AUSTRALIA: Kellogg's, Sanitarium, Cereal Partners Worldwide, Woolworths, Coles and Aldi are to reduce the sodium content of ready-to-eat breakfast cereals containing more than 400mg per 100g by 15% over the next four years. The move follows salt reduction targets set by retailer and government partnership The Food and Health Dialogue.

Convened by the Australian Food and Grocery Council and parliamentary secretary for health Mark Butler, the aim is to build on the 70% of cereals that have already met the target. Other product areas where salt can be cut are being identified.

RUSSIA: OJSC Russian Sea Group, one of the largest producers and distributors of seafood in Russia, is planning to launch an initial public offering of up to $200m. Renaissance Capital and VTB Capital have been appointed joint global coordinators and joint bookrunners.

"We have seen consistent growth in the demand for fish and seafood in Russia. We are confident that the revival of economic activity, combined with the shift in consumer preferences to seafood, will provide us with a firm basis for further development," said CEO Dmitry Dangauer.

ARGENTINA: The government is selling cheap haddock in poor Buenos Aires neighbourhoods as part of an unorthodox fiscal policy to contain rising prices. President Cristina Fernandez has launched 12 trucks selling haddock at a 50% discount.

The vehicles are attracting 5,000-strong queues of city folk, but complaints have emerged about the quality of the fish. Opponents have also been quick to criticise the scheme as a gimmick to drum up support for Fernandez. Economists expect Argentina to close 2010 with consumer prices up more than 20% for the year, according to Reuters.

CHINA: China Food is on target to complete the construction of a new factory that will increase its capacity 50%. It posted pre-tax profits of £2.8m for the year to 31 December, down from £7.5m in 2008, but trading in the second half of the year 'improved'. The dips and sauces maker said it expected to benefit from the growth of international supermarket chains in China.