Regulators carry out antitrust raids
EU REGULATORS have raided Deutsche Telekom, Orange and Telefonica on suspicion that the companies may have abused their dominant position in internet connectivity services.
"The European Commission has concerns that the companies concerned may have violated EU antitrust rules that prohibit the abuse of a dominant market position," an EU executive said in a statement. Companies can be fined as much as 10pc of their global turnover for breaching EU antitrust rules.
BT 'SHOULD REDUCE CHARGES TO RIVALS'
BRITAIN'S telecoms regulator said BT should cut the prices it charges rival operators to access its network of copper wires, to increase competition in the provision of landline and broadband services.
Regulator Ofcom said this could lead to price reductions for consumers, if providers like Sky pass on the cuts.
CHINA'S VEHICLE RESTRICTIONS RISE
EIGHT more cities in China are likely to announce policies restricting new vehicle purchases, as Beijing tries to control air pollution. Beijing, Shanghai, Guiyang and Guangzhou already restrict vehicles on the road by using auctions and lotteries to sell a limited number of licence plates.
As China is the world's biggest auto market, industry groups have warned the move could cut vehicle sales by 400,000 units.
FINANCIAL FIRMS TACKLE CORRUPTION
HALF of financial firms with an anti-corruption policy have punished employees who have breached regulations, according to a report published by Ernst & Young. Its research found that financial services firms are more likely to act if they suspect corruption than other companies.
Nearly 70pc of individuals in finance said their employer had clear penalties for breaking money laundering rules, compared with 49pc across all industries.
ASIA RETAILER HAS MAJOR US PLANS
UNIQLO'S parent company Fast Retailing, Asia's biggest clothing retailer, is ramping up its US expansion after reporting a drop in earnings in its third quarter due to discounting and increased marketing expenses.
Operating profit for the three months ending in May fell to 27.4bn yen (€212m) from 27.6bn yen a year earlier.