Martin Wants to Discuss Lumber With Bush
Canadian Prime Minister Paul Martin, left, will be talking to President Bush soon on the U.S. decision to ignore a key NAFTA ruling on softwood lumber, said Canada's international trade minister, Jim Peterson.
Negotiations to settle the long-standing softwood lumber trade battle were supposed to resume in Ottawa this week. But Peterson postponed talks indefinitely last week after the United States said it would not comply with a decision by an extraordinary challenge committee. The decision upheld previous NAFTA rulings that found Canadian lumber exports posed no threat of injury to U.S. producers.
3 More Chinese Textile Limits Reached
Shirts, brassieres and flax yarn became the latest products to exhaust European quotas imposed June 10 on Chinese clothes and textiles, joining pullovers, trousers and women's blouses. Companies have secured licenses for the maximum 151 million shirts, 96.1 million bras and unspecified tonnage of flax yarn available for import from China this year, the European Union said. But trade ministers from the Netherlands, Sweden and Denmark and retailers from other E.U. member countries criticized the quotas.
Tariffs Cut on Imported Cars
Mexican President Vicente Fox slashed tariffs on 10- to 15-year-old cars from the United States and Canada to 10 percent from as much as 50 percent, saying the imports would help make cars more affordable. He also reduced taxes on new cars and allowed Mexicans to make smuggled cars legal by paying duties.
Permira, KKR Sign Deal for SBS Broadcasting
European private equity firm Permira and New York-based Kohlberg Kravis Roberts have agreed to buy Luxembourg-based SBS Broadcasting for approximately $2.07 billion in cash. The deal, which will require the approval of shareholders and the European Union, involves the purchasers' assumption of $200 million of debt and will bring the two buyout firms 16 television channels, 21 pay-TV channels and 11 radio networks reaching 100 million people.
Compiled from news service reports.