BEIJING — China on Friday imposed anti-dumping duties on European brandy, most notably cognac produced in France, as trade tensions between Beijing and United States allies continue to rise.
The tariffs, effective on Saturday, will range from 27.7% to 34.9%, China’s Commerce Ministry said. They are to be in place for five years and will not be applied retroactively.
The announcement came during a European visit by Chinese Foreign Minister Wang Yi aimed at ironing out trade differences. Wang was set to visit Paris after stops in Brussels and Berlin.
The anti-dumping duties are the result of a probe China launched last year into European cognac, after the European Union undertook a probe into Chinese electric vehicles subsidies.
“The investigative authority finally ruled that the dumping of related imported brandy from the EU has existed,” read a statement by China’s Commerce Ministry. “The domestic brandy industry faces a material threat of damage, and there is a causal relationship between the dumping and the substantial damage threat.”
Besides cognac, China has also launched investigations into European pork and dairy products. The brandy probe was the first and targeted mainly French makers of cognac and similar spirits such as Armagnac.
China initially announced provisional tariffs of 30.6% to 39% on French cognac producer Remy Martin and other European brandies after a majority of E.U. countries approved duties on electric vehicles made in China.
Wang was set to meet his French counterpart, Jean-Noël Barrot, later Friday in Paris.
His European tour comes ahead of a China-EU summit to be focused on trade later this month in Beijing.
United Distributors Pakistan Limited (PSX: UDPL) and International Brands (Private) Limited (IBL) have announced that they are reviewing the recent order by the Competition Commission of Pakistan (CCP) and exploring legal remedies after being fined Rs42 million for entering into a non-compete agreement deemed anti-competitive.
In a notice to the Pakistan Stock Exchange (PSX) on Friday, UDPL acknowledged that CCP proceedings had been initiated in connection with the agreement between the two companies, which included a Rs1.13 billion consideration paid by IBL to UDPL to abstain from distributing human pharmaceutical products for a period of three years.
The CCP concluded that the arrangement violated Sections 4(1) and 4(2)(b) of the Competition Act, 2010, calling it a market-sharing agreement that hindered competition in the pharmaceutical sector. A Rs20 million penalty was imposed on each company, with an additional Rs1 million fine on UDPL for disclosing the agreement to PSX without prior CCP clearance under Section 38 of the Act.
In its statement, UDPL emphasised that the company had made several disclosures about the agreement under applicable law, the most recent being on May 15, 2024. The company noted that the implementation of the restrictive arrangement was contingent on obtaining an exemption from the CCP, which was delayed due to internal factors.
“Regrettably, due to certain internal delays in obtaining the necessary information, the company and IBL were unable to file the exemption application in a timely manner,” UDPL stated. The exemption application was later submitted and remains under CCP review.
The company asserted that its disclosures were transparent and that the parties had acted in good faith. “UDPL has always been transparent in its disclosures, demonstrating its intention to comply with all applicable laws,” the notice read.
Following the CCP’s July 2 order, received a day later, UDPL stated that both companies are now “reviewing the order and seeking advice regarding appropriate remedies.” UDPL and IBL believe there are “cogent grounds” to support their case and challenge the penalties.
The matter has drawn significant attention in regulatory and business circles, particularly given the scale of the consideration involved and the implications for competition in the pharmaceutical sector.
Condiments are getting an upgrade. Chefs are taking their signature sauces and dips outside the kitchen. And “swicy” still reigns.
Those food trends were all on display at the Specialty Food Association’s Summer Fancy Food Show, which returned to the Javits Center in New York this week.
From Sunday to Tuesday, more than 2,000 exhibitors showed off a range of specialty food and drinks, offering attendees a glimpse at the products headed for grocery aisles and restaurants in the near future.
“It’s always been the show where people go to see the trends,” said Christine Couvelier, a culinary trend spotter and founder of the Culinary Concierge.
Couvelier, a seasoned show attendee, guided CNBC through three floors of booths, highlighting the trends — and winners — on her radar.
Past show trends that are now making their way to mainstream consumers’ palettes include new uses for vinegar, oil-based hot sauce and lavender as a flavor. But not all trends have that kind of staying power.
“I think I’ve seen six booths that have Dubai chocolate. We won’t see Dubai chocolate next year,” Couvelier said, referring to the chocolate bars filled with kadayif and pistachio that have taken over TikTok, grocery stores and even Shake Shacks nationwide.
The trade show has also traditionally been a springboard for new brands seeking to expand their reach. Honest Tea, Ben & Jerry’s and Tate’s Bake Shop are among the companies that attended the show in their early days on their way to becoming well-known consumer brands.
Here are some highlights from this year’s Summer Fancy Food Show:
New takes on olive oil
Castillo de Canena shows off its olive oils at the Summer Fancy Food Show
CNBC | Amelia Lucas
Home cooks in the U.S. have been using olive oil for several decades. In recent years, olive oil has branched out, with more focus on the flavor that it offers, whether it’s drizzled on top of ice cream or used in cakes.
But the cooking staple is now getting an upgrade, thanks to infusions of trendy flavors. For example, Castillo de Canena, a family-owned Spanish company, has been making olive oil for centuries, but its booth highlighted two newer additions to its line: harissa olive oil and olive oil finished in sherry casks.
Mustard’s moment
Caplansky’s Delicatessen shows off its small-batch mustard line.
CNBC | Amelia Lucas
Olive oil isn’t the only pantry staple getting a makeover. The mustard category could be heading for a shakeup, thanks to a few new entrants hoping to enliven the tired condiment.
Pop Mustards pitches itself as the “caviar of mustards” because it uses whole mustard seeds, giving the condiment a new texture. The company also uses fermentation, smoking, brining and other methods to bring more flavor out of the seeds.
Caplansky’s Delicatessen showed off a more traditional take on the condiment at its booth, inspired by classic deli mustards. But its product lineup offers more flavor than the classic yellow mustard or dijon found in fridges today.
Plant-based 2.0
Umyum displayed its cashew-based cheese and vegan butter.
CNBC | Amelia Lucas
Since Beyond Meat’s meteoric rise, plant-based purveyors have displayed their vegetarian substitutes at the Summer Fancy Food Show. But as the category struggles, the number of booths hawking plant-based products dwindled this year.
Still, the category hasn’t disappeared altogether. Instead, exhibitors presented their products by leading with their taste, rather than their vegan or vegetarian bona fides.
For example, Umyum displayed its cashew-based cheese and butter substitutes, with packaging that reads, “Our craft just happens to be plantbased.”
Chef-led brands
Chef Michael Solomonov is selling his hummus through his brand Zahav Foods.
CNBC | Amelia Lucas
During the pandemic, many restaurant chefs pivoted to selling at-home versions of their beloved sauces, condiments and other foods that can be easily canned or packaged. Even after eateries reopened their dining rooms, some chefs have stuck with it.
“This is a longer lasting trend, and it’s the passion around making the best version of that food that there is, and now the chef wants you to have it at home,” Couvelier said.
At this year’s show, exhibitors included Zahav Foods, the packaged food brand of chef Michael Solomonov, known for his restaurants Zahav in Philadelphia and Laser Wolf in New York. The mustard brand Caplansky’s Delicatessen is also the brainchild of chef Zane Caplansky.
The age of swicy
Slawsa’s display of its sweet and spicy cabbage-based relishes
CNBC | Amelia Lucas
“Swicy” food and drinks have already taken over grocery aisles and restaurant menus, but exhibitors were promoting the next evolution of the flavor trend, a portmanteau of sweet and spicy.
Mike’s Hot Honey, which helped bring back the “sweet heat” trend, showed off its collaboration with Heluva Good for a swicy dip. Smash Kitchen displayed its Hot Honey Ketchup, adding a little heat to the sweetness of the classic condiment. And Slawsa — a portmanteau of coleslaw and salsa — exhibited its sweet and spicy cabbage-based relishes.
Beef tallow
Beefy’s Own cooks its potato chips in beef tallow.
CNBC | Amelia Lucas
Over the last year, beef tallow has been having a moment, thanks to Health and Human Services Secretary Robert F. Kennedy Jr. and his “Make America Healthy Again” agenda. Kennedy has touted the rendered fat as a healthier alternative to “seed oils,” although nutrition experts broadly disagree.
Two newcomers displayed their beef tallow products at the Summer Fancy Food Show: Butcher Ben’s Beef Tallow and Beefy’s Own, which cooks its potato chips in beef tallow.
LAHORE — Sui Northern Gas Pipelines Limited on Friday issued a clarification dismissing speculation that recent payments from the Power Division were part of any circular debt settlement, affirming instead that they were routine disbursements within the company’s regular billing cycle.
In a notice submitted to the Pakistan Stock Exchange, SNGPL stated it had received payments on June 26 and 27, 2025, against invoices raised for gas supplies in April, May, and June. The company emphasised that these were ordinary commercial transactions and not connected to any broader financial adjustments in the energy sector.
“These are routine business transactions,” the company said, directly addressing reports circulating across social media and digital news platforms which implied the payments were part of a government-backed initiative to clear mounting circular debt.
The clarification comes as discussions over the growing circular debt burden in Pakistan’s energy sector continue to dominate economic discourse. With market participants closely watching for policy signals on debt resolution, SNGPL’s statement serves to distinguish its current receipts from any such intervention.
Microsoft’s exit is linked to Pakistan’s economic instability
What’s the story
Microsoft has officially shut down its operations in Pakistan after a 25-year run. The decision comes amid economic instability and political turmoil in the country.
Jawwad Rehman, the founding country head who brought Microsoft to Pakistan in 2000, confirmed the development on social media.
He said, “Today, I learned that Microsoft is officially closing its operations in Pakistan.”
Economic factors
Microsoft’s exit linked to Pakistan’s economic instability
Though Microsoft hasn’t publicly commented on its exit, the move is largely attributed to Pakistan’s economic instability and political unrest.
Frequent government changes, high taxation, currency fluctuations, and import challenges have made it difficult for multinational companies.
Pakistan’s trade deficit for FY2024 stood at $24.4 billion while foreign exchange reserves dropped to just $11.5 billion by June 2025—directly impacting tech imports and investor confidence.
Political impact
Former President Alvi recalls Gates’s investment plans for Pakistan
Former Pakistani President Dr. Arif Alvi weighed in on Microsoft’s exit, blaming political instability for lost opportunities.
He recalled a meeting with Bill Gates in February 2022 where they discussed AI and quantum computing among other things.
During that meeting, Gates had hinted at a major Microsoft investment in Pakistan within two months but those plans were derailed by regime change.
Digital impact
Microsoft’s digital transformation efforts in Pakistan
Beyond business, Microsoft had a major role in Pakistan’s digital transformation.
The company set up computer labs in rural schools, promoted digital adoption among small businesses, and collaborated with educational institutions.
Rehman said, “We tried to give Pakistani youth a real shot at opportunity.”
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Rosy second-quarter earnings could give NXP Semiconductors more room to rally, according to UBS. The firm stood by its previous buy rating on the Dutch chip designer and manufacturer in a Wednesday note, but raised its price target to $276 per share from $250. UBS’ forecast calls for about 19% upside from Thursday’s $232.10 close. Analyst Francois-Xavier Bouvignies said that he expects NXP to report solid second-quarter results and issue an upbeat third-quarter forecast, which will result in consensus earnings estimates rising by 5% to 10% for the full year. “We expect this to be largely driven by the cyclical turn in the auto and industrial end-markets, which we both expect to by up 5% y-o-y,” Bouvignies said. “This is consistent with feedback that we have heard through Q1 results and during May conferences.” NXPI YTD mountain NXP Semiconductor stock in 2025. And even as shares have outperformed the broader market over the past month, the analyst said that NXP’s rally looks to have more life left, Bouvignies said. Shares have gained nearly 17% over the past month as of Thursday, compared with a climb of 5.2% for the S & P 500. Bouvignies admits the stock’s run means some of the company’s potential is priced into its valuation. However, he said, “other analog peers have rallied up to 20% on similar hopes of a cyclical bounce. As the cycle turns we also believe the duration of the rally is likely to continue.”
