Supermarket body rejects effects test

The industry body that represents the big supermarket chains has criticised calls for the introduction of a new test to check whether big businesses are abusing their market power. The Australian National Retailers Association (ANRA) says the introduction of an "effects test" to assess abuses of market power and anti-competitive behaviour would actually lessen competition. The call for the test …

  • MYOB IPO and ASX listing unlikely to weigh on Xero: … BusinessDesk - 29 minutes ago

    The arrival of MYOB Group, the Australian accounting software firm, on the Australian Stock Exchange is unlikely to weigh on the dual-listed rival Xero's share price, says and analyst for sharebroking firm Forsyth Barr. The Melbourne-based firm yesterday announced its initial public offer, as it looks to raise total proceeds of between A$831.7 million and A$833.8 million to pay down debt, which stood at A$435 million at Dec. 31. Blair Galpin, a ForBarr research analyst says the offer was long rumoured and that it was unlikely to weigh on rival Xero's share price.

  • Government policy changes worry consumers AAP - 33 minutes ago

    Consumer anxiety levels have risen, with government policy stirring the most concern. Policy changes were a bigger worry for consumers than the cost of living during the March quarter, National Australia ...

  • Bull trots on: S&P 500 higher for 9th Q AAP - 36 minutes ago

    The bull market in stocks turned six in early March. The S&P 500 index has more than tripled since bottoming out at 676.53 on March 9, 2009. Investors have kept bidding stocks higher because the US economy continues its slow but steady growth, company earnings have continued to rise and rally-killers like inflation and sharp interest-rate increases aren't on the horizon. "When you put it all together, it seems like it's still a positive environment for stocks," says Stephen Freedman, senior investment strategist at UBS Wealth Management Americas.

  • Building approvals fall in Feb AAP - 37 minutes ago

    Over the 12 months to February, building approvals were up 14.3 per cent, the Australian Bureau of Statistics said on Wednesday. Approvals for private sector houses fell 0.1 per cent in the month, and the 'other dwellings' category, which includes apartment blocks and townhouses, was down 6.0 per cent.

  • RESEND: Datacom wins A$242M Australian federal health … BusinessDesk - 48 minutes ago

    ![CDATA[ (Resends to show currency is Australian dollars) April 1 (BusinessDesk) - Auckland-based IT services firm Datacom has won a A$242 million contract to provide infrastructure and support services ...

  • Shares dip on iron ore, oil price slump AAP - 1 hour 5 minutes ago

    The share market is weaker after crude prices eased and iron ore fell to its lowest price since tracking began in 2008. The 2.6 per cent drop in the iron ore price to $US51.35 per tonne hit the big miners ...

  • For UK's poorest, food aid becomes common AAP - 1 hour 8 minutes ago

    Clutching a bag of pasta, canned pears and beef, David Kirk leaves a food bank in one of Britain's poorest corners -- his sixth visit in a few weeks. "It's certainly a big help," the tattooed 54-year-old said as he loaded the free supplies into his car in the town of Camborne in Cornwall in England's southwest. The growing numbers of Britons turning to charity-run food banks to get by has become a key political issue weeks from a May 7 general election. The first question thrown at Prime Minister David Cameron in a prime time television grilling on Thursday was about how many food banks had sprung up during his five years in power.

  • Brazil taking large stake in food sector AAP - 1 hour 8 minutes ago

    Demand from China, rising domestic purchasing power and cheap land and labour have helped Brazilian giants earn themselves a healthy slice of the international food sector, as shown by the Heinz-Kraft merger. HJ Heinz's owner 3G Capital, billionaire Jorge Paulo Lemann's investment fund, will have a 51 per cent stake of the new group under an agreement with Warren Buffett's Berkshire Hathaway to create North America's third-largest food and beverage conglomerate. The move comes after Brazilian group JBS, the world's market leader in meat, became the world's number two global food producer by revenue after Nestle. Brazil has another big hitter in the shape of BRF, already the world's number one exporter of poultry, which in November inaugurated a 130 million euros production facility in Abu Dhabi.

  • Lean, mean, Lemann is Brazil food king AAP - 1 hour 8 minutes ago

    Brazilian food magnate Jorge Paulo Lemann's 3G fund has built a $US260 billion global portfolio that earned the admiration of no less an investor than US billionaire Warren Buffett. Lemann's 3G Capital fund, founded in 2004 with compatriots Marcel Telles and Alberto Sicupira, has now taken control of the likes of Budweiser and Stella Artois, Burger King and HJ Heinz. As Kraft Foods comes aboard, the quintessential US brand is to be imbued with the Lemann business culture - management meritocracy and an indefatigable drive to cut costs.

  • Dairy farmers protest milk quota removal AAP - 1 hour 17 minutes ago

    Yvan Deknudt's dairy farm has been leaking money and he believes that things are set to get worse imminently. On Wednesday, the 28-country EU finally brings the curtain down on one of its most contentious farm policies - milk quotas will be no more. "With quotas being lifted, we're really scared that production is going to explode and we won't be able to pay our costs anymore," said the Belgian farmer after his 30km drive to Brussels to join a rally with a group of die-hard milk farmers from 16 countries. It was announced in 2003, and quota levels have been slowly raised in recent years to get farmers used to producing more milk.

  • F&P Finance mulls future of Equipment Finance unit … BusinessDesk - 1 hour 26 minutes ago

    Fisher & Paykel Finance, the finance company owned by China's Haier Group, may transfer its Equipment Finance Ltd (EFL) unit to its immediate parent in a further restructuring of the charging group after changes including the start of a securitisation programme last year. Haier acquired F&P Finance as part of its takeover of F&P Appliances in 2012. The Chinese manufacturer opted to retain the finance company after initially considering it for sale. In calendar 2014, following a change of balance date, F&P Finance reported net interest income of $35.5 million from $33.4 million in the year-earlier nine months.

  • Kiwi Property's portfolio profits soar Newstalk ZB - 1 hour 37 minutes ago

    Kiwi Property is reporting a net increase of $57 million in the value of its portfolio of shopping centres and office buildings for the year to March.

  • MIDDAY UPDATE: Confirmation of MYOB’s ASX float does … BusinessDesk - 1 hour 38 minutes ago

    April 1 (BusinessDesk) - MYOB Group, the Australian accounting software firm, arrival on the Australian Stock Exchange is unlikely to weigh on the dual-listed rival Xero's share price, analyst says.

  • Aust shares open lower AAP - 1 hour 56 minutes ago

    The Australian share market has opened lower. At 1010 AEDT on Wednesday, the benchmark S&P/ASX200 index was down 25.1 points, or 0.43 per cent, at 5,866.4, while the broader All Ordinaries index was down ...

  • NZ property values rise at fastest pace in 9 months … BusinessDesk - 2 hours 0 minutes ago

    National property values rose 7.7 percent over the past year, accelerating from the 6.4 percent increase in February, and at the fastest pace since last June, according to state-owned valuer Quotable Value. Auckland, the country's most populous and fastest growing city, led the index higher, with property values advancing 13.9 percent, ahead of the 13 percent rise the previous month. The National-led government wants to increase the availability of affordable housing, particularly in Auckland where prices have surged ahead of the rest of the country as a lack of supply fails to meet increased demand from a growing population. Reserve Bank governor Graeme Wheeler earlier this year warned policymakers the nation's biggest city has a shortfall of between 15,000 and 20,000 properties to meet population growth, and the 7,500 annual consents for new building permits is lagging behind the 10,000 it needs to address the shortage.

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  • Mexican growers offer 15 pct in Baja farm strike Associated Press - Tue, Mar 31, 2015 10:23 AM NZDT
    Mexican growers offer 15 pct in Baja farm strike

    Export-oriented commercial farms in Mexico's Baja California state say they have offered farm workers a 15-percent wage increase to end a two-week-old strike. But leaders of the farmworkers called the ...

  • Michigan entrepreneur claiming idea for Heinz Dip & Squeeze Associated Press - Tue, Mar 31, 2015 9:05 AM NZDT
    Michigan entrepreneur claiming idea for Heinz Dip & Squeeze

    A Michigan food entrepreneur claims the "Little Dipper" condiment package he patented in 1997 led H.J. Heinz Co. to develop its Dip & Squeeze ketchup packets, which it rolled out in February ...

  • McDonald's to test all-day breakfast beginning in April Associated Press - Tue, Mar 31, 2015 6:58 AM NZDT
    McDonald's to test all-day breakfast beginning in April

    A McMuffin for dinner? It might happen, as McDonald's plans to test an all-day breakfast at some locations in the San Diego area starting next month. The company said in a statement that the test is in ...

  • Aussie Beer made in China AAP - Mon, Mar 30, 2015 6:51 PM NZDT
    Aussie Beer made in China

    A liquor wholesaler has been fined $10,200 for trying to pass off a beer brewed in China as Australian. Aussie Beer had green and gold labelling featuring the slogan `Australia's finest malt', plus the words `100% owned' within a map of Australia. The Independent Liquor Group, which includes the Little Bottler, Super Cellars and Pubmart chains of bottle shops, supplied Aussie Beer between March and August 2014. The Australian Competition and Consumer Commission said the packaging was misleading and breached consumer law.

  • Bird flu found in a top Minnesota turkey producing county Associated Press - Sun, Mar 29, 2015 12:27 PM NZDT
    Bird flu found in a top Minnesota turkey producing county

    An outbreak of a deadly bird flu strain spread to one of the top poultry producing counties of the nation's top turkey producing state of Minnesota, government officials confirmed on Saturday, raising ...

  • Dairy farms asked to consider breeding no-horn cows Associated Press - Sun, Mar 29, 2015 3:27 AM NZDT
    Dairy farms asked to consider breeding no-horn cows

    Food manufacturers and restaurants are taking the dairy industry by the horns on an animal welfare issue that's long bothered activists but is little known to consumers: the painful removal of budding ...

  • How This Franchisee Runs More Than 275 Restaurants Entrepreneur - Sun, Mar 29, 2015 12:00 AM NZDT
    How This Franchisee Runs More Than 275 Restaurants

    Aslam Khan is still actively involved in running his Church's Chicken, Long John silvers and Hardees locations across the U.S.

  • Analysts shrug off the Diet Coke downturn CNBC - Sat, Mar 28, 2015 9:13 AM NZDT
    Analysts shrug off the Diet Coke downturn

    Diet Coke sales are plummeting, but most analysts aren't too concerned. Here's why.

  • Old Bay seasoning works on crabs...and beer too! CNBC - Sat, Mar 28, 2015 6:06 AM NZDT
    Old Bay seasoning works on crabs...and beer too!

    Maryland's Flying Dog Brewery is bringing back its Dead Rise Old Bay Summer Ale after having trouble keeping it in stock during its debut.

  • 'Anti-Ball Crushing' Pants Are Putting Lululemon on the Menswear Map Entrepreneur - Sat, Mar 28, 2015 6:00 AM NZDT
    'Anti-Ball Crushing' Pants Are Putting Lululemon on the Menswear Map

    The wildly popular item 'gives you and the family jewels room to breathe,' Lululemon says.