33075
China Fines 7 Foreign Shipping Firms
World Economy

China Fines 7 Foreign Shipping Firms

Chinese authorities have imposed multimillion dollar fines on several overseas shipping companies accusing them of price fixing. This is the latest case involving Beijing’s scrutiny of foreign firms.
China on Monday fined seven major Korean, Japanese and European shipping companies that transport vehicles for automakers a combined 407 million yuan (around $65 million) on price-fixing charges, DW reported.
Investigators found Europe’s Wallenius Wilhelmsen, South Korea’s EUKOR, Japan’s Mitsui O.S.K. Lines and other shippers improperly coordinated bids and routes to keep prices high, said China’s National Development and Reform Commission–the top state planner and one of several agencies tasked with oversight of monopoly cases.
An eighth shipper, Japan’s NYK Line, was also implicated but escaped a fine by cooperating with the authorities, the NDRC said. The biggest penalty of 284 million yuan (about $45 million) was imposed on EUKOR Car Carriers Inc.
The commission accused the companies of mutually agreeing to raise shipping costs and using unfair means to set prices–mainly on routes linking China with North America, South America and Europe.
The latest penalties target “roll-on, roll-off” shippers that move cars, trucks and construction equipment aboard specialized vessels carrying hundreds and sometimes thousands of vehicles. The NDRC said the companies had already acknowledged responsibility and apologized.
Regulators have investigated or penalized auto makers, dairies and technology suppliers under China’s 2008 anti-monopoly law in an effort to force down prices Chinese consumers complain are too high.
In August last year, the Chinese government levied a combined 1.24 billion yuan fine on 12 Japanese auto parts firms for price-fixing.
And in perhaps the biggest anti-monopoly penalty imposed by Chinese authorities to date, US chipmaker Qualcomm was fined 6 billion yuan ($975 million) in February on charges it abused its dominance in wireless technology to charge “unfairly high” licensing fees.

Short URL : https://goo.gl/HWAhG2
  1. https://goo.gl/Cev6TS
  • https://goo.gl/eMOzRa
  • https://goo.gl/dKWCM0
  • https://goo.gl/o1xRvh
  • https://goo.gl/08QE5m

You can also read ...

Philippines Growing Faster Than Expected
The Philippine economy grew at a faster than expected 6.9%...
The British economy will hardly expand 0.3-0.4% per quarter through to June 2018, with growth of 1.5% this year and 1.3% the next.
British economic growth will remain tepid over the coming few...
Siemens to Cut 6,900 Jobs
Labor unions have reacted angrily to layoff plans unveiled by...
Italy Braces  for $1b Loss
Italy’s failure to qualify for the 2018 football World Cup in...
The rupee, bonds and stocks rallied after Moody’s upgraded India to Baa2 from Baa3 and said reforms being pushed through by Modi’s government will help stabilize rising levels of debt.
Forget India's economic troubles this year. Moody's thinks...
Malaysia GDP Expands Most in Three Years
Malaysia’s economy expanded at the fastest pace in more than...
Cheap ECB Cash Still Key for Eurozone
The eurozone economy remains dependent on cheap credit and the...
Norway’s $1 Trillion Wealth Fund Plans Divesting From Oil, Gas
Norway’s trillion-dollar sovereign wealth fund is proposing to...

Trending

Googleplus