Sanlu, the dairy company most closely tied to the tainted milk scandal, has been declared bankrupt by a court in its home city of Shijiazhuang in Hebei province. According to a statement from Fonterra, the New Zealand dairy group that is a joint venture partner of Sanlu, a receiver will take over [...]
China signed a free-trade agreement with Singapore on Thursday, its seventh such pact, ahead of the seventh Asia-Europe Meeting in Beijing. Under the agreement, Singapore will abolish tariffs on all products imported from China beginning in 2009, while in return, China will do the same for 97.1% of goods imported from Singapore by 2012. China-Singapore [...]
New Zealand-based Fonterra Cooperative Group is considering selling its 43% stake in Sanlu Group - the Hebei-based dairy firm at the center of an industry-wide product safety scandal. Fonterra CEO Andrew Ferrier said in a statement that a number of options were available for Sanlu’s future, including an acquisition of the stake by a third [...]
The number of Chinese tourists visiting certain Asia-Pacific destinations fell by more than 20% in August. Although the Olympics has been blamed for encouraging more people to stay home and watch television, the slowdown has sparked fears about the prospects for the travel industry, which is already expected to be hit badly by the global [...]
China’s largest beverage maker, Wahaha, has expressed interest in acquiring Sanlu, the dairy company at the center of recent industry-wide tainted-milk scandals. A Wahaha spokesman confirmed that company chairman Zong Qinghou was considering buying out the Hebei-based dairy firm, which Zong told state media would save Wahaha from having to import 150,000 tons of milk [...]
Countries have increased testing of imported foods from mainland China as the tainted-milk scandal raises doubts abroad about Chinese-made products. Taiwan and Indonesia have banned mainland-made dairy products, joining at least 10 other regions that have done the same. Chinese authorities have told the public that no traces of melamine – which has sickened over [...]
New Zealand’s Fonterra Cooperative Group, the world’s largest dairy exporter, cut the value of its stake in beleaguered Sanlu Group Co by 69%. Fonterra wrote off US$95 million from its 43% stake in Hebei-based Sanlu, which is at the center of the nationwide dairy scandal in China. Sanlu received complaints about its milk powder [...]