Law & Trade
Tiffany & Co on Sunday said a Dutch arbitration court ruled that it must pay Swatch Group CHF402 million (USD448.79 million) in damages over their failed joint venture to produce and market watches, and the New York-based jeweller slashed its profit outlook for the year.
Swatch, the world's largest watchmaker, and Tiffany, a New York-based jeweller, had struck an agreement in 2007 to develop watches under the Tiffany brand together.
Retailer Target will pay global make-up giant MAC Cosmetics AUD1 million after settling a long running legal case over the discount store's sale of a range of allegedly fake MAC cosmetics in 2012.
Target, which is owned by Perth-based conglomerate Wesfarmers, will also run corrective advertising to bring to an end the court battle which saw the national retailer accused of selling fake MAC.
Rationalisation of taxes coupled with focussed support from government to promote modernisation will give a fillip to the non-alcoholic beverages sector in the country, a report said. The report ‘Food Processing Industry in India – Unleashing the Potential of Non-Alcoholic Beverage Sector’ brought out by the Indian Council for Research on International Economic Relations (ICRIER) has suggested that policies have to be interlinked and prioritised to streamline the entire supply chain, help attract investment and develop manufacturing.
Shoplifting is a persistent challenge for retailers trying balance a pleasant shopping environment against a drain on their merchandise, profits, and patience. US shrink measured $35.28 billion, or 1.49% of 2010 retail sales — more than auto theft, burglary, larceny, and robbery combined. Worldwide, shrink accounts for more than $107 billion.
Tyco Retail Solutions offers a broad range of technology and software solutions to help retailers combat Organized Retail Crime, including:
The proposed Tesco-Tata joint venture announced on Tuesday would be be a test case for foreign direct investments (FDIs) in Indian retailing. The government has mandated that foreign companies invest a minimum of USD100 million and half the total FDI go in back-end infrastructure within three years of the first tranche.
The Government will initiate fresh action against Walmart if an ongoing ‘foreign corrupt practices’ probe by US authorities reveals any violation in India by the global retail giant. In an Action Taken Report on a probe into Walmart’s lobbying activities, the Government has also said that it is “continuously monitoring” developments in the US with regard to such lobbying activities and an ongoing investigation into bribery charges against the company.
Australian group buying site Scoopon has been hit with an AUD1 million (USD 894,466) fine for making false or misleading claims to its customers and businesses offering deals through its website.
The Federal Court ruled that Scoopon had contravened the Australian Consumer Law in making false claims to customers about their rights to claim refunds and in making baseless claims to businesses about the potential risks of making offers on Scoopon.
he Competition Commission of India (CCI) has cleared Walmart’s buyout of the Bharti Group’s stake in the Indian wholesaling joint venture. On Monday, the fair trade regulator issued an order stating that the buyout by Walmart “is not likely to have appreciable adverse effect on competition in India and therefore, the commission hereby approves the proposed” deal.
Samsung Electronics Co Ltd lost its case to have certain products by Apple Inc banned in South Korea Thursday when a Seoul court ruled the US manufacturer had not violated Samsung patents.
Samsung in March 2012 filed for damages and a sales ban on some iPhone and iPad models, saying Apple had breached three patents on technology for handling and displaying text and messages from its flagship Galaxy product range.
China is to launch a pilot programme to make new officials disclose their assets as part of an anti-graft campaign, the Communist Party’s anti-corruption watchdog said on Friday. The government has faced increasing public pressure to improve transparency around officials’ wealth, especially after recent corruption scandals involving assets ranging from luxury watches to houses.