■ Biotechnology
Lonza chief resigns
The chief executive of the Lonza Group, a biotechnology and chemicals company, resigned as the company posted a decline of 59 percent in 2003 profit. The chief executive, Markus Gemuend, who joined Lonza's legal department in 1988, stepped down after less than two years in the job, the company said. Lonza, based in Basel, said that it had expected a recovery in the second half of last year, but that its net income fell to 91 million Swiss francs (US$71.6 million) from 221 million francs. The company said its largest unit, Exclusive Synthesis and Biotechnology, had been hurt by a low rate of drug approvals, inventory reduction by customers, and overcapacity in the industry.
■ Computers
Italy investigates Finmatica
The software company Finmatica said some executives were under criminal investigation. Finmatica's chairman, Pierluigi Crudele, is being investigated over accusations that he falsified company accounts, according to a person with knowledge of the case. Other directors and at least one internal auditor are also under investigation, the person said. Finmatica said its headquarters offices in Brescia were searched by investigators but it declined to give further details.
■ Automobiles
China to allow auto loans
The People's Bank of China, the country's central bank, yesterday issued draft rules on auto loans, a growing sector expected to give China's fast-accelerating car market a major boost. The new regulations restrict the loan period to five years with maximum outlay of 80 percent of the auto price, excluding taxes and insurance, the central bank said on its Web site. Last month the China Banking Regulatory Commission gave the green light to General Motors Corp, Toyota Motor Corp and Volkswagen AG to start offering car loans. The three car giants are expected to set up auto-financing operations in China in about six months' time, the commission said. Auto loans are forecast to increase by 80 billion yuan (US$9.6 billion) last year, up 71.6 billion yuan year-on-year from last year, according to a government report issued by the State Development and Reform Commission.
■ Trade
US imposes duties on bags
The US Commerce Department on Tuesday approved preliminary anti-dumping duties of up to nearly 123 percent on more than US$175 million worth of plastic shopping bags from China, Malaysia and Thailand. The decision is the latest in a series of Bush administration actions aimed at curbing allegedly unfair imports from China. In recent months, the Commerce Department has cleared the way for duties on color television receivers and wooden furniture from the Asian manufacturing giant. Commerce set preliminary anti-dumping duties ranging from less than 1.0 percent to nearly 123 percent on the plastic bags, used by food and clothing retailers. China is the biggest of the three suppliers, shipping nearly 29.2 billion units of plastic bags valued at US$147 million to the US in 2002. The department approved a China-wide rate of 80.52 percent, but set duties ranging from just 0.12 percent to 57.09 percent on a long list of manufacturers it identified by name.
RSS