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January 10, 2014
12:54 EDTAFLYY, AAWW, IAG, DLAKY, BAIRY, AAR, UALUnited, Atlas Air, British Airways among airlines fined by COMCO
Switzerland's Competition Commission, or COMCO, prohibits a price cartel in the context of air freight. Between 2000 and 2005 several airlines agreed on certain elements of the price for air freight transport. The COMCO fined the airlines 11 million Swiss Francs in total in connection with the agreement. The investigation of the Competition Commission revealed that the airlines had agreed on freight rates, fuel surcharges, war risk surcharges, customs clearance surcharges for the U.S. and the commissioning of surcharges. All those elements are part of the price that is charged for air freight transport. This is a horizontal price agreement case.The COMCO fines the following airlines: Korean Air Lines Co. Ltd., Atlas Air Worldwide Holdings (AAWW), AMR Corporation (AAR), United Continental Holdings (UAL), SAS AB, Japan Airlines Co., Ltd., Singapore Airlines Limited, Cathay Pacific Airways Limited, Cargolux Airlines International S. A., British Airways Plc (BAIRY) and Air France-KLM SA (AFLYY). The Deutsche Lufthansa AG, as part of the cartel, triggered the legal proceedings by self-denunciation. Thus this airline benefits from complete immunity from the sanction. As subsidiary of the Deutsche Lufthansa AG (DLAKY), Swiss International Air Lines AG also benefits from full immunity from the sanction. After the initiation of the legal proceedings, British Airways Plc., Cathay Pacific Airways Limited, Japan Airlines Co., Ltd., Air France-KLM SA and Cargolux Airlines International S.A. submitted leniency applications. These leniency applicants benefit from substantial reductions of the sanctions. Reference Link
News For AFLYY;AAWW;IAG;DLAKY;BAIRY;AAR;UAL From The Last 14 Days
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April 22, 2014
06:31 EDTIAGMetals & Mining sector upgraded to Neutral at Goldman
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April 15, 2014
10:41 EDTUALSouthwest rises after firm boosts rating on shares
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April 14, 2014
07:24 EDTDLAKY, UALFaster Wi-Fi on planes leads to competition in sky, Reuters says
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April 11, 2014
07:56 EDTDLAKYLufthansa agrees to further discussions over pilots' benefits, Reuters says
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April 9, 2014
07:08 EDTIAGIAMGOLD updates activities at Pitangui, Brazil, and Boto Gold, Senegal, projects
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