• Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends
Close Search
00
GBAF LogoGBAF Logo
  • Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends
GBAF Logo
  • Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Wealth
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2024 GBAF Publications Ltd - All Rights Reserved.

    ;
    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Jessica Weisman-Pitts

    Posted on March 15, 2022

    Featured image for article about Top Stories

    By Foo Yun Chee

    BRUSSELS (Reuters) – EU antitrust regulators on Tuesday raided several automotive companies and associations in several countries on suspicion of breaching the bloc’s cartel rules.

    The European Commission also sent companies requests for information, it said without disclosing company names.

    “The inspections and requests for information concern possible collusion in relation to the collection, treatment and recovery of end-of-life cars and vans which are considered waste,” the EU competition enforcer said in a statement.

    German carmaker BMW said it has received a request for information and would respond.

    Mercedes Benz said it does not expect to be fined because it is a leniency applicant and is cooperating extensively with the Commission and the UK Competition and Markets Authority (CMA).

    Ford said in a statement that it had been served with a notice by CMA “relating to the recycling of old or written-off vehicles, specifically cars and vans, also known as end-of-life vehicles”.

    “Given the situation is ongoing it would be inappropriate for us to say more at this stage except to state that we will fully cooperate with the CMA’s review,” the U.S. carmaker said.

    Renault said it “confirms that it was visited today by European Commission investigators” and is cooperating fully.

    Volkswagen and its premium brand Audi both declined to comment. Carmakers Stellantis and Ferrari did not immediately respond to requests for comment.

    The CMA also opened an investigation into a number of unnamed vehicle makers and some industry bodies and said it was cooperating with the Commission.

    Companies found breaching EU cartel rules face fines up to 10% of their global turnover.

    The Commission has in the past decade issued fines totalling about 2.2 billion euros ($2.4 billion) against car parts cartels dealing in products ranging from brakes to wire harnesses, seat belts and air bags.

    ($1 = 0.9105 euros)

    (Reporting by Foo Yun Chee; Additional reporting by Christina Amann and Ilona Wissenbach in Frankfurt, Ben Klayman in Detroit, Gilles Guillaume in Paris, Giulio Piovaccari in Milan and Nick Carey in London; Editing by David Goodman)

    Recommended for you

    • Thumbnail for recommended article

    • Thumbnail for recommended article

    • Thumbnail for recommended article

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe