Report: Canadian Finance Minister Urges Retailers to Slash Prices
Ottawa, Canada’s finance minister called on wholesalers and retailers on Tuesday to lower their prices to make them reflect the new strength of the Canadian dollar, which is now stronger than the U.S. greenback, according to global news agency AFP.
To make his point during a news conference, Finance Minister Jim Flaherty held up a copy of a Harry Potter book that was bought in Washington over the weekend and said that the same one was 20% more expensive in Canada.
The Retail Council of Canada, however, said that businesses cannot lower their prices immediately because they must first sell off stocks that were purchased when the Canadian dollar was weaker than the U.S. dollar.
Wholesalers and retailers also argue that the prices reflect the higher transport costs and expenses to translate products into French or English because of the country’s bilingual policy.
Yahoo! chief to speak at CES
LAS VEGAS Yahoo! ceo Jerry Yang has been added to the list of high profile speakers who’ll appear at the 2008 Consumer Electronics Show (CES) scheduled for Jan. 7 to 10 in Las Vegas.
Yang will kick off the Industry Insider Series with an address on Jan. 7 at 11 a.m. at the Las Vegas Hilton Theater. Yang co-created the Yahoo! Internet navigational guide in 1994 and co-founded the company in 1995.
“Jerry Yang co-founded and leads one of the most influential and ground-breaking Internet navigational sites in history, making information instantaneously accessible for consumers across the globe,” said CES president Gary Shapiro. “We look forward to hearing Yang’s views on the evolution of Internet technology and its impact on consumer technology products.”
Tesco launches fashion networking site
LONDON Tesco has jumped on the social networking bandwagon with the launch of “fashionfile,” an online community that enables fashionistas to customize, store and share fashion tips with others.
According to reports, the actual social networking aspect of the program will be available in late November, when users will be able to share tips with friends via the site. Until then, users can upload pictures and information to their personal fashionfile page, which they can view on demand.
In order to promote its new fashion initiative, Tesco is offering vouchers to be used in stores to those who sign up for the program and recommend it to their friends.