| Full Text: China's food quality and safety
The Information Office of the State Council published a white paper titled "China's food quality and safety" here Friday. Following is the full text: China's food quality and safety Information Office of the State Council of the People's Republic of China August 2007, Beijing The quality and safety of food is a major benchmark of the economic development and people's living conditions of a country. Adhering to the people-oriented approach, the Chinese government has always attached great importance to food quality and safety. Moreover, sticking to the principle of nipping problems in the bud, it has built and improved a supervisory system and mechanism for food safety, strengthened legislation and the setting of relevant standards, exercised strict quality control regarding food, actively promoted international exchanges and cooperation in this respect, and has greatly raised public awareness of food safety.
Court wants more info on Whole Foods deal
A federal appeals court said today it needs more time to consider whether to block Whole Foods Market's takeover of rival Wild Oats Markets. The U.S. Court of Appeals for the District of Columbia Circuit temporarily put the $565 million deal on hold until it can hear more arguments. The three-judge panel said, however, the decision "should not be construed in any way as a ruling on the merits" of the case. The Federal Trade Commission Friday asked the court to stay a decision by U.S. District Judge Paul L. Friedman that allowed the transaction to proceed. The agency has also appealed Friedman's Thursday decision and wants to block the deal on antitrust grounds. Whole Foods is blocked "from taking any further steps to acquire the stocks, assets or any other interest" in Wild Oats until the appeals court issue a further ruling, the panel said.
Nestle sweet on its own shares
NESTLE has turned its back on more big acquisitions, surprising investors yesterday with plans for a 25 billion Swiss franc ($24 billion) three-year share buyback. The news came as the world's biggest food group shrugged off fears of higher commodity and raw materials prices to reveal what analysts described as "stellar" first-half results. The earnings numbers and share buyback mark a triumph for Peter Brabeck, chairman and chief executive, before he hands over operational management next year to concentrate on strategy as chairman. Under Mr Brabeck, Nestle has outpaced sluggish rivals such as Unilever by focusing on profitability through pruning its portfolio, buying higher-margin businesses and improving IT. The latest results, far above analysts' expectations, set a high hurdle for Mr Brabeck's successor.
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