Centro Properties Group, a leading retail property and services organisation, has announced a trading halt to the ASX pending an announcement with regard to their debt financing. The trading halt is to remain in place until Friday, unless an announcement is made prior. Centro shopping centres are typically geared toward non-discretionary retail spending with many supermarkets and fresh food stores located within. Their stores are primarily located in Australia and the US and, with 121 centres... ...Read more »
Peak retail industry body the Australian Retailers Association (ARA) supports with some reservation the Victorian Government’s changes to extend clearway times in and around Melbourne CBD and is calling for councils to ease local parking restrictions. According to Executive Director Richard Evans, extending the clearway times to 6.30-10am and 3-7pm will help ease the increasing traffic congestion problem in Melbourne but there needs to be a co-joining process with local councils to encourage retail... ...Read more »
“The food industry is changing rapidly and businesses want their food news served fast, with relevance and in a format that’s easy to read ” said Joe Lederman, accredited specialist business lawyer and head of Melbourne boutique law firm FoodLegal at the launch of the new look Australian Food News website today. In 1998, Joe created the original Australia Food News site as a very comprehensive but static listing of every useful food-related website on the internet. “I was a busy lawyer,... ...Read more »
Mars, Incorporated (”Mars”) have announced a merger agreement with Chicago-based Wm. Wrigley Jr. Company (NYSE: WWY) (”Wrigley”) in a transaction valued at approximately $23 billion (A$24.7 billion). Under the terms of the agreement, Wrigley will become a separate, stand-alone subsidiary of Mars. With $5.4 billion in sales, Wrigley is a world leader in gum and confections. Under the terms of the agreement, unanimously approved by the Boards of Directors of both companies,... ...Read more »
Packaging of a number of Arnott’s biscuits in the Snack Right range have been declared to be misleading under final orders obtained by consent from the Federal Court, following Australian Competition and Consumer Commission action.The Federal Court declared that Arnott’s Biscuits Limited breached the Trade Practices Act 1974 by engaging in conduct likely to be false, misleading or deceptive in relation to the packaging and labelling of the following Snack Right products: Snack Right... ...Read more »
Business confidence has fallen to its lowest level since March 2001 according to the quarterly report by the National Australia Bank (NAB). The NAB survey for the March quarter showed a drop of ten points in confidence to a figure of minus four. NAB surveyed 1700 firms throughout February and March to determine the results. Interest rates and inflation have hit the disposable incomes of consumers with interest rates rising twice in the quarter and inflation increasing to decade highs at... ...Read more »
The International Grains Council and Rabobank have indicated that the world’s production of wheat is likely to increase by about 40 tonnes on last year’s figure. With wheat prices reaching record highs in February the prospect of a better season is welcome news, especially as global stocks remain at historically low levels. The price of wheat did reach $13 a bushel in February but is now back to $8 a bushel, which is equivalent to its’ price in November last year. Due... ...Read more »
The Federal Government has mooted changes to legislation which will provide the ACCC with greater powers to crackdown on companies engaging in the practice of predatory pricing. The legislation is another attempt by the government to stimulate competition and reduce spiralling prices, particularly in the food industry. Minister for Small Business, Chris Bowen, outlined the changes at the Trade Practices and Corporate Compliance Conference and indicated the changes would help stimulate competition.... ...Read more »
Multinational wholesaler Costco is set to enter the Australian market by opening stores in Melbourne and Sydney within the next two years. Melbourne’s Docklands area is considered to be the most likely site of their first store although nothing has been finalised yet due to difficulties in finding sites and gaining council approval. Costco is America’s largest wholesaler and offers a one-stop shop where everything from electrical goods to bedding to groceries can be purchased.... ...Read more »
Small Business Minister Margaret Quirk today released the report of an inquiry into the operation of franchise businesses in Western Australia. The inquiry was set up in 2007, following some concerns about fairness in franchising arrangements. South East Metro Small Business Centre manager Chris Bothams was appointed the independent chair of the inquiry. Mr Bothams, an accomplished and respected former franchisee and two-time winner of the WA Franchisee of the Year award, was also named the... ...Read more »