EU antitrust Commissioner fines TV, monitor makers $1.92 billion for pricing conspiracy
In what probably is the biggest ever cartel penalty, the European Union (EU)'s antitrust Commissioner Joaquin Almunia slapped a Euro 1.47 billion ($1.96 billion) fine on seven TV- and monitor-manufacturing companies which, for years, had been conniving to fix the prices of television and computer monitor tubes worldwide.
Pointing out that the seven companies - Philips, Panasonic, LG Electronics, Samsung SDI, Toshiba, Technicolor, and MTPD - had been rigging the international market of television and computer monitor tubes during the decade that ended in 2006, the EU said in its ruling that the companies had not only artificially set prices of their products, but had also shared markets and constrained their production.
About the severity of the pricing conspiracy which the seven companies had indulged in, the EU antitrust commission said that tubes formed one of the key components of TV screens and computer monitors before the advent of LCD and plasma flatscreens; and added that cathode ray tubes accounted for up to 70 percent of the screen's total cost.
According to Almunia, the cost of the tubes clearly indicated that the companies involved in the pricing conspiracy had caused "serious harm," with the "victims" of the conspiracy clearly being "millions and millions of citizens."
Almunia also added that the pricing-conspiracy actions of the companies "feature all the worst kinds of anticompetitive behavior that are strictly forbidden to companies doing business in Europe."
IBM is using blockchain for improving speed and security for cross-border transactions. The solution offered by IBM is focused on banking sector.
Tesla Motors has fired hundreds of employees after annual performance review. The company confirmed the move but the management hasn’t mentioned the exact number of employees fired during the current performance review.
Tesla Motors has announced recall of 11,000 Model X vehicles to fix a seat cable issue. The voluntary recall involves Model X SUVs manufactured between October 28, 2016 and August 16, 2017.
Norway is planning to add additional tax burden on consumers planning to buy electric cars.
German government has raised the growth outlook for 2017 to two percent from earlier estimate of 1.5 percent. The growth outlook for 2018 has been raised to1.9 percent from earlier estimate of 1.6 percent.
The International Monetary Fund (IMF) has raised growth outlook for global economy considering stronger growth and signs of recovery in many key markets. However, the IMF forecast has raised doubts over growth in India and the United Kingdom.