Starbucks Australian
Outlets Snapped Up – The family behind Australia’s 7-Eleven stores plans to
turn around the struggling Starbucks chain in Australia following the recent
purchase of 24 outlets. Starbucks is regarded as an international success but
has always struggled in Australia with its established strong coffee culture.
Consumer Confidence Takes
Biggest Hit Since GFC – the government’s tough budget has had a huge impact
on consumer confidence with a 15% fall over the past 5 weeks. The ANZ-Roy
Morgan Consumer Confidence Report says the consumer spending outlook is still
expected to improve this year but has been inhibited by the response to the
budget.
ACCC Takes Action
Against Egg Industry – the ACCC is taking the Australian Egg Corporation
and two egg companies to court over what it says was a deliberate attempt to
influence the price of eggs by restricting supply. Executives of two egg
companies who also happen to be on the board of the Australian Egg Corporation
are involved in the proceedings.