Law & Trade
The online-offline battle in retail, triggered by the recent one-day sale on Flipkart, has now reached the doors of the Competition Commission of India (CCI). Even as there has been no complaint so far from any company, the Department of Industrial Policy & Promotion (DIPP) is learnt to be in the process of sending a reference to the CCI on price undercutting by e-commerce companies, seeking its views.
The Enforcement Directorate (ED) will probe if any norms were violated during the Big Billion Day sale of Flipkart last week. According to sources, the directorate has sent a letter to Flipkart on the basis of complaints received after the Big Billion Day sale on 6 October.
The country's top consumer durables companies like LG, Samsung, Sony and Videocon are in the process of writing to Commerce Minister Nirmala Sitharaman against deep discounts being offered by e-commerce companies. The letter, to be routed through industry body Consumer Electronics and Appliances Manufacturers Association (CEAMA), will articulate their concerns over "predatory pricing" that e-tailers are practising.
Yum Brands has cut its profit outlook for the year, citing the latest food scare in China that pummeled sales at its flagship KFC chain.
Tax breaks for small businesses in China amounted to more than CNY3.7 billion (USD600 million) in the first half of the year. Nearly 74 percent of small companies qualify for a 50 percent cut in business income tax until 31 December 2016, according to the State Administration of Taxation (SAT).
The Japanese government expanded Wednesday its list of duty-free items for foreign visitors to include foods, alcohol, drugs and cosmetics on top of electronic goods, clothing and bags already exempt from the consumption tax.
Prada Group has confirmed over the past weekend that it had been informed of an ongoing examination by the Italian Judicial Authority. Authorities are looking into the accuracy of past tax filings “in respect of foreign owned companies,” according to the release.
The supermarket chain Coles has been banned for three years from advertising that its bread was made or baked on the day it was sold.
Coles was also ordered to display a federal court notice in its stores and on its website telling shoppers that it had broken Australian consumer law by falsely advertising bread products as freshly baked and baked today.
Prosecutors on Tuesday summoned Zheng Jing-tai, the president of Tokyo Fashion Co., and conducted searches of his residence on suspicion of fraud and hollowing out the company's assets.
Applying the broadest of brushes, the big winners from Monday's draft review of Australia's competition law and policy are small business and the Australian Competition and Consumer Commission. The biggest losers will be the dominant players in various industries but particularly the big supermarkets, Coles and Woolworths.