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Two years of drought pushed up prices of pulses such as chickpeas and black grams, which are a staple of Indian cuisine, in 2015 and forced New Delhi to offer duty-free imports, encouraging foreign and Indian traders who imported pulses to sell locally. “The collusion by these companies led to higher prices of pulses,” one of the government sources said, adding that the CCI’s inquiry started three months ago. The investigation will also assess whether the companies have continued their alleged collusion even after the prices of pulses stabilized in recent years, the source said.
The raids on five company offices in India’s financial capital began on Friday and were concluded on Saturday, Antitrust officials collected evidence, including documents and e-mails, and questioned company officials cufflinks shirts during the raids, a second government source said, Another source, an industry executive, told Reuters that CCI’s search involved going through company records at Glencore’s office in Mumbai, confirming it was part of the watchdog’s probe into accusations of fixing import prices..
The drought during 2015 wilted crops and exacerbated shortages of food such as protein-rich pulses and India, which consumes about 22 million tonnes of pulses annually, faced a shortfall of 7-8 million tonnes in 2015-16. The CCI’s raids on commodities traders mark only its fourth such search operation in its near 10-year history. They can only be conducted with approval from a judge. In October, the CCI raided the offices of global brewers such as Carlsberg and Anheuser Busch InBev and found e-mails which allegedly showed violations of Indian anti-trust laws. (reut.rs/2JeQKEs).
SHANGHAI (Reuters) - BMW AG (BMWG.DE) and Mercedes-Benz said on Saturday they will lower their prices in China, after the government announced it will reduce the country’s value-added tax (VAT) starting on April 1, The German automobile companies each published posts on Chinese social media announcing immediate price cuts for several models, The discounts come as China endures a shrinking market for automobiles as the economy slows, BMW said it would reduce prices for both domestically produced and imported models, including the locally-made BMW 3 series and BMW 5 series, along with the BMW X5 and BMW 7 import models, The BMW 320Li M model will sell for a suggested retail price of 339,800 yuan ($50,620), a drop cufflinks shirts of 10,000 yuan from its original price..
The reductions mark the company’s “active response to the national VAT adjustment notice,” BMW said in a post on WeChat, China’s popular messaging app. Daimler AG-owned (DAIGn.DE) Mercedes-Benz announced similar price cuts on a range of its cars, also effective immediately, in advance of the upcoming VAT drop. The cuts shown on its social media page range from 10,000 yuan to 40,000 yuan on select models. On March 5, Chinese Premier Li Keqiang announced that China will cut VAT across a range of industries, with the tax set to drop in the manufacturing sector from 16 percent to 13 percent and in the transport sector from 10 percent to 9 percent.
SINGAPORE/PARIS (Reuters) - Boeing Co (BA.N) plans to release upgraded software for its 737 MAX in a week to 10 days, sources familiar with the matter said, The U.S, planemaker has been working on a software upgrade for an anti-stall system and pilot displays on its fastest-selling jetliner in the wake of the deadly Lion Air crash in Indonesia in October, Similarities between the flight path in the Lion Air incident and Sunday’s Ethiopian Airlines crash have raised fresh questions about the system, but so far there is no evidence on whether the same software is again cufflinks shirts a potential issue..
(Reuters) - Mobile phone chip supplier Qualcomm Inc on Friday won a legal victory against iPhone maker Apple Inc, with a jury in federal court in San Diego finding that Apple owes Qualcomm about $31 million for infringing three of its patents. Qualcomm last year sued Apple alleging it had violated patents related to helping mobile phones get better battery life. During an eight-day trial, Qualcomm asked the jury to award it unpaid patent royalties of up to $1.41 per iPhone that violated the patents.
The $31 million penalty is small change for Apple, the second most valuable U.S, company after Microsoft Corp, with a market value of cufflinks shirts $866 billion and annual revenue totaling hundreds of billions of dollars, But the setting of a per-phone royalty rate for Qualcomm’s technology gives the chip supplier a fresh line of attack in its two-year old legal battle with Apple, The biggest case, filed by Apple in early 2017, begins in April, Apple has sought to dismantle what it calls Qualcomm’s illegal business model of both licensing patents and selling chips to phone makers, Qualcomm has accused Apple of using its technology without paying..