The U.S. Trend to Ban Cashless Retailers

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According to Axios, while big chains like Amazon Go, Sweetgreen, and Shake Shack are fast eliminating cash sales, U.S. cities and states are fighting against this trend. Questions: 1. Why are states like New Jersey and cities like Philadelphia banning cashless retailers? 2. What percentage of U.S. sales are made with cash? 3. What is… Read more »

Don’t order the chicken

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The first known shipment of cooked chicken from China reached the United States last week, after a very publicized trade deal between the Trump administration and China. But consumer groups and former food-safety officials are warning that the chicken could pose a public health risk. Questions: 1. What are the health risks? 2. What are… Read more »

Oh, The Times They are A…Changin’

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While the authorities in southwestern China apparently thought their Cultural Revolution-style “shaming” was still effective, they found out how it backfired in the current economy and environment. As officials paraded eight workers through the streets, who had demanded back wages, the public turned the tables on officials and instead called for deadbeat bosses to be… Read more »

Enormous Chinese Ponzi Scheme!

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A criminal investigation by Chinese officials has found that the online company, Ezubao, once a dynamo of the financial industry, offered mostly fake investment products to its nearly one million investors. This has highlighted the urgent need for tougher supervision of online financing system in the world’s second largest economy. Questions: 1. What interest rate… Read more »

Tax Accounting Fraud – A Chinese Way of Life

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This article describes how businesses in China have to give out invoices called fapiao in order to ensure that taxes are being paid. However, as you will learn from Mr. Ding’s experience, the fapiao or the very mechanism intended to keep businesses honest, is the key to cheating on taxes. Questions: 1. What was the… Read more »

Where are the Controls?: Corporate Ethical Breaches Identified by Auditors

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According to a 2011 internal audit, executives at the British drug maker GlaxoSmithKline were warned about critical problems with the way the company conducted research at its drug development center in China. Potential financial risk and regulatory action are likely due to the sales practices that are currently at the center of a bribery and… Read more »