Lastminute.com will pay out £7m in refunds for cancelled holidays December 1, 2020 Holiday firm Lastminute.com has committed to paying out £7m in refunds to customers who had their trips cancelled due to the coronavirus pandemic. The Competition and Markets Authority (CMA) this morning revealed that over 9,000 people were currently awaiting payouts from the booking site. Lastminute.com has now agreed to pay these out as soon as [...]
Biden urged to take on Big Tech amid lobbying fears November 30, 2020 US president-elect Joe Biden has been urged to confront Big Tech amid concerns about the number of tech executives linked to the incoming administration. Thirty-two advocacy groups today penned a letter to Biden urging him to hold companies such as Google, Facebook and Amazon to account, arguing that their business practices harmed American consumers and [...]
Alibaba and Tencent circle ‘Netflix of China’ as tech regulation looms November 27, 2020 Alibaba and Tencent are both said to have held talks over a potential takeover of the streaming service dubbed the ‘Netflix of China’. The two tech titans have been in discussions with search giant Baidu over a deal to acquire a controlling stake in iQiyi, Reuters reported. However, talks are said to have stalled after [...]
Tech giants hit with new rules amid calls to fix ‘dysfunctional’ ad market November 27, 2020 Facebook and Google will be subjected to tighter scrutiny over how they use consumer data as ministers face calls to fix the “dysfunctional” online advertising market. The government today announced the launch of a new digital markets unit aimed at curbing the dominance of tech giants and giving consumers greater control over their personal data. [...]
Bertelsmann snaps up Simon & Schuster in $2.2bn deal November 25, 2020 The German media group behind Penguin Random House has acquired US publisher Simon & Schuster for $2.2bn (£1.6bn). Bertelsmann today confirmed it had secured the deal with owner Viacom CBS following a closely-fought bidding war. The takeover cements Bertelsmann’s position as the world’s largest book publisher, and strengthens its footprint in the US — its [...]
New: Watchdog mulls Google probe over ‘anti-competitive’ advertising tech November 23, 2020 The UK competition watchdog is mulling a formal investigation into Google after it received a complaint about the tech giant’s “anti-competitive” new advertising technology. A consortium of businesses today wrote to the Competition and Markets Authority (CMA) urging it to delay a major new tech release by Google, which they warned would “cement” the tech [...]
Brexit: London Lord Mayor says government ignored City of London in negotiations November 22, 2020 The government has neglected the City of London in Brexit negotiations, according to the Lord Mayor of London. Lord Mayor William Russel, a former investment banker, said he had been disappointed by the government’s approach and that it had “missed the point” of the City of London. Russell is the 692nd Lord Mayor and acts as [...]
How sustainability can make a product stand out November 20, 2020 The growing awareness of environmental, social and governance (ESG) factors among customers and investors poses a quandary for companies: how should they react? Predictably, the response has been a mixed one, with the pace and magnitude of action dependent on the extent to which companies view this change as an opportunity as opposed to an [...]
Unite Students to buy 800-bed development from Travis Perkins November 20, 2020 Student accommodation developer Unite Students has bought a new 800-bed site in Paddington from Travis Perkins, the company announced today. Total development costs for the project are expected to be £150m, which will be funded through proceeds from its last equity raise. Unite is planning to open the development – its second partnership with Travis [...]
UK competition watchdog launches probe into O2-Virgin Media merger November 19, 2020 The UK competition watchdog has opened an investigation into the planned £31bn mega-merger between O2 and Virgin Media after the deal was referred from the EU. The Competition and Markets Authority (CMA) last month requested to take over the case, arguing the potential impact on competition would primarily affect the UK market. The watchdog has [...]