Word: fines
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...Britain's Office of Fair Trading earlier today hit BA with a record $247 million fine after the airline admitted to colluding with rival Virgin Atlantic over fuel surcharges both airlines added to ticket prices. Later on Wednesday, the U.S. Department of Justice, which was pursuing a similar case against BA in parallel with the one brought by the OFT, issued BA with its own $300 million penalty...
...period, the surcharges rose 12-fold to $122 for a typical BA or Virgin long-haul flight. BA has owned up to the collusion. "Anti-competitive behavior is entirely unacceptable," BA chief Willie Walsh said Wednesday. "We condemn it unreservedly." For its part, Virgin is expected to escape a fine, since it blew the whistle on the collusion in 2006. An OFT criminal probe into the actions of individuals involved is continuing...
...size of the fine won't have taken Walsh by surprise. In May BA set aside some $700 million to cover the fines and legal bills relating to the OFT and DoJ cases. And though the British fine was a record, it could have been even worse: The OFT was free to fine BA up to 10% of its global sales, which last year amounted to some $17 billion...
...signs that hang in most small businesses are actually in direct violation of building codes. Nearly all states have plumbing codes that require businesses to provide restroom access for customers and visitors. In New Hampshire, denying entry to a bathroom is a misdemeanor punishable by a maximum $1,200 fine...
...Annual trade shows now not only bring buyers from around the globe for China's freshwater jewels, but also auctions for the products of the world's largest saltwater producers, Australia's Paspaley and Tahiti's Robert Wang. Hong Kong is now the world's fourth largest exporter of fine jewelry behind Italy, the U.S. and India, totaling nearly $4 billion in 2005. "Hong Kong has made itself into the perfect compliment to China's dominance in pearl production," says Sonny Hung, spokesman for the jeweler Man Sang...