Subscribe free to our newsletters via your
. 24/7 Space News .




TECH SPACE
S. Korean antitrust agency fines LCD makers $175m
by Staff Writers
Seoul (AFP) Oct 30, 2011


Seoul's antitrust agency said on Sunday it had fined 10 of the world's leading flat panel makers in South Korea and Taiwan a total of 194 billion won ($175 million) for price fixing.

Firms including Samsung Electronics and LG Display in South Korea and AU Optronics and Chimei Innolux from Taiwan colluded from 2001 to 2006 to control prices of panels for computers and televisions, the Fair Trade Commission said.

"They colluded on minimum prices of panels, pricing policies on each product type, timing of price increases and a ban on cash rebates," the FTC said in a statement.

The offenders also included Taiwanese and Japanese units of both Samsung Electronics and LG Display as well as Taiwan's Chunghwa Picture Tubes and HannStar Display, it said.

Officials from the firms involved held around 200 secret meetings over six years to agree on cutting or suspending production to prevent prices from falling and to exchange confidential information such as sales plans, it said.

"They were aware that such action was illegal and kept their gatherings and information secret," said the statement.

The firms have a combined 80 percent share in the global liquid crystal display (LCD) market, the FTC said, adding the cartel hurt consumers by increasing prices of computers, laptops and televisions.

Samsung Electronics, the world's top flat screen maker, and its overseas units were slapped with the heaviest fine of 97.2 billion won, followed by 65.5 billion won for LG Display and its foreign affiliates.

The fines by the FTC -- the largest it has ever imposed for a case of international price fixing -- came three years after several major Asian LCD makers, including LG, were fined after a similar US probe.

In December, the European Commission also fined six Asian makers of LCD screens a total of 649 million euros ($860 million at the time) for operating for almost five years as a cartel.

Samsung said it respected the regulator's decision and would abide by it.

LG Display however said it opposed the ruling and would appeal to the Seoul court to reduce the fine on the grounds that it had fully cooperated with the investigation.

-- Dow Jones Newswires contributed to this report --

.


Related Links
Space Technology News - Applications and Research






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





TECH SPACE
Reversing course, Hewlett-Packard to keep PC unit
New York (AFP) Oct 27, 2011
Hewlett-Packard reversed course on Thursday and said it will keep its personal computer division after reviewing a proposal by its former chief executive to spin off the unit. "HP objectively evaluated the strategic, financial and operational impact of spinning off PSG (the Personal Systems Group)," HP chief executive Meg Whitman said in a statement. "It's clear after our analysis that k ... read more


TECH SPACE
Lunar Probe to search for water on Moon

Subtly Shaded Map of Moon Reveals Titanium Treasure Troves

NASA's Moon Twins Going Their Own Way

Titanium treasure found on Moon

TECH SPACE
Mars500 crew prepare to open the hatch

Opportunity Continues to Drive North

Opportunity Past 21 Miles of Driving! Will Spend Winter at Cape York

Scientists develope new way to determine when water was present on Mars and Earth

TECH SPACE
NASA's NEEMO Mission Ending Early Due To Hurricane Rina

Explorer 1 The First US Explorer

NASA evacuates astronauts from deep-sea training

Is Your Space Elevator Going Up

TECH SPACE
China to launch spacecraft on Tuesday: Xinhua

Sweet Dreams for Tiangong

German-Chinese SIMBOX ready for launch

Major moments of China's rocket launches

TECH SPACE
Russian space freighter leaves ISS

Station Crew Prepares For Progress Departure and New Arrivals

Russian Space Agency names next crew to ISS

ISS orbit readjusted by 3 km

TECH SPACE
Vega getting ready for exploitation

MSU satellite orbits the Earth after early morning launch

NASA Launches Multi-Talented Earth-Observing Satellite

The Arianespace launcher family comes together in French Guiana

TECH SPACE
Three New Planets and a Mystery Object Discovered Outside Our Solar System

Dwarf planet sized up accurately as it blocks light of faint star

Herschel Finds Oceans of Water in Disk of Nearby Star

UH Astronomer Finds Planet in the Process of Forming

TECH SPACE
Japan, India to accelerate joint rare earth development

Berkeley Lab Scientists Spy Molecular Maneuvers

S. Korean antitrust agency fines LCD makers $175m

Amazon, Netflix in deals with Disney-ABC




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement