today's edition of the straits times carried a report of our competition watchdog, the competition commission of singapore (ccs) said a total of 11 modelling agencies came together from 2005 to 2009 to set and raise prices charged for the hiring of models.
just last week, 16 maid agencies were also singled out for allegedly colluding to increase the pay of new indonesian maids. the modelling agencies have been asked to present their arguments before the ccs makes a final judgement and they have until june 30, 2011 to prove their innocence, failing which they will face a fine of up to 10 percent of their annual turnover for a maximum of three years.
my comments:
in my 14 years in the financial industry and with reference to insurance companies, i observed that the pricing of certain life insurance products have been regularly re-priced to the advantage of consumers here. ......