Tue, Jun 09, 2020 page10

• World Business Quick Take

  • Agencies
  • • 
    • 
    • 

  VIETNAM

  EU free-trade deal ratified

  The parliament unanimously approved a free-trade agreement with the EU. The National Assembly’s vote followed approval by the European Parliament in February of the deal that would scrap almost all tariffs on goods traded between Europe and Vietnam. The agreement is expected to go into effect as early as next month after all governments approve it, the Web site of the Vietnam Chamber of Commerce and Industry said. Under the pact, Vietnam would slash 99 percent of its import duties over 10 years and the EU would do the same over seven years. The agreement curbs non-tariff barriers and opens up public procurement.

  GERMANY

  Production drops 17.9%

  Industrial production plunged 17.9 percent in April compared with the previous month at the height of Europe’s COVID-19 lockdowns, official data showed yesterday. The decline reported by the Federal Ministry for Economic Affairs and Energy followed an 8.9 percent drop in March, when the country began shutting down. It started easing restrictions on public life on April 20 and the process has gathered pace since. However, the economy went into a recession in the first quarter and that is expected to worsen this quarter. Data released on Friday showed that factory orders dropped 25.8 percent in April, following a 15 percent drop in March.

  PUBLISHING

  HK paper’s revenue plunges

  The South China Morning Post, the Hong Kong newspaper backed by Alibaba Group Holding Ltd (阿里巴巴), saw its revenue plunge by half in the first quarter as advertisers cut budgets amid months of social unrest and the COVID-19 pandemic. As early as mid-summer, advertising sales could begin to recover as the pandemic eases in Hong Kong, South China Morning Post chief executive officer Gary Liu (劉可瑞) said in an interview. The publication, which in April said it would cut jobs, lower executives’ salaries and ask some workers to take unpaid leave, has no plans for more such moves, Liu said.

  HYPERMARKETS

  Lotte Mart aims to go green

  One of the largest hypermarket chains in South Korea is aiming to reduce plastic and food waste in its stores and boost the use of recycled packaging. Lotte Mart plans to cut single-use plastics by 50 percent by 2025 and is to establish guidelines for using recycled materials in its branded products, the company said yesterday. Lotte Mart, a division of Lotte Shopping Co, also said that it plans to reduce food waste within its stores by 30 percent by 2025 and increase the number of its outlets with solar generation systems by next year to 60 from 39. Greenpeace Seoul urged the company to apply the same standards to its dozens of stores in Vietnam and Indonesia.

  NORWAY

  Virus a boon for liquor seller

  The government-run wine and liquor monopoly last month increased its sales by 44 percent year-on-year as coronavirus-related travel restrictions prevented the purchase of cheaper alcohol abroad, the Vinmonopolet retailer said yesterday. The country closed its borders in the middle of March to most foreigners and imposed quarantines on anyone returning home from abroad, while also shutting its restaurants, thus leaving Vinmonopolet as the only source of alcohol other than beer. The retailer’s overall sales volume rose by 28 percent in the January-to-May period, despite little change during the first two of those months.
• Most Popular

  • 1

    Typhoon could trigger sea warning, hit central Taiwan

  • 2

    Exports soar 49.7% to all-time high

  • 3

    China ignores new airport safety concerns, CAA says

  • 4

    Fung-wong approaches Taiwan, batters Philippines

  • 5

    Liverpool take win; Mbappe struggles