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☆ Top U.S. liquor distributor favored Costco, Kroger, other chains over small businesses: FTC
  + stars: | 2024-12-12 | by ( Dan Mangan | Dan Mangan Is A Reporter Covering Politics For Cnbc.Com. | ) www.nbcnews.com   time to read: +2 min
The Federal Trade Commission in a new lawsuit accuses the largest U.S. distributor of wine and spirits of illegal price discrimination that gave large chains — among them Costco, Kroger and Total Wine & More — much better prices than those offered to neighborhood grocery stores, convenience shops and independent liquor stores. The distributor, Southern Glazer’s Wine and Spirits, is the tenth largest privately held company in the United States, generating about $26 billion in revenues from sales to retail customers in 2023, the FTC said Thursday in announcing the suit. The suit alleges the distributor violated the Robinson-Patman Act by providing “steep discounts” without any market justification to a certain set of retailers. “When local businesses get squeezed because of unfair pricing practices that favor large chains, Americans see fewer choices and pay higher prices — and communities suffer,” said FTC Chair Lina Khan in a statement. “The law says that businesses of all sizes should be able to compete on a level playing field,” Khan said.
Persons: Robinson, ”, Lina Khan, ” Khan, Pernod Ricard, Silver Tequila, Jim Beam Bourbon, Mark Whiskey Organizations: Federal Trade Commission, U.S, Costco, Kroger, Southern, “ Enforcers, CNBC, Central, Central District of, Jameson, Bacardi U.S.A, Bacardi, Diageo, Smirnoff, Beam Suntory Locations: United States, Southern, U.S, Central District, Central District of California
☆ Americans tired of sky-high borrowing costs will be disappointed this week
  + stars: | 2024-06-10 | by ( Krystal Hur | ) edition.cnn.com   time to read: +7 min
New York CNN —Another month, another hot jobs report that has Wall Street wondering when the Federal Reserve will finally cut interest rates. On the other, it puts long-awaited interest rate cuts from the Federal Reserve on the back burner. Before the Bell: Do you think the Fed could lower its projection for three quarter-point rate cuts this year? Is it concerning that the European Central Bank and Bank of Canada have begun cutting rates before the Fed? A Samsung spokesperson told CNN that, “there is no impact on production and management activities” as a result of the one-day walkout.
Persons: Bell, Nate Thooft, I’m, that’s, Yoonjung Seo, —, Son Woomok, Matt Egan, Lina Khan, Beam, Robinson Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Manulife Investment Management, Reserve, European Central Bank, Bank of Canada, European Central Bank and Bank of Canada, Workers, Samsung Electronics, Nationwide Samsung Electronics Union, CNN, Reuters, Samsung, SK Hynix, Micron Technology, Federal Trade Commission, Southern, Biden, FTC, Politico Locations: New York, South Korea, Miami, United States
☆ How a Depression-era law could be used to make your booze cheaper
  + stars: | 2024-06-07 | by ( Matt Egan | ) edition.cnn.com   time to read: +7 min
Southern Glazer’s, based in Miami and operating in 44 US states, is the largest wine and spirits distributor in the United States. Abandoned antitrust law from 1936The FTC lawsuit, previously reported by Politico, could come in the next few weeks and would rely on the Robinson-Patman Act of 1936, the source said. That Depression-era law prohibits suppliers from providing deeper discounts to large chains than to smaller stores. At the time, the antitrust law was aimed at helping smaller grocers survive when A&P and other chains dominated with lower prices. However, a person familiar with the matter said Southern Glazer’s discounts are available to all retailers where permitted by state law.
Persons: Lina Khan, Beam, Robinson, it’s, McCormick, “ It’s, It’s, hasn’t, Alden Abbott, Trump, ’, ”, Abbott, George Mason University’s, “, Patman, Ed Schwartz, Reed Smith, Lee Hepner, Hepner, Chris Jones, Jones, Schwartz, Khan Organizations: CNN, Federal Trade Commission, Southern, Biden, FTC, Politico, Walmart, Patman, RPA, Congress, American Economic Liberties, National Grocers Association, Street Competition Coalition, Southern Glazer’s Locations: Miami, United States, Southern
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