Free Republic

The European Union has slapped its biggest ever cartel fine, worth $3.24 billion and twice the previous record, on several of Europe’s top truck producers for colluding to keep prices artificially high at the expense of consumers. EU Antitrust Commissioner Margrethe Vestager said EU-based MAN, Volvo/Renault, Daimler, Iveco and DAF “colluded on the pricing and on passing on the costs for meeting environmental standards to customers.” Germany’s Daimler received the biggest fine of €1 billion ($1.1 billion), followed by €752 million ($832 million) for DAF of the Netherlands, €670 million ($741 million) for Volvo/Renault and €494 million ($546 million) for...

China’s vehicle manufacturer Foton is setting up an assembly plant in Kenya in what is set to heighten the battle between China and Western nations for business in Kenya. The Sh1.2 billion assembly plant is expected to churn out 10,000 units of prime movers, tippers, buses, pick-ups, and light commercial trucks per year, making it one of the biggest foreign direct investments by a Chinese company. Foton said it is setting up the plant to avoid paying a 25 per cent import duty on cars to allow in its low cost products putting it in a head-to-head battle with Japanese...