Stock Market News

New Zealand to force supermarkets to give rivals access to their wholesale units

2022.08.24 06:13

New Zealand to force supermarkets to give rivals access to their wholesale units
FILE PHOTO: People walk outside a supermarket on Lambton Quay street in Wellington, New Zealand July 23, 2020. REUTERS/Praveen Menon

By Lucy Craymer

WELLINGTON (Reuters) – The New Zealand government said on Wednesday it plans to introduce regulations that would force the wholesale arms of supermarkets to provide competitors fair access to their products if they do not do it voluntarily.

The shift comes as New Zealanders grapple with inflation running at 7.3%, its highest level in three decades and follows other government measures aimed at improving competition in the sector which is dominated by just two companies.

Foodstuffs, a New Zealand-owned retailer cooperative, and Countdown, which is part of Australia’s Woolworths Group Ltd did not immediately respond to a request for comment.

The new rules, which still have to be passed into law, require the wholesale arms of the supermarkets to sell groceries to rival retailers at competitive prices set by a regulator unless they voluntarily give access.

The government hopes this will mean that other retailers such as corner stores will be able to grow and provide products more cheaply.

“This work will improve competition and competition will improve prices,” Commerce and Consumer Affairs Minister David Clark told a news conference.

Other measures introduced in the last year by the government include curbs on land banking by supermarkets and the establishment of a regulator.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,534.40 0.36%
ethereum
Ethereum (ETH) $ 3,435.44 2.85%
tether
Tether (USDT) $ 1.00 0.15%
solana
Solana (SOL) $ 259.10 1.45%
bnb
BNB (BNB) $ 660.51 2.75%
xrp
XRP (XRP) $ 1.49 4.56%
dogecoin
Dogecoin (DOGE) $ 0.445961 5.08%
usd-coin
USDC (USDC) $ 1.00 0.06%
cardano
Cardano (ADA) $ 1.09 0.26%
staked-ether
Lido Staked Ether (STETH) $ 3,435.23 2.87%
tron
TRON (TRX) $ 0.215618 4.31%
stellar
Stellar (XLM) $ 0.606477 39.16%
avalanche-2
Avalanche (AVAX) $ 42.64 1.98%
the-open-network
Toncoin (TON) $ 6.40 15.72%
shiba-inu
Shiba Inu (SHIB) $ 0.000027 0.33%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,065.38 2.84%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,017.26 0.80%
polkadot
Polkadot (DOT) $ 9.32 32.43%
chainlink
Chainlink (LINK) $ 17.94 7.94%
bitcoin-cash
Bitcoin Cash (BCH) $ 521.85 4.01%
sui
Sui (SUI) $ 3.53 1.05%
weth
WETH (WETH) $ 3,434.32 2.86%
pepe
Pepe (PEPE) $ 0.000021 4.08%
leo-token
LEO Token (LEO) $ 8.67 1.72%
near
NEAR Protocol (NEAR) $ 6.40 4.65%
litecoin
Litecoin (LTC) $ 102.61 1.83%
aptos
Aptos (APT) $ 13.23 5.70%
uniswap
Uniswap (UNI) $ 10.92 7.80%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,620.12 2.97%
hedera-hashgraph
Hedera (HBAR) $ 0.156907 3.60%
internet-computer
Internet Computer (ICP) $ 11.88 7.66%
crypto-com-chain
Cronos (CRO) $ 0.201123 5.89%
usds
USDS (USDS) $ 1.00 0.07%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.591547 13.51%
ethereum-classic
Ethereum Classic (ETC) $ 30.17 3.23%
render-token
Render (RENDER) $ 7.98 5.11%
bittensor
Bittensor (TAO) $ 535.05 3.11%
kaspa
Kaspa (KAS) $ 0.155954 0.63%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.47 12.95%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.10%
bonk
Bonk (BONK) $ 0.000049 2.57%
cosmos
Cosmos Hub (ATOM) $ 9.30 19.96%
arbitrum
Arbitrum (ARB) $ 0.88325 9.34%
vechain
VeChain (VET) $ 0.044433 14.15%
whitebit
WhiteBIT Coin (WBT) $ 24.80 0.47%
filecoin
Filecoin (FIL) $ 5.90 20.33%
dai
Dai (DAI) $ 1.00 0.14%
dogwifcoin
dogwifhat (WIF) $ 3.36 6.16%
mantra-dao
MANTRA (OM) $ 3.73 4.08%
celestia
Celestia (TIA) $ 7.47 26.66%