Supermarkets on verge of dairies settlement
UK supermarkets are said to be on the verge of announcing a deal to end a long-running saga regarding suspected price-fixing of dairy products. It is believed that the Office of Fair Trading is ready to scrap various prosecutions in favour all of a long-term agreement between the parties to ensure there is no suspected price-fixing in the future.
While there is no doubt that the close relationship between dairy companies and the UK supermarket sector has come under more and more scrutiny over the years, there is very little in the way of concrete evidence which could be put before the courts. As a consequence, the Office of Fair Trading has effectively attempted broker an agreement which would leave no party accepting any liability or any admission of guilt. There is also no doubt that the Office of Fair Trading is cracking down harder and harder upon alleged cartels and we can expect further similar investigations in the future.
It has also been revealed that the Office of Fair Trading will reduce the proposed penalties for seven businesses which have already admitted guilt in an earlier price-fixing case. Initially fines totalling £116 million were to be dished out but this figure has now been reduced to £70 million.
Share this..
Related stories
Are we approaching a crunch in worldwide oil supplies?
While for many people the subject of oil supply is something which will never cross their minds, more and more business leaders and economists are sounding the alarm bells about future oil supplies. There is a growing feeling that the worldwide supply of oil is in danger of falling below the level of demand. Indeed a doomsday forecast by a number of business leaders indicates that oil exploration...
Read MoreGordon Brown and the British Airways headache
Gordon Brown is today under more pressure with regards to the strike action by the Unite union on behalf the British Airways employees. Despite speculation that the Unite union, by far and away the largest donor to the Labour Party coffers, would step back until after the election it was revealed that a number of international union agreements have been discussed. As a consequence it is believed t...
Read MoreWill an increase in VAT kill the recovery?
As the UK government looks set to push the VAT level back to 17.5% from the reduced 15% rate there are concerns that the ongoing recovery in the UK economy could be strangled at source. There are real concerns about the financial stability of companies on the high Street and the fact that consumer spending has fluctuated enormously over the last few months with more and more consumers looking to t...
Read MoreIndian economy continues to power ahead
In direct contrast to the worldwide economy as a whole it has been revealed that while growth in the Indian economy has slowed it is still far higher than many had expected. The first three months of 2009, compared to the same period last, confirmed the Indian economy grew by 5.8% although this was down from the 8.6% annual growth seen in the first quarter of 2008.
When you also con...
If Alistair Darling was unable to forecast the recession what chance have we got?
The future of Alistair Darling in his position as Chancellor of the Exchequer is under serious pressure this evening amid accusations that if Alistair Darling was unable to forecast the recession what chance does the rest of the UK government have?
The position of Chancellor of the Exchequer is a vital cog in the everyday life of the UK economy and UK business arena. The suggestion...