|
. | . |
|
by Staff Writers Shanghai (AFP) May 29, 2014
China on Thursday fined several foreign eyewear makers more than 19 million yuan ($3.1 million) for "price manipulation", the government said, in the latest targeting of overseas firms in the giant market. The powerful National Development and Reform Commission (NDRC), China's top economic planner, launched an investigation last August into alleged violations of anti-monopoly law in the sector, the agency said in a statement. Five companies -- all foreign -- were given penalties ranging from 1.7 million yuan to 8.8 million yuan, it said. They included units of France's Essilor, Germany's Carl Zeiss and Japan's Nikon, as well as Bausch & Lomb and Johnson & Johnson -- both of the United States -- according to the statement. "All operators should take heed, be more law-abiding, consciously regulate their own prices and maintain market order for fair competition," it said, adding some companies had used coercive methods to maintain prices. Japan's Hoya and another company whose name was given as Shanghai Weicon also faced investigation but escaped fines for providing evidence and acting to "rectify" the situation, the NDRC said. It is unknown whether Shanghai Weicon has any relationship with German adhesive maker Weicon. Last year, China launched similar probes into foreign firms' pricing for goods ranging from drugs to baby formula, moves which were perceived as ways to exert pressure on companies to control retail prices. China eventually fined six mostly foreign baby formula producers, including New Zealand's Fonterra, for price-fixing as it sought to cool public anger over high costs in the sector. Earlier this month, Chinese authorities accused a top GlaxoSmithKline executive of ordering employees to commit bribery, following a 10-month probe into the British drugmaker.
Related Links Global Trade News
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service. |