EU, US imports probed
Authorities yesterday launched an anti-dumping probe into chemical imports from the EU and US, the government said. Beijing’s commerce ministry said it has started investigating whether EU and US firms were selling perchlorethylene at below cost after complaints from domestic companies. Perchlorethylene, also called tetrachloroethylene, is a colorless fluid widely used in dry cleaning. It is the second such anti-dumping procedure by China against European and US industries in less than a month, after it launched an investigation into companies making unwelded pipes.
Third stock market to open
The nation will open a third stock market next month focused on small business ventures looking to raise capital, market operators said yetserday. The Korea New Exchange (KONEX), part of President Park Geun-hye’s plan to foster a “creative economy” that encourages innovation and entrepreneurship, will open on July 1, Korea Exchange vice chairman Choi Hong-sik said. Various incentives would be offered, with angel investors receiving tax cuts and allowed to defer tax payments as long as they reinvest their returns in fresh business ventures.
Consumers cut food budgets
Consumers cut back on their budgets for food in April, causing overall household consumption to fall by 0.3 percent from the level in March, official data showed yesterday. However, this was because consumption of food in March had surged by 2.7 percent owing to the Easter holiday weekend. In April, consumption of food fell back by 3.3 percent as a consequence, said the national statistics office INSEE which published the data.
Power plant to request funds
The operator of Japan’s crippled Fukushima Dai-ichi nuclear plant will ask for more public money to pay compensation, a report said yesterday, taking its total cash handouts to US$38 billion. Tokyo Electric Power (TEPCO) will go cap-in-hand to a government-backed fund asking for further help to meet payout demands that continue to swell two years after the tsunami-sparked crisis, the Nikkei Shimbun said. TEPCO will request additional aid to the tune of more than ￥600 billion (US$5.9 billion) as early as Friday, the daily said.
Chile OKs mine construction
Chile’s visiting president said on Thursday that Canadian firm Barrick Gold can resume operations at its massive gold mine in Chile as long as environmental rules are followed. Construction of the Pascua Lama project, which Barrick Gold launched in 2009, was suspended in April when a Chilean court accepted a complaint filed by indigenous groups on environmental grounds. Chilean President Sebastian Pinera said that 23 environmental areas where Barrick “will have to improve their behavior.”
HTC One to run new Android
Google is adding the recently released HTC One to its lineup of smartphones running on an unmodified version of its latest Android software. An HTC One model relying on the same version of Android as Google’s Nexus brand will go on sale on June 26 for US$599. That is the same day Google Inc will start selling a Samsung Galaxy 4S that runs on a pure version of Android for US$649.