China Economic ReviewLi & Fung (0494.HK), which handles apparel supply chains for major US retailers, reported on Thursday that net profit fell 15% in the first half of the year as labor costs and commodity prices soared, the Wall Street Journal reported. The company said it expects uncertainty in its key US and European markets, where it sources products […]
Nestle (NESN. VTX) is preparing a bid for Pfizer’s (PFE NYSE) baby-food business in a bid to recapture momentum in China’s infant formula market, Bloomberg reported. The Swiss food giant has lost market share in China since 2005, when it withdrew two varieties of Neslac milk powder after authorities found they contained too much iodine. […]
China’s Food Safety Commission said that it has arrested over 2,000 people and closed 5,000 businesses during a four-month long campaign to combat the country’s recent food contamination problems, the Wall Street Journal reported, citing state media. Officials claim to have inspected some six million businesses in the food production industry since April. The recent […]
China will end a semi-official ban that prohibited cooking oil producers from increasing prices, a policy move that suggests the government believes inflationary pressure is easing, the Financial Times reported. Prices for edible oil were unofficially frozen in November last year; the ingredient is so essential in Chinese kitchens that authorities feared price increases might ignite public […]
Private equity firm Carlyle Group said Tuesday that it plans to invest up to US$194 million to buy a 9% stake in the mainland Haier Electronics Group (1169.HK), the WSJ reported. The transaction, which will involve US$137 million in five-year convertible bonds and US$57 million in warrants, is expected to close in August, and will […]