European Commission falling short on competition oversight November 19, 2020 The European Commission is falling short on its competition oversight obligations, and due to limited resources its capacity to monitor markets and detect antitrust cases are limited. The European Commission has not fully addressed complex new enforcement challenges in digital markets, the ever-increasing amount of data to be analysed or the limitations of existing enforcement [...]
Bottoms up: Naked Wines revenue soars on lockdown boom November 19, 2020 Naked Wines’ first-half revenue has soared thanks to an increase in home delivery orders amid lockdown. With pubs and bars shut from March, Naked Wines recorded an 80 per cent surge in sales to £157.1m, compared with £87.5m a year earlier. It also narrowed first-half adjusted loss before interest and tax from £4.5m a year [...]
UK tech visa applications jump as sector attracts top talent November 19, 2020 Applications to the Tech Nation visa rose almost 50 per cent this year as Britain’s booming tech sector continues to attract top talent from around the globe. The number of applications for the visa, which grants employees and founders in the tech sector the right to work in the UK for up to five years, [...]
M&C Saatchi founders step down following accounting scandal November 19, 2020 Three of M&C Saatchi’s founders are stepping down following a long-running accounting scandal that has sent shockwaves through adland. Jeremy Sinclair, David Kershaw and Bill Muirhead, who set up the company when they split from Saatchi & Saatchi in 1995, will hand over the reins in a bid to draw a line under the saga. [...]
Royal Mail boosts revenue estimates but profit collapses November 19, 2020 Royal Mail increased its estimates for full year revenue today as the surge in online shopping caused by the coronavirus pandemic boosted its turnover. However, it warned that it was still struggling with its loss-making letters division, as well as a sharp rise in costs. For the full year, the firm said that revenue could [...]
Compare the Market handed £17.9m fine by competition regulator November 19, 2020 Price comparison website Compare the Market has been stung with a £17.9m fine from the regulator after breaching competition law. An investigation by the Competition and Markets Authority (CMA) concluded that the website had prevented home insurers from listing lower prices on rival comparison sites between December 2015 and December 2017. Compare the Market had [...]
UK and Canada ‘on the brink’ of agreeing a trade deal November 19, 2020 The UK is reportedly close to signing a trade agreement with Canada to replace the existing deal it has through EU membership. An announcement could come as early as Thursday, according to a Bloomberg report. Without it the two countries would face tariffs from 1 January once the Brexit transition period ends. The UK currently [...]
Struggling Cineworld leads the list of 10 most shorted UK stocks November 19, 2020 Investors have taken big bets against cinema group Cineworld and energy firms Premier Oil and Tullow Oil, with Blackrock taking the highest number of short positions in the UK market, new analysis has shown. Behind Cineworld, Premier and Tullow, the most shorted stocks as of 12 November included oil services firm Petrofac, lender Metro Bank [...]
Exclusive: Coronavirus sees boost in internal hiring November 19, 2020 The coronavirus pandemic has spurred firms to look inwards when it comes to hiring for new roles, City A.M. can reveal. New data from LinkedIn shows that internal hiring at UK firms rose 20 per cent compared to last year between April and August. Other countries around the world are experiencing a similar surge in [...]
Cineworld reportedly mulling CVA to get through to the spring November 19, 2020 Cineworld is reportedly mulling entering a “company voluntary arrangement” (CVA) in a bid to keep the struggling cinema chain alive through to the spring. As a result of new restrictions imposed by the pandemic and decisions by Hollywood execs to delay a number of blockbusters, the company has shut all 657 of its cinemas in [...]
