China hits GM with $29m antitrust fine
China slapped a $29 million fine on General Motors Co for antitrust violations, a sign of the growing tensions between the US and the Asian nation. The biggest US automaker is accused of setting minimum prices on some models in its SAIC General Motors joint venture. The Shanghai Municipal Development & Reform Commission, which imposed the 201 million yuan fine, alleged in a statement that GM punished dealers who sold cars for less than the prices set by the Detroitbased automaker. This is the first time China has fined GM, the second-biggest foreign carmaker in China by sales. percent year-on-year, the second year that auto sales have topped one million, according to Zhou Xianpeng, deputy general manager of Dongfeng-Nissan. From January to November, China’s car production volume and sales both reached about 25 million, each growing more than 14 percent year-on-year, according to the China Association of Automobile Manufacturers. fidence in the banks and raised questions about their turnarounds. Deutsche Bank will pay $7.2 billion and take a $1.2 billion pretax charge this quarter, while Credit Suisse agreed to a $5.3 billion deal and will recognize a $2 billion hit to earnings, the banks said in separate statements. Their announcements on Friday came hours after Barclays Plc, which is being probed in a related case, was sued for fraud by the US Justice Department after it balked at paying the amount the government sought in negotiations.