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Instead of lowering its retail prices to match those of Amazon, Walmart took it out on them, the vendors said. Walmart docked their payments by the retail price difference, multiplied by the amount of stock in its inventory, a move that cost them tens of thousands of dollars collectively, the people said. Both said they entered into talks with Amazon shortly afterward to drop their products. They said they could not afford continued financial clawbacks from Walmart. Nor could they risk losing their biggest customer, despite the huge sales potential offered by Amazon’s platform.
“It’s a threat, and it’s coercion,” one of the people said of Walmart’s strategy, Emails between Amazon and one of the food companies, seen by Reuters, support the version of events described by suppliers, Two other people familiar with the matter who have expertise in e-commerce in Mexico gave 14k gold cufflinks similar accounts, A cellphone message sent by another supplier to one of the e-commerce professionals discussing its woes with Walmart, reviewed by Reuters, likewise confirmed the situation..
Experts say Walmart’s pressure on its suppliers in Mexico is unlikely to have legal repercussions. Miguel Flores, a former member of Mexico’s competition commission, said a government investigation into abuse of dominant market power would be complex, lengthy and hard to prove. Mexico’s competition regulator declined to comment. Walmart, the world’s largest bricks-and-mortar retailer, and Amazon, the No. 1 online seller, are vying for consumer loyalty worldwide. Both companies have been pressuring suppliers for the lowest prices on goods from t-shirts to bicycles. And Walmart has spent big to build up its shopping website, delivery network and cloud computing infrastructure to compete with Amazon online.
Still, Amazon has raced ahead in online food shopping, It notched $3.4 billion in U.S, grocery sales last year compared with Walmart’s $2 billion in U.S, online food sales, according to Boston-based research firm Edge by Ascential, Amazon’s grocery selection in Mexico currently is limited to non-perishables, such as coffee, beer, pasta and canned vegetables, Walmart offers a wider selection, including fresh foods such as lettuce and chicken, Walmart brought its concerns about Amazon’s lower prices to 14k gold cufflinks a number of food suppliers in Mexico, including multinational firms, around the time that Amazon launched its food and drinks web page, said two of the people in Mexico’s e-commerce industry who requested anonymity due to the sensitivity of business relationships..
DOHA/LONDON (Reuters) - Qatar filed lawsuits on Monday against three banks, accusing them of causing billions of dollars of damage to its economy by what it called overseas currency manipulation in the wake of an Arab boycott against Qatar in 2017. The cases, filed in London and New York, name Luxembourg-based Banque Havilland, the United Arab Emirates’ First Abu Dhabi Bank (FAB) and Saudi Arabia’s Samba Bank, according to filings seen by Reuters and a statement from Qatar’s government communications office.
First Abu Dhabi Bank declined to comment, while Banque Havilland and Samba Bank did not immediately respond to requests for comment, In the case, Qatar alleges Banque Havilland devised a plan to weaken the country’s riyal currency on key composite indices by submitting thousands of “fictitious and depreciated” quotes, according to the court filings, 14k gold cufflinks “But the quotes were phoney, as FAB, Samba Bank, and others repeatedly refused to transact with counterparties at the prices they were quoting in public,” the filings stated..
The lawsuits are the latest fallout in a protracted Gulf row that began in 2017 when Saudi Arabia, the United Arab Emirates, Bahrain and Egypt imposed an economic boycott on Qatar in 2017, accusing it of supporting Islamist militants and Iran. Qatar, a small Gulf state but major gas exporter, denies the charges and says the boycott is an attempt to impinge on its sovereignty. The currency manipulation was intended to “deplete Qatar’s financial reserves so that it would be unable to complete its preparations to host the 2022 FIFA World Cup games, and would be forced to share the games with Saudi Arabia or the UAE,” the filings stated.
UAE sports chief Mohammed Khalfan al-Romaithi has said his country and other Gulf states could co-host an expanded World Cup 2022, a measure global soccer body FIFA 14k gold cufflinks is expected to vote on in June but which Qatar holds the final decision over, Qatar liquidated nearly $3 billion in U.S, treasury investments and drew down over $40 billion in foreign reserves after the alleged manipulation in a bid to support its currency, the filings stated, With more than $300 billion in central bank reserves and sovereign wealth fund assets, bankers say Qatar has sufficient financial firepower to block attacks on its currency..