Kremlin corporate crackdown sends markets tumbling Jul 31, 2008
Over the past week, Prime Minister Vladimir Putin has twice publicly slammed Russian coal-and-steel giant Mechel for alleged price fixing, tax evasion, and monopolization, causing the company's shares to shed nearly $8 billion in value on the New York and Moscow stock markets. In another case, Robert Dudley, CEO of the joint Russian-British oil venture TNK-BP, hastily left Russia last week claiming his company faces "sustained harassment" from officialdom in an ongoing internal dispute over... (Christian Science Monitor)
Congo Launches Review of Logging Contracts Jul 31, 2008
Conservation campaigner Greenpeace accused the Danzer Group on Wednesday of employing a system of price fixing and off-shore accounts to avoid paying taxes on timber harvested from Congo and neighbouring Republic of Congo. Greenpeace said the losses to both countries in tax revenues between 2000 and 2006 could top US$12 million -- or around 50 times the annual operating budget of Democratic Republic of Congo's Environment Ministry. (Planet Ark, United States)
Lawmakers question gas prices Jul 31, 2008
The primary purpose for that monitoring, however, is to gauge whether any price fixing, a conspiracy to set fuel prices at any particular amount, is occurring. He said high prices are very rarely the result of illegal activity. (Pocatello Idaho State Journal, ID)
States Follow Federal Probe of U.S. Municipal Derivatives, XL Filing Says Jul 29, 2008
The state probes mirror those under way for more than a year by U.S. prosecutors and the Securities and Exchange Commission looking for evidence of anticompetitive practices and price fixing by banks in the $2. 66 trillion. (Bloomberg -- US)
European Stock-Index Futures Drop; Shares of Ryanair, Banks Might Decline Jul 28, 2008
Four current and former British Airways executives will be charged with price fixing by the U.K.'s Office of Fair Trading, the Financial Times said, without citing anyone. To contact the reporter on this story: Sarah Thompson in London at. (Bloomberg -- Germany)
* Anti-monopoly law is confusing Jul 28, 2008
But the government has yet to say who will enforce the law, which covers mergers, price fixing and day-to-day business agreements. This is a problem and everyone knows it, said Cheng Yuan, a Beijing-based antitrust lawyer at the firm Linklaters. (Taipei Times, Taiwan -- World)
'Informant' star Damon blabs about weight, kids, charity Jul 28, 2008
Informant transformation: Matt Damon lightens the hair and adds pounds, below, as a company exec who exposes price fixing. By Lisa Morrison, AP. (USA Today -- Life)
European Stocks Decline, Paced by Banks; HBOS, Deutsche Bank, Ryanair Drop Jul 28, 2008
Four current and former British Airways executives will be charged with price fixing by the U.K.'s Office of Fair Trading, the Financial Times said, without citing anyone. Acambis Plc climbed 61 percent to 187 pence after Sanofi- Aventis SA agreed to buy U.K. company for 276 million pounds ($549 million) in cash. (Bloomberg -- UK)
Stopping Oil Manipulation Jul 26, 2008
Vicksburg Ms is good exaample of the perception of high gas prices and perception of price fixing and telling two publlic traded corporations such as Kroger and Super Walmart that they can t put in gas pumps in this marketplace. Kroger is going to be up and running in the fall. (FOXBusiness)
British Airways executives face charges over collusion to fix prices Jul 26, 2008
The 2006 price fixing investigationcase into passenger fuel surcharges, combined with another conspiracy to fix cargo fuel charges, resulted in BA being fined more than $270 million (135 million). BA was fined 121. (Times Online)
Federal Judge Calls Halt to Ugly Fee Dispute Jul 24, 2008
In a nasty dispute that erupted between two lawyers over how to divvy up more than $60 million in attorney fees stemming from a massive class action over alleged price fixing in the market for corrugated paper products, a federal judge has ordered both lawyers to stop their fighting because the dispute was settled nearly four years ago. In a pair of lengthy opinions handed down last week, Senior U.S. District Judge Jan E. DuBois found that attorney John F. Peoples had settled his dispute in 2004... (Law.com)
Liberals eye gas monitor Jul 23, 2008
Last month three Quebec companies pleaded guilty to gas price fixing. Another eight face trial later this year. (Toronto Sun)
Apple Cans iTunes Price Cuts Because Of Economic Downturn Jul 19, 2008
In January, UK users were paying roughly 5p extra compared to their European counterpart which prompted a EU investigation into price fixing; however, changing economic conditions now mean that Europeans pay the same everywhere. A spokesperson for the company said that "The announcement was that we would match the UK price to that of other lower priced European countries. This is no longer necessary as exchange rates have effectively done it for us.". (ITProPortal)
Court may spill secrets of Treasury Jul 19, 2008
His story begins in 2003 when the former treasurer Peter Costello set up a working party to advise him on legislating to impose criminal sanctions for price fixing. A year later, Costello issued a 13-page press release announcing the government had considered the working party's report and would pass laws to make price fixing a criminal act. (Sydney Morning Herald -- Opinion)
Manpower shares plunge on profit report Jul 19, 2008
2 million, or 44 cents per share, related to recoverable 2005 payroll taxes, offset by a $50 million, or 62 cents per share, increase to its legal reserve pertaining to the allegations by the French Competition Council of price fixing and allocations of market share in that country. The probe was launched in 2004 and included global staffing firm and NV.. (Milwaukee Business Journal, WI)
LETTERS: NCT, July 17, 2008 Jul 18, 2008
Apples Oranges wrote on Jul 17, 2008 11:57 AM:The Bottom Line, have you taken your information to the FTC and told them you have evidence of price fixing and restraint of trade. Go for it. (North County Times)
EU Caps Roaming Fees for Text Messages Jul 16, 2008
Mobile operators, for their part, say that prices are already falling without the need for "price fixing". The average price of SMS roaming services in the EU has declined by 18 percent, claims the GSM Association, the industry trade group. (BusinessWeek)
New Zealand commercial watchdog files criminal charges against 3 foreign airlines Jul 16, 2008
New Zealand's Commerce Commission filed criminal charges Wednesday against three international airlines, alleging poor disclosure as it probes allegations of price fixing in the local air cargo market. The commission said the charges against Cathay Pacific Airways, Singapore Airlines subsidiary Singapore Airlines Cargo Pte. (International Herald Tribune)
Re-examining the new math Jul 13, 2008
I guess now they would be accused of price fixing, but if anything they tried to keep the price reasonable to help out the locals. My parents are retired now, and you'd guess right if you said they never made much money. (Grand Coulee Star, WA)
Cosatu slams power crisis Jul 13, 2008
Cosatu also called for tougher action against companies and their individual directors who are found guilty of price fixing. Sapa Digg | | | | | | Copyright 2002-2008 iafrica. (iAfrica.com)
OFT fines Gallaher, Asda and four other firms 132m Jul 13, 2008
Unlike price fixing, which sets a specific price for a specific product, price co-ordination agrees the price of one product in relation to another, however that may fluctuate. John Fingleton, the chief executive of the OFT, said: "Our objective is to make markets work well for consumers and the economy alike. A cornerstone of this is the principle that companies should set their prices independently. The OFT is very pleased that the early co-operation of these parties has enabled the swift... (Independent)
Cosatu opts for the old safety valve approach Jul 13, 2008
Other areas where the federations are in agreement are on the issues of price fixing and lack of competition, along with the level of corporate concentration in the food industry. Unions across the board are also united in their rejection of inflation targeting and the crude mechanism of raising interest rates. (Business Report, South Africa)
Rude food awakening Jul 6, 2008
Also at home, in April trade union Cosatu protested against high food and energy prices, demanding a reduction in the price of bread as a refund to customers for being overcharged following the bread price fixing scandal that hit the country in November 2007. They also asked for a zero value added tax rating on basic foods, as well as subsidies for the poor. (iAfrica.com)
British Airways and Virgin Atlantic passengers to claim millions Jul 6, 2008
BA was ordered to pay 270 million by the Office of Fair Trading and $300m [150 million] by the US Department of Justice, following an investigation into fuel surcharge price fixing. Virgin, which blew the whistle, was not punished. (Telegraph.co.uk)
OGRA says no price fixing mandate * Petroleum Ministry insiders say govt will have to identify price monitoring body Jul 5, 2008
OGRA says no price fixing mandate* Petroleum Ministry insiders say govt will have to identify price monitoring body. By Zafar Bhutta. (Daily Times, Pakistan)
Rising energy prices hurting small businesses Jul 4, 2008
That shows there is price fixing and collusion by the oil companies. Let's deal with that, said Godin. (NorthernLife.ca)
Cosatu takes to the streets Jul 2, 2008
The federation called for tougher action against companies found guilty of price fixing. Sasol and ArcelorMittal came under fire from Cosatu which said these companies should be "re-nationalised and compelled to sell their petrol and steel at a cheaper price". (iAfrica.com)
Family philanthropy to La Mama's rescue Jul 1, 2008
On June 19, just hours after Pratt Foundation chief executive Sam Lipski confirmed to The Australian a substantial La Mama donation would be forthcoming, lawyers informed Mr Pratt he was facing criminal charges and possibly jail over evidence he had given under oath in relation to price fixing. Mr Lipski said the La Mama donation was driven mainly by Jeanne Pratt, whose own musical theatre company, The Production Company, recently celebrated its 10th birthday. (The Australian)
Regulators Seen OK'ing Yahoo-Google Ad Pact Jul 1, 2008
Lammi says regulators scrutinize such deals for signs of market monopoly, price fixing or other factors "that might discourage other competitors from entering the marketplace.". Approval for the Google-Yahoo ad deal could hinge on how regulators categorize the pact, says Ross Sandler, an analyst for RBC Capital Markets. (Investors Business Daily)
Pig in a poke: How Rogers stacks up Jun 28, 2008
Rogers (and ALL the other cell phone provider) are STEALING money from user in a captive market that is clearly plague with price fixing. In other word: you own a iPhone in Canada your are an idiot. (Globe and Mail -- Technology)
Crime eclipses the colour of a collar Jun 28, 2008
" To be fair, this is not an attitude that is unique to Australia. But it's certainly an attitude that seems to have a stronger base here. There has been a reluctance by politicians of all persuasions in Australia to campaign actively against white collar crime. Our politicians, instead, court the business lobby. And it's not just conservative politicians. The ALP, sensing a natural bias against it from the business community, works hard to establish its business and economic credentials. White... (Sydney Morning Herald -- Business)
Pelosi Keynote Address to National Association of Latino Elected Officials Conference Jun 27, 2008
"This week, in Congress, we are also focused on fighting to reduce gas prices for American families. "This week, and in the weeks ahead, we will act on legislation that fights price fixing at the pump and market manipulation that drives up oil prices. We have already passed legislation making mass transit solutions more affordable. (PR Newswire)
Airlines fined $504m in US probe Jun 27, 2008
Investigators said the price fixing affected goods worth billions of dollars. Five airlines have agreed to pay fines totalling $504m (253m) for conspiring to fix prices for air cargo rates, the US Justice Department says. (BBC News -- Americas)
Samsung-Apple chip talks collapse Jun 27, 2008
Earlier in October, Samsung agreed to plead guilty to involvement in price fixing in the US and to pay a $300m fine. This is the second largest criminal anti-trust penalty in US history, and the largest for five years. (Yahoo News -- Semiconductors)
Steel under scope Jun 24, 2008
Article By: Mon, 23 Jun 2008 14:00 The Competition Commission is investigating alleged price fixing and collusion in the steel industry, it said on Monday. This comes after concerns were raised about the industry's pricing practices by various interested parties, said Thulani Kunene, head of the commission's enforcement and exemptions division. (iAfrica.com)
Unilever, Sara Lee, Detergent Makers Probed by EU, Dutch Antitrust Offices Jun 21, 2008
The commission has reason to believe that the companies concerned may have violated EU rules on restrictive business practices and cartel, which prohibit practices such as price fixing,'' Todd said. The commission has the power to fine companies as much as 10 percent of global sales, though those found guilty are typically fined 2 percent to 3 percent of sales. (Bloomberg -- UK)
Ex-Mistress stands by box billionaire Richard Pratt Jun 21, 2008
The ACCC alleges he lied when he said he could not remember conversations he had in 2001 about price fixing arranged between Visy and rival Amcor's corrugated box businesses. Through his lawyers, Mr Pratt said that he, "his wife Jeanne and their family are shocked by this new ACCC proceeding". (NEWS.com.au)
Regulator to challenge price-fixing losses figure Jun 21, 2008
The statement follows the ruling of the Business Competition Supervisory Commission (KPPU) Wednesday naming six local mobile communication operators for price fixing, causing estimated consumer losses of Rp 2. 8 trillion (US$302. (Jakarta Post, Indonesia -- Business)
Pratt vows to fight charges Jun 20, 2008
Melbourne businessman Richard Pratt says he will vigorously defend charges that he gave misleading evidence during a price fixing investigation. Richard Pratt is accused of falsely denying knowledge of a price fixing deal involving his packaging company, Visy. (ABC Online)
Competition regulator brings charges against 4th-richest Australian Jun 20, 2008
Australia has no criminal penalties for price fixing, although the government plans to amend laws so that executives can be sent to prison for creating cartels. . (International Herald Tribune)
KPPU urges class action against phone operators Jun 20, 2008
Consumers suffering losses from the cartel-like price fixing of text message services (SMS) can file for compensation at state courts, the Business Competition Supervisory Commission (KPPU) says ... Another member Mohammad Iqbal said, "During our preliminary investigations of this case, we informed the public about the potential losses caused by the price fixing and asked them to report to us if the practice had harmed them" ... "The KPPU could have asked them to pay compensation in its verdict... (Jakarta Post, Indonesia)
EU raids detergent companies Jun 20, 2008
which prohibit practices such as price fixing, the European Union executive said in a statement. The Commission identified neither the companies nor the EU member countries involved. (Globe and Mail -- Business)
Regulator 'too late' in Pratt charge after Visy deal Jun 20, 2008
Welcome to The Sydney Morning Herald. Skip directly to: Search Box, , , Text Version. (Sydney Morning Herald -- Business)
IDC to inject R500m into Broadband Infraco Jun 20, 2008
That number of participants is viewed by industry analysts as the minimum required to safeguard the sector against price fixing or monopoly pricing. Infraco is intent on including as many as 10 South African participants in the cable project, which will receive a capacity entitlement at a cost that is directly proportional to the size of the stakes they buy. (Business Report, South Africa)
Trump: Oil Cos. 'Ripping Off This Country' Jun 20, 2008
Oil companies need to stop ripping off the U.S. through price fixing, says real estate developer Donald Trump. The mogul told CNBC that oil companies have long been working together on the price of oil and should pay penalties for their profits. (Newsmax)
Local action on drink specials still on ice Jun 19, 2008
La Crosse will continue to shelve any efforts to limit drink specials, despite a May Wisconsin Supreme Court ruling that shut down price fixing charges against Madison taverns. The city s Alcohol Oversight Committee agreed this week to wait out the verdict in a corresponding lawsuit filed in federal district court. (La Crosse Tribune, WI)
Failed Buyouts, Good Investments Jun 17, 2008
Its prospects have suffered recently from higher energy costs, an investigation into possible price fixing and cool weather that has hurt demand. Nonetheless, the company has an impressive client list and strong cash flows. (Forbes -- Markets)
Gas Stations, Repair Shops Allege Price Fixing For Filters Jun 14, 2008
a former division sales manager for Champion who later filed a wrongful terminations suit against the company, has provided evidence of price fixing, according to a lawsuit filed in New Jersey by Worldwide Equipment, a Kentucky company that describes itself as one of the nation's largest truck dealers ... The Justice Department attorneys also took possession of his tape recordings that he alleges show price fixing, Stidham said. (WNBC.com, NY)
Soaring gas prices getting Canadians down Jun 14, 2008
McTeague called the Quebec price fixing scandal, focused on four cities east of Montreal between 2005 and 2007, a "significant" development ... "There's no question that there's an element of gouging and price fixing. That's the short-term impact. The long-term reality is that even if we had a price uncontaminated by fixing, the price is still going to rise because of international conditions.". (Vancouver Sun)
Competition Bureau reveals gas price fixing scam in Que. Jun 13, 2008
Competition Bureau reveals gas price fixing scam in Que ... Competition Bureau reveals gas price fixing scam in Que ... She said the bureau began its investigation after receiving a tip about price fixing in the Victoriaville area, and then obtained a warrant to wire tap the phone calls of the gas stations. (Canada.com)
FBI Shifts Agents From Financial Cases to Bolster Attack on Mortgage Fraud Jun 13, 2008
The 26 field offices were told to temporarily suspend opening new cases dealing with price fixing, mass marketing, wire fraud, mail fraud and environmental crimes, Carter said. Current cases aren't being dropped, he said. (Bloomberg)
Shipping suit claims price fixing Jun 13, 2008
Members: Not Registered. for free extra services. (Jacksonville Business Journal, FL)
Senate debates windfall profits tax on oil Jun 12, 2008
Au t h o r i z e t h e J u s t i c e Department to bring charges of price fixing against countries that belong to the OPEC oil cartel. Require traders to put up more collateral in the energy futures markets to curb speculation. (Havre Daily News, MT)
Republicans block extra taxes on oil companies Jun 11, 2008
-Authorize the Justice Department to bring charges of price fixing against countries that belong to the OPEC oil cartel. Republican leader Mitch McConnell of Kentucky has acknowledged that Americans are hurting from the high energy costs but strongly opposes the Democrats' response and has ridiculed those who "think we can tax our way out of this problem.". (FOX 11, AZ)
State bond issue wins in area towns Jun 11, 2008
Allen, 63, who was elected to Congress in 1996, has taken on Big Oil, calling for an investigation into price fixing, manipulation and speculation as the price of oil soared. He said he voted against the $14 billion in tax breaks the Bush energy bill gave oil and gas companies and has sponsored legislation to repeal them. (Courier Publications, ME)
Oil profit tax debate may affect local area Jun 11, 2008
Authorize the Justice Department to bring charges of price fixing against countries that belong to the OPEC oil cartel. Require traders to put up more collateral in the energy futures markets to curb speculation. (Coos Bay-North Bend The World, OR)
Senate debates windfall profits tax on big oil Jun 11, 2008
Authorize the Justice Department to bring charges of price fixing against countries that belong to the OPEC oil cartel. Comment Blog - Note: All Comments Subject To Approval. (Ontario Argus Observer, OR)
Grocery store liquor sales mulled in N.J. Jun 9, 2008
The New Jersey law was adopted in 1962 to prevent price fixing and monopolization and to address organized crime. Fred Leighton, owner of Bayway World of Liquor in Elizabeth, has doubted a need for the bill. (NJ.com -- News)
Horizon names new VP for Puerto Rico Jun 7, 2008
The new vice president, Jacob Wegrzyn, is replacing one of the six employees Horizon placed on administrative leave last month after an internal inquiry into issues raised by a federal investigation into possible price fixing in Puerto Rican shipping ... Federal investigators have served search warrants on Horizon and other shippers in a grand jury investigation of possible price fixing on Puerto Rican shipping routes ... Charlotte-based Horizon also faces a raft of proposed class-action... (Charlotte Business Journal, NC)
U.K. Watchdog Launches Investigation Into Law Firm Bankers Jun 4, 2008
Two of the U.K.'s leading law firm lenders are under investigation after the confirmed that both and (RBS) are the subjects of a price fixing investigation looking at professional services loans. The OFT has already raided the offices of the two banks, which between them are the two largest lenders to legal and accounting firms. (Law.com)
State's Taxes On Gas, Diesel To Climb Jun 3, 2008
"We also know this is a global problem compounded by a failed national energy policy. As he has done with other industries, I call upon our attorney general to investigate the disparity of prices we see from station to station in order to determine if any laws have been broken, such as price fixing or gouging. ... Legislation is not needed to accomplish this.". Contact Christopher Keating at. (FOX61, CT)
Price fixing probe at RBS and Barclays Jun 3, 2008
FT.com / World - Price fixing probe at RBS and Barclays ... Price fixing probe at RBS and Barclays. (FT.com -- Markets)
Former Manager of Long Island Defense Firm Pleads Guilty to Bid Rigging and Soliciting and Accepting Kickbacks On Department of Defense Contracts May 31, 2008
"America's warfighters deserve the very best to perform their jobs in these difficult times. Price fixing and bid rigging by unscrupulous contractors perverts the entire procurement system and denies our service men and women the best tools to support our national priorities," said Sharon Woods, the Director of DCIS. According to the charges, Freire and co-conspirators carried out the bid-rigging conspiracy by: -- Attending meetings and engaging in discussions regarding the sale of metal sling... (PR Newswire)
Horizon Lines puts 6 on leave amid probe May 30, 2008
said Wednesday that it placed six employees on administrative leave amid a federal investigation into allegations of price fixing on shipping routes to Puerto Rico. Two of the employees resigned, the Charlotte, N.C.-based shipping company said in a statement. (Pacific Business News, HI)
Government has beenlooking into oilmarket May 30, 2008
Studying possible price fixing since Dec.; announces rules for transparency. Most popular. (MSNBC -- Business)
