Top stories in the papers this week 5 – 11 June 2010
Big retailers oppose grocery code; Dunnes breaks long ties with accountancy firm; Lidl supermarket stops selling Israeli potatoes
10 June 2010
1. Big retailers oppose grocery code
In submissions to the Department of Enterprise and Employment, major retailers Tesco, Superquinn and Lidl have all staunchly opposed the Government’s plans for a grocery code of conduct and ombudsman. The Irish Times reports the retailers have argued a code would add significant costs to the industry, risk further job losses, push up retail prices and adversely affect consumers.
2. Dunnes breaks long ties with accountancy firm
Dunnes Stores has broken a decades-long relationship with Dublin-based accountancy firm Oliver Freaney & Co, the Irish Independent reports. It’s understood that Deloitte & Touche, which had been the joint auditor, has secured the contract to become the supermarket’s sole auditor.
The paper also examines how in the 1990’s, Oliver Freaney & Co’s then managing partner, Noel Fox, had "an uncomfortably close relationship with the retailer that later lead to him being censured by a committee of inquiry established by the Institute of Chartered Accountants in Ireland (ICAI)."
3. Lidl supermarket stops selling Israeli potatoes
Lidl has said it will stop selling two lines of baby potatoes sourced from Israel in its Irish stores, but the German discounter has denied the move is politically motivated. The Irish Times reports the retailer has said it will switch to an alternative source "in line with seasonable changes." Meanwhile, Irish activists who were deported from Israel at the weekend after their ship was taken over by Israeli defence forces have called for a boycott of Israeli goods until the blockade of Gaza is ended.
4. Handling of succession at Tesco a textbook case
While this week’s news that Sir Terry Leahy is to take early retirement from Tesco took the City by surprise, Fiona Walsh writes in the Irish Times, that the orderly handling of his succession by internal candidate, Phil Clarke, is "a textbook case of how these things should be done and serves as a stark contrast to the shambolic and very public process to secure a replacement for Sir Stuart Rose at Marks & Spencer."
5. Recession boosts ‘Euro’ stores
Single-price retailers also appear to have found their niche during current recessionary times. The Sunday Tribune reports Euro General Retail, the company behind the €uro 2 chain, has seen its turnover rise by a quarter to more than €40m for the year ended 10 May, 2009. The retailer continues its march across the country, with a total of 49 stores nationwide.
Dunnes to extend Dun Laoghaire store (Irish Independent)
Survey reveals nearly half of small firms victims of crime (Irish Times)
Aryzta shares up 8% after US acquisitions boost outlook (Irish Times)
Sharp fall in April euro zone retail sales (Irish Times)
Sainsbury’s boss made £8m last year (Guardian, UK)
Good catch – sustainability in fishing (The Times, UK)
New guidelines for supply of codeine (Irish Times)