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EXCLUSIVE


TESCO GIVES EMPLOYEES 5.8% PAY RISE AMID COST OF LIVING CRUNCH

The new pay deal takes the pay of the hourly-paid workers to 10.10 pounds
($13.21) an hour from 9.55 pounds previously, following agreement with the Union
of Shop, Distributive and Allied Workers (USDAW), and will take effect from July
24.

 * Reuters
 * April 07, 2022, 19:02 IST

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LONDON: Britain's biggest supermarket Tesco on Thursday said it would give a
5.8% pay increase to store and fulfilment centre workers in a pay settlement
which will be reviewed again next year due to the uncertain economic environment
and high cost of living.

The new pay deal takes the pay of the hourly-paid workers to 10.10 pounds
($13.21) an hour from 9.55 pounds previously, following agreement with the Union
of Shop, Distributive and Allied Workers (USDAW), and will take effect from July
24.

The total hourly rate for delivery drivers and assistants will rise to 11
pounds. The deal also includes changes to benefits employees receive, extending
their discount at stores, as well as more investment in training.



"We are delighted to have reached an agreement with USDAW that recognises the
vital role our colleagues play in our business now and in the future, giving
them a well-deserved pay rise, more access to extra hours and setting out a
long-term commitment and investment in their careers at Tesco," said Jason
Tarry, Tesco UK and Ireland CEO.

USDAW said that the pay deal gives Tesco workers the highest hourly rate of pay
in the sector.

British employers are offering higher pay deals in the face of staff shortages
and rising inflation, with Bank of England officials, who have raised interest
rates in successive meetings this year, urging workers to show restraint in pay
negotiations to stop inflation becoming entrenched.

"This new deal recognises the contribution our colleagues make to our business
at a time when household budgets are under pressure," Tesco said.

"Given the uncertainty in the economic environment, this will be a one-year
deal, rather than two-year, and we will review pay again with USDAW in 2023."


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EXCLUSIVE


TESCO SUPERMARKET WARNS ON PROFIT AS INFLATION BITES

The group said factors impacting performance included "the level of cost
inflation" along with "investment required to maintain the strength of price
position relative to the market".

 * AFP

Click Here to Read This Story
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London: Britain's biggest retailer Tesco on Wednesday warned that soaring
inflation would bite into future profit, causing its share price to slide along
with those of rival supermarkets.

Tesco said underlying profit was expected to drop in its current financial year
after it jumped by more than one-third in 2021/22.

The group said factors impacting performance included "the level of cost
inflation" along with "investment required to maintain the strength of price
position relative to the market".



Tesco added that "further normalisation in customer behaviour as we come out of
the pandemic" would also affect future earnings.

Pandemic lockdowns triggered a surge in online shopping, massively benefitting
supermarkets.

Tesco said it expected retail adjusted operating profit of between £2.4 billion
and £2.6 billion ($3.1 billion and $3.4 billion) in the year to the end of
February 2023.

That compared with profit of £2.65 billion in the year just ended, up 35 percent
year-on-year.

"Given the significant uncertainties in the external environment, we believe it
is appropriate to provide profit guidance in the form of a wider than usual
range," Tesco said.

Traders jumped on the profit warning, with Tesco's share price the biggest
faller on London's benchmark FTSE 100 index, with a loss of more than six
percent in morning deals.

That dragged down rivals, with online supermarket Ocado shedding around five
percent and Sainsbury losing 3.5 percent.

"Inflation data is centre stage after sky-high readings stateside and in the UK
while corporate reports also drive the agenda with Tesco languishing at the
bottom of the UK index, down six percent following its profit warning," said
Victoria Scholar, head of investment at Interactive Investor.



Tesco added that its latest annual net profit slumped to around £1.5 billion
from £6 billion after a massive asset sale was not repeated.

As the pandemic began to take hold in March 2020, Tesco struck a deal to sell
its businesses in Thailand and Malaysia to Thai conglomerate CP Group for £8
billion.

This has massively skewed its annual net profit performance over the past two
years.


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EXCLUSIVE


INDIA'S PALM OIL IMPORTS JUMP IN MARCH AS UKRAINE SUNOIL SUPPLIES HALT

In March, 539,793 tonnes of palm oil landed in India, up from 454,794 tonnes in
February, the Solvent Extractors' Association of India (SEA) said in a
statement. India imported 212,484 tonnes of sunflower oil in March, up from
152,220 tonnes in February, helped by the arrival of a few ships that had left
Ukraine before the war, it said.

 * Reuters

Click Here to Read This Story
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India's palm oil imports jumped 18.7% in March from the previous month, as
traders moved to secure alternatives to sunflower oil that can no longer be
bought from Ukraine, a leading trade body said on Wednesday.

The higher purchases of palm oil by India, the world's biggest importer of
edible oils, could support Malaysian palm oil futures..

In March, 539,793 tonnes of palm oil landed in India, up from 454,794 tonnes in
February, the Solvent Extractors' Association of India (SEA) said in a
statement.



India imported 212,484 tonnes of sunflower oil in March, up from 152,220 tonnes
in February, helped by the arrival of a few ships that had left Ukraine before
the war, it said.

"However in April, as no shipment from Ukraine came, sunflower oil import may
fall to nearly 80,000 tonnes, mainly arriving from Russia and Argentina only,"
it said.

India has contracted for 45,000 tonnes of Russian sunflower oil at a record high
price for shipments in April, as edible oil prices in the local market surged
because of the cessation of Ukrainian supply.

The country's soyoil imports in March fell to 299,421 tonnes from 376,594 tonnes
a month ago, the SEA said.

"Brazil and Argentina have limited soyoil surplus. In the past few months, India
was trying to buy soyoil from other origins including the United States and
Germany. But these countries can't ship big volume," said a Mumbai-based dealer
with a global trading firm.

India has imported a record 112,576 tonnes of soyoil from the United States in
the first five months of the current 2021/22 marketing year ending on Oct. 31,
the SEA data showed.

As sunoil and soyoil supplies are limited, India has no choice but to import
more than 600,000 tonnes of palm oil in April, the dealer said.



India buys palm oil from top producers Indonesia and Malaysia and soyoil mainly
from Argentina and Brazil.


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EXCLUSIVE


ABOUT 29% INDIAN HOUSEHOLDS DOWNGRADED EDIBLE OIL: REPORT

One in two households is absorbing the impact of rising prices by dipping into
their savings, and consumers have demanded Government intervention on black
marketing, hoarding, unfair trade practices and even capping of trade margins on
edible oil, the report by community social media platform LocalCircles said.

 * ET Bureau

Click Here to Read This Story
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About 29% Indian households have downgraded the edible oil they use, while 17%
have cut down on discretionary spending, with escalation in raw material prices,
a new report said.

One in two households is absorbing the impact of rising prices by dipping into
their savings, and consumers have demanded government intervention on black
marketing, hoarding, unfair trade practices and even capping of trade margins on
edible oil, the report by community social media platform LocalCircles said.

This report said intervention of the government would ensure manufacturers don’t
charge inflated prices from consumers. LocalCircles will escalate the findings
of this study to stakeholders in the government, it added.



Prices of cooking oils including sunflower, peanut oil and canola have risen
50-70% over pre-Covid levels, escalated by the ongoing geopolitical tension.

India imports about 85% of soybean oil from Argentina and Brazil, 90% of
sunflower oil is imported from Russia and Ukraine, while Indonesia and Malaysia
are major exporters of palm oil to India.

The report said the price surge in edible oils continues to upset households’
budgets and consumption patterns. In December last year, the government reduced
import duty on refined palm oil to 12.5% from 17.5% to rein in the prices of the
commodity. But despite the average contribution of edibles oils’ inflation to
overall food inflation declined to 1.3% from 3% in FY-21, prices of these
commodities remained substantially higher than pre-pandemic levels.

With prices of edible oil having risen steeply over the last 12 months, half the
households said they are consuming the same amount as before and paying more
each month from savings. The report flagged that the rise in prices of edible
oils is forcing low and middle income households to opt for cheaper and
low-quality oils, which could potentially lead to health risks.


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EXCLUSIVE


TRADERS REROUTE COFFEE BOUND TO RUSSIA, DEMAND HIT FROM WAR SEEN

Although food trade is not included in sanctions imposed on Russia after its
invasion of Ukraine, difficulties in processing payments from Russian importers
and concerns about the safety of ships in the Black Sea have cut shipments of
coffee and other goods to the country.

 * Reuters

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BOSTON: Traders are diverting coffee shipments that were initially expected to
go to Russia, and some have stopped selling to that market altogether, attendees
at a U.S. coffee conference said.

Although food trade is not included in sanctions imposed on Russia after its
invasion of Ukraine, difficulties in processing payments from Russian importers
and concerns about the safety of ships in the Black Sea have cut shipments of
coffee and other goods to the country.

Russia, which calls its actions in Ukraine a "special operation," is among the
five largest coffee importers in the world. Consumers in Russia are hoarding
food due to worries that supermarkets will run out of supplies.



Coffee prices have surged more than 20% in Russia due to higher costs, broker
HedgePoint said last week. The brokerage estimates that the ongoing war in
Ukraine will lead to demand reduction of around 1.3 million 60-kg bags.

European food trader Marex sees the hit to coffee demand higher, at around 1.8
million bags.

Olvin Lopez, commercial manager at Honduras-based coffee exporter Inloher, said
he had instructions from his firm's partner, the French food trader Sucden, to
redirect a coffee shipment leaving Honduras bound for Russia to the port of New
York instead.

"They didn't say why they are rerouting the cargo, but it is probably due to
logistic issues," Lopez said on the sidelines of a SCA Coffee Expo in Boston.

A coffee trader working for an international dealer, who asked not to be named,
said soft commodities trader ECOM had decided to stop any business with Russia
while the war continues.

Sucden and ECOM did not return requests for comments.

Another trader said, however, that some countries continue to supply Russia with
coffee, notably top grower Brazil.

"People don't like to say much, but there are deals going on, using crypto," he
said. In addition, one coffee co-op was closing a barter deal with a Russian
dealer, where coffee would be swapped for fertilizer, the trader said.


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EXCLUSIVE


AMUL DAIRY SAYS BRACING FOR SALES DISRUPTION DUE TO STRAWS BAN

India last week refused to waive an impending ban on straws that are packaged
with small juice and milk beverage packs, stoking fears in the $790 million
industry that includes players like PepsiCo, Coca-Cola, India's Dabur and Parle
Agro.

 * Reuters

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India's $8 billion Amul dairy group said on Monday it is bracing for disruptions
and higher input costs for some products from July when the government's ban on
plastic straws kicks in.

India last week refused to waive an impending ban on straws that are packaged
with small juice and milk beverage packs, stoking fears in the $790 million
industry that includes players like PepsiCo, Coca-Cola, India's Dabur and Parle
Agro, Reuters reported.

Amul has not worked out any practical solution to replace the tiny plastic
straws and the paper variant is not feasible, said R. S. Sodhi, Amul's managing
director.



"The intention of the government is good ... (but) the straws are not even 0.1%
of total plastic consumption," Sodhi told Reuters.

"The entire industry will be impacted."

Sodhi's comments underscore the growing tensions in India's drinks industry at a
time when demand surges in the sweltering summer season.

Prime Minister Narendra Modi is pushing to stamp out polluting, single-use
plastic trash that chokes rivers. The government believes the tiny straws are a
"low-utility product" and should be scrapped for paper straws or spout pouches.

Amul, a household name in India best-known for its milk and butter products,
clocked sales of 610 billion rupees ($8.04 billion) in 2021-22, Sodhi said. It
also sells various milk-based beverages in small packs with straws.

With the ban, supplies of such packs will be disrupted and manufacturers may
shift to more expensive packaging solutions, thereby raising costs, Sodhi said,
adding that Amul sells billions of such carton packs each year.

Pepsi's Tropicana juice and Coca-Cola's Maaza and Parle Agro's Frooti mango
drinks are among other popular beverages sold in such packs. An industry body
representing them and other beverage makers has said it plans to again raise
concerns with the government, and Sodhi said Amul will follow suit.



"We will write to the appropriate authorities," he said.


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EXCLUSIVE


ONCE A RETAIL GIANT, KMART DOWN TO 3 STORES AFTER NJ CLOSING

Once it shutters, the number of Kmarts in the U.S. - once well over 2,000 - will
be down to three last holdouts, according to multiple reports, in a retail world
now dominated by Walmart, Target and Amazon.

 * AP

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Representative ImageAVENEL, N.J.: The familiar sights and sounds are still
there: the scuffed and faded floor tiles, the relentless beige-on-beige color
scheme, the toddlers' clothes and refrigerators and pretty much everything in
between.

There's even a canned recording that begins, "Attention, Kmart shoppers" -
except it's to remind folks about COVID-19 precautions, not to alert them to a
flash sale over in ladies' lingerie like days of old.

Many of the shelves are bare, though, at the Kmart in Avenel, New Jersey, picked
over by bargain hunters as the store prepares to close its doors for good April
16.



Once it shutters, the number of Kmarts in the U.S. - once well over 2,000 - will
be down to three last holdouts, according to multiple reports, in a retail world
now dominated by Walmart, Target and Amazon.

The demise of the the store in the middle-class suburb, 15 miles (24 kilometers)
south of New York City, is the tale of the death of the discount department
store writ small.

"You're always thinking about it because stores are closing all over, but it's
still sad," said cashier Michelle Yavorsky, who said she has worked at the
Avenel store for 2 ½ years. "I'll miss the place. A lot of people shopped here."

In its heyday, Kmart sold product lines endorsed by celebrities Martha Stewart
and Jaclyn Smith, sponsored NASCAR auto races and was mentioned in movies
including "Rain Man" and "Beetlejuice." It was name-dropped in songs by artists
from Eminem to the Beastie Boys to Hall and Oates; in 2003, Eminem bought a
29-room, suburban Detroit mansion once owned by former Kmart chairman Chuck
Conaway.

The chain cemented a place in American culture with its Blue Light Specials, a
flashing blue orb affixed to a pole that would beckon shoppers to a flash sale
in progress. Part of its success was due to its early adoption of layaway
programs, which allowed customers who lacked credit to reserve items and pay for
them in installments.



For a time, Kmart had a little bit of everything: You could shop for your kids'
back-to-school supplies, get your car tuned up and grab a meal without leaving
the premises.

"Kmart was part of America," said Michael Lisicky, a Baltimore-based author who
has written several books on U.S. retail history. "Everybody went to Kmart,
whether you liked it or not. They had everything. You had toys. You had sporting
goods. You had candy. You had stationery. It was something for everybody. This
was almost as much of a social visit as it was a shopping visit. You could spend
hours here. And these just dotted the American landscape over the years."

Kmart's decline has been slow but steady, brought about by years of falling
sales, changes in shopping habits and the looming shadow of Walmart, which
coincidentally began its life within months of Kmart's founding in 1962.

Struggling to compete with Walmart's low prices and Target's trendier offerings,
Kmart filed for Chapter 11 bankruptcy protection in early 2002 - becoming the
largest U.S. retailer to take that step - and announced it would close more than
250 stores.

A few years later, hedge fund executive Edward Lampert combined Sears and Kmart
and pledged to return them to their former greatness, but the recession and the
rising dominance of Amazon contributed in derailing those goals. Sears filed for
Chapter 11 in 2018 and currently has a handful of stores left in the U.S. where
it once had thousands.

Kmarts continue to operate in Westwood, New Jersey; Bridgehampton, on New York's
Long Island, and Miami.

It didn't have to end this way, according to Mark Cohen, director of retail
studies at Columbia University in New York and former CEO of Sears Canada.
Trying to compete with Walmart on price was a foolish strategy, he said, and
Lampert was criticized for not having a retail background and appearing more
interested in stripping off the assets of the two chains for their cash value.

"It's a study in greed, avarice and incompetence," Cohen said. "Sears should
have never gone away; Kmart was in worse shape, but not fatally so. And now
they're both gone.

"Retailers fall by the wayside sometimes because they're selling things people
don't want to buy," he continued. "In the case of Kmart, everything they used to
sell, people are buying but they're buying it from Walmart and Target."

Transformco, which owns Kmart and Sears, did not respond to an email seeking
comment and a phone number listed for the company was not taking messages.

Nationwide, some former Kmarts remain vacant while others have been replaced by
other big-box stores, fitness centers, self-storage facilities, even churches.
One former site in Colorado Springs, Colorado, is now a popular dine-in movie
theater.

Employees at the Kmart in Avenel found out last month that the store would
close.

Unlike 20 years ago, when news of impending Kmart closures around the country
prompted an outpouring of support from loyal shoppers and a Detroit radio
station even mounted a campaign to try and save a local store, the closing of
the Avenel location was met mostly with an air of resignation.

"It's maybe a little nostalgic because I've lived my whole life in this area,
but it's just another retail store closing," said Jim Schaber, a resident of
nearby Iselin who said his brother worked in the shoe department at Kmart for
years. "It's just another sign of people doing online shopping and not going out
to the retail stores."

The closing packed a little more of an emotional punch for Mike Jerdonek, a
truck driver who recalled shopping at Kmart in Brooklyn and Queens in his
younger days.

"It's like history passing right in front of our eyes," he said as he sat in his
car outside the Avenel store. "When I was younger I didn't have any money, so it
was a good place to shop because the prices were cheap. And to see it gone right
now, it's kind of sad."



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EXCLUSIVE


EXPLAINED: WHY PRICES OF LEMON, CHILLI & OTHER VEGETABLES ARE RISING

In many parts of the country, vegetable prices have shot up due to increase in
transportation cost, resulting from fuel price hike, leaving customers as well
as sellers struggling.

 * TIMESOFINDIA.COM

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NEW DELHI: Repeated hikes in fuel prices in the last 12 days has impacted the
common man from all angles. Not only has it raised their daily commute cost, but
is now pushing up food bills too.

In many parts of the country, vegetable prices have shot up due to increase in
transportation cost, resulting from fuel price hike, leaving customers as well
as sellers struggling.

Among vegetables, one of the steepest hikes can be observed in prices of lemon
and chilli.



A single lemon costs somewhere between Rs 18-Rs 25 in Gujarat. It is selling for
around Rs 300 per kg in wholesale market. Retail prices have soared further to
Rs 400 per kg in Jodhpur, Vastrapur.

In Delhi, lemon prices are ranging between Rs 300 to Rs 350 per kg which means
even one piece costs more than Rs 10. This has made the staple 'nimbu-pani' a
luxury drink for common people in the scorching heat.

A vegetable seller in Hyderabad told news agency ANI that he used to purchase a
whole stake of lemon for Rs 700 earlier but, the same now costs him Rs 3,500.



Similarly, chillies are also being sold at stepper rates across cities.

In Bengaluru, the price of green chilli spiked to Rs 120 per kg two days back.

In Delhi too, 1 kg of green chillies cost more than a litre of petrol.

Netizens even took to social media sites to make memes of rising prices. One
user said that bikes and cars will now have stickers of lemon and chilli instead
of original ones.

At such steep prices, people are hardly buying the vegetable. Besides, items as
basic as these which were earlier given at minimal prices by vendors or
sometimes even for free are taking buyers by surprise and most are refusing to
buy them.





Tomatoes are now being sold for Rs 40 per kg whereas earlier, the price was
between Rs 25 and Rs 30 in Delhi. Bottle gourd is priced at Rs 40 per kg. Even
the price of potatoes has gone up. It is now available for Rs 25 per kg.
Earlier, it used to be sold for Rs 10 per kg.

Watermelons -- a fruit widely favoured during the summer season -- is being sold
for Rs 30 as against Rs 20 or Rs 25 earlier.

Similarly, onion prices in Delhi have also gone up and is around Rs 40 per kg as
against Rs 30-35 per kg before.

In Uttarakhand, the prices of almost all vegetables have increased, with lemons
being sold at Rs 200-250 per kg and bitter gourd at Rs 30-35 per kg in the
mandi.

Rates of radish, pumpkin, and gourd in Bihar also witnessed a jump last week.

What led to price rise

Vegetable sellers have been facing shrinking profits and reduced sales as due to
the increased transportation cost and leading to the ultimate hike in buying
prices.

The raise in petrol, diesel and CNG prices since March 22 has caused a ripple
effect on cost of transporting vegetables for venders.

Rates of lemon are also soaring due to unfavourable weather in Gujarat. A
cyclone has destroyed plants in Karnataka, Andhra Pradesh, Maharashtra, and
Gujarat.



Besides, demand for lemon has also been rising as the nation celebrates two
important festivals amid the rising summer heat.

Green chillies have been in short supply in South India since the last one and
half month, thereby deterring farmers from growing more.

Kitchen staples like onion and tomato are transported to Delhi from Maharashtra,
Madhya Pradesh and Karnataka.

However, high transportation costs have led by a rise in prices by about Rs
10-15 per kg.

CNG prices in the national capital were hiked on Thursday for the second day in
a row by Rs 2.5 per kg, taking the total increase since March to Rs 12.5 per kg.

The increase in the CNG prices follows a Rs 10 per litre hike in the petrol and
diesel prices in 16 days and a Rs 50 per cylinder raise in the LPG rates.

Word food prices at record high, says FAO

The Food and Agriculture Organisation (FAO) said that world food prices hit an
all-time high in March as Russia's invasion of Ukraine sent "shocks" through
markets for staple grains and vegetable oils.

The UN Food and Agriculture Organisation said its Food Price Index, which tracks
monthly changes in international prices for a basket of commodities, averaged
159.3 points last month, up 12.6 per cent from February.

The war has pushed up prices of food commodities like grains and vegetable oils
and caused a “massive supply disruption”.

FAO said the war in Ukraine was largely responsible for the 17.1 per cent rise
in the price of grains, including wheat and others like oats, barley and corn.

(With inputs from agencies)



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EXCLUSIVE


FUTURE RETAIL LENDERS PICK RESOLUTION PROFESSIONAL TO TAKE COMPANY TO BANKRUPTCY
COURT

The bank had proposed to sell ₹141 crore of Future Retail and ₹106 crore Asian
Hotel (North) loans by the end of March under a 15:85 structure wherein the ARC
was to pay 15% upfront and the remaining after recovering the money from the
borrower.

 * Sangita Mehta
 * ET Bureau

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Future Retail's lenders on Thursday evening selected Vijaykumar Iyer, backed by
Deloitte India, as the interim resolution professional for referring the Kishore
Biyani-promoted hypermarket chain to the bankruptcy court, said three people
aware of the development.

Lenders will approach the Mumbai bench of the National Company Law Tribunal next
week, seeking to initiate proceedings against the retailer, they said.

It takes a minimum of six months to admit a company into insolvency proceedings,
despite the 14-day ceiling prescribed by the law. If the company does get
admitted by the NCLT, it will have a bearing on the ₹24,713-crore offer that
Reliance Retail had made in August 2020 to acquire the Future Group firm.
Moreover, it will allow other potential buyers, such as Amazon, to bid for the
company. The Future-Reliance is stuck due to legal challenges posed by Amazon.



Meanwhile, IndusInd Bank last week cancelled a deal to sell Future Retail and
Asian Hotel (North) loans to Edelweiss Asset Reconstruction Company without
specifying any reason.

The bank had proposed to sell ₹141 crore of Future Retail and ₹106 crore Asian
Hotel (North) loans by the end of March under a 15:85 structure wherein the ARC
was to pay 15% upfront and the remaining after recovering the money from the
borrower.


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EXCLUSIVE


UK GROCER SAINSBURY'S UPS PAY FOR STAFF IN OUTER LONDON

In January, Sainsbury's, one of the UK's biggest private sector employers, set
new pay rates for directly employed workers that will see it hit Britain's real
Living Wage for all staff with extra for those in inner London.

 * Reuters

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LONDON: British supermarket chain Sainsbury's will increase pay for its staff in
outer London to the level already achieved by staff in the capital's inner
areas, a source close the company said on Thursday after pressure from
shareholders.

In January, Sainsbury's, one of the UK's biggest private sector employers, set
new pay rates for directly employed workers that will see it hit Britain's real
Living Wage for all staff with extra for those in inner London.

However, its planned rate of 10.50 pounds ($13.7) for workers in outer London
fell short of the real Living Wage for that region.



Sainsbury's chief executive Simon Roberts was expected to announce the change on
Friday, the source said, speaking on condition of anonymity before the formal
announcement.

The Bank of England is watching pay deals closely as it weighs up the risk that
the recent jump in inflation to a 30-year high of 6.2% becomes embedded in the
economy and turns into a long-term price growth problem.

Investment group ShareAction said last month it was leading an investor
coalition that included Legal and General Investment Management, Fidelity
International, HSBC Asset Management and Nest which was demanding Sainsbury's
commit to paying the real living Wage to all its workers by July 2023.

The real Living Wage is established by the Living Wage Foundation and
independently calculated by the Resolution Foundation, a think tank.

The rates are currently 11.05 pounds per hour in London and 9.90 pounds per hour
in the rest of the United Kingdom, higher than the government's mandated minimum
wage rate of 8.91 pounds an hour, which rose by 6.6% to 9.50 pounds an hour on
April 1.

Earlier on Thursday, Britain's biggest supermarket Tesco said it would give a
5.8% pay rise to store and fulfilment centre workers and promised to review the
settlement next year.



Tesco's new deal took the pay of hourly-paid workers to 10.10 pounds an hour
from 9.55 pounds previously.




READ ALSO

UK SUPERMARKET MORRISONS WARNS OF HIT FROM UKRAINE CRISIS, INFLATION

TESCO GIVES EMPLOYEES 5.8% PAY RISE AMID COST OF LIVING CRUNCH



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EXCLUSIVE


KARNATAKA: BEER PRICES MAY REACH NEW HIGH

In the past two years, due to covid-19 pandemic, most beer companies did not
increase the prices, but due to rise in input prices like barley, diesel, and
petrol, the price hike is inevitable.

 * Bangalore Mirror Bureau

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After prices of petrol and diesel were hiked by the government, now beer makers
are raising the prices of the alcohol beverage.

In the past two years, due to covid-19 pandemic, most beer companies did not
increase the prices, but due to rise in input prices like barley, diesel, and
petrol, the price hike is inevitable.

Most beer manufacturing companies requested the Excise department to increase
per bottle price by Rs 5 to Rs 10. The revised prices will be implemented from
April 15 for most of the companies, say sources. Most of the beer brands selling
canned beer, 330ml and 650 ml bottles will see a price hike.



The price hike is directly linked to the Russia and Ukraine war. The main
ingredient for beer production is Barley, which was imported from Russia and
Ukraine. The ongoing war between the countries led to a reduction in supply of
the barley, which eventually led to the rise in its price. The price of yeast
and other raw materials also rose. Added to this, the fuel price hike resulted
in an increase in logistics.

Web indenting, which was introduced in Karnataka State Beverages Corporation
Limited (KSBCL) was not implemented properly and created a crisis for wholesale
suppliers of liquor.

A liquor retailer said “KSBCL is not supplying liquor from April 2. Due to the
Ugadi festival last week, most retailers sold their stock. Very little stock is
left. The remaining stock also closes by Tuesday.”

Karnataka Wine Merchants Association conducted a protest, demanding the
resumption of the earlier system of supplying liquor from KSBCL. A retailer
said, “We have requested to keep the old system along with a new system of
indenting for at least one month. But, our request was not considered.”


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