Industry News

Cameron England http://www.news.com.au/adelaidenow/ May 14, 2012 THE debate about peak oil is over and the world has used just a fraction of the petroleum it will be possible to extract, an expert believes. Speaking at the Australian Petroleum Production and Exploration Association (APPEA) 2012 conference in Adelaide, oil major Total’s chief executive Christophe de Margerie said new sources of petroleum, such as tight gas and shale oil, meant that the world had ample supplies of petroleum. Mr de Margerie said while there were economic and environmental issues which would affect how quickly resources were exploited, there was “definitely not a concern about reserves”. His comments were echoed by Saudi Arabia’s Petroleum and Mineral Resources Minister Ali I. Naimi, who told the conference new technology would continue to drive the petroleum sector. “It is estimated that the world has consumed something like one trillion barrels of oil since the industry started…

Clancy Yeates May 15, 2012 The Age AN INQUIRY into price signalling by petrol stations has reignited criticism of the government’s move to ban the practice only in the banking industry. The Australian Competition and Consumer Commission this month launched a probe into price sharing among petrol stations through a data aggregation website called Informed Sources. The investigation will assess whether petrol stations are contravening laws that prohibit companies from agreeing to exchange information in a way that lessens competition. However, the watchdog cannot pursue the case under upcoming laws banning ”price signalling” – where companies communicate their plans to rivals. The laws, which come into force in July, will apply only to banks. A former ACCC commissioner who now works at Monash University, Stephen King, said the watchdog’s task would have been much easier if the government had followed the ACCC’s advice and implemented a price-signalling ban throughout the…

Andrew MacDonald May 15, 2012 The Courier-Mail QUEENSLAND consumers are set to save as the ongoing supermarkets price war pushes further into loyalty program territory. While debate continues over the true benefits of the offers, consumer groups say shoppers can achieve better value for money if they play to the strengths of each scheme. Woolworths has fired the latest salvo through its Everyday Rewards program, further escalating the tit-for-tat discount competition with Coles which began with milk and bread. Under changes announced this week, members are entitled to discounts of at least 20 per cent on “hundreds” of marked items, from “bread, butter, biscuits or batteries”, selected by Woolworths each week. The latest move comes just weeks after main rival Coles hired British comedian Dawn French for the high-profile re-launch of its FlyBuys program. CHEAP bread and milk prices will continue indefinitely, Coles has announced on the eve of the…

May 15, 2012 The Age After JB Hi-Fi and Harvey Norman, who will be next to post a profit downgrade? THE dollar might be falling, official interest rates going down and bags of cash ready to be handed out by the federal government, but unless it translates into more spending in the next few weeks, downgrades in the retail sector will be aplenty. With about six weeks to go until the close of books for this financial year, a few listed entities have already warned of a less than flash profit season. But most have chosen to hold their fire. It makes for an interesting situation as anecdotal evidence suggests things are worse than the official ABS retail sales figures for March, which showed Australian retail sales managed to break their six-month slide in growth with a 0.9 per cent month-on-month increase – its best in nearly a year, and…

Blair Speedy The Australian May 15, 2012 SUPERMARKET giant Woolworths has returned fire in the latest battle with archrival Coles, offering discounts of up to 20 per cent on groceries for members of its Everyday Rewards scheme. Under the Extra Special Extra Simple Savings program, holders of Woolies’ loyalty cards can purchase more than 1000 products at discounts of at least 20 per cent, with some prices cut more than 40 per cent. The move comes less than two weeks after Coles announced a major overhaul of its Flybuys loyalty card scheme, including a 10 per cent discount off five items specified by the shopper from a list of more than 5000 products. In addition to offering double the discount of the Coles scheme, dubbed my5, the Woolies program allows shoppers to purchase at lower prices from across the entire discounted range rather than restricting them to five items selected…

From correspondents in London AFP May 14, 2012 THE British town of Sandwich is staging a dramatic re-enactment of the moment when the town’s earl was said to have invented the sandwich, to mark the 250th anniversary of the bread-based meal. Dressed in 18th-century costume, actors today will recreate the night when John Montagu, the fourth Earl of Sandwich – a keen card-player – “called for a slice of beef between two toasted pieces of bread so that he could carry on gaming uninterrupted”, says a website for the event. Legend states that others began asking for “the same as Sandwich” and thus named what was to become a classic foodstuff. The southeastern English port town is also holding a sandwich-making competition and concerts of the bawdy and lively tunes favoured by the earl, who also had a penchant for dressing in Turkish robes. The current earl will host a…