Air NZ escapes antitrust fines in Europe

Air New Zealand has escaped censure from the European Commission after the body imposed fines totaling 800 million euros on 11 airlines for operating as a cartel.

The EC “has dropped the case against a number of airlines, including Air New Zealand, arising from alleged anti competitive conduct in the air cargo business,” the Auckland-based carrier said in a statement to the NZX today. “This brings closure to one more part of the ongoing investigations and proceedings which commenced in February 2006,” it said.

Rival Qantas Airways was fined 8.9 million euros for its part in the price-fixing activity. The 11 airlines were fined for cargo activities related to the European Economic Area.

Air France-KLM received the biggest fine, at 310 million euros and British Airways was fine 104 million euros.Other airlines fined included Air Canada, Martinair, Cargolux, Cathay Pacific, Japan Airlines, LAN Chile, SAS and Singapore Airlines.Shares of Qantas rose 1.1% to $2.78 on the ASX. Air NZ fell 0.7% to $1.36 on the NZX.

Businesswire.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

EBOS announces appointment of new Chief Financial Officer
AM Best affirms Tower Limited's A- (Excellent) FSR
MCK enters into conditional agreement for Whangarei land
April 26th Morning Report
SPG - Change to Executive Team
BGI - Forgiveness of $200,000 of secured indebtedness
General Capital Subsidiary General Finance Market Update
AFT,Massey Ventures,Gilles McIndoe to develop scar treatmen
April 24th Morning Report
Cheers to many fewer grape harvest spills