Corning avoids EU antitrust fine by ending exclusive deals with phone manufacturers
When the commission announced its investigation, it said Corning required mobile phone manufacturers to source all or nearly all of their Alkali-AS glass (marketed as Gorilla Glass) needs from the company, even ganting them rebates. Under its agreement with the commission, Corning has to "waive all exclusive dealing clauses in all its current agreements" with phone manufacturers and companies that process raw glass. Corning also won't be allowed to enter exclusive deals in the future.
In addition, Corning can't require manufacturers or any of their suppliers to purchase any quantity of Alkali-AS Glass from it in the European Economic Area. Worldwide, Corning can't require manufacturers and their suppliers to purchase more than 50 percent of their needs from the company. Corning's commitment will remain in force for nine years, and a trustee will monitor the company's movements to ensure its compliance.
As Reuters has noted, EU fines could cost companies as much as 10 percent of their revenue, but Corning didn't have to pay anything. "The European Commission's investigation has been settled with no fine, no finding of wrongdoing by Corning, and no material impact to the company's Gorilla Glass business or the company at large," the Gorilla Glass-maker told Bloomberg in a statement.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
27 minutes ago
- Business Wire
Kirby McInerney LLP Reminds Sable Offshore Corp. (SOC) Investors of Class Action Filing and Encourages Investors to Contact the Firm
NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP reminds investors who purchased Sable Offshore Corp. ('Sable' or the 'Company') (NYSE:SOC) securities to contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@ or fill out the contact form below, to discuss your rights or interests with respect to the securities fraud class action lawsuit against the Company. [ LEARN MORE ABOUT THE CLASS ACTION ] On May 19, 2025, Sable announced that it had resumed oil production from one of three offshore platforms related to its Las Flores pipeline (the 'Onshore Pipeline') in California as of May 15, 2025. On May 21, 2025, Sable announced the pricing of its previously announced underwritten public offering of 8,695,654 shares of its common stock, by the Company at a price to the public of $29.50 per share (the 'Public Offering'). The Company subsequently announced the closing of the Public Offering on May 23, 2025, with gross proceeds of approximately $295 million. On May 23, 2025, the California State Land Commission sent Sable a letter warning the Company that, 'The [May 19] press release appears to mischaracterize the nature of recent activities, causing significant public confusion and raising questions regarding Sable's intentions.' According to the letter, Sable had conflated offshore well testing activities required by a federal regulatory agency with the restart of operations. Then, on May 28, 2025, the Santa Barbara County Superior Court approved a preliminary injunction requested by the California Coastal Commission regarding Sable's maintenance and repair work in the coastal zone related to its Onshore Pipeline. On this news, the price of Sable declined by $5.04 per share, or approximately 15%, from $32.93 per share on May 27, 2025, to close at $27.89 on May 28, 2025. The lawsuit alleges that Sable made false or misleading statements that the Company had restarted oil production off the coast of California when it had not. If you purchased or otherwise acquired Sable securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@ or fill out the contact form below, to discuss your rights or interests with respect to these matters without any cost to you. Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP's website. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Business Wire
27 minutes ago
- Business Wire
Rio Tinto approves US$180 million Norman Creek project, securing long-term future for Amrun bauxite operations on Queensland's Cape York Peninsula
MELBOURNE, Australia--(BUSINESS WIRE)--Rio Tinto has approved investment of US$180 million and commenced work on the Norman Creek access project at the world-class Amrun bauxite mine on Queensland's Cape York Peninsula. The Norman Creek access project will enable mining of the Norman Creek region of Amrun, which holds approximately half of the currently declared Amrun Ore Reserves of 978 million tonnes. [1] Construction is underway on key infrastructure, including a 19-kilometre haul road, camp accommodation and a communications tower. First production from Norman Creek is targeted for 2027, with full construction completed in 2028. Rio Tinto Pacific Operations Aluminium Managing Director Armando Torres said: 'Norman Creek is another important step in securing the long-term future of our Weipa operations, and the benefits that mining brings to communities in the region, Queensland, and the nation. 'It will maintain jobs in the region through to at least the middle of this century, ensuring continuity for our people and the Weipa community. 'The decision to approve Norman Creek reflects the quality of Western Cape York's world-class bauxite deposits, combined with the strong operational improvements our people are making at Amrun that are bolstering our confidence to invest for the long-term.' In addition to the Norman Creek project, Rio Tinto recently announced it had started early works and a final feasibility study on the Kangwinan project, which includes early works and final engineering studies to increase production capacity at the Amrun bauxite mine. If approved, Kangwinan would increase annual bauxite production capacity from Rio Tinto's Weipa Southern operations, by up to 20 million tonnes, in addition to the current 23 million tonnes, and expand export capacity through the Amrun port. The project was named Kangwinan at the request of Traditional Owners, the Wik Waya people. Production from the Kangwinan project would replace output from the Andoom mine on Cape York and the Gove mine in the Northern Territory, which are both expected to close toward the end of the current decade. First output from the Kangwinan project could be as early as 2029. The Norman Creek investment is expected to be classified as replacement capital and has been factored into the Group's capital guidance. [1] These Ore Reserves were reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition (JORC Code) and the ASX Listing Rules in a release to the ASX dated 19 February 2025 titled 'Mineral Resources and Ore Reserves updates: supporting information and Table 1 checklists' (Table 1 release) which is available at The Amrun Ore Reserves comprise 466 Mt of Proved Ore Reserves @ 54.6% Al 2 O 3 and 8.8% SiO 2 and 512 Mt of Probable Ore Reserves @ 54.3% Al 2 O 3 and 9.1% SiO 2 for a total of 978 Mt @ 54.4% Al 2 O 3 and 9.0% SiO 2. The Competent Person responsible for the information in the Table 1 release that relates to Amrun Ore Reserves is William Saba who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Rio Tinto confirms that it is not aware of any new information or data that materially affects the information included in the Table 1 release, that all material assumptions and technical parameters underpinning the estimates in the 2024 Annual Report continue to apply and have not materially changed, and that the form and context in which the Competent Person's findings are presented have not been materially modified. Ore Reserves are reported on a 100% basis
Wall Street Journal
27 minutes ago
- Wall Street Journal
Oil Edges Higher, Supported by Unexpected Fall in U.S. Crude Inventories
0010 GMT — Oil edges higher in early Asian trade, supported by an unexpected fall in U.S. crude inventories. EIA data released Wednesday showed commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 3 million barrels in the week ended Aug. 1. Analysts surveyed by the WSJ had predicted crude stockpiles to be up by 100,000 barrels. Oil-price movements seem limited ahead of a potential meeting between U.S. President Trump and Russian President Putin. Traders are positioning themselves for the possibility of a softer stance on Russia than the White House previously telegraphed, ANZ Research analysts say in a note. Front-month WTI crude oil futures are 0.2% higher at $64.42/bbl; front-month Brent crude oil futures are 0.1% higher at $66.94/bbl. (
