Latest news with #MOFCOM
Yahoo
04-07-2025
- Business
- Yahoo
A Response from Pernod Ricard in Relation to the Conclusion of China's MOFCOM Cognac Anti-Dumping Investigation
PARIS, July 04, 2025--(BUSINESS WIRE)--Regulatory News: Pernod Ricard (Paris:RI) welcomes the conclusion of China's MOFCOM Cognac Anti-Dumping investigation and agrees to a minimum price undertaking. This agreement does not constitute an acknowledgment of dumping practices. Pernod Ricard regrets the increase in the cost of operating in China but notes that the additional costs arising from the agreed minimum price undertaking are significantly less than would be the case if the provisional Anti-Dumping tariffs had been made permanent. As this process concludes, Pernod Ricard remains committed to long term sustainable growth in China, one of our four Must Win markets, leveraging its market leading position in Cognac, and in International Spirits, that it has successfully built over its decades long engagement in the country. About Pernod Ricard Pernod Ricard is a worldwide leader in the spirits and wine industry, blending traditional craftsmanship, state-of-the-art brand development, and global distribution technologies. Our prestigious portfolio of premium to luxury brands includes Absolut vodka, Ricard pastis, Ballantine's, Chivas Regal, Royal Salute, and The Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac, Havana Club rum, Beefeater gin, Malibu liqueur and Mumm and Perrier-Jouët champagnes. Our mission is to ensure the long-term growth of our brands with full respect for people and the environment, while empowering our employees around the world to be ambassadors of our purposeful, inclusive and responsible culture of authentic conviviality. Pernod Ricard's consolidated sales amounted to € 11 598 million in fiscal year FY24. Pernod Ricard is listed on Euronext (Ticker: RI; ISIN Code: FR0000120693) and is part of the CAC 40 and Eurostoxx 50 indices. View source version on Contacts Florence Tresarrieu / Global SVP Investor Relations and Treasury +33 (0) 1 70 93 17 03Edward Mayle / Investor Relations Director +33 (0) 6 76 85 00 45Ines Lo Franco / Investor Relations Manager +33 (0) 6 49 10 33 54Emmanuel Vouin / Head of External Engagement +33 (0) 1 70 93 16 34 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
04-07-2025
- Business
- Business Wire
Price Undertaking Agreement in China for Rémy Cointreau
PARIS--(BUSINESS WIRE)--Regulatory News: As part of the anti-dumping procedure initiated on January 5, 2024, by the Ministry of Commerce of the People's Republic of China (MOFCOM), Rémy Cointreau (Paris:RCO) announces the conclusion of an agreement between the Chinese authorities and certain cognac producers regarding 'Price Undertaking agreement' applicable to imports of grape-based spirits in containers of less than 200 liters originating from the European Union. Under this agreement, certain cognac stakeholders affected by the procedure commit, each according to their own terms, to comply with a minimum import price in China. In return, the 'definitive' anti-dumping duties that were to be imposed on European exports will not be applied (for reference, the official 'provisional' rate was 38.1% for Rémy Cointreau's cognac division since October 11, 2024, in the form of a guarantee-backed deposit, and was reduced to 34.3% in its final version). This agreement in no way constitutes an acknowledgment of dumping practices. While the commercial terms of this agreement are less favorable than those that were in effect prior to the initiation of the investigation, they nonetheless represent a significantly more favorable outcome, or at the very least, a substantially less punitive alternative, compared to the imposition of definitive anti-dumping duties. At this stage, Rémy Cointreau is still awaiting further details regarding the practical arrangements for implementing this agreement, in order to be able to assess the impacts accurately. Thanks to this agreement, these impacts are expected to be far less restrictive than those initially anticipated at the time of the annual results publication on June 4, 2025, and will enable the strengthening of some investments in China. As a result, Rémy Cointreau will update its annual guidance when publishing first-quarter results on July 25. About Rémy Cointreau All around the world, there are clients seeking exceptional experiences; clients for whom a wide range of terroirs means a variety of flavors. Their exacting standards are proportional to our expertise – the finely-honed skills that we pass down from generation to generation. The time these clients devote to drinking our products is a tribute to all those who have worked to develop them. It is for these men and women that Rémy Cointreau, a family-owned French Group, protects its terroirs, cultivates exceptional multi-centenary spirits and undertakes to preserve their eternal modernity. The Group's portfolio includes 14 singular brands, such as the Rémy Martin and LOUIS XIII cognacs, and Cointreau liqueur. Rémy Cointreau has a single ambition: becoming the world leader in exceptional spirits. To this end, it relies on the commitment and creativity of its 1,856 employees and on its distribution subsidiaries established in the Group's strategic markets. Rémy Cointreau is listed on Euronext Paris.
Time of India
03-06-2025
- Automotive
- Time of India
Diplomats, automakers push Beijing to loosen rare earth magnet export restrictions
Diplomats, automakers and other executives from India, Japan and Europe were urgently seeking meetings with Beijing officials to push for faster approval of rare earth magnet exports, sources said, as shortages threatened to halt global supply chains. A business delegation from Japan will visit Beijing in early June to meet the Ministry of Commerce over the curbs, according to a source familiar with the visit. European diplomats from countries with big auto industries have also sought "emergency" meetings with MOFCOM in recent weeks, a European official said. India, where automakers warned last week they were close to shutting down, is organising a trip for auto executives in the next two to three weeks. "This is an extremely urgent and critical time for the auto and electronics industry ," Adam Dunnett, secretary general of the European Chamber of Commerce in China, told Reuters, saying some firms could stop production as soon as this week. The European Union and Japanese missions in Beijing did not immediately respond to requests for comment. The possibility of widespread shutdowns across the global auto industry demonstrates the enormous leverage Beijing has built over its decades-long rise to dominance in the rare earth industry. China - which controls over 90per cent of global processing capacity for the magnets, used in everything from automobiles and fighter jets to home appliances - imposed export restrictions on seven rare earth elements and several magnets on April 4, requiring exporters to obtain licenses from Beijing. The controls are widely viewed as a key source of diplomatic leverage because there are almost no alternatives outside China. Beijing agreed to suspend or remove non-tariff countermeasures imposed on Washington since April 2 as part of the Geneva truce. But there has only been a slow trickle of approvals since then and Chinese government officials have declined to address the issue publicly. US Trade Representative Jamieson Greer last week accused Beijing of "slow-rolling" the removal of non-tariff countermeasures. South Korea's industry ministry has asked China to issue more export licenses, an official told Reuters, as only a handful of companies had received licenses. China's foreign ministry on Tuesday did not respond to a question on whether Beijing would speed up processing of export license applications. The Ministry of Commerce did not immediately reply to queries sent after business hours. European firms alone have thousands of applications waiting for approval, said a source familiar with the matter. State media reported last week that China was considering relaxing some of the curbs for European semiconductor firms and the Ministry of Foreign Affairs said last week it would strengthen cooperation with other countries over its controls. However, rare-earth magnet exports from China halved in April due to a long and opaque application process for export permits. "China won't blink but it will slowly and strategically provide exemptions," said a US business figure briefed on the matter, who declined to be named for sensitivity reasons. "It's a painful stress test of an already fragile relationship."
Yahoo
03-06-2025
- Business
- Yahoo
Diplomats, automakers push Beijing to loosen rare earth magnet export restrictions
By Laurie Chen and Aditi Shah BEIJING/NEW DELHI (Reuters) - Diplomats, automakers and other executives from India, Japan and Europe were urgently seeking meetings with Beijing officials to push for faster approval of rare earth magnet exports, sources said, as shortages threatened to halt global supply chains. A business delegation from Japan will visit Beijing in early June to meet the Ministry of Commerce over the curbs, according to a source familiar with the visit. European diplomats from countries with big auto industries have also sought "emergency" meetings with MOFCOM in recent weeks, a European official said. India, where automakers warned last week they were close to shutting down, is organising a trip for auto executives in the next two to three weeks. "This is an extremely urgent and critical time for the auto and electronics industry," Adam Dunnett, secretary general of the European Chamber of Commerce in China, told Reuters, saying some firms could stop production as soon as this week. The European Union and Japanese missions in Beijing did not immediately respond to requests for comment. The possibility of widespread shutdowns across the global auto industry demonstrates the enormous leverage Beijing has built over its decades-long rise to dominance in the rare earth industry. China - which controls over 90% of global processing capacity for the magnets, used in everything from automobiles and fighter jets to home appliances - imposed export restrictions on seven rare earth elements and several magnets on April 4, requiring exporters to obtain licenses from Beijing. The controls are widely viewed as a key source of diplomatic leverage because there are almost no alternatives outside China. Beijing agreed to suspend or remove non-tariff countermeasures imposed on Washington since April 2 as part of the Geneva truce. But there has only been a slow trickle of approvals since then and Chinese government officials have declined to address the issue publicly. U.S. Trade Representative Jamieson Greer last week accused Beijing of "slow-rolling" the removal of non-tariff countermeasures. South Korea's industry ministry has asked China to issue more export licenses, an official told Reuters, as only a handful of companies had received licenses. China's foreign ministry on Tuesday did not respond to a question on whether Beijing would speed up processing of export license applications. The Ministry of Commerce did not immediately reply to queries sent after business hours. European firms alone have thousands of applications waiting for approval, said a source familiar with the matter. State media reported last week that China was considering relaxing some of the curbs for European semiconductor firms and the Ministry of Foreign Affairs said last week it would strengthen cooperation with other countries over its controls. However, rare-earth magnet exports from China halved in April due to a long and opaque application process for export permits. "China won't blink but it will slowly and strategically provide exemptions," said a U.S. business figure briefed on the matter, who declined to be named for sensitivity reasons. "It's a painful stress test of an already fragile relationship." Sign in to access your portfolio
Yahoo
03-06-2025
- Business
- Yahoo
Diplomats, automakers push Beijing to loosen rare earth magnet export restrictions
By Laurie Chen and Aditi Shah BEIJING/NEW DELHI (Reuters) - Diplomats, automakers and other executives from India, Japan and Europe were urgently seeking meetings with Beijing officials to push for faster approval of rare earth magnet exports, sources said, as shortages threatened to halt global supply chains. A business delegation from Japan will visit Beijing in early June to meet the Ministry of Commerce over the curbs, according to a source familiar with the visit. European diplomats from countries with big auto industries have also sought "emergency" meetings with MOFCOM in recent weeks, a European official said. India, where automakers warned last week they were close to shutting down, is organising a trip for auto executives in the next two to three weeks. "This is an extremely urgent and critical time for the auto and electronics industry," Adam Dunnett, secretary general of the European Chamber of Commerce in China, told Reuters, saying some firms could stop production as soon as this week. The European Union and Japanese missions in Beijing did not immediately respond to requests for comment. The possibility of widespread shutdowns across the global auto industry demonstrates the enormous leverage Beijing has built over its decades-long rise to dominance in the rare earth industry. China - which controls over 90% of global processing capacity for the magnets, used in everything from automobiles and fighter jets to home appliances - imposed export restrictions on seven rare earth elements and several magnets on April 4, requiring exporters to obtain licenses from Beijing. The controls are widely viewed as a key source of diplomatic leverage because there are almost no alternatives outside China. Beijing agreed to suspend or remove non-tariff countermeasures imposed on Washington since April 2 as part of the Geneva truce. But there has only been a slow trickle of approvals since then and Chinese government officials have declined to address the issue publicly. U.S. Trade Representative Jamieson Greer last week accused Beijing of "slow-rolling" the removal of non-tariff countermeasures. South Korea's industry ministry has asked China to issue more export licenses, an official told Reuters, as only a handful of companies had received licenses. China's foreign ministry on Tuesday did not respond to a question on whether Beijing would speed up processing of export license applications. The Ministry of Commerce did not immediately reply to queries sent after business hours. European firms alone have thousands of applications waiting for approval, said a source familiar with the matter. State media reported last week that China was considering relaxing some of the curbs for European semiconductor firms and the Ministry of Foreign Affairs said last week it would strengthen cooperation with other countries over its controls. However, rare-earth magnet exports from China halved in April due to a long and opaque application process for export permits. "China won't blink but it will slowly and strategically provide exemptions," said a U.S. business figure briefed on the matter, who declined to be named for sensitivity reasons. "It's a painful stress test of an already fragile relationship." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
