China fines Mercedes $57 million in price-fixing probe

BEIJING (TIP): A Chinese regulator said on April 23 it has fined Mercedes Benz 350 million yuan ($57 million) on price-fixing charges in a wide-ranging probe of the auto industry that has prompted complaints foreign automakers are being treated unfairly.

The unit of Germany’s Daimler AG was fined for violating anti-monopoly law by enforcing minimum prices dealers were required to charge for vehicles and replacement parts, according to the price bureau of the eastern province of Jiangsu. Setting minimum retail prices is common in other countries but Chinese regulators reject it as a violation of free market competition. Regulators have targeted automakers, technology suppliers and dairies in a series of anti-monopoly investigations over the past two years in an apparent effort to force down prices.

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American Scientist Peter Wolynes elected to Indian National Science Academy

American chemist Peter Wolynes of Rice University has been elected a foreign fellow of the Indian National Science Academy, an honor bestowed on fewer...
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