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Swatch confirms competition probe

Published: 08 Aug 2011 18:04 GMT+02:00

The world's biggest watchmaker Swatch confirmed Monday it was being probed by European anti-trust authorities over claims that several luxury watch producers colluded to stop supplying spare parts to independent repairers.

"It concerns almost the entire watch industry, including the Swatch group," the watchmaker said in a statement.

The European Commission had thrown out the complaint filed by the European Confederation of Watch & Clock Repairers' Associations in 2004, but was ordered to reverse that decision by the European Court of Justice last year.

The confederation alleged that watch manufacturers refused to supply spare parts to repairers that did not belong to manufacturer maintenance networks.

"We are confident regarding the outcome of this investigation," Swatch group said.

Stocks in the watchmaker fell 7.39 percent in late afternoon trade to 335.70 francs per share, leading the Swiss Market Index's 2.98 percent fall, as investors continued to fret over the credit worthiness of the United States and other advanced economies.

 

Today's headlines
More rain renews flood and landslide risks
Photo: Commune de St. Gingolphe /Facebook

More rain renews flood and landslide risks

Many parts of western Switzerland remained on alert as weather forecasters called for additional rain on Tuesday, heightening the risk of more flooding and transportation disruptions. READ  

Italians arrest ex-Swiss banker for 'tax fraud'
Dollfus is based in Lugano, the third largest banking centre in Switzerland after Zurich and Geneva. Photo: Switzerland Tourism

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Frenchman dies in cliff fall while taking photos
Photo: Graubünden cantonal police

Frenchman dies in cliff fall while taking photos

Police on Monday said they have launched an investigation into the death of a 25-year-old Frenchman who fell from a cliff while snapping nature photos in the canton of Graubünden. READ  

Federer gains confidence before French Open
Photo: Ozan Kose/AFP

Federer gains confidence before French Open

Roger Federer said winning an 85th career title at the Istanbul Open tennis tournament had given him a boost in confidence on clay ahead of the French Open later this month. READ  

Torrential rain swells Swiss rivers and lakes
Photo: Monthey municipal police

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Parts of Western Switzerland continued on Sunday to clear up debris from flash floods triggered by heavy rain over the weekend that swelled rivers and lakes well beyond their normal banks, disrupting transport and prompting the evacuation of residents in two communities. READ  

Swiss train passengers evacuated after landslide
SBB Intercity train. Photo: SBB

Swiss train passengers evacuated after landslide

Five hundred passengers from an Swiss Federal Railways (SBB) train were evacuated on Sunday afternoon after a landslide in the canton of Fribourg cut rail traffic between Bern and Lausanne. READ  

'Imperious' Federer wins 85th title in Istanbul
Photo: AFP

'Imperious' Federer wins 85th title in Istanbul

Switzerland's Roger Federer on Sunday won the Istanbul Open with a superb display of clay court tennis to defeat Pablo Cuevas of Uruguay in straight sets. READ  

Tour de Romandie
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Ilnur Zakarin revelling in the attention of two hostesses after winning the Tour de Romandie UCI World Tour. Credit: Fabrice Coffrini / AFP

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Katusha cyclist Ilnur Zakarin of Russia won the Tour de Romandie race in Lausanne on Sunday, holding off Britain's two-time defending champion Chris Froome in the closing individual time-trial. READ  

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Albasini wins second stage in Romandie race
Albasini makes it two in a row. Photo: Fabrice Coffrini/AFP

Albasini wins second stage in Romandie race

Switzerland's Michael Albasini bagged his second straight win in the Tour de Romandie cycling race to consolidate his overall lead on Thursday's third stage. READ  

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