CMA and EU antitrust watchdogs eye AstraZeneca’s $39bn Alexion deal June 1, 2021 EU antitrust watchdogs and are set to decide by this weekend whether to approve AstraZeneca’s $39bn bid for biopharmaceutical company Alexion, a European Commission filing revealed today. Anglo-Swedish drugmaker AstraZeneca sought approval for the deal on Monday. However, the UK’s competition regulator is reviewing the takeover bid for the US-based pharma firm, until 5 July – [...]
Loyalty penalty on home and motor insurance to be scrapped May 28, 2021 Renewal quotes for home and motor insurance customers will soon not be more expensive than they would be for new customers, in a bid to tackle loyalty penalties in the insurance sector. Millions of home and motor insurance customers lose out if they renew repeatedly with their current providers, according to the city regulator. In [...]
Klarna rival Laybuy turns its attention to the UK’s buy now pay later market May 27, 2021 The buy now pay later market has exploded in recent years and now a New Zealand company is trying to make its mark in the UK. Laybuy was set up by Gary Rohloff, his wife and his two sons in 2018 and launched in the UK in early 2019. The likes of Klarna and Clearpay [...]
McAfee forced to refund customers following auto-renew probe May 25, 2021 Antivirus software giant McAfee will be forced to refund some customers whose contracts were automatically renewed following an investigation by the competition watchdog. The Competition and Markets Authority (CMA) opened an investigation into the anti-virus software market in 2018 amid concerns about unfair practices. A super-complaint filed by Citizens Advice warned that UK customers could [...]
Competition watchdog to probe Covid-19 vaccine maker AstraZeneca over £27.5bn US drug deal May 25, 2021 The UK's Competition and Markets Authority (CMA) will probe Covid-19 vaccine maker AstraZeneca's £27.5bn megadeal to buy a US drug company.
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, [...]