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January 4, 2008 |
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AIR NEW ZEALAND: Charged on EU Cargo Rates & Surcharges Probe The European Union regulators have charged Air New Zealand Ltd and other air cargo haulers for violating European competition rules, Jann Bettinga of Bloomberg News reports. EU filed the formal charges following an investigation into alleged agreements among airlines relating to air cargo rates and surcharges. ANZ confirmed receiving a statement of objections from EU, which statement sets out issues that ANZ and other airlines are required to respond by March 3, 2008. ANZ said it is just one of more than 25 airlines that received the statement. According to Bloomberg, European and U.S. regulators have been investigating carriers for possible price fixing of fuel surcharges at their cargo businesses. EU cartel fines typically amount to 2-3% of annual sales, and are capped at 10%, Bloomberg notes. Air New Zealand said in a filing with the New Zealand Stock Exchange that it will not be making any further comment until the statement has been considered by the its lawyers. About Air New Zealand Based in Auckland, New Zealand, Air New Zealand Ltd is the country's flag air carrier, with domestic and international passenger and freight operations, and an aviation engineering business. Air New Zealand flies to the United States, United Kingdom, Canada, Europe and other Asian cities. Moody's Investors Service, on Sept. 4, 2007, affirmed Air New Zealand Limited's Ba1 senior unsecured issuer rating. At the same time, it has changed the outlook on the rating to positive from stable. ANZ carries Standard & Poor's Ratings Services' 'BB' corporate credit rating, with stable outlook. |
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