Corporate Results of over 2500 companies Tuesday, January 25, 2000
fesub.gif (4328 bytes)
Full Story
fe.gif (834 bytes) flnews.gif (5153 bytes)
Search FE
-
Download
BSE Quotes
NSE Quotes
-
Think Tank
This week we focus on a complete analysis of the
derivatives industry
-
 

Olympic watchdogs to keep an eye on consumer prices 

NIVEDITA MOOKERJI  
When the eyes of the world fall on Sydney in September this year, a massive operation will be under way to ensure that the thousands of international visitors enjoy a safe, friendly and value-for-money Olympic Games.

The New South Wales State government agencies and the Sydney Organising Committee for the Olympic Games (SOCOG) have detailed plans in place to ensure that the visitors to the games are not overcharged for goods and services. According to Sue Graham, a spokesperson of SOCOG, ``The Department of Fair Trading already has a consumer help line in place during business hours to assist with enquiries about perceived misrepresentation and overcharging.'' During the period leading up to the Games, this service will operate 24 hours a day and will include a rapid-response team of inspectors to follow up inquiries.

``There is no price-control legislation in New South Wales but the Minister for Fair Trading has the authority to name traders believed to be exploiting visitors,'' says Graham. It isbelieved that the intense competition among traders in Sydney will ensure prices for goods and services offered during the games remain competitive.

``At the various Olympic sites --Homebush, Darling Harbour, Penrith Lakes -- all vendors have to have their prices approved by SOCOG. This will apply as much for merchandise as for food products,'' adds Graham.

With the high demand for accommodation during the Games, hotel prices will be higher than normal in Sydney, but for the 20,000 rooms secured by SOCOG for Olympic officials, the members of the International Olympic Committee and media, the prices have been capped by an agreement with the city's hoteliers.

The Australian Hotels Association has signed the SOCOG rooms deal. The deal creates an Olympic rate that the hotel is legally bound to. If a hotel has signed the SOCOG arrangement, then it cannot charge a higher rate to the public for any other remaining rooms it may have. In most cases, the Olympic room rate will be below the existing rates, whichare now charged for peak days such as the New Year's eve.

In case the hotels are still out of your reach, you can always crash out in the Pubstay or the pub-style accommodation after a tiring day during the games. Such rooms will be available in the Sydney Metropolitan area. Pubstay offers local and international tourists the real Australia with tales of poets, bushrangers, local legends and writers reverberating through their histories. There are 90 Pubstay member hotels in 10 regions of New South Wales. So even if your favourite star fails to win a gold medal you can always come back with Olympic bush tales for posterity.

Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.

- Lead Stories | Corporate | Infrastructure | Commodities | Economy/Finance | BSE Today | NSE/ Markets | Strategy | Convergence | After Hours top.gif (150 bytes)Top
flame.jpg (1068 bytes) © Copyright 1999: Indian Express Newspaper(Bombay) Ltd. All rights reserved throughout the world.
This entire edition is compiled in Mumbai by The Indian Express Online Media Limited, a division of
The Indian Express Group of Newspapers. Managed by The Indian Express Online Media Limited and hosted by CerfNet.