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18.2.11

"Excessive Market Power" * USA - Stagecoach accused of bumping up US prices

New York,NY,USA -The Financial Times (UK), by Gill Plimmer -February 17, 2011: -- Stagecoach, the biggest operator of New York sightseeing buses, may be forced to sell some of its services after being accused by US authorities of ramping up ticket prices... The transport group, which runs double-decker hop-on, hop-off buses in the Big Apple as well as Circle Line ferries, has been told by the Surface Transportation Board that it has excessive market power and can either split up the business or sell off a division... The tie-up has now been denied on the grounds that the combined group holds a near 90 per cent share of New York’s sightseeing bus market... The transport authority found savings estimated at between $7m (£4.4m) and $11m in the wake of the deal had not been passed on to customers. Fares rose between 10 and 17 per cent, a rise described as “a hallmark of unrestrained market power”... Stagecoach said it would consider the board’s report before deciding what action to take by the regulator’s deadline of March 25... The process allows an appeal... (Picture from i.dailymail.co.uk: Stagecoach is going ahead despite tourism)

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