
Turkey's antitrust authority opens probe of Coca-Cola over possible competition violation
ANKARA, June 10 (Reuters) - The Turkish Competition Board said on Tuesday it had opened an investigation into Coca-Cola (KO.N), opens new tab to determine whether the company violated Turkey's competition law.
In a statement, the competition board said that an investigation into Coca-Cola was launched after initial findings of suspicions that the soft-drinks giant had implemented practices aimed at preventing and obstructing the sales of its competitors at its sales points.
The investigation will also examine whether Coca-Cola complied with the commitments it submitted to the board in 2021, the statement also said.
Coca-Cola did not immediately respond to a Reuters request for comment.
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Telegraph
an hour ago
- Telegraph
MPs demand inquiry into ‘Chinese links' to Telegraph takeover
They were joined by Tory MPs Bob Blackman, Sir Desmond Swayne and Neil Shastri-Hurst, the SNP's Chris Law and Labour's Maria Rimmer. The four peers who signed the letter were Baroness D'Souza, Lord Shinkwin, Baroness Meyer and Lord Alton of Liverpool. The letter went on to call for a 'full and transparent investigation into the acquisition'. It concluded: 'The last attempt at a sale of the Telegraph was finally blocked by the UK government on the grounds of undue influence of foreign powers on an important UK news publication. 'To allow the sale to go through at this point when so much of the financing of the RedBird bid remains shrouded in mystery would make a mockery of the existing legislation. 'Those who have invested in RedBird should surely be known before any sale approval can be allowed.' The group said that John Thornton, the chairman of RedBird Capital, is a member of the China Investment Corporation (CIC), a sovereign wealth fund that manages part of Beijing's foreign exchange reserves. They claimed Mr Thornton also took part in meetings with senior figures from the Chinese Communist Party (CCP) last year and earlier this year. British-backed rival attempting to disrupt sale The 71-year-old retired as president of Goldman Sachs in 2003 to become a professor at Tsinghua University, one of China's leading universities. Goldman Sachs said at the time that Mr Thornton would stay on as a senior adviser to the bank, with a particular focus on Chinese clients and strategy. Sources close to RedBird told The Guardian that no Chinese state funds were involved in the deal. A press release issued by the Chinese government in April said He Lifeng, a senior Chinese official, had met with Mr Thornton to 'exchange views on China-US economic and trade relations and [the] macroeconomic situation'. The release said Mr Thornton had '[noted] that US-China relations are very important', and that he would 'continue to play a role in […] promoting the stability of the relations between the two countries'. It was announced on May 23 that Gerry Cardinale, the founder of RedBird Capital, had signed an agreement in principle to acquire control of The Telegraph. However, no final agreements are in place, and a British-backed rival is attempting to disrupt the sale. A number of regulatory hurdles also await. 'New era for The Telegraph' Mr Cardinale said last month: 'This transaction marks the start of a new era for The Telegraph as we look to grow the brand in the UK and internationally, invest in its technology and expand its subscriber base. 'We believe the UK is a great place to invest, and this acquisition is an important part of RedBird's growing portfolio of media and entertainment companies in the UK.' RedBird has said it hopes that The Telegraph will be able to reinvest more of its profits and become a force in US and global journalism. Mr Cardinale is also understood to be in detailed talks with Lord Rothermere, the owner of the Daily Mail, as he seeks to complete the consortium. Foreign state ownership of newspapers was banned outright in 2024 following a cross-party outcry. While RedBird IMI does not currently control The Telegraph, it is the owner of debt secured against it.


Reuters
2 hours ago
- Reuters
Major Gulf markets retreat on geopolitics
June 12 (Reuters) - Major stock markets in the Gulf fell in early trade on Thursday amid uncertainty following the U.S. decision to relocate personnel from the Middle East ahead of nuclear talks with Iran. U.S. President Donald Trump said on Wednesday U.S. personnel were being moved out of the Middle East because "it could be a dangerous place," adding that the United States would not allow Iran to have a nuclear weapon. Reuters reported on Wednesday that the U.S. is preparing a partial evacuation of its Iraqi embassy and will allow military dependents to leave locations around the Middle East due to heightened security risks in the region, according to U.S. and Iraqi sources. Saudi Arabia's benchmark index (.TASI), opens new tab dropped 1.3% as almost all its constituents were in negative territory including Al Rajhi Bank ( opens new tab, which was down 0.6%. Among other losers, oil giant Saudi Aramco ( opens new tab was down 0.4%. The decision by the U.S. to evacuate some personnel comes at a volatile moment in the region. Trump's efforts to reach a nuclear deal with Iran appear to be deadlocked and U.S. intelligence indicates that Israel has been making preparations for a strike against Iran's nuclear facilities. Iranian Defence Minister Aziz Nasirzadeh said on Wednesday that if Iran was subjected to strikes it would retaliate by hitting U.S. bases in the region. Dubai's main share index (.DDFMGI), opens new tab retreated 1.7%, its biggest intraday fall since April, dragged down by losses across sectors and led by a 3% slide in blue-chip developer Emaar Properties ( opens new tab. In Abu Dhabi, the index (.FTFADGI), opens new tab fell 1%, hit by a 2% fall in ADNOC Gas ( opens new tab. The Qatari index (.QSI), opens new tab traded 0.8% lower, with petrochemical maker Industries Qatar ( opens new tab losing 1%.


Reuters
2 hours ago
- Reuters
European shares tumble as trade, geopolitical tensions mount
June 12 (Reuters) - European shares dropped on Thursday, in their fourth straight session of declines, as trade optimism stemming from U.S.-China trade talks faded, while mounting geopolitical tensions led to the markets being more cautious. The pan-European STOXX 600 (.STOXX), opens new tab was down 0.4% at 549.41 points at 0707 GMT, while most regional bourses were also in the red. U.S. President Donald Trump said on Wednesday that he was willing to extend the deadline for trade talks but it was not likely necessary as the U.S. will send offer letters to countries in a week or so. However, markets were a little concerned about the European Union being able to clinch a deal before Trump's July 8 deadline - when the tariff pause expires. Geopolitical worries added more caution to markets already navigating U.S. tariff-driven uncertainty after trade talks with China did not offer a solution to de-escalate longstanding tensions. U.S. personnel were being moved out of the Middle East because "it could be a dangerous place" amid rising tensions with Iran, Trump said on Wednesday. In the market, travel and leisure stocks (.SXTP), opens new tab were the worst hit, down 1.7%, while industrial miners (.SXPP), opens new tab fell 1.1%. Among stocks, BE Semiconductor Industries (BESI) ( opens new tab jumped 7.7% after raising its long-term financial targets ahead of its investor day. Tesco (TSCO.L), opens new tab gained 1.3% after Britain's biggest food retailer's domestic sales growth accelerated in its first quarter.