A lengthier recession awaits if we don't take drastic measures to save the economy in a Covid-19 world, writes Mbhazima Shilowa.
Five SA companies appeared before the Competition Tribunal this week in a bid to clear their names of allegations of price fixing.
The matter dates back to 2017 when the Competition Commission referred a collusion case involving 17 banks to the Tribunal. Three domestic banks – Absa, Standard Bank and Investec were among those named.
Construction company GVK-Siya Zama has agreed to pay an administrative penalty of over R6m after being charged with price fixing, market division and collusive conduct in the construction industry.
Power cable supplier Alcon has been fined R1.3m as part of a settlement agreement with the Competition Commission for its role in price fixing and collusion in Eskom tenders.
Auditor General Kimi Makwetu has said the commission not only incurred millions in irregular expenditure but also exceeded its approved budget.
European Union anti-trust authorities on Tuesday slapped multi-million euro fines on consumer electronics firms from Japan, Taiwan and the Netherlands for fixing prices for online retailers.
Two more media companies have agreed to a settlement related to a price-fixing case by the Competition Commission.
Twenty eight media companies have been referred to the Competition Tribunal on charges of fixing trading conditions.
ArcelorMittal SA has confirmed its first payment of R100m of the R1.5bn fine it was slapped with by the Competition Tribunal after pleading guilty to price fixing.
Corobrik and five other brick makers have been charged for price fixing and division of markets, says the Competition Commission, following an investigation.
Standard Bank non-executive director and deputy board chairperson Dr Hao Hu has stepped down from the board.
Wood panel company Sonae Arrauco admitted to price-fixing and collusive conduct, according to the Competition Commission.
The Competition Tribunal has confirmed as orders three consent settlement agreements with the SABC, Primedia and Ster-Kinekor.
Economic Development Minister Ebrahim Patel has said in reply to a Parliamentary question that search and enter raids constitute a 'highly specialised activity' and payments to service providers are essential.
Competition Commissioner Tembinkosi Bonakele has initiated an investigation against the Publishers' Association of South Africa and its members for allegedly fixing the prices of books for over three decades.
A Durban-based resin company has admitted to price-fixing and market division transgressions, and has agreed to pay a R29.7m fine to the Competition Commission.
Media24 has agreed to pay a penalty as settlement in a price-fixing case brought against it and 27 other media companies by the Competition Commission.
Print media companies Independent Media and Caxton have agreed to a penalty of more than R8m, after admitting to collusion.
Bricks company Corobrik is surprised that the Competition Commission regards agreements made with other industry players to be in contravention of competition law.
Just because medicine prices are regulated, does not mean they are fair or competitive.
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