Stock Market News

New Zealand aims to boost competition in supermarket sector

2022.05.30 08:10

New Zealand aims to boost competition in supermarket sector

By Lucy Craymer

WELLINGTON (Reuters) – New Zealand wants to introduce a number of changes to the supermarket sector as two dominate players has raised concerns about competition, its commerce minister said on Monday.

New Zealand’s supermarket sector is dominated by two players, Foodstuffs NZ and Woolworths.

“The government and New Zealanders have been very clear that the supermarket industry doesn’t work. It’s not competitive and shoppers aren’t getting a fair deal,” Minister of Commerce and Consumer Affairs David Clark said in a statement.

“The duopoly needs to change, and we are preparing the necessary legislation to do that.”

The government’s plan to introduce a number of new requirements, will help to reduce prices and combat inflation, which is running at a three-decade high.

These rules will include a mandatory code of conduct for supermarkets, creating an independent industry regulator, requiring pricing on groceries to be displayed in a consistent manner and allowing grocery suppliers to collectively bargain.

A recent Commerce Commission inquiry into the sector had recommended changes to supermarket operations to increase competition and help improve the price, quality and range of groceries and services for New Zealanders.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,622.42 0.14%
ethereum
Ethereum (ETH) $ 3,449.67 3.22%
tether
Tether (USDT) $ 1.00 0.14%
solana
Solana (SOL) $ 259.07 1.01%
bnb
BNB (BNB) $ 662.57 2.60%
xrp
XRP (XRP) $ 1.49 5.81%
dogecoin
Dogecoin (DOGE) $ 0.450646 10.55%
usd-coin
USDC (USDC) $ 1.00 0.10%
cardano
Cardano (ADA) $ 1.08 2.12%
staked-ether
Lido Staked Ether (STETH) $ 3,449.65 3.27%
tron
TRON (TRX) $ 0.215106 3.17%
avalanche-2
Avalanche (AVAX) $ 42.66 3.60%
the-open-network
Toncoin (TON) $ 6.49 16.77%
shiba-inu
Shiba Inu (SHIB) $ 0.000027 8.23%
stellar
Stellar (XLM) $ 0.536392 20.16%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,067.83 2.63%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,165.30 0.24%
polkadot
Polkadot (DOT) $ 9.36 31.84%
chainlink
Chainlink (LINK) $ 17.97 6.01%
bitcoin-cash
Bitcoin Cash (BCH) $ 519.70 5.67%
sui
Sui (SUI) $ 3.55 0.08%
weth
WETH (WETH) $ 3,451.06 3.15%
pepe
Pepe (PEPE) $ 0.000021 4.96%
leo-token
LEO Token (LEO) $ 8.63 1.58%
near
NEAR Protocol (NEAR) $ 6.50 3.65%
litecoin
Litecoin (LTC) $ 101.41 0.20%
aptos
Aptos (APT) $ 13.28 4.81%
uniswap
Uniswap (UNI) $ 10.99 7.31%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,628.04 2.99%
hedera-hashgraph
Hedera (HBAR) $ 0.154574 6.50%
internet-computer
Internet Computer (ICP) $ 11.76 3.42%
crypto-com-chain
Cronos (CRO) $ 0.201332 6.18%
usds
USDS (USDS) $ 1.00 1.02%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.588878 11.71%
ethereum-classic
Ethereum Classic (ETC) $ 30.31 1.84%
render-token
Render (RENDER) $ 8.02 3.59%
bittensor
Bittensor (TAO) $ 537.32 1.41%
kaspa
Kaspa (KAS) $ 0.156145 0.33%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.49 12.36%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.09%
bonk
Bonk (BONK) $ 0.000049 1.81%
arbitrum
Arbitrum (ARB) $ 0.887416 6.54%
whitebit
WhiteBIT Coin (WBT) $ 24.83 0.85%
vechain
VeChain (VET) $ 0.043663 12.50%
dai
Dai (DAI) $ 1.00 0.13%
cosmos
Cosmos Hub (ATOM) $ 8.92 11.68%
filecoin
Filecoin (FIL) $ 5.69 12.75%
dogwifcoin
dogwifhat (WIF) $ 3.39 5.47%
mantra-dao
MANTRA (OM) $ 3.72 3.34%
blockstack
Stacks (STX) $ 2.12 3.08%