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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: EU slaps trade charges on Chinese candles AP - Sunday, November 16 BRUSSELS, Belgium - Chinese candle exporters will be hit with extra charges when selling in Europe to punish some producers for selling below cost, the European Union said Saturday. The EU imposed antidumping charges for six months from Saturday after European candlemakers complained that they were losing business to cheaper Chinese products. The EU said Chinese candles sell for around 9 percent less and make up about one third of the European market. Retailers, already hit by the economic downturn, say it will increase the price they pay for candles in the busy shopping season up until Christmas. Retailers such as Ikea and the British Retail Consortium _ which represents supermarket chains Tesco and Marks & Spencer _ said the EU was wrong to claim that stores could easily absorb the price hikes. It said retailers would probably have to slice profit from other items to compensate. The EU claims large chain stores make a profit of up to 70 percent on candles but the BRC said they can make as little as a 6-percent profit. "This is particularly shocking as this new tax is imposed before Christmas, at a time when consumers have never been so short for disposable incomes," said Alasdair Gray of the BRC. The EU fixed different fees for several Chinese exporters after deciding that some pay most of their business costs. The fees imposed by the EU vary from zero for one exporter to 66 percent of the value of the candle for those who did not respond to an EU investigation. The EU says that many Chinese producers do not operate in a market economy because the state often subsidizes costs such as rent and electricity. The EU antidumping charges will last for six months while the trade investigation continues. Next year, officials will recommend whether the charges should stay in place for up to five years. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business GM lobbying hard for U.S. bailout -Wall St JournalReuters - 56 minutes ago World leaders agree action plan for reform, global growthAFP - 59 minutes ago G20 leaders call for Doha breakthrough by year endReuters - 1 hour 43 minutes ago EU faces recession threatAP - 2 hours 36 minutes ago UAW leader says blame economy for Detroit 3 woesAP - Sunday, November 16 Most Popular – Business Viewed Obama rumored to favor Clinton as top diplomat Bin Laden is isolated, focused on his own security: CIA Earth would be heading to a freeze without CO2 emissions Ancient 4,300-year-old pyramid discovered in Egypt US space-funeral company plans to launch lunar cemetery View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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