- Weather
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Max |
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40°C |
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Min |
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30°C |
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Sunrise |
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05 : 30 AM |
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Sunset |
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06 : 54PM |
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Humidity |
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50 to 80 per cent |
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- Prayer Time
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Fajar |
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03:53 am |
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Dhuhr |
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12:13 pm |
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Asar |
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03:31 pm |
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Magrib |
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07:01 pm |
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Isha |
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08:23 pm |
- Oil Price
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- Gold Price
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Price in RO
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24ct / gm |
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17.46 |
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22ct / gm |
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17.05 |
- Currency Rates
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Forex Rates vs R01
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US Dollar |
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2.58 |
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Euro |
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1.94 |
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Pound |
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1.66 |
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Indian Rs. |
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N/A |
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Pak Rs. |
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256.18 |
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Bangla Taka |
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201.27 |
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Bejing: China lashed out on Tuesday at a US court that ordered two Chinese pharmaceutical companies to pay $162 million for price-fixing in the US market, saying the ruling infringed its sovereignty.
A federal court in New York last week ordered the North China Pharmaceutical Group Corp (NCPC) and one of its affiliates to pay the huge sums after a jury found they had fixed prices on vitamin C exports to the US, Dow Jones Newswires reported.
The case was brought by US firms which alleged that Chinese vitamin C makers formed an illegal price-fixing cartel, increasing prices significantly and costing consumers tens of millions of dollars from 2001.
The jury awarded $54 million in damages, which the judge tripled to $162 million as it was an antitrust violation, Dow Jones reported. It was the first time Chinese companies had faced such court action in the United States.
Shen Danyang, a spokesman for China's Ministry of Commerce, said the Chinese firms were acting in compliance with Chinese laws at the time and branded the ruling as "unfair and improper".
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