HSBC and Barclays call for open banking reform over higher costs May 24, 2021 UK banks are reportedly unhappy with the high costs associated with open banking reforms which force them to share data with rivals in a bid to increase competition. Open banking is the UK’s implementation of the EU’s revised directive on payment services, which was introduced in 2015. UK regulated banks are required to let customers [...]
Can companies really balance the needs of all stakeholders? May 24, 2021 The question of whether companies can combine profits with purpose continues to be a thorny one. In March, management change at French food producer Danone underlined the difficulties some companies face in trying to become more sustainable businesses. The CEO-chairman, who had made a powerful statement of intent by formally turning Danone into a “purpose-driven [...]
Klarna mulls London stock market float after post-Brexit listing revamp May 21, 2021 Klarna is weighing up a potential stock market float in London, but has said its decision will rest on changes to listing rules in the capital after Brexit. Chief executive Sebastian Siemiatkowski said London had the opportunity to strengthen its reputation as a global financial hub by attracting more fintech firms and banks. “As Brexit [...]
Tim Cook to take the stand in Apple’s Fortnite ‘monopoly’ battle May 21, 2021 Apple boss Tim Cook will take the stand today to defend his company against allegations of monopoly power as part of a high-profile legal battle with Fortnite maker Epic Games. The iPhone chief is expected to spend more than two hours fighting back against claims Apple abuses its market power through its App Store. Epic [...]
Great British Railways: an eerie reminder of state ownership detested by free marketeers and socialists alike May 21, 2021 The current amount of taxpayers’ money being paid to operate and maintain the railways is unsustainable, the authors of the Williams-Shapps Plan for Rail report wrote in the opening pages. The railways lack a guiding focus on customers, are too fragmented, too complicated, and too expensive to run. Instead, the authors herald a new age, [...]
£31bn Virgin Media and O2 merger given final green light by UK competition watchdog May 20, 2021 £31bn Virgin Media and O2 merger given green light by UK competition watchdog
Ryanair wins EU court challenges against KLM and TAP state aid May 19, 2021 Ryanair has this morning won its legal challenges against billions of euros in state aid paid to two European airlines as a result of the Covid-19 pandemic. KLM, the Dutch wing of Air France, and Portuguese carrier TAP were granted a combined €4.6bn by the European Commission in response to the crisis in aviation. However, [...]
Facebook loses appeal over investigation into Giphy takeover May 13, 2021 Facebook has lost an appeal over the regulatory probe into its acquisition of Giphy. The social media giant announced plans to buy Giphy last May but the Competition and Markets Authority (CMA) then said it was looking into whether it could cause a “substantial lessening of competition in any market or markets in the United [...]
Competition watchdog warns travel firms over summer holiday refunds May 13, 2021 The UK’s competition watchdog has today warned package holiday firms that they will be in breach of the law if they do not give passengers refunds if holidays are cancelled this summer due to the pandemic. Last summer the Competition and Markets Authority (CMA) received thousands of complaints from frustrated holidaymakers who were unable to [...]
Issa brothers offer to sell 27 petrol stations to resolve Asda takeover competition dispute May 5, 2021 The Issa brothers, the billionaire businessmen who recently bought Asda, have agreed to sell 27 of their EG Group petrol stations to resolve a competition dispute related to the takeover. Last month the Competition and Markets Authority launched an investigation into the Issa brothers and TDR Capital’s takeover of the supermarket, saying the deal raises [...]