China hits GM with $29m an­titrust fine

China Daily (Hong Kong) - - BUSINESS -

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.

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