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EU regulators suspect worldwide cartel in CD, DVD drives
by Staff Writers
Brussels (AFP) July 24, 2012


The European Commission on Tuesday said it had sent a "statement of objections" to 13 firms suspected of taking part in a cartel for optical disk drives, used to read or write data on CDs and DVDs.

"The Commission has concerns that those suppliers may have coordinated their behaviour in bidding events organised by two major original equipment manufacturers for optical disk drives," a statement said, without naming the firms.

A statement of objections is a formal step in a probe into suspected violations of EU rules prohibiting cartels and restrictive business practices.

Once informed in writing, companies can examine documents on commission files and respond.

The commission statement addded that it "takes the preliminary view that the companies concerned engaged for at least five years in bid rigging, which is one of the most serious breaches of EU antitrust rules."

Should the regulators conclude there was an infringement, it can slap a fine of up to 10 percent of a company's annual worldwide turnover.

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Australia bank chief upbeat on China
Sydney (AFP) July 24, 2012
Australia's central bank chief on Tuesday played down fears of a significant slowdown in key trading partner China, describing it as "cyclical" in an upbeat assessment of the domestic economy. Reserve Bank governor Glenn Stevens said Australia's "remarkable" recession-beating performance in the financial crisis had been underpinned by its ties to Beijing, stable banks, a floating dollar and ... read more


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