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The European Commission has approved the acquisition of a 39% stake in German scrap metal processing company Scholz AG by Toyota Tsusho Corporation (TTC), the trading arm of the Japanese industrial conglomerate Toyota.  
A Commission note said that the move would not damage competition within the European Union (EU) scrap market, deeming it “compatible with the internal market” of the EU.…

Concern about global excess steel-making capacity has intensified at the Organisation for Economic Co-operation and Development’s (OECD) steel committee, whose Paris meeting today and yesterday (June 5-6) has wrapped up this afternoon. Members were concerned especially that steel demand worldwide fell in the first quarter of 2014.…

Swiss stainless steel shapes maker Montanstahl AG’s first ever plant in Asia is likely to be set up in Sri Lanka, the company has told Steel First. “If the general conditions are satisfactory like industrial site, incentives, electricity supply, then we will invest,” Wolfgang Stumm, vice president who heads research and development in the family-owned business said. …

THE EUROPEAN Union’s (EU) launch of a disputes proceeding at the World Trade Organisation (WTO) over Russian anti-dumping duties on German and Italian van exports might seem like diplomatic overkill. But experts say there are good geo-political reasons behind the case brought by the EU executive, the European Commission.…

Pressure is growing on Hungary’s government to change the country’s tobacco excise laws, which can block sales of distributed products, with the European Commission and the Hungarian tobacco industry calling for the policy to be changed.

Zoltán Pankucsi, deputy state secretary for accounting and taxation at Hungary’s ministry for national economy, confirmed to Tobacco Journal International that Hungary levies excise duties on tobacco by means of tax markings on packaging.…

Pakistan’s minister for textile industry Abbas Khan Afridi has said his government’s proposed textile policy for 2014-2019 is designed to generate additional textile and clothing exports worth USD3 billion during the next two years.

In an interview with WTiN.com, he said a revised five-year textile policy would be presented to the cabinet for approval in August.…

INDIA’S newly launched Knitting Technology Mission (KTM) project is primarily trying to diversify the country’s knitwear exports with a shift away from cotton to manmade fibre based knitted goods. The KTM committee chairman Dr A Sakthivel has hailed the project as a “platform to add value across the supply chain.”…

The importance of creativity in fuelling and underpinning economic development, especially within the financial sector, has been the focus of a roundtable discussion in Dubai involving 17 high profile female senior managers.

They listened to and discussed a presentation by Mark Batey, joint chair – psychometrics at work research group, Manchester Business School, at the Shangri La Hotel, in the United Arab Emirates (UAE) emirate, on May 12.…

International and domestic paints and coatings companies are benefiting from strong economic growth in Malaysia, and growth is set to continue for both industrial and decorative products.

According to data from the Malaysian Paints Manufacturers Association (MPMA), the total sales of the Malaysian paints and coatings industry grew 17.6% to 210 million litres in 2013, with sales in terms of value climbing 14.7% to Malaysian ringgit MYR1.8 billion (USD558 million).…

Switzerland-based Nestlé is to further develop its personal care products following its planned acquisition of sole ownership over Galderma, its joint venture with L’Oréal. The European Commission cleared Nestlé to acquire sole control of Galderma on May 5. Galderma manufactures, markets and sells products including shampoos, soaps, bath, shower and skin care lines, noted a Commission statement. …