IN BRIEF (Page 18)

L'Oreal cuts prices after cut in tariffs announced

L'Oreal will reduce prices of most of its imported products in China to boost domestic sales, the French cosmetics giant said, after China said it will cut import tariffs on goods, including skincare products. China said it will reduce tariffs on consumer goods, including skincare products, some Western-style apparel and nappies from June 1, potentially giving a fillip to global brands and bolstering domestic consumption amid faltering economic growth.

Citigroup loses plea in metals financing case

Citigroup Inc has lost a claim for $270 million from Mercuria Energy Group Ltd over a metal finance deal that was interrupted by a fraud inquiry at two Chinese ports. Judge Stephen Phillips in London said Citigroup had not delivered the metal and should pay damages to Mercuria. He also ruled that the bank is allowed to terminate the agreement and does not have to deliver the copper and aluminum to Mercuria.

Output of crude and refined oil increases

Crude oil output in China reached 69.58 million metric tons in the first four months of this year, a year-on-year increase of 1.6 percent, the National Development and Reform Commission says.

The country refined 155.57 million tons of crude oil during the period, up 3.6 percent year-on-year, and refined oil production rose 5.2 percent to 98.32 million tons, the commission said.

New big data laboratory to fuel economic growth

The first big data strategy laboratory in China has been set up in Guiyang, capital of Guizhou province. The laboratory, established by Beijing Municipal Science and Technology Commission and the city government, is part of Guiyang's efforts to drive economic growth through innovation and development of the big data industry. Big data will drive innovation and will play a key role in economic growth and ecological protection in Guiyang, said Long Yongtu, former deputy vice-minister of trade.

Sinopec and Sibur to set up rubber joint venture

A joint venture to manufacture synthetic rubber products, created between Sinopec Corp, the country's top oil refiner, and the petrochemical firm Sibur of Russia, is likely to be approved by authorities at the end of this year, officials say.

E-commerce trade tax to be raised soon

The government plans to raise the personal tax, now at 10 percent, on cross-border e-business trade, the Xinhua-run cnstock.com reported, quoting industry sources. But the rate will still be lower than that on imports of general trade, in an effort to encourage cross-border e-business, it said. China levies tariffs and value-added tax on general imports. The value-added tax rate is 17 percent. The present cross-border e-business tax covers most commodities.

Capital flow balance shows improvement

Cross-border capital flows improved in April, which analysts said would be strengthened further as the yuan's performance continues to improve, Shanghai Securities Journal said. Chinese banks had a deficit of 106.2 billion yuan ($17.35 billion) in foreign exchange sales and purchases, 300 billion yuan less than the 406.2 billion yuan deficit in March, the State Administration of Foreign Exchange said.

(China Daily European Weekly 05/29/2015 page18)