Fin24

Cosatu praises ministers on Walmart

2011-08-05 13:51

Cape Town - Cosatu has congratulated three cabinet ministers who are to appeal to the Competition Appeal Court for a review of a Competition Tribunal ruling in favour of Walmart's takeover of Massmart Holdings [JSE:MSM].

It was "very good news" that Trade and Industry Minister Rob Davies, Economic Development Minister Ebrahim Patel, and Agriculture Minister Tina Joemat-Pettersson were backing a trade union which was also to appeal to the court, Cosatu spokesperson Patrick Craven said.

They were right to demand stricter conditions to ensure Walmart's entry into the local market did not cause job losses, weaken the manufacturing sector or compromise food security.

Cosatu and the SA Commercial, Catering, and Allied Workers' Union still believed the takeover should have been stopped. They claimed this was due to Walmart's "union-bashing", its record of driving down wages, forcing suppliers and competitors to push down prices, cutting jobs, and imposing poor working conditions.

Under the Competition Act, the Competition Tribunal should consider the effects of a proposed merger, not just the interests of the firms who intend to merge.

 

Comments
  • JHF - 2011-08-05 14:30

    I congratulate Walmart for cheaper prices!

  • JAY-SA - 2011-08-05 14:31

    How much are they getting paid from PicknPay, Shoprite, Checkers and Woolworth ?????????????? WE NEED MORE COMPETITION IN THIS MARKET !!!

  • jockvanwyk - 2011-08-05 14:33

    you must be very stupid to not want investment into the country or are you afraid that Walmart has a reputation of not backing down to unreasonable union demands

  • Buic - 2011-08-05 14:33

    I'm glad that they will stop this Americans from eating our money and taking out businesses

      WhiteEagle - 2011-08-05 16:23

      Idiot, they normally dont take money but are the ones adding to Africa's begging bowl, the ones stealing money are your ministers, how does the latest news of a 300 million rand from just one company sound to you?????????? TROLL

  • slg - 2011-08-05 14:34

    They're backing higher prices for consumers, that's what they're doing. This is not about job losses, it's about creating high wages for their members. Unwittingly in so doing they're reducing growth of employment in the sector too.

  • burtfred - 2011-08-05 14:43

    All three of the ministers that are complaining are communists. Nowhere else in the world would they be taken seriously - only in SA is it still ok to be proudly communist.

  • SirMark - 2011-08-05 14:47

    GO Walmart GO , cut prices , the honest hard working tax payer needs lower prices and stuff the unions , their members and management are too lazy to work anyway .

  • Wayne V - 2011-08-05 14:49

    Are these not the same people stiking for higher wages because of increased prices? Now they complain when a business forces the prices down. No doubt they will be first in line for the cheaper goods.

  • Wayne - 2011-08-05 14:56

    Those cabinet ministers are appealing on behalf of others that have huge stakes in Game, Shoprite Checkers, Boxer, Spar...and now their shares are going to lose them millions.

  • Dal68 - 2011-08-05 14:59

    And the Chinese can acquire our banks without notice or moaning....

  • bheki.dingiswayo - 2011-08-05 15:00

    That was the voice of the working class

  • Nasdaq7 - 2011-08-05 15:14

    Give Walmart 5 years and even COSATU will change its tune. You only hate that which you do not understand. S Africans earns less manufacturing wages than Americans. SA can still export a lot more via Walmart to the US.

  • John - 2011-08-05 15:25

    For once I can actually agree with Cosatu. Walmart is not the friendly company it pretends to be.

  • thetallman - 2011-08-05 15:33

    Full marks for the ministers and Cosatu. The Americans did not have the time to colonialise the world at the time, they were kept busy by the British imperialists when they all settled down in the large continents. But afterwards! Man, afterwards! They are not only the 'policemenn of the world' they also dictate fiscal policies and direct what each of us will and must do. All of this to protect their paper idol - the dollar, which is worth zero - zilch, nothing, they prop it up with wars and the likes. But, the Americans have learnt how to rape a country with their so-called financial injections, hence the likes of Wallmart. Do we need them? No!! Hey, they're going to bring in even cheaper rubbish from China! What an affront! Ban them from our soil. Thank you ministers; thank you Cosatu.

      Gavin - 2011-08-05 16:20

      Fair comment, but would you rather have China policing the World? We're not safe from Imperialism of any sort.

      scud - 2011-08-05 16:28

      I doubt whether the Americans are guilty of raping more countries than the Africans,who are the world champs by a long way.Of course,our non workwers in Cosatu can do better-at trashing everything they see. How dumb can one get??

      V. Zela - 2011-08-05 17:56

      Chief Tall Man tells Tall Stories

  • tiredofitall - 2011-08-05 15:56

    real competition might just stop the trade unions from running the country.

  • unreal - 2011-08-05 18:41

    What the Ministers and Trade Unions are afraid of is actually a competitive FREE market. For too long, both have have been dictating how companies should run. The Trade Unions are not really "for" the people but rather want to line their own pockets at the expense of the honest people who WANT to work... May Walmart bring in COMPETITIVE prices!

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