AAP
Several suppliers to Coles and Woolworths have raised concerns of bullying by the supermarket giants.
Australian Competition and Consumer Commission (ACCC) chairman Rod Sims made the call earlier this year to suppliers of Australia's two dominant supermarket chains Coles, which is owned by Wesfarmers, and Woolworths to come forward with any evidence of bullying behaviour.
The call was in response to claims that suppliers were being squeezed as a result of price wars between the chains on a range of products from milk, fruit, vegetables and bread to toilet paper and washing powder.
Mr Sims said the ACCC is currently assessing the claims to see if any action needs to be taken.
"We've had 40 or 50 people come forward with more or less useful information," he said.
"Some people have complained about things that aren't against the law and other people have complained about things that are worth looking into.
"We're now assessing what we've got and trying to see whether there's things that we should be taking very seriously, but it's still early days."
Mr Sims also announced that the ACCC would be taking a tougher approach to the major supermarket chains making "creeping acquisitions".
"The national chains are increasing their participation in the liquor, grocery and home improvement sectors, particularly through many small acquisitions," Mr Sims said.
"The ACCC is concerned to ensure that further acquisitions do not ultimately lead to retail or indeed wholesale industry structures that may adversely affect the competitiveness of these markets or reduce choice for consumers."
In recent years there has been an informal arrangement where the Wesfarmers and Woolworths would notify the ACCC of any supermarket acquisitions.
Mr Sims said the consumer watchdog was currently in talks with Woolworths and Wesfarmers to expand the arrangement to cover a larger range of acquisitions and sectors and to streamline the process.
The ACCC is currently investigating a number of small retail acquisitions by the supermarket chains which included several hotels and liquor stores in NSW, a number of hardware stores in Ballarat and two supermarkets in Western Australia.
Expert views on May inflation data - Reuters India
NEW DELHI |
NEW DELHI (Reuters) - India's wholesale price inflation accelerated to 7.55 percent in May from a year earlier, driven by double-digit rises in food and fuel prices, government data showed on Thursday.
Analysts on average had expected an annual rise of 7.60 percent, a Reuters poll showed. Wholesale prices rose 7.23 percent in April.
The annual reading for March was upwardly revised to 7.69 percent from 6.89 percent, the government said.
The core wholesale price index rose an estimated 4.85 percent in May from a year earlier, according to three analysts surveyed by Reuters, compared with a rise of around 4.9 percent in April.
COMMENTARY
RAJEEV MALIK, ECONOMIST, CLSA, SINGAPORE
"The most important negative is the massive revision to the March number, which means the May headline inflation may be revised upwards. Even if the magnitude of revision is not as high as the March number, the May number may still be closer to 8 percent.
"I don't think this data, especially the revision, gives much of breathing space to the Reserve Bank of India to cut the repo rate, maybe the cash reserve ratio (by 25-50 basis points) but bear in mind that the RBI has indicated it is comfortable with liquidity."
RAHUL BAJORIA, REGIONAL ECONOMIST, BARCLAYS, SINGAPORE
"While the May number was in line with expectation, the scariest thing in today's data is the March revision. However, that is driven mostly by food prices as the core inflation for March has been revised just to 5 percent from 4.7 percent.
"So the trend is that we are moving down on core inflation and it does open up room for the RBI to do more given that this print will incorporate most part of the currency's weakness.
"Going ahead we expect seasonality factors, lower crude oil precise will keep headline number close to 7.5 percent and core inflation around 4.5-5.0 percent."
ANUBHUTI SAHAY, ECONOMIST, STANDARD CHARTERED BANK, MUMBAI
"It is true that the headline inflation though in line with our expectation is still elevated and the upward revision to the March print is massive. But we believe that with core inflation below 5 percent (4.85 percent in our view) and a dramatic deterioration in growth outlook since the last policy, RBI is likely to reduce repo rate by 25 bps to 7.75 percent when it meets on June 18."
ABHEEK BARUA, CHIEF ECONOMIST, HDFC BANK, NEW DELHI
"I don't think the revision as such is a huge worry. I think the RBI will use the latest number, both headline and core in the course of action on Monday. I think that this course of action would have been influenced by growth and industrial production.
"The core number is a little below 5 percent, which the RBI has been highlighting, and that should give a comfort the central bank needs to go ahead with some monetary easing. The principal motivation would come from growth, and this core inflation number should not hinder that. Our calculation shows core inflation at 4.96 percent.
"I think there is a clear need to infuse liquidity in the system. I think RBI would continue with open market and secondary market operations, and would wait until the July policy to cut the CRR. But, I think there is some probability of a 25 basis points cut in repo rate being supplemented by a 25 basis points cut in the CRR on Monday. Our base case, however, is of only a 25 basis points cut in the repo rate."
PHILIP WYATT, ECONOMIST, UBS, HONG KONG
"I think rupee depreciation, high headline inflation number and upward revision in previous month inflation numbers may delay a repo rate cut but I think RBI will start with quantitative easing by cutting the CRR (cash reserve ratio) by 50 basis points at its June policy review.
"However, with core inflation coming below 5 percent for the last three months and down from its November peak of 7.9 percent, I think there is scope for RBI to cut rates later in the year if the headline inflation number comes down and trade balance narrows."
SHUBHADA RAO, CHIEF ECONOMIST, YES BANK, MUMBAI
"Inflation pressures are alive and kicking. The pressure now is clearly from food. If food inflation persists for a long time, it may translate into broad-based generalised price pressure.
"We are expecting a 25 basis points rate cut on June 18. We don't expect a cut in the cash reserve ratio as of now, because liquidity deficit being 700 billion to 800 billion rupees is in their comfort zone. They wouldn't want to disturb that in the current juncture.
"Growth is in stagnation, especially manufacturing. The loss of momentum is very, very perceptible. Over the year, we expect another 25-50 basis points cut in the repo rate."
SHAKTI SATAPATHY, FIXED INCOME STRATEGIST, AK CAPITAL, MUMBAI
"The March revised inflation figure clearly denies any moderation in the inflationary forces thus putting the RBI on a hard patch to maintain a growth-inflation balance.
"Though things are not improving from the fiscal end, the flattish core inflation along with accommodative global macros might lead the central bank to go for a sentiment soothing rate cut on 18th June policy meet."
RUPA REGE NITSURE, CHIEF ECONOMIST, BANK OF BARODA, MUMBAI
"This number is below my expectation but I continue with my recommendation for a 50 bps rate cut as that alone will ensure transmission of monetary policy. There is no room left for any fiscal stimulus, so to trigger growth, the RBI has to lower policy rates."
A PRASANNA, ECONOMIST, ICICI SECURITIES PRIMARY DEALERSHIP, MUMBAI
"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. There are cost pressures on inflation from rupee depreciation, excise duty increases, but I don't think that will spill over to the demand side because the demand side pressure are quite weak evident from the manufacturing inflation."
SURESH KUMAR RAMANATHAN, FIXED INCOME AND CURRENCY STRATEGIST, CIMB, KUALA LUMPUR
"I don't see this as a reason for any cut ahead by RBI given that pipeline price pressures are intact, overall inflation will remain on the firm side. The market pricing in a cut by RBI next week may be disappointed."
MARKET REACTION
The benchmark 10-year bond yield rose 3 basis points to 8.28 percent from levels before the data, while the main Sensex erased earlier gains to fall 0.2 percent.
The rupee weakened to 55.75/76 against the dollar from around 55.70 beforehand.
BACKGROUND
- Standard & Poor's this week said that India could become the first of the so-called BRIC economies to lose its investment-grade status, less than two months after cutting its rating outlook for the country.
- The Reserve Bank of India is widely expected to lower its main lending rate by 25 basis points (bps) to 7.75 percent on June 18 when it reviews its policy for the first time after cutting rates by a sharper-than-expected 50 bps in April.
- Falling global oil prices as well as declining core inflation and growth in India give the central bank room to adjust interest rates, a deputy governor said last week.
- Industrial output rose just 0.1 percent in April, lower than expectations in a Reuters poll for a 1.7 percent increase. Output fell in March from a year earlier by 3.5 percent.
- The economy expanded 5.3 percent in the March quarter, its slowest pace in nine years, on a combination of mounting global uncertainties, muddled policies, high inflation and steep interest rates at home.
- Manufacturing sector kept up its steady expansion in May, driven by rising output, a business survey showed.
- Car sales rose just 2.8 percent in May from a year earlier as a hike in excise duty on the vehicles hit demand.
(Reporting by India treasury team; Editing by Ranjit Gangadharan)
BSE Sensex, bonds fall after May inflation gains - Reuters India
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France's Unibail in German shopping centre deals - The Guardian
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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