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ABB cuts fine provisions boosting profit

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ABB cuts fine provisions boosting profit

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Swiss engineering group ABB has said it expects its third-quarter net income to be boosted to around 670 million euros.

That is because it will not need to use all the money it set aside to pay fines related to alleged anti-competitive practices. The European Commission has fined ABB almost 34 million euros for colluding with other power transformer makers to fix prices. The group also said the cost of doing business in Russia had increased – due to tax liabilities – and that it is reviewing how it does business there.