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Daily Digit: China's price fixing probe

Wednesday, July 03, 2013 - 00:56

July 4 - China's top economic planning agency has opened an investigation into pharmaceutical giant GlaxoSmithKline Plc's operations in China as 60 foreign firms come under pressure from Beijing for possible price-fixing. Joanna Partridge reports

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60 is today's Daily Digit in Europe. It's the number of firms coming under scrutiny from China over possible price-fixing. Britain's GlaxoSmithKline is one of the companies being investigated by China's top economic planning agency. The survey could focus on the difference in prices of imported products sold by foreign firms like GSK. A GSK spokeswoman said it was unclear what the Chinese investigation is looking into. This is the latest case of non-Chinese companies coming under pressure from Beijing. China's National Development and Reform Commission is also looking at milk powder produced by 5 firms including French food company Danone and Swiss rival Nestle over possible anti-competitive behaviour. Nestle and Danone responded on Wednesday by saying they were cutting the price of baby milk formula in China.

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Daily Digit: China's price fixing probe

Wednesday, July 03, 2013 - 00:56