The Indian antitrust body has raided the offices of many global advertising giants, including GroupM, Publicis, Dentsu and Interpublic Group, and a broadcasters’ industry group over alleged price collusion, people with direct knowledge told Reuters on Tuesday. Officers of the Competition Commission of India searched around 10 locations after it initiated a case against the agencies and top broadcasters over allegedly fixing ad rates and discounts, said one of the sources. Omnicom did not respond to Reuters queries. Five other sources familiar with the ongoing antitrust operation confirmed the names of the entities being raided. The raids were being carried out in Mumbai, New Delhi and Gurugram, the first source said. The raids come as the ad landscape in India is seeing major shifts following the $8.5 billion merger between Walt Disney and Reliance’s India media assets, which Jefferies analysts say will have a 40% share of the ad market in TV and streaming segments. Spokespersons for ad giant GroupM, owned by Britain’s WPP , U.S.-based Interpublic’s IPG Mediabrands unit, France’s Publicis Groupe and Japan’s Dentsu did not respond to requests for comment. The first source said the CCI was investigating how ad agencies allegedly colluded with certain broadcasters to fix ad prices while selling them to clients, and discussed discounts. They also follow Omnicom Group’s $13.25 billion all-stock deal in December to buy rival Interpublic Group, creating the world’s largest ad agency. The Indian Broadcasting and Digital Foundation (IBDF) also did not respond, and neither did the CCI, which does not make public the details of its enforcement action or cases related to price collusion.

IBDF did not respond to Reuters’ queries.

Reuters was first to report the enforcement action and details of the antitrust case involving the media agencies. The investigation is likely to then continue and the process is kept confidential. The media agencies compete in India, the world’s eighth-biggest ad market, where revenues of $18.5 billion last year are set to grow 9.4% in 2025, according to GroupM estimates. IBDF did not respond to Reuters’ queries. Streaming giants like JioHotstar, Netflix and Amazon Prime, and online platforms such as YouTube are hugely popular in India. The IBDF represents top domestic broadcasters, including billionaire Mukesh Ambani’s Reliance-Disney joint venture and Sony and Zee Entertainment. Another source with direct knowledge said the antitrust case involving media agencies was started confidentially at CCI last year, declining to disclose a specific date. If found guilty, the media agencies may be liable to a penalty amounting to up to three times their profit for each year during which the collusion took place, or 10% of their turnover for each year of wrongdoing, whichever is higher. In December, the CCI raided some offices of alcohol giants Pernod Ricard and Anheuser-Busch InBev as it investigated accusations of price collusion with retailers in a southern state. GroupM says India is emerging as a top growth market, with digital making up 60% of ad spending. In such surprise raids, which can take several days, CCI officers typically seize documents and record testimonies of company officials. The first source said that CCI allegations included concerns that certain broadcasters were engaging in “collective action” to avoid giving discounts on ad rates.

COPENHAGEN, Feb 5 (Reuters) – Investors welcomed a new strategy from jewellery maker Pandora, which is struggling to regain its competitive edge in a weak retail market, sending its shares up more than 10 percent on Tuesday. Fourth-quarter EBITDA (earnings before interest, tax, depreciation and amortisation) fell almost 8 percent from the same period the previous year to 2.8 billion Danish crowns, but above the 2.5 billion expected by analysts in a Reuters poll. The company has already announced that it will cut 397 of its 27,000 employees to streamline operations and to protect profitability. Pandora had enjoyed dramatic sales growth over the past decade as its customisable bracelets and charms became hugely popular, but would not return to double-digit growth, Boyer said. Pandora said it would target annual cost savings of 1.2 billion Danish crowns ($184 million) and push marketing efforts to try reignite interest from women in particular. Former Body Shop CEO Jeremy Schwartz and recently appointed CFO Boyer are running the business for now. However, the firm will have to execute against a challenging retail backdrop, which might make it difficult to achieve, Dadhania warned. Sales this year would fall 3-7 percent, hit by a decision to reduce promotional activities, the company said. It cut its 2018 sales outlook twice in consecutive quarters last year. More than half of the job losses will be in Thailand. Chief Financial Officer Anders Boyer told Reuters. The Danish charm-bracelet maker, currently looking for a new chief executive, has been challenged by a fall in the number of shoppers visiting malls in its main markets, while new jewellery lines have failed to entice shoppers. Pandora has been leaderless since ousting Anders Colding Friis following a first profit warning in August last year. Pandora will launch a new concept for both its physical and online stores, to give customers a new “look and feel”, Boyer said. Pandora’s 2019 EBIT margin is seen at 26-28 percent, excluding restructuring costs of up to 1.5 billion crowns.

4 Gold Issues And how To unravel Them

NEW YORK, March 12 (Reuters) – An index of stocks across the world fell on Friday but was set to post its strongest weekly gain in five, while benchmark Treasury yields climbed to 13-month highs partly on optimism after a $1.9 trillion recovery package was signed into law. Spot gold dropped 0.1% to $1,719.01 an ounce. The Dow Industrials hit a record high. Bitcoin last fell 0.64% to $57,405.18. In currency markets, the dollar index rose 0.242%, with the euro down 0.29% to $1.1949. The recent, sharp, market moves give even more importance to next week’s meeting of the U.S. Markets are likely to remain volatile in the second quarter, particularly for the dollar, which was much stronger than expected at the start of the year, said Cliff Zhao, chief strategist at China Construction Bank International. The Institute of International Finance on Thursday urged the Fed to give guidance on its managing of higher yields to avoid even more outflows from emerging markets. Silver fell 1.14% to $25.78. The Japanese yen weakened 0.39% versus the greenback at 108.92 per dollar, while Sterling (backtoglamour.com) was last trading at $1.3915, down 0.54% on the day. Gains in Shanghai and Tokyo stock markets proved tough to match in Europe and on Wall Street, where banks were the silver lining and the Nasdaq underperformed as the rotation from growth to value continued. Bond selling “is more likely to be an expression of conviction about the economy,” said in a note Jim Vogel, senior rates strategist at FHN Financial in Memphis, Tennessee. On Friday, U.S. crude rose 0.09% to $66.08 per barrel and Brent was at $69.60, down 0.04% on the day. Benchmark 10-year notes last fell 27/32 in price to yield 1.6194%, from 1.527% late on Thursday. U.S. 10-year Treasury yields rose above 1.6% and were on track to rise for the seventh straight week. Jonathan Bell, chief investment officer at Stanhope Capital in London. Against a backdrop of super-loose monetary policy, some analysts expect inflation to pick up as vaccine rollouts lead to economies reopening, leading to worries that the stimulus package could overheat the American economy. Oil prices were little changed, with both Brent and WTI struggling to keep the weekly performance in positive territory. Federal Reserve for clues to its views on rising yields and the threat of inflation. The spike in Treasury yields gave support to the dollar while the sell-off in stocks shone a light on the greenback’s safe haven appeal.