CADBURY TO INVEST
IN CHINESE CANDY PLANT
BEIJING - Cadbury Schweppes PLC said it will invest $50 million in a candy factory in Beijing with annual production capacity of 5,000 metric tons.
The British company entered the Chinese marketplace two years ago, and has developed a sales network in cities including Beijing, Shanghai and Guangzhou.
The group also put its most profitable product, Trebor Softmints, on sale here for the first time.
HUNGARY'S TRADE DEFICIT
HIT $2.3 BILLION IN HALF
BUDAPEST, Hungary - Hungary's trade deficit stood at $2.3 billion at the end of June, a Ministry of Industry and Trade report showed Tuesday, MTI- Econews reported.
Exports totaled $5.3 billion in the first six months and imports were $7.6 billion. Of the total deficit, $1.7 billion will appear in the current account.
Three-quarters of the export increase came from the export of materials, semi-finished products and components, which grew by 30 percent. Export of farm and food products rose by 11 percent in the first six months, and that of consumer goods by 4 percent.
Export of industrial products accounted for 80 percent of total exports in January-June. Sales to European Union countries rose by 17 percent in the first six months.
CUSTOMS SERVICE SEIZES
PIRATED RECORDINGS IN NY
NEW YORK - The U.S. Customs Service has seized pirated musical recordings worth more than $100,000 from a New York City vendor.
The seizure of 5,500 compact discs, disc covers and box sets imported from Luxembourg was made on Friday by U.S. Customs special agents. A Customs spokeswoman in New York said agents initially stopped a shipment of 2,900 compact discs at John F. Kennedy International Airport. A subsequent investigation led to the seizure of additional material at a Manhattan music store.
In a prepared release, an official of The Recording Industry Association of America said the seizure shows how new federal laws can prevent bootleg sound recordings from entering the United States. Steven D'Onofrio, executive vice president and director of the association's anti-piracy division, said the U.S. music industry sustains annual losses of $300 million because of such violations.
CADBURY TO INVEST