Arab Today, arab today nestle unit cuts baby formula prices amid china probe
Last Updated : GMT 21:32:51
Arab Today, arab today
Arab Today, arab today

Nestle unit cuts baby formula prices amid China probe

Arab Today, arab today

Arab Today, arab today Nestle unit cuts baby formula prices amid China probe

Shanghai - AFP

A unit of Swiss food giant Nestle is cutting prices for baby formula in China by as much as 20 percent, it said after the government launched an investigation into alleged price-fixing by foreign firms. Wyeth Nutrition confirmed the investigation by China\'s top economic planner, which has been reported by state media, and pledged to \"immediately\" cut prices on some formula products by six to 20 percent, according to a statement late Wednesday. \"Wyeth Nutrition has always respected and been willing to abide by China\'s laws and regulations and is actively cooperating with the anti-monopoly investigation into the company,\" it said. The firm promised not to raise prices on new formula products for a year and said it had improved marketing policies to ensure they were in line with regulations. The response came after media reports on Tuesday that the National Development Reform Commission had launched a probe of foreign baby formula makers for high prices, which it claimed resulted from a monopoly-like situation. But a 2008 scandal involving tainted formula that killed six children and sickened more than 300,000 has prompted domestic consumers to shun local brands and created huge demand for foreign products, both those sold through normal channels and informally imported. Other foreign companies being investigated include France\'s Danone, Mead Johnson Nutrition, Abbott Laboratories and Dutch firm Royal FrieslandCampina which produces the Friso brand, state media said. Mead Johnson said earlier this week it was cooperating with the investigation and added it was providing products at \"good value\" to customers. \"The company is fully cooperating with the recently reported Chinese government anti-trust review of resale prices in the infant formula market and will provide information in response to enquiries received from government officials,\" it said. Shares of some of the companies involved in the investigation, which has not been directly confirmed by the government, plunged in US trading on Wednesday. Mead Johnson sank 8.1 percent while Abbott Laboratories fell 1.8 percent. But shares of Chinese dairy producers have benefited since the investigation has targeted foreign companies. China Mengniu Dairy gained 1.98 percent in Hong Kong morning trade Thursday while Inner Mongolia Yili Industrial Group rose 0.73 percent in Shanghai. China is by far the world\'s largest market for baby formula, according to consumer research group Euromonitor. The government has vowed to crack down on safety violators and called for strict monitoring of milk powder production, in an attempt to restore public trust.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today nestle unit cuts baby formula prices amid china probe Arab Today, arab today nestle unit cuts baby formula prices amid china probe

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 12:25 2017 Thursday ,23 February

Bharti Airtel buys Telenor's India operations

GMT 10:47 2017 Thursday ,23 February

Saudi Aramco may offer discounted shares to citizens

GMT 06:25 2017 Thursday ,23 February

Bupa Arabia sponsors SMEA forum

GMT 06:11 2017 Thursday ,23 February

Football: Turkish company wins Qatar World Cup contract

GMT 05:46 2017 Thursday ,23 February

SABIC net profits fall in 2016

GMT 21:01 2017 Wednesday ,22 February

Saudi Aramco mulls offering citizens discounted shares
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday