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Chinese rules weigh heavy

DANONE / Danone reported its slowest third-quarter sales growth in more than a decade amid a slowdown in baby food, traditionally one of the company’s fastest-growing businesses. China has raised taxes on foreign infant formula sold online after concern over product safety created a boom in such purchases. Danone’s baby food production in Europe, which had benefited from that demand, is now slowing as retailers sell off inventory to adjust to the new regulations, which include a stricter registration process. Total sales fell to US$6.1bn. Bloomberg

Asian woes continue

BURBERRY GROUP PLC / Burberry, the British trenchcoat maker, reported declines in its Asian business and worsening results from its wholesale unit, offsetting a boost in tourist spending on luxury goods in the UK after the Brexit referendum. Consumer demand remained weak in Hong Kong, Burberry said, with sales falling by more than 10% in the six months through September. The luxury goods industry is grappling with falling demand from Asian shoppers, and this has seen companies like Richemont and Hermès coming up with disappointing outlooks. Bloomberg