Economy

European Union raids BMW in massive cartel case

European Union raids BMW in massive cartel case”

Daimler said separately that investigators were on its premises.

The EU competition watchdog said in July that it was investigating several German carmakers on suspicion they had conspired to fix prices in diesel and other technologies over several decades.

Last week, EU staff had "conducted an inspection" at BMW's Munich offices, BMW carmaker said in a statement to Reuters, adding that it is "assisting the European Commission in its work". German carmakers have always been aggressive advocates of diesel technology.

Stuttgart-based passenger-car and trucks manufacturer Daimler had said last week it had claimed whistleblower status to avoid fines.

Questioned by AFP, Daimler and Volkswagen have both acknowledged to be covered by these inspections for eu officials.

The EU probe represents another challenge for the German auto industry, which is still reeling from the fallout of VW's diesel-cheating scandal as well as the rise self-driving vehicles and a push from regulators for cleaner electric cars. "The Volkswagen group and the group companies concerned have been cooperating for a long time with the european Commission", assured the German giant.

News weekly Der Spiegel reported in July that German carmakers Volkswagen, Audi, Porsche, BMW and Daimler secretly worked together from the 1990s on vehicle development, construction and logistics - including how to meet increasingly tough diesel emissions criteria.

The Commission is now conducting a preliminary investigation to determine whether German carmakers colluded illegally on sourcing, technology, strategy and pricing during the 1990s.

Regulators are concerned the companies may have violated antitrust rules, the European Union said in a statement emailed mailed to news outlet.

The european Commission had already carried out Friday's inspections at BMW in the framework of the same investigation, which implies a total of five groups German vehicle.



Like this

Latest


24 October 2017
Michael Bay Producing a Live-Action Dora the Explorer Movie
Diego stared in his own spinoff series Go, Diego, Go! In the past, Stoller has worked on both Neighbors and The Muppets . Paramount is saying "Vámos!" to a big-screen version of Dora the Explorer , the popular Nickelodeon children's series.

24 October 2017
Country Music Hall of Fame inducts Alan Jackson, Don Schlitz, Jerry Reed
By tradition, new inductees are introduced by fellow Hall of Fame members; Lynn, 85, is part of that club. Schlitz is known for hits like "The Gambler" and "On the Other Hand".

24 October 2017
State Street Corp Buys 89594 Shares of Southern Copper Corporation (SCCO)
It has outperformed by 36.27% the S&P500. (The) assumed coverage on Southern Copper Corporation in a research note on Monday. Therefore 51% are positive. (NASDAQ:BLKB) has "Underperform" rating given on Wednesday, November 23 by Bank of America.

24 October 2017
Thermo Fisher Scientific Inc. (TMO) Formed Bullish Double Top; Buyers Could Thrive
Needham Investment Management Llc decreased Thermo Fisher Scientific Inc (TMO) stake by 12.5% reported in 2017Q2 SEC filing. Finally, CWM LLC grew its holdings in shares of Thermo Fisher Scientific by 17.0% during the second quarter.

24 October 2017
Theresa May Insists The Brexit Negotiations Are Going Just Fine
May's allies reacted with fury however, following a similar leak to the same paper after May's last dinner with Juncker in April. Asked if that meant she had not pleaded with him, he replied: "No, that's not the style of British prime ministers".

24 October 2017
Moses Praises Chelsea Teammates After 'Massive' Win Vs Watford
We didn't deserve this result. "A third goal would have killed the match and given us more chance to control in a different way". And the striker has vowed to continue to work hard and prove himself to Chelsea boss Conte.

24 October 2017
Taco Bell Tests New Kit Kat Quesadilla
Brands Inc. (YUM), is reportedly testing a new dessert product called the "Kit Kat Chocoladilla" at select locations in Wisconsin. Taco Bell tested the product in United Kingdom restaurants last fall before bringing it to the US earlier this month.

24 October 2017
Pioneer Natural Resources Company (PXD) Shares Bought by SeaBridge Investment Advisors LLC
Viking Fund Management LLC owned 0.07% of Pioneer Natural Resources worth $18,147,000 at the end of the most recent quarter. It worsened, as 75 investors sold PXD shares while 204 reduced holdings. 70 funds opened positions while 236 raised stakes.

24 October 2017
Team management, selectors concerned about No 4 slot: Prasad
We have clearly communicated to the player and the team management that we are only looking at him till the New Zealand series... Here too, there were contradictory statements from the BCCI secretary Amitabh Choudhary and Prasad.

24 October 2017
Communist Party names Xi in constitution, elevates status
The placement of Xi's thought among the party's leading guidelines also comes earlier than his predecessors. An official reading out the amendment said the concept will be "a beacon for the work of the party".



Recommended