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Report
from the UK
UK consumer confidence rises in September
Nationwide Building Society reported that consumer confidence rose 5 index points to 99 after hitting its lowest
level in four months this August. More evidence of a slowdown in house prices has come from
the UK¡¯s biggest mortgage lender, Halifax. Halifax¡¯s latest monthly survey
shows prices fell by 0.6% in September leaving the annual rate of inflation at 10.7%.
Chinese plywood tax incentives expected to end in October
As a follow up to earlier expectations about cuts in Chinese export tax incentives (see TTM 12:16), TTJ
Online expected Chinese export tax incentives would be cut to zero by early October. As a result, more plywood
was expected to be shipped before the end of October. It also noted that in connection with the EU anti-dumping
duty cases being floated, UK demand for plywood had recently waned. Outside of
Chinese imports, Malaysian imports are growing although Indonesian imports dropped
to an historical low during the first six months of 2007.
TTF calls members to sign on to RPP
During a recent trade dinner, the president of the Timber Trade Federation (TTF), Neil Donaldson, called on trade
associations to sign on to the TTF¡¯s Responsible Purchasing Policy (RPP). He said that such
a move would help unite the timber industry. Donaldson also called attention to the addition of 23 new members in the TTF
and that TTF¡¯s recent move had helped put it at the heart of the construction
market.
Phaunos Timber Fund to invest in Indonesia
Guernsey-based Phaunos Timber Fund has announced it will invest EUR4 million in Indonesian
sustainable forestry. TTJ Online indicated that the investment fund will invest a minimum EUR2 million
in a closed-system of tropical forestry management, with an opportunity to scale
up investment over time. The finance will be managed by FourWinds Capital Management, said Chief Executive
Officer Kimberly Tara, and shows Phaunos¡¯ commitment to investments that generate social and environmental
returns.
EUROPE
MARKET and Scandinavia
Rougier profit soars
The TTJ recently reported that the French hardwood specialist Rougier had a 131% growth in the first
half of 2007, with net profits up EUR7.9 million from 2006. Rougier indicated that its fourth quarter
growth would be strengthened when its new sawmill in Mevang, Gabon comes online in the fourth
quarter. The company suggested that the second half would be promising despite
increased energy, land and sea logistics costs.
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