Shares of Asahi Glass Co and Nippon Sheet Glass Co, Asia’s two largest glassmakers, dropped in Tokyo trading after they and two rivals were fined by the EU over claims they fixed car window prices.
Asahi Glass shares fell 5 percent to ¥515 (US$5.37) at the close of trading yesterday on the Tokyo Stock Exchange. Nippon Sheet Glass tumbled 9 percent to ¥314, the biggest drop since Oct. 24.
Cie de Saint-Gobain SA shares fell 5.2 percent in Paris on Wednesday.
Nippon Sheet Glass’ Pilkington unit, Asahi Glass and Saint-Gobain, Europe’s largest building-materials supplier, were fined a record 1.38 billion euros (US$1.7 billion). The penalties were increased because the companies were repeat offenders, the commission said yesterday after the Japanese market closed.
Asahi Glass “will examine the decision and determine accordingly their future course of action,” the company said yesterday in a statement on its Web site.
Nippon Sheet will also “decide on future action, including a possible appeal,” the statement said on its Web site.
Saint-Gobain was fined 896 million euros, the highest against a single company, the European Commission said.
Asahi Glass was fined 113.5 million euros and Nippon’s Pilkington unit must pay 370 million euros.
A fourth company, Belgium’s Soliver, received a 4.4 million euro penalty.
Nippon Sheet Glass, which has set aside £250 million (US$373 million) for fines related to automotive and construction glass, will book an Y8.9 billion charge in the second quarter of the year to March 31 to make up for a shortage of the reserves, the company said.
Asahi Glass said it will separately provide the financial impact.
Saint-Gobain, Pilkington and two competitors were fined a total of 487 million euros for participating in a separate cartel to set the prices of glass used in the construction industry.
WHEELING AND DEALING? Hou You-yi, Ko Wen-je, Eric Chu and Ma Ying-jeou are under investigation for allegedly offering bribes for the other side to drop out of the race Taipei prosecutors have started an investigation into allegations that four top politicians involved in attempts to form a “blue-white” presidential ticket have contravened election regulations. Listed as defendants are Chinese Nationalist Party (KMT) presidential candidate and New Taipei City Mayor Hou You-yi (侯友宜), KMT Chairman Eric Chu (朱立倫), former president Ma Ying-jeou (馬英九) of the KMT and Taiwan People’s Party (TPP) Chairman and presidential candidate Ko Wen-je (柯文哲). The case stemmed from judicial complaints filed last month with the Taipei District Prosecutors’ Office alleging that the KMT (blue) and the TPP (white) had engaged in bribery by offering money or other enticements
PEACE AND STABILITY: ‘Taiwan can be of tremendous value’ in building resilient supply chains, President Tsai Ing-wen said, as she encouraged closer ties with foreign businesses A Chinese invasion of Taiwan is unlikely for the time being due to the internal challenges and international pressure that China is facing, President Tsai Ing-wen (蔡英文) told the New York Times in an interview shown on Wednesday. “My thought is that perhaps this is not a time for them [China] to consider a major invasion of Taiwan,” Tsai said in a prerecorded interview for the DealBook Summit held by the newspaper on Wednesday. Beijing’s leadership is presently “overwhelmed by its internal challenges” on economic, financial and political grounds, while the international community “has made it loud and clear that war is
EXPOSED: Some Taipei wardens reported joining the trips out of peer pressure, while others said they were relieved it was made public so they could refuse, a city councilor said Nearly 30 percent of Taipei borough wardens have joined group tours to China that were partially funded by the Chinese government, leading prosecutors probing potential Chinese interference in January’s elections to question local officials, an investigation showed. Democratic Progressive Party Taipei City councilors Chien Shu-pei (簡舒培) and Chen E-jun (陳怡君) have reported cases of Taipei borough wardens inviting residents to join inexpensive privately organized group tours to China that were partially funded by the Chinese government. The six-day trips reportedly cost NT$10,000 to NT$15,000, the councilors said. An investigation by the Liberty Times (the Taipei Times’ sister newspaper) showed that nearly 30 percent
COUNTER DISINFORMATION: More engagement and media literacy are needed to push back against misinformation and claims that the US is an unreliable partner, the AIT director said The US is “confident” that Taiwan does not face an imminent threat of a Chinese invasion, American Institute in Taiwan (AIT) Director Sandra Oudkirk told a US public radio show, adding that Washington remains committed to defensively arming the nation. She made the comment during an interview on All Things Considered, broadcast on Friday on US-based National Public Radio. “There is an important distinction between making plans and training troops, and getting ready to do something,” Oudkirk said, on whether she thinks Beijing plans to attack Taiwan in the near future. Chinese officials have told Washington that “their preference is for peaceful reunification,