Wealth Wise - Global economy: Rougher days ahead?
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CNA
2 hours ago
- CNA
China to impose duties of up to 34.9% on EU brandy, starting Jul 5
SHANGHAI: China's Commerce Ministry issued its final ruling on brandy originating in the European Union on Friday (Jul 4), implementing duties of up to 34.9 per cent for a period of five years starting from Jul 5, 2025, the ministry said in statement. Some companies that had made minimum price commitments, including Pernod Ricard-owned Martell & Co and Remy Cointreu's Remy Martin, will be spared the higher tariff rate, according to the announcement, unless those commitments were breached. The ruling follows an investigation into European brandy, most of it cognac from France, first launched last year. French cognac makers have complained they are collateral damage in a broader trade row between Brussels and Beijing over import tariffs imposed on China-made electric vehicles. China implemented the duties on cognac following an earlier investigation last year into brandy imports, after the European Union accused Beijing of giving its auto industry unfair subsidies and imposed duties on imports of Chinese-made EVs. Monthly cognac exports to China, the world's most valuable market for the spirit, have fallen by as much as 70 per cent due to the trade dispute, according to data from the Bureau National Interprofessionnel du Cognac (BNIC), an industry body. Last week Reuters reported that French cognac makers had reached a tentative deal on minimum import prices for the Chinese market, but that China would only finalise the deal if progress was made regarding EU tariffs on Chinese-made EVs.
CNA
2 hours ago
- CNA
China says US lifted some export curbs, warns against 'blackmail'
BEIJING: China said on Friday (Jul 4) that the United States has eased certain export restrictions in line with a "hard-won" framework reached at talks last month, warning against "blackmail and coercion" as the countries attempt to de-escalate a ruinous trade war. "Currently, both teams are working quickly to implement the results outlined in the London framework", China's commerce ministry said in a statement, referring to the June meetings. Beijing is now "reviewing applications for export licences of controlled items that meet the requirements", it said. "The US side is also taking corresponding actions and has lifted a series of restrictive measures against China, the details of which have been communicated to the Chinese side," it added. The world's two top economies agreed to an outline of a deal to walk back from the brink of staggering tariffs at last month's meetings in London, with concessions including Beijing's resumption of key rare earth exports. Washington has also recently lifted rules for certain exports to China, including by removing licence requirements for shipping ethane to the country, according to a Bloomberg report this week. China's commerce ministry statement added that "the London framework was hard-won" – and warned that "blackmail and coercion will lead nowhere". "We hope the United States will ... continue to work in the same direction as China (and) further correct its erroneous practices." Prior to the London talks, Beijing and Washington had agreed to temporarily lower steep tit-for-tat tariffs on each other's products. But US officials later accused Beijing of violating the pact and slow-walking its approvals of export licences for rare earths – the global production of which is dominated by China.
Business Times
2 hours ago
- Business Times
Pelita Air to operate from T4 when it lands in Singapore, likely using Jetstar premises
[SINGAPORE] Indonesia's Pelita Air Service is said to be taking over the check-in premises of Jetstar Asia at Changi Airport terminal 4 after the budget carrier exits, The Business Times understands. This marks the first venture into the international market for the carrier, which has been serving domestic routes in its Indonesian home base. When asked to confirm its landing in Singapore's Changi Airport T4, Pelita Air's corporate secretary told BT it is currently finalising all necessary requirements and approvals. 'As for the exact date of the inaugural flight, we're waiting for an official release from management,' the corporate secretary added. Based on BT's understanding, the airline could make its inaugural Singapore flight in December. Also, ground handler and inflight caterer Sats will be serving Pelita Air. The carrier has earlier reportedly said it will start flights to Singapore this year, followed by Bangkok next year. It chose the city-state as the initial international destination due to its short flight duration and high traffic volume. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Delays in delivery of six A320s have resulted in Pelita Air expecting only four new planes this year, based on a March report. The carrier was started by Indonesian oil and natural gas player Pertamina to replace its air service department in 1970. Today, it serves economy and premium classes, covering 17 domestic destinations including Jakarta, Kendari and Sorong, based on its website. As Changi Airport prepares to receive Pelita Air, it will be bidding farewell to an airline based in Singapore. Budget carrier Jetstar Asia earlier announced that it is exiting Singapore for good on Jul 31, closing a chapter of about 20 years being the third carrier anchored in Changi Airport. Jetstar Asia operates out of T4 and its departure will affect 16 intra-Asia routes but will not have an impact on sister airlines Jetstar Airways and Jetstar Japan, with them continuing their current schedules, including Jetstar Airways' flights between Australia and Singapore. Jetstar Asia carried some 2.3 million passengers or 3 per cent of Changi Airport's total passenger traffic in 2024, but it has been racking up losses amid increased competition and costs.
