We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Swisscom AG (PK) | USOTC:SCMWY | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.79 | 1.42% | 56.45 | 54.87 | 57.43 | 56.45 | 55.62 | 55.62 | 9,266 | 21:05:08 |
By John Revill
ZURICH - Swisscom AG (SCMN.VX) has been fined 7.9 million francs ($7.76 million) after Switzerland's competition commission said the telecom company had abused its dominant market position to win a contract and ramp up prices.
The competition commission, known by its German acronym of WEKO, imposed the fine following a bidding contest to supply broadband connections for Switzerland's postal service dating back to 2008.
In its offer, Swisscom charged wholesale broadband prices so high that rivals couldn't compete with the telecoms company's own bid, which was 30% cheaper than its rivals, WEKO said. In addition, Swisscom forced the postal service to pay inflated prices, WEKO said.
Swisscom denied the allegations of misconduct which it said were "incomprehensible," saying the postal service had struck a deal for large discounts during the negotiations. Swisscom said it would contest the ruling and the fine at the Swiss Federal Administrative Court.
"We believe that our conduct was correct," Swisscom's Chief Executive Urs Schaepp said in a statement. "We put a priority on compliance with the Federal Cartel Act."
Write to John Revill at john.revill@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 19, 2015 03:38 ET (08:38 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
1 Year Swisscom (PK) Chart |
1 Month Swisscom (PK) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions