CHINA: Wal-Mart, Carrefour fined CNY9.5m over deceptive pricing
Wal-Mart and Carrefour have been fined CNY9.5m over deceptive pricing practices
The Commission announced on Saturday (19 February) that the penalty has been imposed on 19 outlets throughout the country, with each fined CNY500,000.
It said that Carrefour and Wal-Mart admitted their violation of the laws when the case came to light, apologised to consumers and actively took corrective measures, as well as implementing a 'five times the difference' compensation policy.
However, the Commission added that "the purpose of this heavy punishment is to regulate the behaviour of market players and to protect consumer interests, so related enterprises should draw lessons from it".
The charges follow customer complaints about overcharging on promotional items in late January.
M&A talk has continued unabated, with ConAgra revealing its disappointment around its latest offer for Ralcorp being rebuffed. The owner of former Bright Food target United Biscuits has cooled reports...
UK retailer Asda increased sales during the second quarter but saw profits fall due to costs linked to its acquisition of Netto's local business....
- Rabobank's early view on Brexit impact on food
- How local model protects Nestle - interview
- Brexit sparks uncertainty for UK food - comment
- Quorn Foods confident in prospects - interview
- Kellogg uses Kashi to finally join party - comment
- Brexit – Live reaction from food industry
- Nestle names new CEO
- Brexit - UK food trade body issues warning
- Brexit – UK farmers warn of food price spike
- Brexit – US confirms commitment to TTIP with EU
- Top Trends in Snacks, Confectionery, and Desserts; Exploring consumer and innovation trends in key categories
- Frozen Bakery Products Market by Type, Distribution Channel, & by Region - Global Trends & Forecast to 2020
- Singapore Food and Drink Report Q3 2016
- Fast Food in India
- Country Analysis Report: Saudi Arabia, In-depth PESTLE Insights