Business brief

From the archive, first published Tuesday 21st Feb 2006.

Cheap goods tax

STRUGGLING British retailers accused the European Union of being "overwhelmingly in favour of protectionism" as it prepared to slap duties on cheap goods imported from Asia.

Tariffs will be imposed on leather shoes made in China and Vietnam on April 7, after EU trade commissioner Peter Mandelson found evidence of "dumping" - shoes being sold to Europe at knock-down prices with the help of state subsidies.

The European Commission said it had not made a decision on the size of the anti-dumping duties, but it is thought they could be up to 20 per cent.

P&O confident

PORTS and ferries group P&O said it was confident its multi-billion pound takeover by Dubai Ports World would go ahead despite growing opposition in the United States.

P&O insisted it had cleared all the correct regulatory channels after a partner in Miami filed a lawsuit to block the the £3.9bn deal with state-owned DP World.

The legal action by Eller & Company subsidiary Continental Stevedoring & Terminals comes amid a growing political storm in Washington over concerns that the deal could compromise national security.

£70m tan sale

ST Tropez, the fake tanning company that bronzes the stars from Victoria Beckham to supermodel Elle MacPherson, is set to be sold to Lloyds TSB for about £70m.

LDC, the bank's private equity division, is expected to sign a deal within a fortnight after fighting off competition from rival bidders such as Phoenix Equity Partners.

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