Advertisement
Singapore markets closed

  • Straits Times Index

    3,176.51
    -11.15 (-0.35%)
     

  • Nikkei

    37,068.35
    -1,011.35 (-2.66%)
     

  • Hang Seng

    16,224.14
    -161.73 (-0.99%)
     

  • FTSE 100

    7,895.85
    +18.80 (+0.24%)
     

  • Bitcoin USD

    64,350.56
    +756.95 (+1.19%)
     

  • CMC Crypto 200

    1,334.09
    +21.46 (+1.64%)
     

  • S&P 500

    4,967.23
    -43.89 (-0.88%)
     

  • Dow

    37,986.40
    +211.02 (+0.56%)
     

  • Nasdaq

    15,282.01
    -319.49 (-2.05%)
     

  • Gold

    2,406.70
    +8.70 (+0.36%)
     

  • Crude Oil

    83.24
    +0.51 (+0.62%)
     

  • 10-Yr Bond

    4.6150
    -0.0320 (-0.69%)
     

  • FTSE Bursa Malaysia

    1,547.57
    +2.81 (+0.18%)
     

  • Jakarta Composite Index

    7,087.32
    -79.50 (-1.11%)
     

  • PSE Index

    6,443.00
    -80.19 (-1.23%)
     

Australia court fines Visa arm 8.26 million pounds, cites anti-competitive conduct

Reuters

SYDNEY (Reuters) - Australia's federal court has ordered a subsidiary of credit and debit card issuer Visa Inc (V.N) to pay a fine of A$18 million (8.26 million pounds) for blocking a rival currency conversion service on its payment terminals.

The proceedings were brought by the Australian Competition and Consumer Commission (ACCC). The agency said in a statement that the domestic arm of Visa Worldwide infringed competition blocking a rival currency conversion service on its payment network between May and October 2010.

The court also ordered that Visa pay the ACCC A$2 million in legal costs.

Visa did not immediately respond to an email seeking comment outside normal working hours.

(Reporting by Swati Pandey; Editing by Kenneth Maxwell)