Latest news with #CGB
The Star
27-05-2025
- Business
- The Star
Comfort Gloves expects local firms to maintain resilience
PETALING JAYA: Comfort Gloves Bhd (CGB) expects local glove manufacturers to be well-positioned to maintain their resilience despite ongoing global trade uncertainties, bolstered by favourable US import tariffs that provide a competitive edge over other major Asian exporters. 'While the sector is currently managing short-term pressures including anticipated sequential sales declines due to intensified global competition and potential market share adjustments in the European Union, the industry's fundamentals remain strong,' the company said in a filing with Bursa Malaysia yesterday. For its first quarter ended March 31, 2025, it reported a net loss of RM10.62mil, compared with a net loss of RM10.63mil a year earlier. 'This was mainly attributed to significant reduction in foreign exchange gain by RM5mil, lower inventory provision and written down of RM2.5mil as well as a lower recognition of deferred tax credit amounting to RM2.8mil,' it said. Revenue during the quarter rose to RM106.61mil from RM67.21mil in the previous corresponding quarter.
Glasgow Times
07-05-2025
- Business
- Glasgow Times
The Glasgow bank scandal which saw managers jailed
On October 2, 1878, branch managers of the City of Glasgow Bank (CGB) received the following message from their director, Robert Stronach. 'Bank has stopped payment. Close your door at once and pay nothing.' So began the dramatic collapse of the CGB, an event which led to the restructuring of the Scottish banking system, and which historians have described as the most significant commercial banking failure in the UK prior to the 2008 financial crash. The effect of the bank's collapse on its 1819 shareholders, whose liability for the bank's losses was unlimited, was severe. Bank manager Robert Stronach (Image: Glasgow City Archives) An investigation into the CGB's affairs was immediately ordered, and in mid-October 1878 the bank's managers, directors and secretary were arrested and charged with 'wicked and felonious fabrication and falsification' of CGB's accounts. At time of collapse, CGB had the third-largest branch network in the UK, with 133 branches across the country. The bank was established in 1839, and had its headquarters in the Merchant City. As was common practice in Scottish banking at the time, shareholders' liability was unlimited – meaning that they were required to cover any discrepancy between assets and liabilities. When CGB collapsed, the investigation of the bank's accounts revealed this debt to be £6.2 million – about £608 million in today's prices. It fell to CGB's shareholders to foot the bill. Historian Sydney Checkland describes how shareholders were called to pay £2750 per £100 share, with the result that ultimately only 254 of the 1819 shareholders remained solvent. The effects of the collapse were not limited to Glasgow – the Dundee Evening Telegraph reported that 'the failure of the City of Glasgow Bank has come upon the community of Scotland like a thunder-clap'. Image – Trial Report, Front Cover, 1879 (Image: Glasgow City Archives) Two questions immediately arose: how had this happened, and who was responsible? The investigation into the bank's accounts soon revealed some of the ugly truth of the calamitous affair. While rumours had been circulating about the state of CGB's accounts, few on the outside could have foreseen such a disastrous collapse – indeed, just a few months before its failure, the bank's published balance sheet showed it to be in good shape. Investigators revealed CGB's balance sheets to be a tissue of falsifications. For years, the company's directors had been 'cooking the books' to conceal the dire consequences of reckless lending and risky speculative investments. READ NEXT: Devoted father of Glasgow murder victim Moira Jones sadly dies READ NEXT: 'My sister pushed for cancer test, without her I might not be here' READ NEXT: Burning baffles and drinking pubs dry: How Glasgow celebrated VE Day The report into the trial of the bank's directors, held at Glasgow City Archives, excoriates the directors who 'converted a great banking institution into a mere machine for abstracting money from the pockets of a too confiding public, in order that it might be lavished upon their friends.' Duke Street Prison interior, 1959 (Image: Glasgow City Archives) The fall from grace of the supposed 'men of virtue' at the top of CGB was swift. On October 19, the same day as the report of the Investigation Committee was published, the arrest of the bank's managers and directors was 'quietly effected', and the seven men taken to Duke Street prison. The trial report describes how, on January 20, 1879, in front of a 'crowded and expectant court' in Edinburgh, 'the manager and directors of the City of Glasgow Bank were placed at the bar, to answer the charges of falsehood, fraud and theft preferred against them.' Trial Report, Not Guilty, My Lord, 1879 (Image: Glasgow City Archives) The seven accused each pleaded not guilty. After a long and complicated trial, which the Lord Justice Clerk admitted had 'perplexed' even him, the jury were instructed to retire and consider their verdict. They were given the difficult task of ignoring the significant sympathy that the situation of CGB's shareholders had aroused in the public, and dealing dispassionately with the evidence. On February 1, 1879, all seven accused were found guilty, to varying degrees, for the fraud, falsification and mismanagement that had led to the bank's collapse. The longest sentences, of 18 months, were handed to Stronach and Potter, for actively falsifying CGB's balance sheets. The crash of CGB and the public sympathy for its shareholders led to significant reform in the Scottish banking sector. The Companies Act of 1879 was brought about as a direct result of the collapse of CGB, and led to a system of limited liability for shareholders. The Act also required that the balance sheets of banks be subject to external audits, in an attempt to prevent a repeat of one of the greatest failures in Scottish banking history.
Zawya
13-03-2025
- Business
- Zawya
Qatar: Govt Service Centers provide over 45,800 services in February
Doha, Qatar: Government Service Centers provided more than 45,800 services to citizens and residents of Qatar during February this year according to the Civil Service and Government Development Bureau (CGB). In alignment with the goals of the Third National Development Strategy, CGB continues to monitor all services provided in service centres. There are seven centres spread across Qatar providing a number of government-related services to the public under one roof. In a post on its X platform CGB said recently, 'In line with the objectives of the Third National Development Strategy, the Civil Service and Government Development Bureau continues to work on following up on all services provided in government service centers. During the month of February 2025, government centres completed 45,851 services.' Government agencies in service centres achieved a remarkable achievement in February 2025. The Ministry of Foreign Affairs topped the list with 17,754 services, followed by the Ministry of Justice with 9,481 services, and the Ministry of Labor with 8,428 services, CGB said. This reflects the commitment of government agencies to providing effective services that contribute to enhancing performance efficiency and achieving the goals of the national development strategy, it added. Among other ministries and agencies, Ministry of Commerce and Industry provided 5,593 services at the seven centres during the month. Civil Service and Government Development Bureau provided 1,058 services, Kahramaa 1,172, General Retirement and Social Insurance Authority 138, Ministry of Social Development and Family 1,282, Ministry of Municipality 645, and Supreme Judicial Council totalled 645 services during the month. The service centres cater to all people, including citizens, expatriates, individuals with special needs and companies. They play a crucial role in meeting the standards of Qatar National Vision 2030. The post further noted that Al Hilal service complex topped the chart with 21,966 services provided during the period in review. This was followed by Al Rayyan centre with 13,696, The Pearl centre with 4,074, Al Wakrah 4,035, Al Khor 1,246, Al Daayen 742, and Al Shamal 92 services. In appreciation of the efforts made, the Civil Service and Government Development Bureau congratulated the employees who provided exceptional performance in government service centres during February 2025. This performance reflects the provision of services according to the highest quality standards, and confirms the efforts made to enhance efficiency in government work. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. ( The Peninsula Newspaper
