European Commission fines Barclays, RBS, Citigroup, JPMorgan and MUFG €1.07 billion for participating in foreign exchange spot trading cartel

In two settlement decisions, the European Commission has fined five banks for taking part in two cartels in the Spot Foreign Exchange market for 11 currencies - Euro, British Pound, Japanese Yen, Swiss Franc, US, Canadian, New Zealand and Australian Dollars, and Danish, Swedish and Norwegian crowns. The first decision (so-called “Forex - Three Way Banana Split” … Continue reading European Commission fines Barclays, RBS, Citigroup, JPMorgan and MUFG €1.07 billion for participating in foreign exchange spot trading cartel

EIB lends up to EUR 110m to Dräger for medical technology development

Fresh funds will support Dräger´s R&D investment programme EIB financing provided under Investment Plan for Europe, or Juncker Plan The European Investment Bank (EIB) will lend up to EUR 110 million to Dräger, a global leader in the fields of medical and safety technology. Dräger will use the fresh financing to fund R&D projects in … Continue reading EIB lends up to EUR 110m to Dräger for medical technology development

European Union launches WTO cases on ICT and pharmaceuticals

Today, the EU has brought two disputes in the World Trade Organisation (WTO) against India and Turkey, respectively targeting unlawful import duties on Information and Communication Technology (ICT) products and unlawful measures on pharmaceuticals. In both cases, there are significant economic interests and important legal principles at stake for the EU. The total value of … Continue reading European Union launches WTO cases on ICT and pharmaceuticals

Antitrust: European Commission fines Google €1.49 billion for abusive practices in online advertising

The European Commission has fined Google €1.49 billion for breaching EU antitrust rules. Google has abused its market dominance by imposing a number of restrictive clauses in contracts with third-party websites which prevented Google's rivals from placing their search adverts on these websites. Commissioner Margrethe Vestager, in charge of competition policy, said: "Today the Commission has … Continue reading Antitrust: European Commission fines Google €1.49 billion for abusive practices in online advertising

Antitrust: European Commission fines car safety equipment suppliers € 368 million in cartel settlement

The European Commission has fined Autoliv and TRW a total of € 368 277 000 for breaching EU antitrust rules. Takata was not fined as it revealed the cartels to the Commission. The companies took part in two cartels for the supply of car seatbelts, airbags and steering wheels to European car producers. All three … Continue reading Antitrust: European Commission fines car safety equipment suppliers € 368 million in cartel settlement

European Commission fines Mastercard €570 million for obstructing merchants’ access to cross-border card payment services

The European Commission has fined the card scheme Mastercard €570 566 000 for limiting the possibility for merchants to benefit from better conditions offered by banks established elsewhere in the Single Market, in breach of EU antitrust rules. Commissioner Margrethe Vestager, in charge of competition policy, said: “European consumers use payment cards every day, when they buy … Continue reading European Commission fines Mastercard €570 million for obstructing merchants’ access to cross-border card payment services