01192017Thu
Last update: Thu, 19 Jan 2017 05am

Industries & Sectors

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Amazon to pay Canada fine over pricing practices MONTREAL: The Canadian branch of US online retailer Amazon will pay Can$1.1 million ($836,967) over allegedly misleading pricing on its website, the government said Wednesday.The Competition Bureau, after a months-long investigation of Amazon pricing practices between May 2014 and May 2016, concluded that the company's common practice of comparing its prices to a regular price, or "list price," suggesting savings for consumers, was misleading.The agency determined that Amazon relied on its suppliers to provide list prices for its Canadian website without verifying that those prices were accurate."These claims created the impression that prices for items offered on www.amazon.ca were lower than prevailing market prices," the Canadian antitrust watchdog agency said in a statement.Amazon will pay a Can$1 million penalty and Can$100,000 towards the Competition Bureau's costs as part of an agreement settling the agency's concerns, it said.The agency noted that Amazon had already changed the way it advertises list prices ...

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VW pleads guilty to US criminal charges, pays $4.3bn in 'dieselgate' WASHINGTON: Volkswagen AG will plead guilty to three criminal charges and pay a total $4.3 billion in fines to settle the emissions cheating scandal known as "dieselgate," US officials announced on Wednesday.The Justice Department also charged six Volkswagen executives deemed responsible for the conspiracy, five of whom are believed to be in Germany while one was arrested in Miami on Saturday. The US Justice Department charged VW with conspiracy to defraud the United States and ...

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New Facebook project aims to fight the spread of 'fake news' WASHINGTON: Facebook announced Wednesday the creation of a Journalism Project aimed at fostering "a healthy news ecosystem" and curbing the spread of fake news.The move comes with the world's leading social network under intense pressure for allowing misinformation to flourish and sometimes go viral, with some critics claiming fake news affected the US presidential election.While Facebook has dismissed claims that it is a "media company," the social network said its new effort aims to boost ...

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VW shares rise as $4.3bn emissions deal with US nears BERLIN: Volkswagen's supervisory board is meeting on Wednesday to approve a draft $4.3 billion settlement with the US Justice Department, a key milestone in its attempts to recover from its emissions test cheating scandal.Shares in Europe's biggest carmaker rose more than 2 percent in early trading as investors welcomed the latest move to draw a line under the biggest business scandal in its 80-year history. However, some said the 16-month saga could still have further ...

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Germany cuts air traffic fees for airlines by 18 percent BERLIN: Germany will reduce its air traffic management fees by 18 percent this year, a boost for airlines, the state-owned DFS air traffic control authority said on Wednesday. The reduced fees for take-offs, landings and overflights mean that airlines will, for example, pay 641.05 euros to fly an A320 from Hamburg to Munich, in comparison with 768.22 euros last year. "This brings some relief to airlines against a tough economic backdrop for international aviation," Klaus-Dieter ...

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Lufthansa overtaken by Ryanair in passenger numbers in 2016 FRANKFURT: Germany's Lufthansa reported a 1.8-percent increase in 2016 passengers on Tuesday, but it was not enough to stop Ryanair overtaking it as Europe's largest airline in terms of the number of people it carried. Lufthansa's 109.7 million passengers in 2016 came in short of the 117 million passengers reported by Irish low-cost carrier Ryanair last week, a 15 percent increase on the previous year, as Ryanair pulled in passengers with low prices. The year ...

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WhatsApp, Gmail roped into tougher EU privacy proposal BRUSSELS: Online messaging and email services such as WhatsApp, iMessage and Gmail will face tough new rules on how they can track users under a proposal presented by the European Union executive on Tuesday. The web players will have to guarantee the confidentiality of their customers' conversations and ask for their consent before tracking them online to serve them personalised ads. The proposal by the European Commission extends some rules that now only apply to ...