FedEx guys – what has been said about this from within? How the heck can fuel surcharges be considered anti-competitive? I’m thinking it’s a case of European jealousy streak - what do you think???
PINKYLINKY
European regulators probe FedEx
European Commission requests information as part of probe into anti-competitive behavior in the air freight transport industry.
December 22 2006: 5:40 PM EST
NEW YORK (Reuters) -- FedEx Corp. said Friday that European regulators had asked it for information as part of a probe into possible anti-competitive behavior in the air freight transport industry.
FedEx said in a quarterly regulatory filing with the Securities and Exchange Commission that it does not believe it engaged in anti-competitive activities, and was cooperating with authorities.
In February, officials for the United States and the European Commission raided airline offices on both sides of the Atlantic in an investigation of possible price-fixing of freight shipments by passenger and cargo airlines.
In June, FedEx received a grand jury subpoena for producing documents linked to the Justice Department's investigation into possible antitrust violations, according the company's annual report.
FedEx said at that time that it did not believe it was a target of the investigation.
At issue are the surcharges airlines have imposed for fuel, added security since the Sept. 11, 2001 hijackings in the United States and higher war risk insurance, according to some of the carriers being questioned.
Fuel costs for airlines rose to nearly $100 billion last year from $44 billion in 2003, according to the International Air Transport Association (IATA), prompting many airlines to impose surcharges on fares.
PINKYLINKY
European regulators probe FedEx
European Commission requests information as part of probe into anti-competitive behavior in the air freight transport industry.
December 22 2006: 5:40 PM EST
NEW YORK (Reuters) -- FedEx Corp. said Friday that European regulators had asked it for information as part of a probe into possible anti-competitive behavior in the air freight transport industry.
FedEx said in a quarterly regulatory filing with the Securities and Exchange Commission that it does not believe it engaged in anti-competitive activities, and was cooperating with authorities.
In February, officials for the United States and the European Commission raided airline offices on both sides of the Atlantic in an investigation of possible price-fixing of freight shipments by passenger and cargo airlines.
In June, FedEx received a grand jury subpoena for producing documents linked to the Justice Department's investigation into possible antitrust violations, according the company's annual report.
FedEx said at that time that it did not believe it was a target of the investigation.
At issue are the surcharges airlines have imposed for fuel, added security since the Sept. 11, 2001 hijackings in the United States and higher war risk insurance, according to some of the carriers being questioned.
Fuel costs for airlines rose to nearly $100 billion last year from $44 billion in 2003, according to the International Air Transport Association (IATA), prompting many airlines to impose surcharges on fares.
