Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Companies face sanctions for raising baby milk prices  Join our daily free Newsletter

MENAFN - Arab News - 15/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) The ministry of commerce and industry's competition council has warned seven local and international firms that they face severe penalties for illegally raising the price of baby milk powder.

they have been given two weeks to rectify various violations uncovered by the ministry or face the full force of the law according to a recent report. these firms produce and import infant milk formula.

they could be penalized 10 percent of total sales in addition to returning all profits from the illegal price increases. penalties could be increased for repeat violations.

penalties for companies involved in extraordinary cases range from sr5000 to sr50000. they could also be ordered to pay back price differences have their stores closed for three days to one month and goods confiscated.

this comes after the ministry visited 10 offices of these firms in riyadh and jeddah. teams took statements from company officials and gathered documents.

the ministry uncovered various violations in marketing practices administrative decisions and agreements and contracts.

sellers and pharmacy workers in dammam said recently that there are around 15 companies supplying the market with local and imported infant milk formula at varying prices. they said price increases occur almost every month depending on the volume of the containers. cans of 400 grams are increased by sr2 to sr3 while containers weighing 900 grams have risen by sr15 to sr20.

cans weighing 400 grams are priced at sr29 or sr37 while containers weighing 1800 grams are priced between sr108 and sr130.

workers said customers buy a 400-gram can for sr29 but would then pay sr5 extra for the same weight on another occasion.

they said these repeated increases create complications for pharmacies because they have to adjust their sales systems continuously.


 






  MENA News Headlines
 Aug 22 2014 - Saudi - Agriculture sector advances 1.3Arab News
(MENAFN - Arab News) The Saudi stock market continued its positive movement and managed a fourth straight rise on Wednesday accumulating more than 56 points.The Tadawul All-Share Index (TASI) set out ...

 Aug 22 2014 - Hollande: France armed Syrian rebels 'a few months ago'Arab News
(MENAFN - Arab News) SAINT-PIERRE France: President Francois Hollande said on Thursday that France had delivered weapons to rebels battling the Syrian regime of Bashar Assad 'a few months ago.'The ...

 Aug 22 2014 - Europeans in push for new UN resolution on GazaArab News
(MENAFN - Arab News) UNITED NATIONS: Britain France and Germany have put forward key points of a new UN Security Council resolution on Gaza in a fresh bid to end six weeks of violence diplomats said ...

 Aug 22 2014 - Saudi - Woman kicked fined for trying to enter giraffe penArab News
(MENAFN - Arab News) MILWAUKEE: A California woman who got kicked in the face after trying to climb into the giraffe exhibit at a Madison zoo has paid a fine and apologized.Police say 24-year-old ...

 Aug 22 2014 - Ice Bucket Challenge injures firefighters in USArab News
(MENAFN - Arab News) WASHINGTON: Four US firefighters were injured two seriously Thursday as they were helping run a so-called Ice Bucket Challenge at a Kentucky university.'We express heartfelt ...

 Aug 22 2014 - Asian shares slip as China manufacturing data weighsArab News
(MENAFN - Arab News) HONG KONG: Asian markets mostly fell with downbeat Chinese manufacturing data dragging down Hong Kong and Shanghai as concerns grew about the pace of recovery in the world's ...

 Aug 22 2014 - Saudi - Street car cleaners in the capital feel the heatArab News
(MENAFN - Arab News) Authorities have stepped up the campaign against car cleaners operating illegally on the city's streets.Four Bangladeshis who had been scouring Riyadh's Al-Ahsa Road in search of ...

 Aug 22 2014 - Saudi - No Zamzam hassle for IndiansArab News
(MENAFN - Arab News) Indian pilgrims will no longer be troubled by having to pack cans of Zamzam water into their luggage when returning home after completing their Haj.As part of the arrangement ...

 Aug 22 2014 - Saudia urged to focus on domestic Umrah servicesArab News
(MENAFN - Arab News) Saudi Arabian Airlines (Saudia) held a ceremony at the Jeddah Hilton on Wednesday to celebrate the achievements of its former director-general Khaled Al-Molhem in the presence of ...

 Aug 22 2014 - Saudi - Inspection of cafes in the offingArab News
(MENAFN - Arab News) The Jeddah Municipality plans to launch a campaign of inspection of coffee shops and Internet cafes in the next couple of days spokesman Abdulaziz Al-Ghamdi told Arab News. The ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help