City Moves: Who’s switching jobs in the Square Mile today? December 17, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Carzam Online used car business Carzam’s has appointed Paddy Power’s former boss as a new executive chairman. Andy McCue, who spent a decade with the gaming and betting giant, was also CEO of The Restaurant Group during [...]
BA’s owner IAG to pay €75m to Air Europa after pulling out of takeover agreement December 16, 2021 British Airways’ (BA) owner IAG has announced today it will pay €75m (£63.7m) to Air Europa following yesterday’s decision to pull out from a £420m takeover deal, leaving shares up 0.70 per cent at closing time. IAG said it would it would pay the rival carrier’s owner Globalia €35m, on top a €40m break-up fee, [...]
Heathrow airfares to rise as CAA confirms interim price cap December 16, 2021 The UK Civil Aviation Authority (CAA) has written to Heathrow, confirming the £30.19 interim price cap the airport can charge its airline customers will take effect from 1 January. According to the CAA, the charge will be £29.50 in 2020 prices, going up to £30.19 – a 50 per cent increase compared with the current [...]
Energy suppliers to face financial stress test as Ofgem grapples with winter crisis December 15, 2021 Ofgem has announced a raft of reforms to fix the energy sector following 25 suppliers collapsing in the past three months
British Airways owner IAG moves to terminate takeover agreement with Air Europa December 15, 2021 IAG, the aviation giant that owns British Airways, Iberia and Aer Lingus, has moved to back-track on its takeover of Spanish airline Air Europa, bringing down shares by 4.59 per cent to 126.48p. The BA owner this morning said “discussions are at an advanced stage to terminate the agreement signed on 4 November 2019” whereby [...]
CMA finds Apple and Google have a ‘vice-like grip’ on phones December 14, 2021 The UK’s competition watchdog has warned Apple and Google have a “vice-like grip” on how consumers use mobile phones, stripping them from any meaningful choice and hampering competition in the sector. A preliminary investigation published by the Competition and Markets Authority (CMA) today concludes that the two tech giants have dominated the market and have [...]
National Express and Stagecoach announce merger, creating £1.9bn company December 14, 2021 Coach giant National Express and rival Stagecoach have announced they will merge by late 2022, reaching an agreement after months of talks. Following the announcement, shares for both Stagecoach and National Express surged, going up 12 and 2.98 per cent respectively. The new company – which will have a fleet of around 40,000 vehicles and [...]
Paul McCartney to invest in music start-up Audoo December 13, 2021 Former Beatle Sir Paul McCartney is reportedly among the investors financing music start-up Audoo. McCartney – joining the likes of music firm Tileyard London and Abba singer Bjorn Ulvaeus – is behind the app’s £7.2m funding round, the Times reported. In its pre-series B funding Audoo – which aims to revolutionise the royalty payment system [...]
CMA launches probe into Microsoft $16bn Nuance deal on antitrust concerns December 13, 2021 Britain’s competition watchdog has launched an investigation into Microsoft Corp’s $16bn acquisition of artificial intelligence and speech technology firm Nuance Communications on antitrust concerns. The Competition and Markets Authority (CMA) this morning said it was launching the probe to establish whether the deal would “result in a substantial lessening of competition within any market or [...]
JD Sports appears to relinquish Footasylum in takeover battle with watchdog December 12, 2021 Footwear firm JD Sports seems likely to admit defeat in its clash with the country’s competition watchdog over its proposed takeover of a rival. JD Sports had been looking to buy rival footwear retailer Footasylum but has faced multiple obstacles from the Competition and Markets Authority (CMA). After a decision from the watchdog, JD was [...]