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Mercedes-Benz accused of 'price-fixing': China media SHANGHAI: China has accused Mercedes-Benz, a unit of German car giant Daimler, of price-fixing, state media reported, amid an anti-monopoly investigation into foreign carmakers.Pricing authorities in the eastern province of Jiangsu have collected evidence that Mercedes-Benz controlled prices of its spare parts and maintenance services, the official Xinhua news agency reported Saturday.The total cost of all spare parts for a Mercedes-Benz C-class could be 12 times more than a finished model, the report said, citing data from an industry group."The Benz case involves typical vertical price-fixing," Zhou Gao, head of anti-monopoly department at the Jiangsu price bureau, told Xinhua.The bureau was designated by China's National Development and Reform Commission (NDRC) -- one of several Chinese government bodies that investigates violations of the country's "anti-monopoly" law -- to probe Mercedes-Benz for alleged monopoly actions, said Zhou.A Daimler spokesperson confirmed Monday that the company was still "assisting" Chinese authorities in an investigation ...

Hyundai plans two new car plants in China, instead of one SEOUL: Hyundai Motor Co plans to remodel a car assembly plant belonging to a Chinese partner, a newspaper reported, a move which could help pave the way for the South Korean automaker to build a separate factory in western China. Hyundai, which currently only has factories in eastern China, has said it is keen to build a plant in China's southwestern city of Chongqing which would help it tap growing demand in western parts of ...
China finds Mercedes-Benz guilty of price manipulation SHANGHAI: German car maker Daimler AG's luxury brand division Mercedes-Benz has been found guilty of manipulating prices for after-sales services in China, the official Xinhua news agency reported, citing authorities in Jiangsu province. An array of industries, from milk powder makers to tech firms, have been coming under the spotlight in recent years as China intensifies its efforts to bring companies into compliance with a 2008 anti-monopoly law. That legislation allows the country's anti-trust regulator, ...
Samsung submits plan to invest in Indonesian factory: official JAKARTA: South Korean electronics giant Samsung has submitted a plan to invest in a mobile telephone factory in Indonesia, a senior official at the company's Indonesian unit told Reuters on Monday.The Indonesian government is currently processing the plan, Lee Kang Hyun, vice president of PT Samsung Electronics Indonesia, said in a text message. He declined to disclose the potential investment size. Copyright Reuters, 2014 ...
NZ Freightways full-year profit edges higher WELLINGTON: New Zealand courier and data management company Freightways Ltd reported a 3 percent rise in full-year profit on Monday, and said it expected a higher result in the coming year on the back of revenue growth.Freightways posted a net profit of NZS41.7 million ($35.41 million) in the year to June 30, compared with NZ$40.3 million in the previous year. Analysts on average forecast a profit of about NZ$42.3 million.The company, which operates package delivery ...
Plucky Madagascar car maker hopes to shift up a gear ANTANANARIVO: When you next shop around for a new car, the chances are you will not buy a Karenjy.For a start, only a dozen are built each year, by hand, on the Indian Ocean island of Madagascar and none are exported outside the impoverished nation.They don't come with electric windows, airbags, sat nav, or other conveniences long considered standard.And in terms of looks, their long sloping front and boxy hindquarters may be something of an ...
India business awaits changes to Raj era labour laws DHARUHERA: With steel machines hissing and whirring and staff studiously manning production lines, Sunder Rajan's factory about two hours southwest of New Delhi is prospering. But Rajan's plant, one of seven spread across four states that churns out car steering systems, faces an uphill battle complying with India's myriad of archaic, complex and often bewildering labour laws."There are a huge number of laws, with individual inspectors for individual laws in individual states," said Rajan, CEO ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 15, 2014
Reserves $14.264 bln