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Unilever fined for ‘buying rush’ on soap in China
Business digest: Company broke government rules by talking to media about possible price rises
The Chinese government has fined consumer goods manufacturer Unilever for undermining its efforts to keep a lid on inflation, and triggering a "buying rush" on soap, after telling the Chinese media that it expected the price to go up.
The company was fined 2 million yuan, almost £200,000, for breaking an instruction not to talk publicly about prices.
The order was imposed on the makers of goods like noodles, liquor and hygeine products as part of the regime's attempts to stop inflation, which is currently running at more than five per cent.
The Anglo-Dutch company was guilty of "spreading information about price rises and disrupting market pricing order," said China's National Development and Reform Commission.
Read a full report at the Guardian. ·
