Wal-Mart and Carrefour fined for price manipulation

Chinese regulators fined Carrefour (CA.EURONEXT) and Wal-Mart (WMT.NYSE) for deceiving customers about product pricing, Reuters reported. China’s National Development and Reform Commission said the two stores charged customers prices higher than what was labeled on the products or advertised, and/or exaggerated discounts by inflating pre-discount prices. Stores in Chongqing, Harbin, Kunming, Shanghai and Shenyang were specifically singled out. The regulator said that the two, among other retailers, were fined up to US$75,960. The government has been checking prices at large retailers across the country in recent weeks in an effort to monitor the country’s rising inflation, which may accelerate as the Lunar New Year approaches. Last month, regulators in Kunming instructed large retailers to give the local government 48 hours’ notice before raising product prices.