Wednesday, December 26, 2007

BA accused over air cargo cartel

British Airways has been accused of colluding in setting prices of fuel surcharges and other levies in the provision of air freight services.

BA confirmed it received a letter of complaint from European Union regulators, alleging that it was part of a suspected air freight cartel.
The complaints were also sent to Germany's Lufthansa, Air France-KLM and Scandinavia's SAS.
The airlines have the right to respond, but if found guilty, they face fines.
Uncompetitive behaviour?
The European Commission that it had sent official letters, known as statements of objection, to a number of air freight firms, concerning "violation of EU rules on restrictive business practices".
Officials did not name the specific airlines involved, but BA, Air France-KLM and SAS confirmed they had each received the European Commission letter.
It follows a lengthy investigation on both sides of the Atlantic dating back to early 2006 to discover whether airlines broke competition law by operating a cartel in the air cargo sector.
But EU officials stressed that the statement of objection did not reflect the final outcome of the investigation.
The airlines have all committed to co-operate fully with the authorities.
Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)

ICICI Bank

ICICI Bank is India's second-largest bank with total assets of Rs. 3,446.58 billion (US$ 79 billion) at March 31, 2007 and profit after tax of Rs. 31.10 billion for fiscal 2007. ICICI Bank is the most valuable bank in India in terms of market capitalization and is ranked third amongst all the companies listed on the Indian stock exchanges in terms of free float market capitalisation*. The Bank has a network of about 950 branches and 3,300 ATMs in India and presence in 17 countries. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in Singapore, Bahrain, Hong Kong, Sri Lanka and Dubai International Finance Centre and representative offices in the United States, United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established a branch in Belgium.
ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).