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Wednesday, 26 January 2011 - China to fine Carrefour, Wal-Mart for deceptive prices
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    Read more with google mobile : China to fine Carrefour, Wal-Mart for deceptive prices

    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 to fine Carrefour, Wal-Mart for deceptive prices AFP - Thursday, January 27 Send IM Story Print China to fine Carrefour, Wal-Mart for deceptive prices Slideshow: Full Photo Coverage: Business & Economy BEIJING (AFP) - – China said Wednesday it would punish certain Carrefour and Wal-Mart stores for deceptive pricing practices as Beijing struggles to rein in inflation. Local authorities have been ordered to fine more than 10 Carrefour stores and three Wal-Mart outlets and confiscate their "illegal income", the National Development and Reform Commission said on its website. The stores, located around the country, were found to be deceiving customers over the price of goods such as charging more than on the labels of a range of products including cotton underwear, tissues and tea leaves. Fines will be five times the amount confiscated or up to 500,000 yuan ($76,000) if they cannot be calculated, the statement said. Carrefour and Wal-Mart were not immediately available to comment. The commission, China's top economic planner, also urged authorities to step up price investigations ahead of Lunar New Year, which falls on February 3, and punish serious offenders with fines and licence suspension. Retail spending usually soars for the most important holiday of the year as people splash out on food and gifts for families and friends. Inflation in China rose 4.6 percent on year in December, down from a two-year high of 5.1 percent in November, but it was up 3.3 percent over the year, higher than Beijing's target. Fearful of the potential for inflation to spark social unrest, Beijing has been pulling on a number of levers to rein in soaring food and property prices, including raising interest rates and cracking down on hoarding. Recommend Send IM Story Print Related Articles WRAPUP 1-Conoco, Occidental profits rise with oil Reuters - 45 minutes ago US-BUSINESS Summary Reuters - 47 minutes ago Dow hits 12,000 level after data Reuters - 47 minutes ago US STOCKS SNAPSHOT-Dow hits 12,000 level after data Reuters - 47 minutes ago Instant view: New home sales surge in December Reuters - 51 minutes ago News Search Top Stories Boeing fourth-quarter profits slump on lower sales Dow Jones index hits 12,000 points Davos opens with power shift to South, East in focus T. rex still king, says dino study BBC World Service axes five language services More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Kids who misbehave face trouble as adults: study T. rex still king, says dino study British economy suffers shock slump BBC World Service axes five language services 'The King's Speech' wins most Oscar nominations 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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