Supermarkets face huge fines
Britain’s big supermarkets are facing substantial fines after being accused of fixing the prices of milk, butter and cheese with the dairy industry – reports The Guardian.
The alleged price collusion is estimated to have cost consumers £270 million ($539.5 million) in higher prices, the Office of Fair Trading said today. It named Asda, Morrisons, Safeway, Sainsbury’s and Tesco, as well as dairy processors Arla, Dairy Crest, Lactalis McLelland, The Cheese Company and Wiseman. The supermarkets denied the accusations this morning and said they would put up a “vigorous defense” against the consumer competition office’s claims. But, in a tough statement this morning, OFT director Sean Williams was highly critical of Britain’s big food retailers, saying it was a “very serious” case that cost consumers. (read full article)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.