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Marine Hose Cartel
The marine hose cartel was a cartel of six international suppliers of marine hoses (rubber hoses used to load or unload oil tankers in marine transfer operations). The cartel existed at least from 1986 and was uncovered in 2006, when one of the member companies provided information to authorities. The cartel operated by price fixing, bid rigging and Market allocation scheme, market allocation. In 2009, the European Union imposed total fines of 131 million Euros on the member companies; one of these fines was later reduced by 19 million Euros by the courts. By 2010, the U.S. Department of Justice had also levied fines of $12.3 million against four of the companies. Several individuals involved in the cartel received prison sentences in the UK and the US. Cartel members * Bridgestone Corporation * Yokohama Rubber Company * Dunlop Oil & Marine Ltd, belonging to Continental AG * Trelleborg Industries SAS, belonging to Trelleborg AB * Parker ITR Srl, belonging to Parker Hannifin * Manuli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cartel
A cartel is a group of independent market participants who collude with each other in order to improve their profits and dominate the market. Cartels are usually associations in the same sphere of business, and thus an alliance of rivals. Most jurisdictions consider it anti-competitive behavior and have outlawed such practices. Cartel behavior includes price fixing, bid rigging, and reductions in output. The doctrine in economics that analyzes cartels is cartel theory. Cartels are distinguished from other forms of collusion or anti-competitive organization such as corporate mergers. Etymology The word ''cartel'' comes from the Italian word '' cartello'', which means a "leaf of paper" or "placard", and is itself derived from the Latin ''charta'' meaning "card". The Italian word became ''cartel'' in Middle French, which was borrowed into English. In English, the word was originally used for a written agreement between warring nations to regulate the treatment and exchange of p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
