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Showing posts from November, 2010

Metcash bid for franklins supermarket to be apposed by ACCC

The Australian Competition and Consumer Commission today announced it will oppose the proposed acquisition of the Franklins supermarket business by Metcash Trading Limited.Metcash is one of  Australia's largest wholesaling and distribution company servicing independent grocery retailers throughout Australia, like IGA and Supa IGA  and the supermarkets operating under his chain. Franklins operates around 80 corporate owned and 8 franchised Franklins supermarkets in NSW, and is currently owned by “Pick n Pay” Retailers (Pty) Limited South Africa's largest retailer.Quote the ACCC"Central to the ACCC's concerns is that the proposed acquisition is likely to result in a substantial lessening of competition through the removal of Metcash's closest and only genuine competitor for the wholesale supply of packaged groceries in NSW," ACCC chairman Graeme Samuel said today.Franklins is a leading discount supermarket chain and Australia’s original discount grocer. It sell…

AUD takes over the USD

it was to happen  and soon we will see the Australian dollar grow even further as the US markets start to look to more stable markets to invest their money. The Australian dollar  overtook the US dollar today with 1USD giving 1.01173 AUDHere is a snapshot from www.xe.comThe Australian dollar not only reached parity , but overtook the USD in value today.