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Pingo Doce Sues $ 20.4 Million Fine From Competition Authority – Executive Digest

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Pingo Doce Sues $ 20.4 Million Fine From Competition Authority - Executive Digest

Pingo Doce today guaranteed that a € 20.4 million fine imposed by the Competition Authority for participating in pricing scheme and said that he would “appeal to the court” against this decision.

“Since he strongly disagrees with this decision, which he considers completely unfounded and deeply undeserved in light of the consistent work he is doing to offer the best prices and best promotions to Portuguese consumers on a daily basis, Pingo Doce will challenge this decision in court and use all the means at his disposal to protect his reputation and restore the truth, ”says a note sent to Lusa in the supermarket chain of the Jerónimo Martins group.

On Wednesday, AdC announced more than € 92.8 million in fines on SuperBock, Modelo Continente, Pingo Doce, Auchan, ITMP (Intermarché Portugal) and two individuals for the price fixing scheme.

Also on Wednesday, Super Bock Bebidas also waived the fine imposed by the Competition Authority, ensuring it complies with the law and appeals to the competition court.

The Competition statement explains that “the investigation allowed us to conclude that through contacts established through a common supplier, without the need to communicate directly with each other, the participating companies ensured the agreement of the PVP. [Preço de Venda ao Público] in their supermarkets, in a conspiracy equivalent to the cartel known in antitrust terminology as “spokes and spokes”.

As noted by AdC, this practice eliminates competition and deprives consumers of better pricing options, “providing a higher level of profitability for the entire distribution chain.”

In a note published today, Pingo Doce confirms that “he was notified of the decision in the process taken by the Antimonopoly Office, which resulted in a fine of € 20.4 million.”

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Among the various companies targeted, Super Bock Bebidas received the highest fine (€ 33.296 million), followed by Modelo Continente Hipermercados (€ 27.48 million), Pingo Doce (€ 20.362 million), Auchan Retail Portugal (€ 3.463 million) … and ITMP Food (€ 8.265 million).

There are also fines of € 423 and € 113 for two individual Modelo Continente managers.

“In this case, the AdC investigation found that the practice lasted more than 12 years, from 2003 to 2016, and targeted several Super Bock products, including Super Bock, Carlsberg, Cristal and Cheers beer, Vitalis Waters and Água das Stones, and also Somersby cider, ”AdC said.

Competition demanded an “immediate end” of the practice, given that the possibility could not be ruled out that the behavior in question was still ongoing.

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Economy

Tesla announces another recall of 80,000 vehicles, and some even have to be recalled

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Imagem Tesla recall

Tesla cars suffered this year a large number of requests for “collection”better known as the process revoke🇧🇷 Trouble again and 80,000 vehicles in China will be recalled. If many of recalls was an easy decision as it was over the air (OTA) it really obliges the owners to take the car to the workshop.

In fact, this year, many millions of Tesla electric vehicles received revoke for fixes.

Many of the reviews are related to issues resolved via OTA.

Whenever there is a safety issue, the NHTSA must issue a "safety recall", even if the car manufacturer does not have to physically recall any vehicles, leading to some confusion.

Once again last month, Tesla's "1 Million Vehicles" collection of vehicles generated a lot of news as the impact on drivers was almost negligible considering the update only changed via OTA the software that runs the car system. to work with windows.

These cases have prompted Tesla CEO Elon Musk to complain about the term "recall = collection" and how it is being used in the media against Tesla. Today The American company again announced new collections in China about 80,000 cars.

13,000 Tesla electric vehicles have seat belt problems

The recall includes 67,698 imported Model S and Model X vehicles with a battery-related software issue, according to Chinese authorities. Again, the fix is ​​a simple software update. Nonetheless, this time there is also a physical collection due to the problem with the seat belt in approximately 13,000 Model 3 vehicles: 2,736 imported and 10,127 made in China.

over 20 recalls there were many collections in 2022. However, Tesla is not the only automaker to be hit by major recalls this year. OUR Ford also just confirmed that it is recalling another half a million vehicles. due to fire hazards, and many car manufacturers have also recalled millions of vehicles this year.

In any case, the fact that the vast majority of calls from electric brand a quick fix with over-the-air (OTA) software updates — rather than taking cars back to the dealership like other car manufacturers — shows that Tesla's level of connectivity to its cars is a huge advantage in the industry.

The software update system (OTA) allows the buyer to fix many problems easily and conveniently, and for Tesla itself means big money savings.

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Economy

Lidl wants to dominate the fast-charging market for electric vehicles at affordable prices

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Estação de carregamento, no Lidl, aberta 24 horas por dia

One of the EU’s goals for electric vehicles is to guarantee charging points so that tram drivers don’t have to worry about being on the road when they travel. To meet this need and dominate this market, Lidl intends to offer affordable prices.

We may soon see this initiative in more supermarkets.


Despite being a supermarket chain, Lidl has been guaranteeing electric vehicle charging stations in its stores for some time. However, a new journey has now begun, the launch of the first ultra-fast charging station, which has the distinction of guaranteeing a price well below what can be found on the market.

With this new equipment, in addition to the aesthetic aspects, Lidl takes on technical and cost commitments, guaranteeing the best on the market. After all, she not only placed the charger in her supermarkets, but also created, in turn, a space with protection for vehicles, users and chargers, in an area open 24/7 (i.e. 24 hours a day, 7 days in Week). . . .

This provides better visibility of the infrastructure and reduces the risk of internal combustion engine vehicles occupying space reserved for electric vehicles.

Lidl bets on affordable charging points

The first station will be installed in a Lidl supermarket near the French city of Lyon. The space is equipped with five charging points ranging from 22 to 360 kW. Thus, each client will be able to choose the one that best suits his needs.

For example, a 22 kW charger has a competitive cost of 25 cents per kWh. When we move to more powerful stations of 90, 180 or 360 kW, the price becomes 40 cents higher per kWh.

The strategy adopted by Lidl in some of its stores is already rolling out to other countries, such as Germany, where the supermarket chain is installing its first fast-charging stations, with 150kW stations priced at 48 cents per kWh.

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Economy

European Stock Markets Fall, Interest Rates Rise, Oil Rebounds – Markets in a Minute

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Europe is turning green.  Oil and gold down.  Percentage Increases - Markets Per Minute

Euribor climbs three and six months to new highs in almost 14 years

Euribor rates rose today to new highs since early 2009 at three and six months and fell at 12 months.

The six-month Euribor rate, most used in Portugal for home loans and entering positive territory on June 6, rose today to 2.374%, plus 0.006 points, the highest since January 2009.

The six-month average Euribor rose from 1.596% in September to 1.997% in October.

The six-month Euribor has been negative for six years and seven months (from November 6, 2015 to June 3, 2022).

The three-month Euribor, which entered positive territory for the first time since April 2015 on July 14, also rose today, setting a new high since February 2009 at 1.922% plus 0.014 points.

The three-month Euribor was negative between 21 April 2015 and 13 July last year (seven years and two months).

The three-month average Euribor rose from 1.011% in September to 1.428% in October.

On the other hand, over a 12-month period, Euribor fell today, settling at 2.860%, down 0.019 points from Thursday, after rising to a new high since January 2009 of 2.879% on Thursday.

After rising to 0.005% on April 12, positive for the first time since February 5, 2016, the 12-month Euribor has been in positive territory since April 21.

The average Euribor rate for 12 months increased from 2.233% in September to 2.629% in October.

Euribor began to rise more significantly from February 4, after the European Central Bank (ECB) admitted that it could raise key interest rates this year due to rising inflation in the eurozone, and the trend accelerated with the start of the Invasion of Ukraine on February 24.

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On October 27, to curb inflation, the ECB raised three key interest rates by 75 basis points, the third consecutive increase this year, after raising three interest rates by 50 basis points on July 21. growth after 11 years, and on September 8 by 75 basis points.

Changes in Euribor interest rates are closely linked to increases or decreases in ECB key interest rates.

Three-, six- and 12-month Euribor rates hit record lows respectively: -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021.

Euribor is set on the basis of the average rate at which a group of 57 Eurozone banks are willing to lend money to each other in the interbank market.

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