NEW DELHI |
NEW DELHI (Reuters) - India's wholesale price index (WPI) rose in May to 7.55 percent, keeping price pressures elevated and making it harder for the RBI to revive economic growth with a widely expected interest rate cut next week.
The rise in the WPI from 7.23 percent in April came as both food and fuel prices picked up. It matched expectations in a Reuters poll.
The increase keeps inflation near its highest level this year - March data was revised up to a 2012 high of 7.69 percent - as policymakers come under pressure to revitalise an economy running at its lowest ebb in nine years and to steer the country away from a damaging ratings downgrade to junk status.
Still, traders said core inflation, which excludes volatile food and fuel prices, was around 5 percent, giving the Reserve Bank of India (RBI) room to cut its policy rate at a meeting on Monday.
"Since core inflation is still below 5 percent, I would expect RBI to cut rates by 25 basis points as that is the key number," said A. Prasanna, an economist at ICICI Securities Primary Dealership in Mumbai.
Economists calculate core inflation from the data.
Bond prices and stocks fell, while the rupee weakened after the data because it dashed earlier speculation that the headline figure would be below 7 percent.
The repo rate of 8.00 percent is the highest RBI policy rate among major economies in Asia. It cut the rate by 50 basis points in April as the growth outlook became more of a concern.
A political logjam in New Delhi and the euro zone debt crisis are weighing on Asia's third-largest economy. Capital inflows have slowed and the current account deficit widened.
Growth slumped to a nine-year low of 5.3 percent in the first quarter of calendar 2012 and data this week showed industrial output growth flatlined in April, triggering fresh calls for the government to restart an economic liberalisation programme stalled since 2004.
A Reuters poll after the GDP figures predicted the RBI will cut its repo rate by 25 bps to 7.75 percent on Monday to support growth.
"There is no room left for any fiscal stimulus, so to trigger growth, the RBI has to lower policy rates," said Rupa Rege Nitsure, chief economist at Bank of Baroda in Mumbai.
Still, central bankers face tough choices with inflation at relatively high levels.
Supply bottlenecks that stoke price pressures remain largely unattended, undermining the inflation fight. A fall in the rupee to a record low raises import price pressures.
Standard & Poor's this week threatened to downgrade the country's investment grade sovereign rating to junk, citing weakening economic fundamentals and policy inaction. It cut the outlook on its long-term rating on India to negative from stable in April.
(Editing by Frank Jack Daniel and Neil Fullick)
Savoo Launches 'Grocery' Savings in Response to UK Research into Retail - PR Newswire
LONDON, June 14, 2012 /PRNewswire/ --
- mySupermarket and Savoo join forces to get Britain the deals it wants
- The UK's recession means we look for deals more than ever before
Research from Savoo, the UK's fastest growing money saving and voucher code website, shows the UK's shopping habits have changed dramatically in the last three years, but it is grocery shopping where the UK consumer wants to make the most savings and get the best deals. On the back of this informative research, Savoo has teamed up with mySupermarket in a ground-breaking initiative to offer its users access to the very best deals from all the UK major supermarkets.
Savoo's research shows a staggering 85% of women surveyed would use a discount code or coupon in supermarkets if it meant they would get a better price - perhaps indicating the UK is heading towards the extreme couponing culture of the US. Traditionally polite Britons are also changing their attitudes to using voucher codes, with 80% of respondents not being embarrassed to make a saving on the items they purchase compared with 70% two years ago.
Simon Bird, General Manager of Savoo commented, "This research shows how the UK is a nation of savvy shoppers using voucher codes and deals to get the best prices all the time with grocery prices, understandably being top of the agenda. We wanted to create an online solution for our members and we are delighted to be working with a brand like mySupermarket that has a first class solution to our problem"
James Foord, VP Business Development at mySupermarket remarked, "We are delighted to be working with Savoo to help more customers become savvy with their grocery shopping. With over 30,000 special offers currently available across the supermarkets, it's impossible for consumers to find the best deals for them, so we do this for them, helping them to cut their weekly grocery bill by 20%."
Other findings show the north / south divide strikes again, as it's the savvy people of Glasgow that make the most of discount vouchers by saving an average £526 a year on their grocery shopping, compared to the not so savvy people of Plymouth who only save £4.10 a week. Perhaps not surprisingly, it's the internet savvy young people of the UK that make the most of online deals and discounts with those aged 16-24 saving an average of £8.40 on their weekly shopping compared to those aged 55+ who save on average £5.
Savoo has over 200,000 deals on its site and is the only deal provider in the UK to offer consumers a 'personalised' deal newsletter and a customised and unique homepage. This page is packed with deals the consumers want and have asked for, eliminating the hundreds of daily deal emails and alerts that plague a user's inbox.
Notes to editors:
The research was carried out by Opinion Matters between: 16 / 02 / 2012 and 21 / 02 / 2012
Sample: 1365
To use the Savoo infographic please use the following embed code:
<a href="http://www.savoo.co.uk/blog/post/Infographic-How-We-Use-Discount-Vouchers.html"><img src="http://cdn.savings.com/logo/3236680.jpeg" width="500" alt=""/></a><br/> Produced by <a href="http://www.savoo.co.uk/">Savoo.co.uk</a>
About Savoo
Savoo http://www.savoo.co.uk prides itself on being the only UK voucher code and deal finder site which never knowingly lists expired vouchers or offer codes. Also, the best deal of each of their consumer categories is presented prominently using its unique algorithm which ensures that the best deals always rise to the top. Savoo has a dedicated team of researchers whose sole responsibility it is to find the best deals available 24 hours a day, and provide rigorous quality control.
Savoo's goal is to offer its customers the easiest and most powerful way to find, prioritise and distribute the best deals and information to help its users make intelligent decisions with their money. They extensively leverage technology, automation, community and elegant design to provide the most useful experience in a fun and rewarding way.
Savoo is the only voucher code site to offer a bespoke personalisation tool where visitors can now choose the deals and merchants they want to receive information on. Savoo now also offers consumers a comparison service that helps savvy shoppers get the best on mobile, broadband, flights and holidays.
Savoo launched in March 2009 and was created to address the frustration of generally which is a poor consumer experience from other discount and voucher sites. Savoo has been determined from the outset to build a more comprehensive Internet destination where users can find deals that suit them in a manner that's convenient to them. Savoo is the sister site of the highly successful US coupon and deal giant Savings.com http://www.Savings.com.
About mySupermarket
Founded in 2006, mySupermarket has grown from a small start up to a global retail site. It is the only independent grocery, wine and health & beauty shopping and comparison website in the UK. The site allows users to shop and compare products and prices across Tesco, ASDA, Sainsbury's, Waitrose, Boots, Superdrug, Ocado and Majestic Wine online stores. They are a 'one stop shop' for every single product available at the country's leading online supermarkets.
mySupermarket guarantees that shoppers will get the best possible value for money for their weekly shopping while enjoying an easier and more consumer-friendly shopping experience. With a record 30,000 special offers currently available, shoppers are guided towards the best deals, helping them to cut their weekly bill by 20%, saving an average family £800 over the year.
Costco to buy remaining stake in Mexican unit - Reuters
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France's Unibail in German shopping centre deals - The Guardian
Dubai Shopping Malls Group unveils its promotion for the fifteenth edition of Dubai Summer Surprises - AME Info
DSMG has been a key sponsor of DSS since its inception running innovative events and activities that have helped brand Dubai as a shopping paradise in summer months. "DSMG is always on the lookout to offer customers increasingly exciting promotions during DSS, as this is in keeping with our mandate to re-energize the mall industry in Dubai and promote shopping and retail trade. Dubai as a shopping hub has always been the first choice for shoppers making it the quintessential value shopping destination. It is even more significant now when UAE is surveyed to be the world's second most international retail market having a presence of 56% international retail brands. This year, we are pleased to launch the three million dirhams worth prizes that fully complements the action-packed DSS being organized by the Dubai Events and Promotions Establishment (DEPE)", said Majid Al Ghurair, Chairman, Dubai Shopping Malls Group.
The participating malls have rolled out additional promotion and events during the month long celebration and shopping is more exciting this summer at all the participating DSMG malls.
The DSMG guarantees surprises and fun-filled activities for all its shoppers during the DSS offering prizes worth three million dirhams. Shop at any of the participating malls to receive a coupon from the mall that you have shopped to enter in the mega raffle. The malls are, Al Ain Centre, Al Ghurair Centre, Al Manal Centre, Al Mulla Plaza, Arabian Center, Burjuman Centre, Century Mall, Deira City Centre, Dubai Outlet Mall, Hamarain Centre, Ibn Battuta Mall, Lamcy Plaza, Mall of the Emirates, Mirdiff City Centre, Oasis Center, Palm Strip, Reef Mall, Sunset Mall, Times Square Center and Twin Towers.
A Weekly Mega Draw beckons prizes in cash and as gift vouchers worth half a million dirhams to four winners during the promotion period. The raffle draw is scheduled for 21st and 28th June and 5th and 14th July 2012. A Weekly Regular Draw will reward 20 winners with prizes worth fifty thousand dirhams with 5 winners in a week availing prizes in cash and as gift vouchers. As part of the joint promotion, MasterCard offers additional chances of winning to shoppers using MasterCard every time they shop. The promotion entitles shoppers using MasterCard to win 5 Emirates Airline return tickets to a destination as a weekly Mega Prize. The draws are held in conjunction with the DSMG raffle draw on 21st and 28th June and 5th and 14th July 2012. In total, 44 winners will get a chance to live it big this Summer Festival.
"MasterCard has been associated with DSS for 13 consecutive years to bring real value to its customers, merchants and cardholders. This year again, MasterCard has introduced a host of exclusive privileges during DSS for consumers to enjoy rewards and prizes while they shop using MasterCard in a participating DSMG mall," said Eyad Al-Kourdi, Vice President & Country Manager, UAE, MasterCard Worldwide. "MasterCard's collaboration with DSMG also helps facilitate commerce in Dubai as one of the top 10 global destinations cities as per MasterCard's Index of Global Destinations 2012," he added.
To top it all, visitors can choose from numerous spas to avail discounted rates for various health and wellness treatments. The fifteenth edition of the DSS targets all age groups with the entertainment attractions and shopping bargains. With unbeatable offers, events and activities, DSS promises unparalleled surprises this summer for the entire family.
Costco Wholesale Corporation and Controladora Comercial Mexicana Agree to Transaction Concerning Costco de Mexico - msnbc.com
ISSAQUAH, WA and MEXICO CITY — Costco Wholesale Corporation (NASDAQ: COST) ("Costco Wholesale") and Controladora Comercial Mexicana, S.A.B. de C.V. ("CCM") are pleased to announce that they have executed a definitive agreement under which wholly-owned subsidiaries of Costco Wholesale will purchase from CCM its 50% share interest in Costco de México, S.A. de C.V. ("Costco México"), a joint venture, for $10,650 million MXN (the equivalent amount in U.S. dollars is $760.4 million based on an exchange rate of 14.006 pesos to the dollar). In addition, Costco Mexico has declared a cash dividend of approximately $4,774 million MXN (the equivalent amount in U.S. dollars is $340.85 million based on an exchange rate of 14.006 pesos to the dollar), 50% payable to a subsidiary of Costco Wholesale and 50% to CCM. Costco Wholesale will use the dividend proceeds and existing cash and investment balances to fund the purchase. CCM will use the dividend and sale proceeds to pay down debt.
The Costco México joint venture has been 50% owned by each of Costco Wholesale and CCM and operated by Costco Wholesale. The closing is subject to the approvals of the Mexican Federal Competition Commission and the shareholders of CCM. Mr. Guillermo González Nova, and Mr. Carlos González Zabalegui, respectively Chairman and CEO of CCM, will continue as members of the Board of Directors of Costco México. Mr. Jaime Gonzalez Solana will continue as CEO of Costco México.
Costco Wholesale currently operates 602 warehouses, including 435 in the United States and Puerto Rico, 82 in Canada, 32 in Mexico, 22 in the United Kingdom, 13 in Japan, eight in Taiwan, seven in Korea and three in Australia. The Company also operates Costco Online, an electronic commerce web site, at www.costco.com and at www.costco.ca in Canada. The Company plans to open up to an additional six new warehouses prior to the end of its fiscal year on September 2, 2012.
A brief conference call to discuss the transaction is scheduled for 8:00 a.m. (PT) on June 14, 2012, and is available at 800-399-8203 or via a webcast on www.costco.com (click on Investor Relations and "Play Webcast").
Certain statements contained in this document constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For these purposes, forward-looking statements are statements that address activities, events, conditions or developments that the Company expects or anticipates may occur in the future. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. These risks and uncertainties include, but are not limited to, domestic and international economic conditions, including exchange rates, the effects of competition and regulation, uncertainties in the financial markets, consumer and small business spending patterns and debt levels, conditions affecting the acquisition, development, ownership or use of real estate, actions of vendors, rising costs associated with employees (including health care costs), energy, and certain commodities, geopolitical conditions and other risks identified from time to time in the Company's public statements and reports filed with the Securities and Exchange Commission.
© Marketwire 2012
Shop Istanbul: a fashionista's paradise - Hello Magazine
Love shopping? We've got the perfect excuse to jet off to the Turkish capital. The Istanbul Shopping Fest (ISF) runs from now until 29 June. If you're a fashion fanatic, don't miss out on this vibrant event.
When it comes to shopping destinations, the main ones that spring to mind are Paris, New York, London and Milan. But right now Istanbul is the place to go. This Turkish hot spot that spans continents, civilizations, cultures and beliefs, is rapidly becoming not only a shopping hub, but also one of entertainment and culture.
CLICK ON PHOTO FOR FULL GALLERY
During the Istanbul Shopping Fest, the streets of one of the most dynamic cities in the world, where east meets west, sparkle with lights and decorations. A whole range of cultural activities take place: concerts; street parties; parades; and competitions, bringing Istanbul's shopping centres and main shopping streets to life.
The festival spirit runs throughout the city, especially in the hundreds of shopping centres in neighbourhoods like Taksim, Nişantaşı, Şişli, Bakırköy, Fatih and Bahariye, as well as the main shopping areas like Abdi Ipekçi, Istiklal and Bağdat. And don't forget to visit the must-see traditional markets, like the famous Grand Bazaar and the Spice Bazaar.
During the three week festival, which is in its second year, you'll have the chance to bag yourself a bargain from new collections offering generous discounts of up to 50 per cent. It's an exciting chance for shopping lovers to see another side of this city whilst experiencing shopping between two diverse continents on the same day. And there's an extra bonus – as a foreign visitor, you'll be able to claim back part of the VAT at the TAX FREE points located in the shopping centres around the city!
So for your next weekend getaway, when you fancy some great food, culture, and a spot of shopping, you know where to go.
Further information:
Istanbul Shopping Fest www.istshopfest.com and Turkish Tourist Information www.pasionturca.net
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