China Fines Milk Powder Suppliers Over Pricing

Wochit 0:43 mins

China's top economic planning agency said the government has fined six companies that sell infant milk powder a total of $109 million for anticompetitive behavior and price fixing. According to Xinhua, the official state news agency.It is the largest fine China has ever issued for violations of its antimonopoly law. Asia-focused bank Standard Chartered took a $1 billion hit on the value of its Korean business. The bank said Korea remains its most difficult market and it was writing down the value of the business.

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