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EU fines number of companies for anti-competitive behaviour

The European Commission, the European Union's anti-trust watchdog, has fined a number of European, American and Japanese companies for a total of 546 million euros ($673.49 million).

Shipping groups CSAV, K-Line, WWL-EUKOR and NYK were fined 395 million euros for having formed a cartel in sea transport of new cars and trucks.

By raising the prices of car components or costs for the transportation of cars, cartel eventually damaged European consumers and adversely affected the competitiveness of the EU automobile industry, which employs about 12 million people, the Commission said.

All companies recognized their participation in the cartels and agreed to settle matters.

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