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Most states individually regulate alcohol pricing and the companies need to submit and get prices approved every year by the local authorities. There are also separate labeling, licensing and brand registration norms. The ex-brewery prices set by the companies are also the base on which alcohol taxes, a vital source of state government revenue, are imposed. That results in wild variations in retail prices. A 330 ml bottle of Kingfisher costs 36 rupees (49 cents) in the tourist state of Goa, but 130 rupees ($1.77) in the northern state of Haryana, a major industrial hub, according to India’s largest beer chain, the Beer Cafe.

As part of its investigation, the CCI secured permission from a Delhi district judge to conduct search and seizure operations philadelphia eagles cufflinks at the brewers’ offices, only the third such raids in the watchdog’s near 10-year history, The dawn raids were conducted in two Indian cities - Bengaluru, previously known as Bangalore, in southern India and Gurugram, near the capital New Delhi - by dozens of officers and technology experts, five sources with knowledge of the probe said, Over two days, senior company officials were questioned about pricing, their computer hard-disks copied and mobile phones cloned to analyze communications over WhatsApp..

One source gave an example of an e-mail that showed the companies were exchanging notes on their successes on achieving better prices in a particular state, and how that model can be replicated. The source described the communication as a “brazen” anti-trust violation. Reuters has not been able to independently verify the contents of any e-mails. The watchdog suspects price-fixing in at least four Indian states, one of the sources said. The CCI’s investigation unit will further question company executives and analyze the seized evidence before making penalty recommendations in a report, which will be reviewed by commission members in a process that could take up to 12 months.

The Indian probe is the latest anti-trust headache for global brewers, Last year, the European Commission accused AB InBev of abusing its market dominance in Belgium by impeding the flow of cheaper imports into the country, In 2014, a German regulator fined Carlsberg and smaller brewers for colluding on prices, The brewers are already facing an uphill struggle in India, An executive who has formerly worked for a foreign brewer in India said local governments were reluctant to allow price increases, philadelphia eagles cufflinks fearing they would impact consumer purchases and, in turn, their tax revenues..

“There is nobody making margins here other than the governments, they want to maximize their revenue,” the executive said. Beyond pricing issues, sudden policy changes can also hit brewers. In 2016, India’s Supreme Court banned liquor sales within 500 meters of highways and the same year the eastern state of Bihar banned alcohol. Three other Indian states and one federally-controlled island territory also ban or restrict alcohol sales. For Carlsberg, the Bihar state ban came just two years after the company opened a new brewery there. At the time, its then country head, Michael Jensen, said India was the “most difficult market in the world but you can’t do stuff like that .. It is very detrimental for investor confidence”.

Top brewers also face a challenge from the growing popularity of premium segment craft beers, Sequoia Capital-backed B9 Beverages’ “Bira 91” brand and a start-up brand “Simba” have lured drinkers with quirky branding and lighter brews, Simba clocked sales of $10.2 million last year and is targeting a doubling this year, but could have grown at a faster pace if not for the stringent and varied state philadelphia eagles cufflinks government regulations, its founder Prabhtej Singh Bhatia told Reuters..

SEOUL (Reuters) - Hyundai Motor Co’s (005380.KS) third-quarter net profit plunged by a shocking two-thirds, hit by a $440 million one-off charge related to U.S. recalls and sending its shares tumbling to near nine-year-lows on Thursday. The unexpected costs relating to Hyundai’s engine recalls came on the heels of mounting U.S. pressure to respond to reports of vehicles catching fires. The recall headache adds to a plethora of issues at Hyundai, which had counted on new SUVs to engineer a recovery following five straight years of annual profit declines stemming from weak sales in its key U.S. and Chinese markets.

Quarterly net philadelphia eagles cufflinks profit slid to 269 billion won ($236 million), the lowest in more than seven years and well below a SmartEstimate of 831 billion won, according to Refinitiv data, SmartEstimates give more weight to recent estimates by analysts who are more consistently accurate, Operating profit slumped 76 percent while sales rose 1 percent to 24.4 trillion won, Shares in the automaker finished down 6 percent, their lowest closing level since March 2010, At one point they fell as much as 12.4 percent, their lowest since January 2010, Shares of affiliate Kia Motors (000270.KS), which will report its earnings on Friday, slumped 5.9 percent..

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