Business briefing

SIA Cargo being fined by Swiss competition panel

SINGAPORE Airlines (SIA) Cargo is being fined 1.69 million Swiss francs (S$2.37 million) by the Swiss Competition Commission, which has fined a total of 11 airlines after it found they agreed on certain elements of pricing for air freight. SIA Cargo said it strongly contests any suggestion of involvement in a price cartel in the Swiss case. A financial provision of about $2.37 million will be made in its financial statements for the current financial year. SIA Cargo plans to study the grounds of the Commission's decision to decide whether to appeal against the decision to the Swiss Federal Administrative Tribunal.

Tuan Sing completes valuation of key investment properties