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European Commission fine price fixing
When retailers failed to kowtow, the EC says that the companies took "sanctions" against them such as withdrawing supply, in violation of European Union antitrust law. Asus, Denon & Marantz, Philips, and Pioneer reportedly raised a collective $ 130 million in fine. The companies are guilty of an attempt to reduce the price of online retailers, and to limit their risk to consumers. According to the investigation, Asus would have to monitor the price of certain PC hardware products at retail and would demand that retailers increase their prices if they fell below a certain threshold. Asus faces the biggest fine, but is not limited to other sources of revenue.
The fines total over € 111 million ($ 130 million)
Chinese President and CEO of the United States of America.
Chinese President Xi Jinping has pledged to invest almost $ 15 billion on the BRICS summit today. Trade wars should be rejected because there will be no winner of such actions, Chinese President Xi Jinping said.
The European Commission just announced it's fining a total of $ 111 million for fixing online resale prices. EU Commissioner Margrethe Vestager said in a release. In effect, this system would be pricier appliances and devices than consumers would otherwise encounter. The conduct of the Member States (Germany and France) and took place between 2011 and 2014.
The European Commission President Jean-Claude Juncker when he meets US President Donald Trump in Washington on Wednesday.
As a penalty, ASUS was fined a whopping 63.5 million euros (~ US $ 74 million), Pioneer 10.2 million euros (~ US11.9 million), Philips 29.8 million euros (~ US34 million) and Denon & Marantz 7.7 million euros (~ US $ 8.9 million). Meanwhile, Phillips was fined for shares in France alone; Denon & Marantz in Germany and the Netherlands; and Pioneer, with the most far-spanning antitrust behavior, fined for antitrust behavior in 12 countries.
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