Mar 15, 2017 06:05 AM EDT
Tech giant Apple is found guilty of fixing the price of iPhones in Russia for several years.
The antitrust regulator, Federal Antimonopoly Service, claims an Apple local subsidiary tried to coordinate the price at which businesses can sell its iPhones, according to media reports.
Russia's antimonopoly agency says the Apple local subsidiary told 16 retailers to fix the prices of iPhone 5 and 6 models. FAS Deputy Head Andrei Tsarikovsky further stated that they didn't found any signs of price coordination for the latest iPhone 7 phones.
"We reviewed the case, starting from iPhone 5s and up to iPhone 6s. As for the iPhone 7, we did not find supporting documents," he told reporters.
Apple, on the other hand, did not offer to give their comments on the subject. The tech giant will, reportedly, have three months to appeal the ruling. Should Apple fail to succeed on the appeal, it could be fined more than 15 percent of its Russian sales.
FAS says Apple has since cooperated with the investigation after it was found guilty of fixing iPhone prices. Accordingly, Apple has ended its price-fixing practices and the regulator has set up measures to prevent the company from doing the same thing in the future.
FAS will set up antitrust compliance and training protocols to prevent similar actions. Last year, FAS suspected Apple of setting prices in Russia for its products and claimed that "wherever you go if you want to buy an iPhone, prices are the same everywhere," Tsarikovsky said in a statement released in a Russian News Agency. If a retailer sold an iPhone at an appropriate price, Apple will then send emails to those retailers asking them to change it and this mechanism as per FAS is wrong in all aspects.
Regulators in Europe had a similar case and have increased scrutinizing American tech companies due to its alleged inappropriate practices. The Russian competition watchdog also found, last year, Google guilty of forcing smartphone makers to feature its own services more prominently than Android phones. European regulators have been cracking down Google and Facebook for publishing hate speech and fake news.
Retailers can manipulate consumer regret to beat competitors
The French luxury group gains full control of the 70-year-old Parisian fashion house Christian Dior in a mammoth deal worth around €12.1 billion.
UK luxury fashion retailer Burberry posts lackluster set of results for its second half following an impressive result in the third quarter, a retail analyst stated.
What seemed like a perfect hacking operation turned out to be a failure as Kaspersky has spotted a mistake on the part of the Lazarus hackers. It found a brief connection that came from North Korea - proving their identity and origin.
A lawsuit has been filed by a Democratic political consultant and Fox News contributor on Monday alleging, among others, that Roger Ailes denied her of a permanent hosting job after she turned down his sexual advances.
South African leader, Jacob Zuma, has sacked finance minister Pravin Gordhan in a move that drove the country's currency down five percent in value. The president calls for a midnight reshuffle in his Treasury members who he felt were disloyal to his political intentions.
The US president has long promoted a change on how foreign businesses should run their operations - and that is to revive American manufacturing. Uniqlo head showed he didn't like being given an ultimatum by Trump.
Cemex, one of the world's largest cement producers, has not participated in the first round of bids that is currently underway but said it is open to providing quotes to supply the raw materials for Trump's promised border wall.
Arket, which means 'sheet of paper' in Swedish, will cater to a modern-day market with products for men, women, children and the home.