EC ISSUES FINE FOR CARTEL

The European Commission has fined Brose and Kiekert a total of €18 million for taking part in two cartels concerning supplies of closure systems for cars in the European Economic Area (EEA). Magna was not fined as it revealed both cartels to the Commission. Magna, based in Canada and Brose, based in Germany took part in a bilateral cartel concerning supplies of door modules and window regulators for a certain car model of the Daimler group. SOURCE: European Commission

CHILEAN SHIP CO.OPENS HAMBURG OFFICE

Chilean dry bulk shipping company Naviera Chilena del Pacifico (Nachipa), is opening its first European office in Hamburg as it moves to an asset-light business model. Nachipa, a specialist in the global transportation of dry bulk commodities, has launched its new brand ‘Cargo First’ to coincide with a fresh business focus that is taking a cargo-first approach, reducing its owned fleet, and expanding its global operations.  SOURCE: Seatrade Maritime News

FROM PROFIT TO LOSS FOR CAIRN

Oil and gas explorer Cairn Energy swung to a first half loss of $324m, swinging from a profit of $66.5m in the first half of 2019. Revenue totalled $172m (£133.64m) for the six months ended 30 June, down from $257m year-on-year.  SOURCE: dailybusinessgroup.co.uk

UK REBOUND EASES

The pace of UK business growth eased this month – denting economic recovery expectations from the coronavirus lockdown, according to a closely-watched survey. IHS Markit’s Flash Purchasing Managers’ Index data showed a similar track for activity across much of Europe as nations impose tighter rules to curb rising coronavirus infection rates. The early data showed a loss of momentum during September. SOURCE: Sky News


FORTNITE BATTLES IT OUT WITH APPLE


A judge in California hears the opening arguments in what promises to be a drawn-out—and consequential—dispute. Fittlngly, the legal deathmatch is happening online. On September 28th a court in California heard arguments, via video call, in a case that pits Apple against Epic Games, the maker of “Fortnite”, a hit video game. At issue is whether the tight control Apple exerts over the software that can run on its smartphones amounts to a monopolistic abuse of power. The verdict, when it comes, may determine what other digital marketplaces can and cannot do. SOURCE: The Economist

ILLUSTRATION: Epic’s Fortnite