If you had to summarise in colloquial terms the Competition Tribunal’s finding on Wednesday, 12 June 2019 on the Competition Commission’s four-year-old case against more than 20 banks on charges of currency manipulation, it would be this: “Please, for heaven’s sake, get your act together.”
So, the tribunal has ordered the commission to redraft its referral in 40 days. That in itself is going to be interesting. Then the tribunal has required the commission to “confine its case against the respondent banks to one of a single over-arching conspiracy, providing more detail on such a conspiracy, and limiting the relief sought against those respondent banks without a presence in South Africa to a declaratory order”.
But if that was so, it must have got a shock when all the banks, bar one, decided they intended to fight the case. Two others, including Absa, later pleaded for leniency and will probably get it.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: J&J, Colgate Ordered to Pay Almost $10 Million in Talc CaseJohnson & Johnson and Colgate-Palmolive Co. must pay almost $10 million to a dying California woman who blamed the companies’ talc-based products for her rare cancer.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Obituary: After the Marikana massacre, the writing was on the wall for LonminLonmin, which at one time was the world’s third-largest platinum producer, died on Friday, 7 June, at the age of 110. This script was not set in stone. The company faced many of the challenges that confronted its rivals, some of whom are now thriving. These included depressed prices, unyielding geology, and waves of social and labour unrest. In the end, the boardroom dug its own grave as a series of poor management decisions ultimately laid the company to rest.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: June 12: Five Things You Need to Know to Start Your DayTrump says he’s holding up a trade deal with China ahead of the G-20 summit. Hong Kong braces for unprecedented strikes over an extradition bill. And Asia equity futures are in the red after U.S. stocks ended their winning streak. Here are some of the things people in markets are talking about today.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK INVESTIGATION: Visual surveillance and weak cyber security, Part One: When cameras get dangerousIn 2019, 15,000 surveillance cameras will be connected to the Internet to monitor Joburg’s streets 24/7. This is courtesy of video surveillance service provider Vumacam. But online cameras can be hacked – often quite easily. This is not only a threat to public safety, but can also place Internet services at risk. And the manufacturer of Vumacam’s cameras, Hikvison, has a checkered cybersecurity history. Daily Maverick investigated and found that Hikvision’s known cyber vulnerabilities may be just the tip of the iceberg.
Source: dailymaverick - 🏆 3. / 84 Read more »