Despite fruitful supplies of sugar around the globe, a small group of traders known as the ‘sugar samurai’ in Indonesia have been called out by government officials and other traders for driving sugar prices in the nation to an all-time high last summer, as the country braces for even more price spikes. Reports say the traders buy sugar crops through a technique that works in their favor, though the officials note there is no evidence of illegal practices. But those who are calling out the group say that in addition to favorable auctions, the traders also control “most” of the country’s distribution and retail networks, thus giving nearly total control of the market to just a small group. One economist told reporters that the lack of competition is responsible for the price hikes; reports say that prices are also fixed by the government to have a floor auction price in an effort to ensure farmers do not switch crops.
Full Content: Free Malaysia Today
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI