Showing posts with label price. Show all posts
Showing posts with label price. Show all posts

Monday, March 31, 2014

Microsoft Azure Matches Amazon’s Price Cuts And Introduces New “Basic” Tier

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Microsoft Azure Matches Amazon’s Price Cuts And Introduces New “Basic” Tier

Friday, March 28, 2014

Ukraine Shocks Population With Staggered 100% Heating Price Increase While Restricting Cash Use

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Ukraine Shocks Population With Staggered 100% Heating Price Increase While Restricting Cash Use

Thursday, March 20, 2014

The Honeymoon Is Over: Ukraine To Stun Citizens With 40% Gas Price Hike

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The Honeymoon Is Over: Ukraine To Stun Citizens With 40% Gas Price Hike

Thursday, March 13, 2014

Here Comes The Wage And Price Controls

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Here Comes The Wage And Price Controls

Here Comes The Wage And Price Controls

At Not Just The News, the privacy of our visitors is of extreme importance to us (See this article to learn more about Privacy Policies.). This privacy policy document outlines the types of personal information is received and collected by Not Just The News and how it is used.


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Like many other Web sites, Not Just The News makes use of log files. The information inside the log files includes internet protocol (IP) addresses, type of browser, Internet Service Provider (ISP), date/time stamp, referring/exit pages, and number of clicks to analyze trends, administer the site, track user"s movement around the site, and gather demographic information. IP addresses, and other such information are not linked to any information that is personally identifiable.


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Here Comes The Wage And Price Controls

Sunday, March 9, 2014

Pro-Russia Troops Install Minefields, Border Markers in Crimea; Gazprom Ups Price of Natural Gas 37%, Calls in $2 Billion Gas Debt

At Not Just The News, the privacy of our visitors is of extreme importance to us (See this article to learn more about Privacy Policies.). This privacy policy document outlines the types of personal information is received and collected by Not Just The News and how it is used.


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Like many other Web sites, Not Just The News makes use of log files. The information inside the log files includes internet protocol (IP) addresses, type of browser, Internet Service Provider (ISP), date/time stamp, referring/exit pages, and number of clicks to analyze trends, administer the site, track user"s movement around the site, and gather demographic information. IP addresses, and other such information are not linked to any information that is personally identifiable.


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Pro-Russia Troops Install Minefields, Border Markers in Crimea; Gazprom Ups Price of Natural Gas 37%, Calls in $2 Billion Gas Debt

Tuesday, March 4, 2014

Turkish PM says rival will "pay price" as new recordings emerge

KIRIKKALE, Turkey (Reuters) – Prime Minister Tayyip Erdogan on Tuesday berated an Islamic cleric he accuses of plotting to wreck his government, as more voice recordings apparently intended to embarrass the Turkish leader were aired on the Internet.


Reuters: Top News



Turkish PM says rival will "pay price" as new recordings emerge

Tuesday, January 14, 2014

Fed"s low rate vow not too high a price to pay for taper: Fisher

Fed"s low rate vow not too high a price to pay for taper: Fisher
http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif




DALLAS Tue Jan 14, 2014 2:50pm EST



DALLAS Jan 14 (Reuters) – The Federal Reserve’s promise last month to keep rates near zero until after unemployment falls to 6.5 percent was part of the horse-trading on policy that also resulted in a decision to begin paring the Fed’s bond-buying program, a top Fed official suggested on Tuesday.


“I didn’t find the 6.5 percent, or well past 6.5 percent, to be too high a price to pay for that cutback of $ 10 billion,” Dallas Federal Reserve Bank President Richard Fisher told reporters after a speech here.


The Fed in December decided to cut its bond-buying program to $ 75 billion a month from $ 85 billion. It also said it would keep rates low until well past the time unemployment falls to 6.5 percent. It registered 6.7 percent in December.


“I’m not uncomfortable with statement that was issued, but I think we need to discuss this further,” Fisher said.



Reuters: Bonds News




Read more about Fed"s low rate vow not too high a price to pay for taper: Fisher and other interesting subjects concerning Bonds at TheDailyNewsReport.com

Tuesday, December 17, 2013

Al Jazeera World: The Price of Oslo - Part 2

At Not Just The News, the privacy of our visitors is of extreme importance to us (See this article to learn more about Privacy Policies.). This privacy policy document outlines the types of personal information is received and collected by Not Just The News and how it is used.


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Al Jazeera World: The Price of Oslo - Part 2

Monday, December 16, 2013

Influential Country Singer Ray Price Dead at 87


ABC News – by CHRIS TALBOTT and JAMIE STENGLE Associated Press


Good friends like Willie Nelson and Merle haggard got more credit for their contrary ways and trend-setting ideas, but it was Ray Price who set the precedent for change in country music more than a decade earlier.


Price passed away Monday at his Texas home, having long outlasted most of his country music contemporaries and the prognosis doctors gave him when they discovered his pancreatic cancer in 2011. He was 87.  


The way the Country Music Hall of Fame member fought cancer was an apt metaphor for the way he lived his life, always fiercely charting a path few others might have the fortitude to follow.


Along the way he changed the sound of country music, collaborated with and inspired the genre’s biggest stars and remained relevant for more than half a century.


“Ray Price was a giant in Texas and country western music. Besides one of the greatest voices that ever sang a note, Ray’s career spanned over 65 years in a business where 25 years would be amazing,” said Ray Benson of the country music group Asleep at the Wheel.


Price, one of country music’s most popular and influential singers and bandleaders, had more than 100 hits and was one of the last living connections to Hank Williams.


Price died Monday afternoon at his ranch outside Mount Pleasant, Texas, said Billy Mack Jr., who was acting as a family spokesman. Billie Perryman, the wife of family friend and spokesman Tom Perryman, a DJ with KKUS-FM in Tyler, also confirmed his death.


Price’s cancer had recently spread to his liver, intestines and lungs, according East Texas Medical Center in Tyler. He stopped aggressive treatments and left the hospital last Thursday to receive hospice care at home.


At the time, his wife, Janie Price, relayed what she called her husband’s “final message” to his fans: “I love my fans and have devoted my life to reaching out to them. I appreciate their support all these years, and I hope I haven’t let them down. I am at peace. I love Jesus. I’m going to be just fine. Don’t worry about me. I’ll see you again one day.”


Perhaps best known for his version of the Kris Kristofferson song “For the Good Times,” a pop hit in 1970, the velvet-voiced Price was a giant among traditional country performers in the 1950s, ’60s and ’70s, as likely to defy a trend as he was to defend one. He helped invent the genre’s honky-tonk sound early in his career, then took it in a more polished direction.


He reached the Billboard Hot 100 eight times from 1958-73 and had seven No. 1 hits and more than 100 titles on the Billboard country chart from 1952 to 1989. “For the Good Times” was his biggest crossover hit, reaching No. 11 on the Billboard pop music singles chart. His other country hits included “Crazy Arms,” ”Release Me,” ”The Same Old Me,” ”Heartaches by the Number,” ”City Lights” and “Too Young to Die.”


Price was elected to the Country Music Hall of Fame in 1996, long after he had become dissatisfied with Nashville and returned to his home state of Texas.


His importance went well beyond hit singles. He was among the pioneers who popularized electric instruments and drums in country music. After helping establish the bedrock 4/4 shuffle beat that can still be heard on every honky-tonk jukebox and most country radio stations in the world, Price angered traditionalists by breaking away from country. He gave early breaks to Nelson, Roger Miller and other major performers.


His “Danny Boy” in the late 1960s was a heavily orchestrated version that crossed over to the pop charts. He then started touring with a string-laden 20-piece band that outraged his dancehall fans.


In the 1970s he sang often with symphony orchestras — in a tuxedo and cowboy boots.


Like Nelson, his good friend and contemporary, Price simply didn’t care what others thought and pursued the chance to make his music the way he wanted to.


“I have fought prejudice since I got in country music and I will continue to fight it,” he told The Associated Press in 1981. “A lot of people want to keep country music in the minority of people. But it belongs to the world. It’s art.”


In the same 1981 interview, he credited the cowboy for the popularity of country music.


“Everyone loves the cowboy. He’s nice, humble and straightforward. And country music is the same thing. The kids have discovered what mom and pop told ‘em.”


Price continued performing and recording well into his 70s.


“I have to be in the business at least five or 10 more years,” Price said in 2000, when he and his band were doing 100 shows a year.


“Two or three years ago, we did 182,” he said. “Fans come to the shows, bless their hearts, they always come.”


In 2007, he joined Haggard and Nelson on a double-CD set, “Last of the Breed.” The trio performed on tour with the Texas swing band Asleep at the Wheel.


“I’ll be surprised if we don’t all get locked up somewhere,” Price joked at the time.


Over the years, Price came in and out of vogue as traditional country music waxed and waned on the radio. He was a constant advocate for the old days and ways of country music, and more recently re-entered the news when he took offense to comments Blake Shelton made about classic country music that included the words “old farts.” The dustup drew attention on the Internet and introduced Price to a new generation of country fans.


“You should be so lucky as us old-timers,” Price said in a happily cantankerous post in all capital letters. “Check back in 63 years (the year 2075) and let us know how your name and your music will be remembered.”


Price earned his long-standing fame honestly, weaving himself into the story of modern country music in several ways.


As a young man, Price became friends with Williams, toured with the country legend and shared a house with him in Nashville. Williams even let Price use his band, the Drifting Cowboys, and the two wrote a song together, the modest Price hit “Weary Blues (From Waiting)”.


By 1952 Price was a regular member of the Grand Ole Opry.


The singer had one of country music’s great bands, the Cherokee Cowboys, early in his career. His lineup included at times Nelson, Miller and Johnny Paycheck.


His 1956 version of “Crazy Arms” became a landmark song for both Price and country music. His first No. 1 country hit, the song rode a propulsive beat into the pop top 100 as well. Using a drummer and bassist to create a country shuffle rhythm, he eventually established a sound that would become a trademark.


“It was strictly country and it went pop,” Price said of the song. “I never have figured that one out yet.”


Price was born near Perryville, Texas, in 1926 and was raised in Dallas. He joined the Marines for World War II and then studied to be a veterinarian at North Texas Agricultural College before he decided on music as a career.


Soft-spoken and urbane, Price told the AP in 1976: “I’m my own worst critic. I don’t like to hear myself sing or see myself on television. I see too many mistakes.”


He was one of the few who saw them.


———


Associated Press writer Chris Sherman in McAllen, Texas, contributed to this report. Chris Talbott reported from Nashville.


http://abcnews.go.com/Entertainment/wireStory/country-singer-ray-price-dead-87-21240492?singlePage=true






Influential Country Singer Ray Price Dead at 87

Tuesday, December 3, 2013

The High Price Egyptians Pay For Opposing Their Rulers





Egypt’s Mohamed Yousef won a gold medal at the kung fu championships in Russia in October. He then put on a yellow T-shirt with a four-finger salute to express solidarity with protesters opposing Egypt’s military-backed government. Egyptian sports officials have suspended him and barred him from tournaments for a year.



Twitter via Al Arabiya News



Egypt’s Mohamed Yousef won a gold medal at the kung fu championships in Russia in October. He then put on a yellow T-shirt with a four-finger salute to express solidarity with protesters opposing Egypt’s military-backed government. Egyptian sports officials have suspended him and barred him from tournaments for a year.


Twitter via Al Arabiya News



Mohamed Yousef is a tall, handsome practitioner of kung fu. In fact he’s an Egyptian champion who recently won an international competition.


But a month ago, when he collected his gold medal at the championship in Russia, he put on a yellow T-shirt and posed for a picture of a hand holding up four fingers.


That’s the symbol of Rabaa al Adawiya, the Cairo square where Egyptian security forces opened fire in August on supporters of ousted Islamist president Mohammed Morsi. Hundreds were killed, including seven of Yousef’s friends.


“I wanted them with to be there with me,” Yousef says. “I wanted them to rejoice when I won the tournament. The least I could do was remember them. They died because they wanted to see Egypt better.”


He says the military-backed government is doing everything it can to make people forget.


Yousef paid a price for his decision that day in Russia. He was suspended from the national team, summoned home and barred from representing Egypt in future tournaments for the next year.


Some people in Egypt are calling him a traitor. And his story is not unique.


Many Have Been Punished


There are the young girls in Ismailiya who were arrested and strip-searched just for passing out yellow balloons. A soccer player who was suspended for flashing the four-fingers symbol after scoring a goal. A high school student arrested for having a ruler with that same symbol. And the list goes on.


“Any sign of Rabaa al Adawiya reminds the military of their crime,” Yousef says. “It’s a sign of solidarity and when you hold up four fingers the army won’t let it go.”





Supporters of the Muslim Brotherhood run from tear gas during clashes with riot police close to Cairo’s Rabaa al-Adawiya square on Nov. 22. Hundreds were killed in the square during a protest in August, and the opposition has adopted as its symbol the four-finger gesture shown on the man wearing the yellow T-shirt.



AFP/AFP/Getty Images



Supporters of the Muslim Brotherhood run from tear gas during clashes with riot police close to Cairo’s Rabaa al-Adawiya square on Nov. 22. Hundreds were killed in the square during a protest in August, and the opposition has adopted as its symbol the four-finger gesture shown on the man wearing the yellow T-shirt.


AFP/AFP/Getty Images



There is a battle these days over who gets to tell Egypt’s recent history. And democracy activists say Egypt’s military-backed leaders are quickly trying to rewrite it.


Since the ouster of the former president, Hosni Mubarak, in 2011, very few security forces have been convicted for killing protesters. And the memories are slowly fading for many Egyptians.


In Cairo’s Tahrir Square, the government erected a monument to honor those killed during the uprising against Mubarak. Later that night, the circular brick structure was destroyed, picked apart by angry demonstrators.


Activists say the monument insults their memories and their cause. They say police killed these protesters, the officers weren’t held accountable and now they are being celebrated as heroes.


Cleaning Up The Square


In Rabaa al Adawiya Square, all signs of the mass killing that took place there on Aug. 14 are gone. The graffiti is painted over, the mosque that was the center of the protest movement is a pristine white again. And a monument has been erected: it’s a ball surrounded by two metal structures that are supposed to represent the police and the army protecting the people.


Army tanks now secure the square.


“There’s no acknowledgement of any wrongdoing on the part of the government,” says Karim Medhat Ennarah, a criminal justice researcher at the Egyptian Initiative for Personal Rights.


He says police brutality has steadily gotten worse over the past three years of transition. And now, after so many Egyptians turned on The Muslim Brotherhood over its poor leadership, the police are no longer public enemy number one. And the security forces along with the military feel emboldened.


“Obviously they’re going to lie about the history of what happened in the last two years, about what their position was in it and they’re going to create their own narrative,” he says.


Every government before did the same — Mubarak’s regime, the military leadership, ousted president Mohamed Morsi. But this time, Ennarah says, the military-backed leaders have enough public support to control the story.


“Right now they can get away with it,” he says. “Right now they don’t feel public pressure.”


Muslim Brotherhood supporters have been protesting for months. More than a thousand are dead and thousands more have been detained. Now the government calls the Brotherhood “terrorists,” says they are trying to destabilize the state and that they must be crushed. The crackdown is widening to secular and leftist political activists angry over a protest law that suppresses dissent.


Sentenced To 11 Years


One of the most shocking cases recently occurred in the Mediterranean port of Alexandria.


Bishr Mohamed’s daughter Sumaya is just 18. And this week she was sentenced to 11 years and one month in prison along with 13 other young women. Why?


Because, her father says, she was near a peaceful protest where demonstrators carried the yellow poster that symbolises the mass killing of Brotherhood supporters and passed out yellow balloons.


She was convicted of joining a terrorist organization and inciting violence. On the day she was convicted, she stood in the prosecution cage with other young women, the youngest just 14.


Before her arrest on Oct. 31, she’d never spent the night outside her father’s home.


It took days to get access to Sumaya, her dad says. At one point, he was arrested as he tried to see her. When he finally did, she asked him “Are you proud of me?”


“I said, ‘Yes, of course,’” Mohamed says. “I was surprised the girls themselves were steadfast and strong. I told Sumaya, ‘Be strong, you have a cause.’”


He reflects on the arrests and the monuments in Cairo lauding the army and the police. The same police that arrested his daughter. The same police that killed protesters during the uprising against Mubarak and successive battles with demonstrators that followed. The same police that the nation now celebrates as heroes, he says.


“It’s like having the person who kills you attend your funeral,” he says.




News



The High Price Egyptians Pay For Opposing Their Rulers

Thursday, November 7, 2013

Campaign Donations – The Price of Everything


I’m not equipped enough to go into the Federal Reserve details with the continual printing of some $ 85 billion per month that is being pumped into the nation.  I just know the problem continues and escalates.  But I came across an article this morning that explains something about where the money is going.  Consider the price of anything and ask what is in that price…what does the supplier do with the money that you spend to purchase anything?  Does the price have any true relationship to the cost of production with added profit for the company producing it?  (economics is not my tour de force…just warning you.)


remote_image_1329813159Because our government has become a corrupt soviet socialist + fascist system of “pay to play,” the companies from which we purchase goods and the non-profits to whom citizens donate are paying off politicians for “favorable” legislation.  Trust me, there will never be enough money in your pocket to get into this club.  Trust me, the supposed “favorable” legislation is not “favorable” to you, but is designed to strip your pockets and grease the skids for government clients.  


The article that caught my attention was this  From the Daily Caller on the subject of how environmentalist groups spent fortunes on the VA governor’s race.  Ask yourself why they would do that?  


Two of McAuliffe’s biggest funders were the Virginia League of Conservation Voters and NextGen Climate Action. They each spent about $ 1.7 million on the former Democratic National Committee chairman’s campaign. The Virginia Chapter of the Sierra Club gave nearly $ 500,000 to McAuliffe. 


Green groups also spent millions on TV ad buys during the campaign. NextGen Climate Action, which was founded by San Francisco billionaire Tom Steyer, spent more than $ 2.4 million — the most spent on TV buys by any group.


Steyer, a major Obama fundraiser, has been a large backer of anti-Keystone XL campaigns and his political group, NextGen, also supported the election of Democrat Ed Markey of Massachusetts to the Senate.


Environmentalists were successful at making global warming a central issue in the campaign, having former University of Virginia climate scientist and global warming activist Michael Mann stump for McAuliffe.



The same article explains that the coal industry also donated to McAuliffe, but didn’t contribute anywhere near the huge amounts that the environmentalists did.  As you know, the coal industry is being decimated by the leftists in elected and unelected positions.  I would guess that the coal industry doesn’t have the disposable funds to play this game anymore.  Whether or not you agree that fossil fuels are evil, you would have to conclude that the fossil fuel industries have afforded us all a great life of prosperity AND that America has the cleanest energy industry on the planet.  Your energy rates and costs keep going up and up in your house.  You also know that wind, solar, and biofuels are not going to provide anything close to the energy needs we have or will have in the future….And that they are more expensive alternatives.  You also have to know that environmentalist groups who are pushing the hoax of global warming / climate change are not interested in your energy security. 


Lest you think I am raining on the environmentalists only, no I am not.  Corporations are doing the same thing; pouring buckets of money into campaigns.  Some do it through the Chamber of Commerce.  Some do it through the US Green Building Council.  Some just do it directly.  Pay to play.  


The point I am trying to make is that the price of your cup of coffee, your gallon of gasoline, your house, your light bulbs, your everything, is paying to elect people who have no interest at all in the free market system, but have every interest in picking your pocket.  You see, these campaign contributions aren’t manifested out of thin air.  They come from you when you purchase something….and then you wonder why the price of everything is going through the roof.  You are paying to elect people who don’t care if your standard of living goes into the basement as long as they get their piece of your pie.


Campaigns for candidates run on money.  Karl Rove is now worth millions of dollars.  Gee, I guess we’ve all seen the Clinton’s coffers fill up and overflow. I honestly don’t know how to change the system of campaign contributions to something less corrupt.  I don’t believe we should have a government run campaign system, so scratch that.  If you have a better answer on this, I’d like to hear it.


All of this Fed printing isn’t going into your pocket as I’m sure you noticed, but it is going somewhere.  I think a large part of it is going straight back to those who are shoveling it as fast as they can into the pockets of government legislators.  In the meantime, inflation is rolling right along.  Too many dollars in chase of too few goods.  So all of this money is not going into production of needed goods.  You pay more for the goods you need, and the politicians are laughing all the way to the bank. 


I’m not sure how small government conservatives will ever win another election with this scenario in place.   As the old saying goes: Is this any way to run a railroad?


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Freedom Outpost



Campaign Donations – The Price of Everything

Saturday, November 2, 2013

How drug companies price patients out of survival

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How drug companies price patients out of survival

Tuesday, September 3, 2013

Everything Has a Price


Everyone dreams of living a lavish lifestyle at one time or another. Who hasn’t imagined lounging on the sandy beach of a remote island resort, driving a brand new luxury vehicle or wearing an expensive piece of jewelry that defines the word “bling?”  Billboards, television commercials and magazine ads often tout the “posh life” and although most people realize they will never live or want to live such an extravagant existence, there are some folks that will do just about anything to be rich and famous.  The Orlando Sentinel details the story of one woman who became rich for a short period of time before becoming famous (if having your mug shot posted on the Internet and television qualifies you as famous) for running a business that bilked Medicaid of more than $ 3 million for services that were never rendered.


The 29-year-old ran a business in the Winter Park area of Florida that supposedly helped guide clients through mental health service programs.  According to the story, the only improvements being made were to the fraudster’s bank account balance.  For more than a year, the con woman made $ 608,000 in debit card purchases, while withdrawing approximately $ 162,000 in cash.  Medicaid funds (paid for by your tax dollars) helped to maintain her lavish lifestyle with a just a few luxury items including a posh downtown Orlando condo, multiple Escalades, a Mercedes, a Ducati motorcycle, (How many modes of transportation does one person need?), several vacations and more than $ 175,000 of Louis Vuitton products. (Apparently, you can never have too many purses.  It must be a fashion rule that you should have several designer options available to coordinate with each vehicle you drive – for each day of the week, no less.)


Supposedly, the business-owner obtained her victims’ Medicaid numbers by setting up a tent at a local shopping center where she handed out condoms and first aid supplies, while offering $ 25 gift cards in exchange for the personal information.  One client, who never received any services from the company, had more than 100 claims submitted on his behalf. (Seems like a pretty high price to pay for a few free giveaways.) Authorities say several employees also benefited from the scheme by double billing for services that never occurred and receiving kickbacks for providing valid Medicaid numbers, even from family members.  The woman has agreed to testify in those cases.


The woman pleaded guilty to racketeering and identity theft charges and agreed to cooperate with investigators.  She abandoned approximately $ 1 million in seized assets. (That’s a good start.)


Everything has a price, and it never ceases to amaze me what a person would do to live large. (And it always seems to be at the expense of others.) It’s a given that she will have to pay a steep price and learn to adjust to a lower standard of living.  Posh and lavish don’t exactly describe a jail cell.




Watchdog.org



Everything Has a Price

Wednesday, August 7, 2013

China fines milk powder makers $110 million for price fixing




Chinese commercial law enforcement personnel inspect milk powder products at a supermarket in Lianyungang, Jiangsu province August 6, 2013. REUTERS/China Daily


1 of 3. Chinese commercial law enforcement personnel inspect milk powder products at a supermarket in Lianyungang, Jiangsu province August 6, 2013.


Credit: Reuters/China Daily






SHANGHAI/BEIJING | Wed Aug 7, 2013 6:24am EDT



SHANGHAI/BEIJING (Reuters) – China fined six companies, including Mead Johnson Nutrition Co, Danone and New Zealand dairy giant Fonterra, a total of $ 110 million following an investigation into price fixing and anti-competitive practices by foreign baby formula makers.


The other three penalised were Abbott Laboratories, Dutch dairy cooperative FrieslandCampina and Hong Kong-listed Biostime International Holdings, the National Development and Reform Commission (NDRC) said on Wednesday.


The fines, which follow a four-month antitrust probe by the NDRC, coincide with separate pricing investigations into 60 foreign and local pharmaceutical firms as well as companies involved in gold trading. Those probes have yet to conclude.


The official Xinhua news agency said the fines were a record for China, although it did not elaborate.


“These are really significant fines for China, which has typically not issued large fines for antitrust violations,” said Peter Wang, an antitrust expert and Shanghai-based partner for law firm Jones Day.


Foreign infant formula is coveted in the world’s second biggest economy, where public trust was damaged by a 2008 scandal in which six infants died and thousands became ill after drinking milk tainted with the toxic industrial compound melamine.


Foreign brands account for about half of total sales and can sell for more than double the price of local formula. The infant milk market in China is set to grow to $ 25 billion by 2017 from $ 12.4 billion in 2012, according to data from Euromonitor.


The NDRC said in a statement the fines were for restricting competition, setting curbs on minimum prices for distributors and for using a variety of methods to disrupt market order.


It fined U.S.-based Mead Johnson 203.8 million yuan ($ 33.29 million); French food group Danone 172 million yuan; Biostime 162.9 million yuan; Abbott 77 million yuan; FrieslandCampina 48 million yuan and Fonterra 4 million yuan.


All of the companies said they would not contest the penalties.


Swiss giant Nestle, Japan’s Meiji Holdings and Zhejiang Beingmate Scientific Technology Industry and Trade Co Ltd were not punished because “they cooperated with the investigation, provided important evidence and carried out active self-rectification”, Xinhua quoted Xu Kunlin, the head of the NDRC’s price department, as saying.


Xu said the probe began in March, but was only made public in early July. After the NDRC probe was announced, a number of companies, including Mead Johnson, Danone and Nestle, cut prices on their baby formula in China by up to 20 percent.


Chinese firm Biostime was fined the equivalent of 6 percent of its 2012 China sales, the highest of those penalised, because it “seriously violated the anti-monopoly law and failed to actively take corrective action”, Xu said. Biostime imports most of its products.


Mead Johnson, the maker of Enfamil formula, was fined the equivalent of 4 percent of its 2012 sales because it “did not actively cooperate with the investigation but did take active self-rectification measures”, Xu added.


Danone, Abbott, FrieslandCampina and Fonterra were each fined 3 percent of last year’s sales after they cooperated in the probe and corrected improper practices.


“As a good corporate citizen, we are committed to addressing the concerns raised by the government and authorities in the market in which we do business and will comply with the fine stipulated by the NDRC,” FrieslandCampina said in an emailed statement.


FOREIGN FIRMS NOT HURT


Analysts said the probe was possibly part of a broader Chinese plan to boost consumption of local infant milk products.


But they said the fines were unlikely to damage the reputation of the affected companies. If anything, foreign infant formula makers might increase their market share because of the price cuts.


“It will have an impact on domestic brands over the long term as the prices of high-end premium brands come down. Customers will tend to buy the foreign brands as the price gap between domestic and foreign brands narrows,” said Jacqueline Ko, an analyst at Maybank Kim Eng Research.


Fonterra, the world’s biggest dairy exporter, said it would give additional training to sales staff and review its distributor contracts in the wake of its fine.


“We believe the investigation leaves us with a much clearer understanding of expectations around implementing pricing policies,” Kelvin Wickham, president of Fonterra Greater China and India, said in a statement.


Fonterra is embroiled in a separate milk powder contamination scare that has led to product recalls in China, Hong Kong and elsewhere in Asia.


The NDRC is one of China’s most powerful government bodies, with a role in overseeing prices as well as broad economic policies.


Wang from Jones Day said that while a Chinese firm got the biggest rap on the knuckles, foreign companies were clearly no longer insulated from NDRC investigations.


“It is a shift in that the foreign companies are so prominently being pursued. But that is normal. That is the way you would expect the antitrust system to mature,” Wang said.


The milk sector is still relatively young in China, with consumption of dairy products growing at an annual compound rate of 20 percent, a contrast to U.S. and European markets, where demand has been shrinking in the past decade.


Some analysts also said the pricing investigation could result in tougher rules governing imports.


The China Food and Drug Administration is proposing tightening conditions for the granting of licences for milk powder production, including requiring producers to have their own controlled milk sources and research and development capabilities.


In a statement late on Tuesday, the regulator said it was seeking public comment on the proposals, which also include requirements for licence holders to strengthen hygiene practices and management standards.


Mead Johnson said its fine would reduce its full-year earnings by about 12 cents per share, but it reiterated its 2013 earnings forecast for profit, excluding one-time items, of $ 3.22 to $ 3.30 per share.


Shares of Biostime, which has a market value of $ 3.3 billion, were up 5.3 percent at midday, beating a 0.3 percent drop in the benchmark index. It shares resumed trading after being suspended the day before.


($ 1 = 6.1217 Chinese yuan)


(Additional reporting by Lisa Baertlein in Los Angeles, Martinne Geller and Bill Berkrot in New York, Toni Clarke in Washington, Jonathan Standing and Li Hui in Beijing, Alexandra Harney in Shanghai and Anne Marie Roantree in Hong Kong Writing by Kazunori Takada; Editing by Dean Yates and Ron Popeski)





Reuters: Business News



China fines milk powder makers $110 million for price fixing

Gold price crash will not hurt our plans, says Highland Gold


24 karat gold bars are seen at the United States West Point Mint facility in West Point, New York June 5, 2013. REUTERS/Shannon Stapleton

24 karat gold bars are seen at the United States West Point Mint facility in West Point, New York June 5, 2013.


Credit: Reuters/Shannon Stapleton






LONDON | Wed Aug 7, 2013 4:38am EDT



LONDON (Reuters) – Highland Gold (HGM.L), a Russian gold producer partly owned by oligarch Roman Abramovich, will not be swayed from plans to develop its new deposits by this year’s crash in prices for the precious metal.


Eugene Shvidler, chairman of Highland Gold, said the company would buck the trend of other gold producers to rein in spending and put projects on hold because it had felt “no big impact so far” from the fall in gold prices by about a quarter this year.


But he expressed some frustration with smaller Russian gold companies reluctant to “marry” into partnerships after Highland tried and failed to forge deals over the last five years, warning them that this would hurt the industry.


“On the one hand (the price fall) is very scary, but on the other, it’s very healthy,” Shvidler said by telephone from his 200-hectare (500-acre) Château Thénac vineyard in southwestern France.


“There has been no big impact so far. If it stays the way it is, we’re OK. We don’t have to stop any big projects or anything like that.”


The gold price started the year at just under $ 1,680 an ounce and was trading at around $ 1,280 early on Wednesday. Highland’s 2012 all-in cash costs stood at $ 973 an ounce, the company said.


Shvidler, head of Abramovich’s investment vehicle Millhouse LLC which owns a 32-percent stake in Highland, shrugged off comments by rival gold company, Russia’s Polymetal (POLYP.L).


Its chief executive, Vitaly Nesis, said last month the industry’s response to the crash was “wholly inadequate” and spending cuts were “startlingly” slow.


“He is very talkative,” said Shvidler, who is so close to Abramovich that the owner of Chelsea football club bought him 45 Highland sheep for his 45th birthday.


He said he was not ruling out new acquisitions.


On April 2, two weeks before the gold price began to plummet, Highland said it had paid $ 212 million to acquire CJSC Bazovye Metally, which allows the company to mine the Kekura gold deposit in the remote Chukotka peninsula. Abramovich was the governor of the region between 2001 and 2008.


Shvidler says that Highland would not have saved much if the deal had gone through later. But Nikolay Sosnovskiy, an analyst at VTB Capital, said the transaction looked “very overpriced”.


“It was well above the industry average, while the reality should be that for such an extreme region there should be a discount, not a premium,” Sosnovskiy said.


MARRIAGE OF CONVENIENCE


Shvidler recently increased his stake in the company from around 8 to over 12 percent, but said he was “not fanatical” about producing gold and would “absolutely” sell the company if offered the right price.


“We are in business, we are not in love,” he said.


There is not much love lost between some of the smaller Russian gold companies.


“For some of these people to get married in partnerships would be a total disaster,” said Shvidler, no stranger to takeovers.


He oversaw the biggest deal in Russia when, in 2005, Gazprom took over oil company Sibneft for $ 13.1 billion – a company which Abramovich privatized in the 1990s and Shvidler made into Russia’s fastest growing oil producer.


Shvidler said Highland had been trying, unsuccessfully, to forge deals with other small Russian gold producers for the last five years but that it was difficult to do business with them.


“These are local guys with local ideas,” he said. “Even this deal with Kekura took us a year, and those were not local guys.”


The gold crash has seen most big gold-mining companies announce billions of dollars of writedowns in recent months. Last week Polymetal said it would write down the value of its assets by up to $ 340 million.


Highland has not announced any writedowns so far.


Highland was originally put on the market by the Fleming family, who gave it the name of the area in northern Scotland from where they originate.


Is Shvidler expecting more Highland sheep for his 50th birthday?


“No,” he laughed. “I don’t want to turn 50, that’s all.”


(Reporting By Jemima Kelly; editing by Elizabeth Piper)





Reuters: Business News



Gold price crash will not hurt our plans, says Highland Gold