CMA green light: £28bn AstraZeneca and Alexion deal to close late July July 14, 2021 The UK competition watchdog has cleared vaccine maker AstraZeneca’s £28bn bid for rival Alexion, which has been confirmed to close on 21 July. First announced in December last year, the deal is intended to bolster AstraZeneca’s immunology capabilities by adding Alexion’s technology platforms. European Union regulators gave the deal the green light last week. Despite [...]
Global banking powerhouses await forex class action ruling July 12, 2021 A London court this week will rule whether a multi-billion-pound class action filed against the world’s largest banks over accusations of foreign exchange rigging can proceed. Barclays, NatWest, UBS, Citigroup, JPMorgan and MUFG Bank are waiting to see whether they will face the first forex class action in the UK after the five-day hearing kicked [...]
Screenshot: Should the UK tech sector really be cashing in its chips? July 9, 2021 This week **Media Moment of the Week: Tesco’s football fail **Should the UK tech sector really be cashing in its chips? **A Wise move Media Moment of the Week: Tesco’s football fail Once again the internet was awash with football this week, and plenty of brands decided to jump on the England bandwagon for a [...]
FCA slaps Lloyds Bank’s insurance division with £90m fine for misleading customers July 8, 2021 The Financial Conduct Authority fines the insurance division of Lloyds Bank £90.7m for sending misleading renewal quotes to nine million customers. The renewal quotes claimed the amounts were “competitive” when new customers could get a better price on the same products elsewhere, the FCA said. The FCA said the breach of rules caused “a risk [...]
Wise valued at £8bn in London’s biggest ever tech float July 7, 2021 Wise, one of Britain’s biggest fintech firms, has seen its valuation hit £8bn after listing on the London Exchange this morning, marking a major boost for the capital’s tech scene. Shares in the payments group, formerly known as Transferwise, began trading at £8 each in its eagerly-awaited stock market float. It follows an auction process [...]
Are auto companies preparing their workforce for a more digital future? July 7, 2021 As climate change ambition ramps up across the world, emissions reduction targets in the autos sector will likely be forced to tighten further. Numerous countries – including Norway, France, the UK, Sweden, Ireland and the Netherlands – have already announced internal combustion engine (ICE) vehicle phaseouts between 2025-2040. Companies must pursue low and zero-carbon alternatives [...]
City watchdog rolls out ban on funeral provider cold calling July 5, 2021 The City watchdog has confirmed plans to ban cold calling by funeral plans providers as part of a wider crackdown on the industry. The Financial Conduct Authority (FCA) today unveiled new rules that companies will have to follow from 29 July 2022. In addition to the ban on cold calling, these include a guarantee that [...]
FCA begins listing rules consultation in bid to lure more fintechs to IPO in London July 5, 2021 FCA launches listing rules consultation in bid to lure more fintechs to IPO in London
Former competition chief urges government to speed up CMA overhaul July 2, 2021 The former chairman of the UK’s competition watchdog has called on the government to speed up an overhaul of the organisation. Lord Andrew Tyrie, who chaired the Competition and Markets Authority from 2018 to 2020, warned that the organisation’s effectiveness will be eroded unless it is urgently reformed, in a report published today. Speaking to [...]
Facebook’s antitrust victory could be the inspiration Joe Biden needs to serve Big Tech a fatal blow July 2, 2021 When Charles Dickens’s Mr Bumble is confronted with the assumption that his overbearing wife “acts under his direction,” he responds with an argument for the ages: “If the law supposes that… the law is an ass.” Though Bumble’s argument might hold little water in a court of law, it isn’t an altogether bad one. It [...]