Oil prices

    THE country’s top economic planner Friday announced cuts in the retail price of gasoline by 245 yuan per ton (US$39.86) and that of diesel by 235 yuan.

    The adjustment, effective Saturday, means retail prices drop by 0.18 yuan per liter for gas and 0.2 yuan per liter for diesel, according to the National Development and Reform Commission. The cut is the seventh since July, as international crude prices continue to slide.

    Recall materials

    CHINA’S quality watchdog demanded joint-venture FAW-Volkswagen to submit new materials to verify the effectiveness of its latest recall due to defective rear axles.

    On Oct. 17, the company announced a recall of more than 581,000 cars, including its New Sagitar and Beetle vehicles, as the trailing arm of the rear axles could rupture in certain scenarios. It offered to place a metal plate in the trailing arm to ensure the proper operation in case of a rupture.

    However, the move aroused dissatisfaction among car users who had hoped for a more thorough solution by replacing the whole rear suspension.

    Baby formula

    NEW ZEALAND’S Fonterra Co-Operative Group, the world’s biggest dairy exporter, said the Chinese Government has lifted a ban on the last two products that were embroiled in last year’s contaminated infant formula scare.

    It said the ban on New Zealand producers exporting whey powder and base powder containing whey for infant formula to China has ended. The ban was imposed in August last year in the wake of a scare that whey powder had been contaminated with a bacteria that could cause botulism.