Coles and Woolworths Shares Fall After Court Ruling
The topic is the stock market.
Coles shares are down 1% after a court ruled it misled customers on prices.
The US Senate has confirmed a new member to the Federal Reserve.
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The updates are by Jasper Wells.
Coles has released a statement on the court ruling.
The statement is about the ruling.
Coles says it will keep delivering value to customers.
The court found that price increases were due to supplier costs.
The case highlights the need for clarity on prices.
Coles is reviewing the judgement and may appeal.
The updates are by David Taylor.
The ACCC chair is speaking to the media.
The chair said the ruling is a win for consumers.
The chair said firms must be careful with discounts.
The ACCC will make submissions on the penalty.
The updates are by David Taylor.
The Australian dollar has not moved much.
The US Senate confirmed a new member to the Federal Reserve.
The new member is known for favoring low interest rates.
This could put pressure on the Australian dollar.
The dollar is down slightly, buying 72.5 US cents.
The updates are by David Taylor.
The ACCC chair is speaking after the court decision.
Follow the news on the ABC News Channel.
The updates are by David Taylor.
The NAB tracks spending in the economy.
The NAB relies on customer data for the information.
The key points of the NAB Spend Trend are available.
The updates are by Jasper Wells.
Here is some background on the court ruling.
The ACCC took Coles to court for misleading customers.
The ACCC alleged that Coles increased prices and then dropped them.
The case against Coles alleged discounts on 245 products.
The ACCC said the discounts were utterly misleading.
The court found that Coles did not select an artificially high price.
The court found that the price increases were due to commercial reasons.
The court found that the period of time the new price was offered was not long enough.
The court found that the discounts were not genuine.
Coles faces up to $50 million in fines.
The case could set a precedent for the case against Woolworths.
The updates are by Daniel Ziffer.
The Commonwealth Bank's Household Spending Insights data is useful.
The data shows how people spend their money.
Older people have been spending more.
They have been spending more than the rate of inflation.
The data does not break down spending by age.
The data splits into three home ownership types.
The spending growth has slowed down across all segments.
The updates are by Alison Branley.
The Greens say the court ruling reinforces the need to break up the supermarket duopoly.
The Greens say Coles and Woolworths treat customers with contempt.
The senator said Australia needs divestiture powers.
The updates are by Alison Branley.
The ASX has opened slightly down.
The shares of Coles and Woolworths have taken a slight dip.
Coles Group Ltd is down to $20.96.
Woolworths Group is $32.78.
The updates are by Jasper Wells.
The ACCC has won a case against Coles.
Coles was found to have broken the law and misled customers.
The court found that Coles used fake discounts.
The court found that Coles did not select an artificially high price.
The court found that the period of time the new price was offered was not long enough.
The updates are by Michael Atkin.
The Federal Court Judge handed down his judgment.
The judge found that the discounts were not genuine.
The judge will also rule on a similar case against Woolworths.
The updates are by Jasper Wells.
The ACCC has won a case against Coles.
Coles was found to have broken the law and misled customers.
The ACCC alleged that Coles used fake discounts.
The court found that the discounts were not genuine.
The updates are by Emilia Terzon.
The verdict on the ACCC's case against Coles is in.
The case was about the supermarket giant's Down Down promotions.
The updates are by Alison Branley.
Outdoor advertising company oOh!media is holding its AGM.
The company has told the ASX that its revenue growth is up 7%.
The company says its gross margin will be softer than expected.
The updates are by Alison Branley.
The opposition is challenging Labor's claim on tax reforms.
The opposition will deliver its budget reply tonight.
The updates are by Alison Branley.
Accounting software maker Xero says its revenue and growth are up.
The company's operating revenue was up 31%.
The company's net profit after tax was down 27%.
The updates are by Alison Branley.
GrainCorp has announced its results for the half-year.
The company reported a net profit after tax of $5 million.
The updates are by Alison Branley.
The appointment of Kevin Warsh to the US Federal Reserve is not a surprise.
The US Fed saga has been ongoing.
The updates are by Alison Branley.
The appointment of Kevin Warsh is for 14 years.
The governors of the US Federal Reserve board are appointed for staggered 14-year terms.
The updates are by Alison Branley.