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CHINA LAUNCHES RETALIATORY MEAT DUTIES ON USA EXPORTS OVER METAL TARIFF ROW
AMERICAN pigmeat exporters have since yesterday (April 2) had to pay additional retaliatory 25% duties on products sold to mainland China responding to the USA’s imposition of 25% and 10% duties on imported steel and aluminium.
China’s ministry of commerce has announced that following a brief round of public consultation, these duties would be collected with immediate effect.…
UK FRAUD OFFICE AUTHORISED TO RECOVER MILLIONS IN CORRUPT OIL DEAL
THE UK Serious Fraud Office (SFO) is to regain GBP4.4 million (USD6.2 million) in a corruption case where Canada’s Griffiths Energy bribed Chadian diplomats in the United States and Canada with discounted shares deals and “consultancy fees”.
Griffiths used a front company ‘Chad Oil’ set up in September 2009, just five days before agreements were signed, the SFO said.…
EU WTO REGULATORY ROUND UP – BREXITED BRITAIN MAY HAVE FORMAL RELATIONSHIP WITH EFSA
THE UK may have a formal relationship with the European Food Safety Authority (EFSA) after its planned March 29, (2019) departure from the EU, Prime Minister Theresa May has signalled in a detailed policy speech. Speaking in the City of London, she said: “We will also want to explore with the EU, the terms on which the UK could remain part of EU agencies…” And while not naming EFSA, she said – in theory – she was prepared to allow the UK to be bound by the rules of EU agencies, post-Brexit. …
WAVE OF PROTECTIONISM WARPS COSMETICS TRADE IN NORTH AFRICA
PROTECTIONISM and currency problems are posing challenges for north Africa’s beauty and personal care market, often forcing consumers to change their purchasing behaviour and turn to locally manufactured products, when they are available.
In Egypt, the region’s most populous country, the fall in value of the local currency, the Egyptian pound, against the Euro, has helped increase the price of imported products.…
NUMBER OF WOMEN ON MIDDLE EAST BOARDS STILL LOW, DESPITE ENCOURAGEMENT FROM SOME GOVERNMENTS
Most organisations in the Middle East today acknowledge the importance of gender diversity, yet the current number of females on boards does not reflect this, according to participants at a recent networking breakfast in Dubai, hosted by ACCA.
An important reason for this is the self-perception of women, who feel that they lack the experience to be a board member, according to research from Hawkamah, the Institute for Corporate Governance at the Dubai International Financial Centre (DIFC), whose CEO Dr Ashraf Gamal El Din addressed the meeting.…
ECHA WARNS THAT UK CHEMICAL FIRMS SUPPLYING EUROPEAN AUTO SECTOR MAY SUFFER BECAUSE OF BREXIT
THE EUROPEAN Chemicals Agency (ECHA) has warned British paint, coatings, plastics, related chemical ingredients and other chemical companies supplying the continental European auto sector may struggle to keep their business, should the UK push ahead with quitting the European Union (EU) as planned, on March 29, 2019.…
BRAZIL LOSES COMMANDING POSITION IN GLOBAL TOBACCO LEAF MARKETS OVER PAST 10 YEARS, WTO DATA SHOWS
THE IMPORTANCE of Brazil as the world’s top supplier of internationally-traded tobacco leaf and manufactured products has been waning for the past decade, with India, notably, improving its position. New statistical analysis released by the World Trade Organisation (WTO) shows that this market share fall for Brazil also represented a decline in volume sales, given the global trade in tobacco leaf and products has shrunk since 2013 – until 2016, the year for which the latest data is available.…
SOUTH AFRICAN PAINT AND COATINGS SECTOR ANTICIPATES ROBUST GROWTH, DESPITE SOME REGULATORY AND INGREDIENT CHALLENGES
SOUTH Africa’s paints and coatings market will grow a cumulative 40% to South African rand ZAR9.77 billion (USD823 million) between 2016 and 2021, driven by continued construction and urbanisation, according to new figures.
Statistics supplied by market researcher Euromonitor International have forecasted that the country’s home paints market will grow from ZAR3.48 billion (USD293.3 million) to ZAR4.88 billion (USD411.5 million) during this five-year period.…
US BANCORP TO PAY USD598 MILLION PENALTIES AND FORFEITURES OVER AML FAILURES
US Bancorp and its subsidiary, the US Bank National Association (US Bank), the fifth largest bank in the United States, will pay USD598 million in charges, penalties and forfeits to American regulators and judicial authorities over failures to operate effective anti-money laundering (AML) systems.…
NONWOVENS SECTOR PUSHES FOR NAFTA RENEGOTIATION TO STRENGTHEN INDUSTRY IN NORTH AMERICA
IF there is one issue that is a key focus of the north American nonwovens sector this year, it has to be the renegotiation of the North American Free Trade Agreement (NAFTA) between the USA, Canada and Mexico.
Tri-lateral talks have now reached their eighth round, with an objective of achieving a new deal by this summer, although observers believe this timescale might slip.…