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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World China authorities seek maximum fine for Carrefour AFP - Monday, January 31 Send IM Story Print China authorities seek maximum fine for Carrefour Slideshow: Full Photo Coverage: Business & Economy SHANGHAI (AFP) - – China price regulators are seeking to fine French retail giant Carrefour 2.5 million yuan ($380,000) -- the maximum fine for overcharging customers, state media reported Sunday. Municipal regulators fined three Carrefour stores in Shanghai and two in southwest China's Yunnan province 500,000 yuan each on Saturday, the official Xinhua news agency reported. However, the final fine will be decided only after a hearing where regulators said Carrefour representatives will be able to respond to the charges, the report said. It gave no further details about the hearing. A total of 11 Carrefour stores were accused of charging more than the price they displayed on products ranging from cotton underwear and tea leaves to rubber gloves, according to reports. Three Wal-Mart stores also face fines for overcharging. Carrefour "sincerely apologises" and has offered to refund customers five times the difference between the price charged and that on the label, state media reported last week, citing company officials. "We will have our special control group conduct internal price inspections, with wide coverage and high frequency," Carrefour China's head of public relations Chen Bo was quoted as telling Xinhua. Local authorities were ordered to fine the Carrefour and Wal-Mart stores for deceptive pricing practices and confiscate their "illegal income", the National Development and Reform Commission said on its website Wednesday. Fines should be five times the amount confiscated, or up to 500,000 yuan if the amount cannot be calculated, the statement said. The commission, China's top economic planner, also urged authorities to step up price investigations ahead of the Lunar New Year, which falls on February 3, and punish serious offenders with fines and licence suspensions. Retail spending usually soars for the most important holiday of the year as people splash out on food and gifts for families and friends. The crackdown comes as Beijing tries to curb inflation, which stood at 4.6 percent on year in December, down from a two-year high of 5.1 percent in November. But analysts expect consumer prices to increase at a faster pace this month due to cold weather and the holiday season. Recommend Send IM Story Print Related Articles BP seeks fast track arbitration with TNK-BP Reuters - 34 minutes ago US-BUSINESS Summary Reuters - 1 hour 15 minutes ago Jobs, inflation and Egypt Reuters - 1 hour 16 minutes ago GLOBAL MARKETS WEEKAHEAD-Jobs, inflation and Egypt Reuters - 1 hour 18 minutes ago Chalco says plans $1.4 bln share sale in China Reuters - 1 hour 53 minutes ago News Search Top Stories South Sudan chooses to secede: official results Davos political leaders struggle to advance agenda Gulf stock markets down on Egypt concerns Ivory Coast ballot recount 'grave injustice': Ban 'Milestone' WTO ruling due in EU-US Boeing battle More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Saudi bourse plunges 6.43% on Egypt tensions Charlie Sheen rushed to hospital after 'wild' party Flu epidemic shuts all Moscow schools France says troubled euro has 'turned the corner' Gulf stock markets down on Egypt concerns More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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