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Category : World News
VANCOUVER, BRITISH COLUMBIA–(Marketwire – March 4, 2013) - First Quantum Minerals Ltd. (“First Quantum” or the “Company”) (TSX:FM)(LSE:FQM) is proud to support the foreign investment promotion and protection agreement (“FIPA”) signed on Monday March 4, 2013 between Canada and Zambia.
Free parking, free tickets for children 14-and-under headline opening night promotion
HMV, which revealed a half-year loss of £37.3m in December, announces a month-long sales promotion which will see 25% knocked off prices.
Read more from the original source: HMV launches month-long 25% sale
Tesco, Sainsbury’s, Waitrose and Marks & Spencer among those agreeing to Office of Fair Trading principles
Eight of the UK’s biggest supermarkets have signed up to a set of principles following concerns that they were “failing to operate within the spirit of the law” over special offers and promotions for food and drink, the Office of Fair Trading has said.
Tesco, Sainsbury’s, Waitrose, Morrisons, Marks & Spencer, Aldi, the Co-operative and Lidl have agreed to incorporate the principles into their policies, to ensure promotions are “fair and meaningful”.
They cover popular claims involving discounts such as “was £3, now £2″ or “half price”, which must now only be offered for the same or less time than the product was initially sold at the higher price. The supermarkets have also agreed not to artificially inflate prices to make a later “discount” look more attractive.
In addition, pre-printed claims on packs – such as “bigger pack, better value” must be true, and there should not be a cheaper way of buying the same volume of the product elsewhere in the same store, even if there is a promotion on smaller packs of the same item.
The OFT launched an investigation into the sector amid concerns that shoppers were confused by the way prices are displayed, advertised and promoted. It did not find that the supermarkets had breached the law or were deliberately and systematically engaging in misleading promotional practices but did find “what appeared to be inconsistency in the way the law was being interpreted and applied.” A spokeswoman added: “We were concerned they weren’t operating within the spirit of the law.” Trading standards officers will take enforcement action if the new voluntary agreement is flouted.
The Guardian’s Money section has in recent months featured dozens of “daft deals” that reveal confusing and misleading pricing on special offers and discounts – with multibuys, for example, pricier than buying the items individually.
OFT chief executive Clive Maxwell said: “Household budgets across the country are under pressure and shoppers should be able to trust that special offers and promotions really are bargains. Prices and promotions need to be fair and meaningful so shoppers can make the right decisions.”
She said a huge amount was at stake as regular shopping for groceries accounted for 44% of household spending, and went on: “Our principles taken together with previous guidance provide supermarkets with a clear benchmark for how they should be operating so that their food and drink promotions reflect the spirit as well as the letter of the law.”
Asda – also involved in the discussions – said it did not sign up to the agreement because it felt unable to support one of the recommended approaches which says that retailers can only run a promotion for as long as they have established the price for. An Asda spokeswoman said: “While this is meant to discourage high/low pricing promotions, our concern is that it could actually encourage it – ie, you could technically now have a price established for a couple of days to drop it for the weekend. On this basis we’re taking some time to consider the recommendations in detail. We are committed to giving our customers clear and accurate pricing information that fully complies with the law.”
Consumer groups welcomed the move but said it did not go fair enough. Which? executive director Richard Lloyd said: “It should be good for hard-pressed consumers that the OFT has now made clear to supermarkets what is off limits when they promote products with special offers or discounts. We now want the retailers to go further and make a stronger commitment to fair treatment of their customers, so that as well as scrapping misleading promotions they ensure busy shoppers see clear, consistent unit pricing with real bargains that are easy to spot at a glance.”
Consumer group says some deals it found were ‘plain daft’, with offers promising savings leaving shoppers worse off
Many supermarket multibuy deals that promise savings on items such as pizzas, yoghurts, crisps and baby goods can leave shoppers worse off, according to a year-long investigation by Which? into “misleading” pricing tactics by the major chains.
In the worst cases, Which? found that supermarkets doubled the shelf price of an item when they began promoting it as a money-saving multibuy. It found that Asda was selling a Goodfella’s Deep Pan Pepperoni pizza at a standard price of about £1, but when it went on to a multibuy deal, the price jumped to £2.50 for one or £4.50 for two.
Around one in 10 products on supermarket shelves increased in price when they went from the previous standard price to the new multibuy price, then decreased again when the promotion ended.
Which? also found that some products were almost permanently on discount or multibuy. It cited a Nestlé yoghurt, Munch Bunch, which was typically on sale for £1 for a pack of four at Tesco and Sainsbury’s. But when it went on multibuy, the price was £2 for two packs, or £1.40 to £1.59 for one pack. “So whenever you buy, the product nearly always costs £1,” said Which?.
At Asda, a 200ml bottle of Ambre Solaire sun protection cream was usually on sale for £5 when not on multibuy, but then £7 for one or £10 for two when promoted as a multibuy. “Generally, it was the same price whether on offer or not,” said Which?.
Waitrose also fell foul of the price-checking exercise. Over a period of four months, it sold six-packs of McCoy’s crisps on a multibuy of £2.50 for two, or at a discount price of either £1 or £1.26.
Asda told Which?: “Customers tell us they want low prices, not a strategy that gives with one hand and takes with the other. We’re making sure the cost of the weekly shop is consistently low, with no surprises.”
A spokeswoman for Sainsbury’s said: “Our stores have around 30,000 products and Which? has cited just one example. We run a wide variety of promotions to meet our customers’ needs and we always clearly display the standard price with multibuys to help prevent any confusion.”
Tesco declined to comment on the specific findings of the investigation but issued a statement saying that its multibuys offered good value for money.
Some of the deals found during the investigation were “plain daft”, said the consumer group. “We went around supermarkets and found packets of sweets that were 34p each or four for £3,” said Which?. The Guardian’s Saturday Money section has in recent months featured dozens of “daft deals” submitted by shoppers in which the multibuy is pricier than buying the items individually.
Multibuy deals have become a staple of supermarket promotions in recent years, and now apply to nearly half the goods on offer in a supermarket at any one time. Which? said that of the 115 products that it examined in the first half of this year, 46% of the time they were on multibuy, compared with 35% of the time in the first half of 2011. But there are signs that consumers have become increasingly disillusioned by the value on offer in supermarket promotions. Seven out of 10 people told Which? that they prefer straightforward discounts to multibuy offers.
The Office of Fair Trading said it could not comment on individual supermarket prices, but that its research had found most shoppers automatically assumed multibuy offers were cheaper than buying individually, and that 37% did not work out if they were actually making a saving when they bought the item.
The shadow consumer minister, Ian Murray, said: “Consumers in the UK deserve complete clarity on best buys and discounts from our major supermarket retailers, particularly due to the fact the pay packets aren’t stretching as far as they previously did, so every penny counts.
“There is a strong case to be made that the government should look into this area now the evidence of Which? has come to light. While competition among supermarkets is good for consumers, and indeed they make a major contribution to our economy, there is a risk that people, particularly families who may be reliant on these sorts of multibuys, are being ripped off.”
Which? said existing rules were supposed to make sure that supermarket special offers did not mislead shoppers, but it felt they left too many loopholes and would call for the government to improve consumer protection.
OTTAWA, ONTARIO–(Marketwire – Nov. 18, 2012) – Today, the Honourable Julian Fantino, Minister of International Cooperation, and the Honourable Diane Ablonczy, Minister of State of Foreign Affairs (Americas and Consular Affairs), announced Canada’s support to the Organization of American States (OAS) electoral observation mission in Honduras.
“Through the Canadian International Development Agency, Canada is providing support to electoral observation missions in the Americas,” said Minister Fantino. “Canada supports the promotion of democracy and the strengthening of democratic institutions in Honduras.”
Read more from the original source: Canada Supports Electoral Observation Mission in Honduras
Mongolian ozeki Harumafuji defeated countryman and yokozuna Hakuho in an epic final bout to win the Autumn Grand Sumo Tournament on Sunday, virtually guaranteeing himself promotion to the sport’s top rank of yokozuna.
Harumafuji has not only met the Japan Sumo Association’s yokozuna promotion standard of back-to-back championships having triumphed in Nagoya in July, but he has done it in style with another spotless 15-0 record en route to his fourth overall title.
Mon, Sep 17, 2012 05:39 – Functional Technologies Corp. (FEBTF: OTC Link) released their Management Discussion and Analysis concerning Functional Technologies Announces Internal Promotion of Chief Technology and Innovations Officer and Board Changes. To read the complete report, please visit: https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=90829.
Go here to read the rest: Functional Technologies Corp. (FEBTF: OTC Link) | Management Discussion and Analysis