Breaking News

Asia Today ISSN 1861-4604 Monday, April 23, 2018

Headline

European Commission reimposes fine of 776 million euros on 11 airlines

European Commissions reimposed a fine

Share on Facebook March 18, 2017, Reporter : Big News Network, Reader : 619

news

BRUSSELS, Belgium - The fine that was first imposed in 2010, after a series of inspections were carried out on airlines, revealing a price-fixing cartel - has now been reimposed.> BNN

The European Commissions reimposed a fine of  776 million euros ($833 million) on 11 airlines for breaking anti-trust laws. 

The initial investigation had revealed that a series of inspections were carried out on airlines including Air France-KLM, British Airways and Cathay Pacific Airways and it was revealed that they were coordinating their prices for air cargo services.

The European Union’s General Court scrapped the initial fine in 2015 after slight discrepancies were pointed out in parts of the EC’s decision.

Now, the EU has said that the new documents fixed the errors.

Commissioner for Competition Margrethe Vestager said, “Working together in a cartel rather than competing to offer better services to customers does not fly with the Commission.

Vestager added that the fine would ensure the involved companies were sanctioned.

Lufthansa had, in 2015, alerted the EU to the cartel and requested immunity from any sanctions.

Lufthansa and its subsidiaries, Lufthansa Cargo and Swiss International Air Lines, were exempted from fines.

Further, the companies that cooperated with the investigation received a reduction of between 10 and 20 percent in their fines, except Singapore Airlines, which had to pay the full 74.8 million euros.

The fines were unchanged for all the airlines except for Martinair, whose fine was cut to 15.4 million euros from the 29.5 million euro amount set in 2010.

Meanwhile, Air France was fined 182.9 million euros, KLM was fined 127.1 million, British Airways was fined 104.4 million, Cargolux was fined 79.9 million and Singapore Airlines was fined 74.8 million.

Even Air Canada, Cathay Pacific Airways, Japan Airlines, LAN Chile and SAS were penalised. 

More Euro Asia news of the month

Photos Iran greatest threat to world: Netanyahu

Munich [Germany], Feb 18 (ANI): Israeli Prime Minister Benjamin Netanyahu on Sunday branded Iran as the "greatest threat to...

Photos May warns EU against blocking post-Brexit security deal

LONDON, U.K. - Calling for a new security treaty with the European Union, British Prime Minister Theresa May said on Saturday that a...

Photos German FM urges closer dialogue with Turkey

World Bulletin / News Desk Political differences should not hinder Germany and Turkey from closer dialogue and cooperation, German...

Photos Berlin Film Review: ‘The Heiresses’

A finely-crafted, beautifully realized debut that exquisitely balances character study with shrewd commentary on class, desire, and the...

Photos Berlinale opening: Wes Anderson’s ‘Isle of Dogs’ is a Japanophile‘s feast

The Berlin International Film Festival has opened with Wes Anderson's "Isle of Dogs," a stop-motion adventure featuring...

Photos Martin Schulz Withdrew from the Leadership of the German Social Democrats

Social Democratic Party leader Martin Schulz announced his resignation, DPA reported. Shortly after, the party's leadership...

Photos EU warns disagreements turning Brexit negotiations sour

BRUSSELS, Belgium - In a warning issued on Friday, European Union Chief Negotiator Michel Barnier warned that the Brexit transition...

Photos BERLINALE 68th International Film Festival

BERLIN: The Competition and Berlinale Special programmes of the 68th Berlin International Film Festival have now been finalised....

Photos Most stock markets in Europe, Asia fall sharply after U.S. rout

HONG KONG — Asian and European shares fell Monday, extending global stock losses after Wall Street’s big sell off on...

Flying Reimagined

Stock Index

Monday, April 23, 2018

Life Style

Photo Gallery

FEUILLETON