DAILY BRIEFING: European Commission to impose anti-dumping duties on Chinese steel

The EC will impose anti-dumping duties on imports of two steel products from China

The EC will impose anti-dumping duties on imports of two steel products from China

STEEL DUTIES The European Commission will impose anti-dumping duties on imports of two steel products from China. 

The move was a 'swift reaction' to competition which has badly hit the UK steel industry, resulting in job losses. 

Duties ranging between 65.1 per cent and 73.7 per cent for heavy plates of steel and 13.2 per cent and 22.6 per cent for hot-rolled steel will be imposed on Chinese imports.

NAME CHANGE German chemical giant Bayer may drop the name of US seeds company Monsanto if its £50.9billion acquisition goes ahead. 

Bayer is considering the move to avoid hurting its reputation, according to reports. Monsanto made herbicide Agent Orange, which was used by the US military in the Vietnam War. It led to 400,000 being killed or maimed.

HOLIDAY ROLE Thomas Cook Group has appointed Ingo Burmester as chief of its hotels and resorts business.

He starts in 2017 and will work alongside Andre Witschi, who has held the position since July. He joins from TUI Germany where he has worked for 16 years in a number of high profile positions.

SNAP FLOAT Snapchat is reportedly preparing for a listing which could value the Silicon Valley-based messaging service at as much as £19.8billion, the biggest US placing since Alibaba floated for £9billion in 2014. 

It plans to offer the public shares in its parent company Snap Inc as soon as March.

INDIAN DEAL Vodafone has bought a new spectrum to enhance the coverage, capacity and speed of its 4G data services in India. 

The deal, worth £2.5billion, will allow the telecommunications company to boost its brand power in the country, where it already caters for more than 200million customers.

PROFITS SOAR Samsung said it expects third quarter profit to have grown 5.6 per cent, despite the global recall of Galaxy Note 7 phones. 

The South Korean firm said that the performance at its component businesses helped offset the cost of the recall, which was triggered due to a battery fault.

PETROL FEARS Drivers will be hit by rising fuel prices after the slump in the value of sterling, a motoring organisation warned. 

The RAC predicted that petrol and diesel pump prices will go up by around three pence per litre in the next fortnight after the 'flash crash'.


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