say that, since they are young, they often do not place an undue strain on public services.

EU migrants contribute 34 per cent more than they receive from the state, according to 2013 research conducted at University College London. Prime Minister David Cameron is also seeking to limit their access to benefits as part of a package of reforms designed to convince voters to stay in the EU.

Pro-Brexit: Leaving the EU would mean Britain would no longer have to pay its contribution to its budget - estimated at almost £8.5 billion (S$17.3 billion) last year.

Brexit could mean GDP increasing between now and 2030 by up to 1.6 per cent, according to the most optimistic calculations by the Open Europe think-tank. It could seek to keep a trading relationship with the EU while cutting political ties, like Switzerland or Norway, they say.

Pro-EU: In campaigners say EU membership means a stronger economy creating jobs, trade and investment in Britain. Some 45 per cent of all British exports go to the EU and three million jobs in Britain are linked to trade in Europe, they argue. Open Europe indicates that a Brexit could lead to GDP shrinking by up to 2.2 per cent by 2030.

Pro-Brexit: Britain could boost its standing in the world by leaving the EU as it would remain in NATO and keep its seat on the UN Security Council while leaving it free to push for new global trade deals alone, campaigners say. It would also free Britain up to create its own laws rather than having many imposed on it from Brussels, they add.

Pro-EU: Leaving the EU would undermine Britain's standing in the world and could increase the likelihood of Scottish independence, campaigners argue. As part of his reform package, Mr Cameron is also seeking an opt-out from further integration and a veto which national parliaments could use to opt out of EU legislation to address concerns about sovereignty.

Pro-Brexit: Brussels imposes too much red tape on British business, according to the pro-leave camp, which says the top 100 regulations cost Britain's economy over £33 billion per year. If Britain leaves the EU, businesses, particularly small ones, would have more freedom to make their own decisions, it adds.

Pro-EU: Cameron is seeking a commitment from Brussels to cut red tape. In any case, the Office for Economic Cooperation and Development (OECD) says that Britain is currently among the least regulated wealthy countries. Its analysis puts Britain's labour market on a level with the US and Canada.

AFP

    
 

China to consolidate drug market, promote traditional medicines

China plans to consolidate its huge and fragmented drug market and will support a greater role for traditional Chinese medicines (TCM), the central government said in a statement on Sunday following a meeting of the State Council. 

PHOTO: AFP

FEB 15, 201611:16 AM

[SHANGHAI] China plans to consolidate its huge and fragmented drug market and will support a greater role for traditional Chinese medicines (TCM), the central government said in a statement on Sunday following a meeting of the State Council.

China will also strengthen safety controls and traceability of domestic drugs, the statement said, part of an ambitious programme of healthcare reforms to improve home-made medicines and reduce reliance on generic and more innovative drugs from overseas.

"Accelerating the development of our domestic drug industry will better serve our people's healthcare needs, help build a healthier China and unleash economic growth potential," the statement posted on the central government website said.

China's near 1.4 billion potential patients are a major lure for drug firms targeting growth driven by rising incomes and a fast-ageing population.

Beijing is keen, however, for local firms to take a larger slice of a healthcare bill set to hit 1.3 trillion by 2020.

The statement said China would push to consolidate the fragmented domestic sector: "We will support pharmaceutical mergers and acquisitions and foster industry leaders in order to solve the 'scattered' nature of the market," it added.

Traditional Chinese remedies, used to treat ailments from colds to cancers, will also play a greater role, the statement said. The TCM market, with expensive natural ingredients ranging from deer antler to ginseng, is set to hit US$40 billion by the end of the decade.

"We will raise investment and policy support for TCM," the statement said, adding the government would give greater support to research and development in the area as well as helping push these remedies overseas.

REUTERS

    
 

Noble Group's LNG traders leaving to join Glencore: sources

Three liquefied natural gas (LNG) traders at Asia's biggest commodity trade house, Noble Group Ltd, including two co-heads of the team, are leaving to join rival trader Glencore, sources familiar with the matter told Reuters. 

PHOTO: REUTERS

FEB 15, 20169:35 AM

[SINGAPORE] Three liquefied natural gas (LNG) traders at Asia's biggest commodity trade house, Noble Group Ltd, including two co-heads of the team, are leaving to join rival trader Glencore, sources familiar with the matter told Reuters.

Noble and Glencore declined to comment.

The sources said that Noble will continue to trade LNG, having restarted its London-based trading desk in 2014. Noble will still have about five people involved in the LNG business.

The departures come after a tough period at Noble. The company's shares have shed more than two-thirds of their value in the past year, after Iceberg Research alleged the company inflated its assets by billions of dollars by inaccurately representing the value of its contracts.

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A slump in commodity markets also hit the firm. Noble has rejected the accusations of accounting irregularities.

Last month, Noble's executives said the company was taking measures to bolster its balance sheet. It has slashed capital expenditure on areas such as its non-ferrous metals business and sold its stake in its agribusiness unit.

LNG, however, has been an attractive area for commodity traders, as a wave of export projects planned over the past decade come to fruition, boosting supply and creating trading opportunities.

One of Noble's biggest LNG ventures has been its two-year supply deal into the burgeoning Egyptian market after the country launched two import terminals last year, enabling it to quickly become a significant buyer of the fuel.

Switzerland-headquartered Glencore noted last year that LNG offered growth opportunities for the trade house.

Two trade sources separately told Reuters that two LNG traders from Glencore had recently departed from the company. Glencore declined to comment on the departures.

REUTERS

    
 

OCBC names Allen & Gledhill lawyer Christina Ong as independent director

OCBC Bank on Monday announced the appointment of corporate lawyer Christina Ong as a non-executive independent director. 

PHOTO: REUTERS

FEB 15, 201610:18 AM

OCBC Bank on Monday announced the appointment of corporate lawyer Christina Ong as a non-executive independent director.

Ms Ong, 64, is the head of the financial services practice at Allen & Gledhill, where she has been a partner since 1987.

She also holds directorships at Singapore Telecommunications, SIA Engineering Company, Eastern Development Pte Ltd, Eastern Development Holdings, Trailblazer Foundation and the Singapore Tourism Board.

Ms Ong's appointment comes with immediate effect.

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