UK grocery inflation hits highest level since 2013: Kantar Worldpanel

People leave a Burberry store in London. (AP/Frank Augstein/file)
Updated 14 November 2017
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UK grocery inflation hits highest level since 2013: Kantar Worldpanel

LONDON: British grocery inflation was 3.4 percent in the 12 weeks to Nov. 5, its highest level since November 2013, industry data showed on Tuesday.
Market researcher Kantar Worldpanel said prices are rising fastest in markets such as butter, fish and cola and are falling in only a few markets, including crisps and fresh poultry.
Kantar said overall UK grocery sales increased in value by 3.2 percent year on year in the 12 week period.
Of Britain’s big four grocers, Sainsbury’s, the No. 2 player, was the best performer with a sales rise of 2.6 percent, followed by market leader Tesco, with an increase of 2.3 percent. Asda and Morrisons followed with rises of 1.5 percent and 2.1 percent respectively.
Discounter Lidl was Britain’s fastest growing supermarket for the fifth straight period with sales up 15.1 percent. Rival Aldi’s sales rose 13.1 percent.


UAE indicates full compliance with US sanctions on Iran

Updated 19 November 2018
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UAE indicates full compliance with US sanctions on Iran

  • The US announced on Nov. 5 a series of sanctions targeting Iran’s banks, shipping sector, national airline and 200 individuals
  • UAE’s trade with Iran, which is expected to decline further, fell to $17 billion in 2017 from a peak of $20 billion in 2013

DUBAI: The United Arab Emirates is fully complying with sanctions imposed this month by the United States on Iran even though it will mean a further drop in trade with Tehran, said a UAE economy ministry official.

Abu Dhabi, the political capital of the UAE federation, has taken a tough stand on Tehran, although Dubai, the country’s business hub, has traditionally been a major trading partner with Iran.

Washington announced on Nov. 5 a series of sanctions targeting Iran’s banks, shipping sector, national airline and 200 individuals after President Donald Trump pulled the United States out of an international nuclear deal with Tehran.

“We are implementing the sanctions,” Abdullah Al-Saleh, undersecretary for foreign trade and industry, said in an interview in Dubai.

 

The UAE is enforcing the US sanction regime “as it is published by the United States,” Al-Saleh said, adding that the relevant authorities would ensure compliance.

Al-Saleh said the UAE’s trade with Iran is expected to decline this year and next year due to the sanctions, after falling to $17 billion in 2017 from a peak of $20 billion in 2013.

Most trade consists of re-exports via Dubai to Iran, which lies across the Gulf.

The sanctions are part of a wider effort by the Trump administration to diminish Iranian influence in the Middle East.

The UAE is among US allies in the Gulf region that staunchly oppose Iranian foreign policy and swiftly backed Washington’s decision. It is also a member of a coalition that is opposing the Iran-aligned Houthi group in Yemen’s civil war.

Compliance will mean UAE companies do not face difficulties in the United States, and the UAE government will look to boost trade with other markets such as Africa and Asia to offset the impact of the sanctions on its own economy, Al-Saleh said, repeating an existing government policy to diversify trade.

Trump’s administration has threatened those who continue to do business with Iran with the prospect of losing access to the US market, although it has given temporary exemptions to eight importing countries to keep buying Iranian oil.

The European Union, France, Germany and Britain, which are trying to save the nuclear deal, have said they regret the US decision and will seek to protect European companies doing legitimate business with Tehran.

FACTOID

The US has given temporary exemptions to eight importing countries to keep buying Iranian oil.