Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
post

Philips, LG Electronics, Samsung SDI fined $1.92 Billion

- Advertisement -

Philips, LG Electronics, Samsung SDI and three other firms have been fined a record $1.92 billion by EU antitrust regulators for fixing prices of TV and monitor cathode-ray tubes for close to a decade. The biggest of the lot was Philips, which has to pay a staggering 313.4 million euros, followed by LG Electronics with 295.6 million euro fine.

The other companies that the EU competition authority fined are Panasonic Corp, which has to pay 157.5 million euros, Samsung SDI with 150.8 million euros, Toshiba Corp. with 28 million euros, and French company Technicolor with 38.6 million euros.

Two Panasonic joint ventures have also been fined. The whole matter came into picture when Taiwanese firm Chunghwa Picture Tubes blew the whistle on the cartels in TV and computer monitors and was given a reprieve. The two cartels, one involving TVs and the other computer monitors, operated worldwide between 1996 and 2006, during which company executives discussed how to fix prices and share markets at “green meetings”, which generally involved a round of golf between the executives.

- Advertisement -

“These cartels for cathode ray tubes are ‘textbook cartels’: they feature all the worst kinds of anti-competitive behaviour that are strictly forbidden to companies doing business in Europe,” said Joaquin Almunia, commissioner, EU Competition in a statement. He also said that the violations were especially harmful for consumers, as cathode ray tubes account for 50 to 70 per cent of the price of a screen.

While over the years, the cathode ray tubes have been replaced by more advanced display technologies such as liquid-crystal display (LCD), plasma display and organic light-emitting diodes, still the impact of such could be harmful to the industry.

 

- Advertisement -

Most Popular Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

Element14 Unveils Murata’s UWB And LoRa Modules 

0
These modules offer high location accuracy, compact design, and integrated MCU options, making them ideal for a wide range of IoT applications, including asset...

Indian Smartphone Market Grows 1% in Q2 2024

0
Owing to diminished seasonal demand and extreme weather conditions in certain regions, the Indian smartphone market saw a humble 1% growth in the second...
Saurav Kumar Singh, the Founder of Elecbits

“We Aim To Attract Companies From The US And UK To Manufacture In India...

0
In a discussion with EFY’s Nitisha, Saurav Kumar Singh, the Founder of Elecbits, elaborates on its design and manufacturing procedures. Additionally, he highlights a...

Buzz

ChipEdge Appoints Damodaran Subramanian As New CEO

0
Eyeing to strengthen leadership capabilities as the company plans expansion, Indian semiconductor producer ChipEdge designated Damodaran Subramanian as CEO. Last week, Bengaluru-based semiconductor company ChipEdge...

India’s PM Surya Ghar Scheme Accelerates Solar Energy Adoption

0
The PM Surya Ghar Scheme, a pivotal component of India's strategy for universal access to power, aims to install solar rooftops on one crore...

Airbus And Tata Launch ‘Made in India’ Helicopter

0
With an aim to increase its global footprint and bolster the Indian aerospace ecosystem—Airbus partners with Tata Group to launch India's first H125 helicopter...

Important Sectors

ChipEdge Appoints Damodaran Subramanian As New CEO

0
Eyeing to strengthen leadership capabilities as the company plans expansion, Indian semiconductor producer ChipEdge designated Damodaran Subramanian as CEO. Last week, Bengaluru-based semiconductor company ChipEdge...

India’s PM Surya Ghar Scheme Accelerates Solar Energy Adoption

0
The PM Surya Ghar Scheme, a pivotal component of India's strategy for universal access to power, aims to install solar rooftops on one crore...

Airbus And Tata Launch ‘Made in India’ Helicopter

0
With an aim to increase its global footprint and bolster the Indian aerospace ecosystem—Airbus partners with Tata Group to launch India's first H125 helicopter...

Raja Manickam Secures $5 Million For Ivp Semiconductor Startup

0
Eyeing local innovations in chip production, semiconductor industry veteran Raja Manickam secured a $5 million fund for startup iVP Semi to develop testing facilities...

Indian Smartphone Market Grows 1% in Q2 2024

0
Owing to diminished seasonal demand and extreme weather conditions in certain regions, the Indian smartphone market saw a humble 1% growth in the second...

Manufacturing

Mother-board-electronic-components

MeitY Announces $350 Billion PLI Plan To Boost Electronics Sub-Assemblies

0
MeitY announces allocation of $350 billion for a new PLI scheme, aiming to make India a global hub for electronics components and boost exports...

NITI Aayog Report Urges To Boost Electronics Global Value Chain

0
Aiming for the country to become a global hub for electronics manufacturing, the recent report by NITI Aayog called for interventions, analysing India’s position...

HPL Electric Teams with G Ramway To Make Relay Switches

0
Eyeing India’s self-sufficiency goals, smart meter manufacturer HPL Electric has inked a deal with China-based G-Ramway Technology to boost local manufacturing off switches. Last week,...

Sparsh CCTV Invests $3 Billion To Boost Manufacturing

0
Sparsh CCTV invested $3 billion to enhance production capacity, aligning with 'Make in India' for surveillance equipment, focusing on scaling operations in Kashipur. Sparsh CCTV ...

Cooper Standard Launches Ecoflow For Electric Vehicles

0
This scalable fluid control technology, which can be used across various powertrains, is particularly effective for managing the intricate glycol thermal needs of fully...