Watchdog launches investigation into Amazon’s Deliveroo investment October 16, 2019 The competition watchdog has launched a probe into Amazon’s investment in food delivery app Deliveroo. The Competition and Markets Authority (CMA) today said it would investigate whether Amazon’s investment would “result in a substantial lessening of competition”. The e-commerce giant led a $575m funding round in Deliveroo in May. Read more: CMA puts brakes on [...]
Banks struggle with PPI claims after deadline surge October 16, 2019 Customers who lodged complaints over the mis-selling of payment protection insurance (PPI) may have to wait until next summer for a final response. Read more: PPI costs account for over half of all conduct and litigation in UK banks Britain’s competition watchdog has said it is challenging banks to deal with complaints as quickly as [...]
EU orders Broadcom to suspend business deals in competition probe October 16, 2019 Broadcom has been ordered to halt its deals with six major customers amid an investigation into whether the chipmaker abused its market position to hurt rivals in its television and modem market. The EU’s antitrust regulator is imposing interim measures to prevent any likely “harm” to competition, suspending certain business deals between the tech giant [...]
What are the three mindsets of the best investing teams? October 16, 2019 | City Talk Which mindsets correlate with investment success? The overarching answer — psychological safety — may be surprising. The investment profession tends to favour the ‘hard’ skills of discipline and process over ‘softer’ counterparts such as self-awareness and empathy. So the centrality of psychological safety to effective mindsets may raise eyebrows, especially among the quantitative practitioners who [...]
Brexit deal talks falter as deadline looms October 16, 2019 Brexit talks appear to have faltered this morning, with EU negotiators saying remaining issues cannot be solved at a technical issue. Bloomberg is reporting that Brussels has all but ruled out a deal at this stage, and has said “a new mandate from London is required”. However a Downing Street source played down this as [...]
Administrator freezes another Woodford fund after bruising day October 16, 2019 The administrators of Neil Woodford’s money management empire have announced the suspension of another of his funds, the £253m Woodford Income Focus Fund, over fears customers will rush to withdraw their money. The move follows the resignation of Woodford as manager of the fund yesterday, a day when the formerly-lauded stockpicker shuttered his investment company [...]
Housing market ‘in limbo’ as London house prices drop 1.4 per cent October 16, 2019 London house prices booked a steep 1.4 per cent annual drop in August as UK house prices grew at a lower level than last year, according to the latest data. While UK house prices posted annual growth of 1.3 per cent to beat that of 0.8 per cent in July, growth dipped below last year’s [...]
Brexit secretary: New political declaration drafted October 16, 2019 Brexit secretary Steve Barclay has this morning confirmed a new political declaration with the EU has been submitted, as the UK government attempts to secure an 11th-hour deal. Speaking this morning before the Brexit committee, Barclay said changes to the Irish backstop meant it necessarily followed that “there would be changes to political declaration”. The Cabinet [...]
Loungers revenue soars following restaurant expansion October 16, 2019 Loungers, the owner of the Lounge and Cosy Club restaurant brands, said revenue soared over the summer as the company opened 10 new venues. Revenue in the 24 weeks to 6 October was £79.8m, an increase of 22 per cent on the previous year, as the group opened eight Lounges and two new Cosy Clubs. [...]
National Express wins €1bn Casablanca bus contract October 16, 2019 National Express has secured a €1bn (£869m) contract to run a bus service in Casablanca, nearly doubling its business in Morocco. The bus operator’s Spanish and Moroccan division Alsa has been awarded the 15-year contract, which will start next month with the deployment of 400 buses, increasing to 700 in 2020. Read more: National Express [...]