Capital Markets

Mnuchin expected to be Trump’s Treasury secretary

Donald Trump has chosen Steven Mnuchin as his Treasury secretary, US media outlets reported on Tuesday, positioning the former Goldman Sachs banker to be the latest Wall Street veteran to receive a top administration post. Mr Mnuchin chairs both Dune Capital Management and Dune Entertainment Partners and has been a longtime business associate of Mr […]

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Banks

Financial system more vulnerable after Trump victory, says BoE

The US election outcome has “reinforced existing vulnerabilities” in the financial system, the Bank of England has warned, adding that the outlook for financial stability in the UK remains challenging. The BoE said on Wednesday that vulnerabilities that were already considered “elevated” have worsened since its last report on financial stability in July, in the […]

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Property

Zoopla wins back customers from online property rival

Zoopla chief executive Alex Chesterman has branded rival OnTheMarket “a failed experiment”, and said that his property site was winning back customers at a record rate. OnTheMarket was set up last year, aiming to compete with Zoopla and Rightmove, the UK’s two biggest property portals. It allowed estate agents to list their properties more cheaply […]

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Financial

Hard-hit online lender CAN Capital makes executive changes

The biggest online lender to small businesses in the US has pulled down the shutters and put its top managers on a leave of absence, in the latest blow to an industry grappling with mounting fears over credit quality. Atlanta-based CAN Capital said on Tuesday that it had replaced a trio of senior executives, after […]

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Banks

BoE stress tests: all you need to know

The Bank of England has released the results of its latest round of its annual banking stress tests and its semi-annual financial stability report this morning. Used to measure the resilience of a bank’s balance sheet in adverse scenarios, the stress tests measured the impact of a severe slowdown in Chinese growth, a global recession […]

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Categorized | Economy

EU to investigate Chinese solar-panel glass


Posted on February 28, 2013

The EU has opened an anti-dumping investigation into Chinese-manufactured glass for solar panels, broadening a trade fight with Beijing over renewable energy.

The European Commission, the EU’s executive arm, opened the probe in response to a complaint filed in early February by a coalition of EU manufacturers known as EU ProSun Glass.

    The companies accused their Chinese rivals of benefiting from improper government subsidies, which allowed them to sell their goods below cost in the EU market. They are seeking duties of more than 100 per cent.

    Europe’s solar glass market only amounts to about €200m, making the case a relatively small one. Yet it comes amid an EU investigation into imported Chinese solar panels that is the bloc’s biggest ever – covering some €21bn in goods in 2011 – and has upset Brussels-Beijing relations.

    That case has also stirred a wider debate about the merits of imposing higher duties on Chinese imports, even if abuses are found. The European retailers that install solar panels argue that such a move would backfire by raising prices for consumers and forcing them to cut jobs.

    The commission declined to comment on the latest case. Under EU rules, its investigation could take up to 15 months.

    Solar glass is a thin film just a few millimetres thick that covers rows of solar cells. It requires higher levels of purity than typical window glass.

    The case is being spearheaded by InterFloat, a Liechtenstein company that opened a German plant in 2008. It claims Chinese competitors have more than tripled their share of the EU market to 27 per cent since 2010 by selling their glass at less than half the break-even point for European companies.

    EU ProSun Glass believes the lower prices were enabled, in part, by the provision of subsidised electricity, which accounts for about one-third of solar glass production costs. Its members are expected to expand the complaint to include allegations of illegal subsidies.