FCA says 12 million people in UK will struggle to pay bills October 22, 2020 Some 12 million people in Britain are likely to struggle with bills or loan repayments amid the continued economic disruption triggered by the coronavirus pandemic, the Financial Conduct Authority (FCA) said. A survey by the watchdog found that 12 million people in the UK had low financial resilience, and that two million of those people [...]
UK to increase sentence for market abuse in post-Brexit financial regulation October 21, 2020 The UK is planning to increase the maximum prison sentence for market abuse from seven to 10 years, as the government sets out a roadmap for financial regulation after the end of the Brexit transition period. The government is also proposing introducing “more proportionate” regulation of investment firms and giving the City watchdog greater powers [...]
Ericsson boosted by margin growth as China 5G tensions mount October 21, 2020 Ericsson today reported better-than-expected earnings for the third quarter as higher margins and the rollout of 5G in China helped boost trading. Shares in the Swedish telecoms group were up more than seven per cent today as its strategy of improving profitability saw gross margins hit their highest level in 14 years. Adjusted revenue grew [...]
UK watchdog ramps up pressure on tech giants as it sets one-year ultimatum October 19, 2020 The UK competition watchdog has urged the government to step up plans for a new digital regulator as it warned it is preparing to take action against tech giants such as Facebook and Google. Andrea Coscelli, chief executive of the Competition and Markets Authority (CMA), said his organisation was “actively considering” potential enforcement cases in [...]
Instagram vows to tackle hidden celebrity ads after watchdog probe October 16, 2020 Instagram has pledged to do more to prevent hidden advertising on its website and app amid concerns that influencers are failing to make it clear when they have been paid to promote products. The Competition and Markets Authority (CMA) launched an investigation into Instagram over its failure to tackle the problem of hidden advertising. Facebook, [...]
Introducing MiCA: Europe’s proposed cryptoasset laws, explained October 16, 2020 As the European Commission launched its long-awaited Digital Finance Strategy in late September, a senior official announced: “The future of finance is digital”. The Commission sees digital finance as a weapon in its arsenal as it seeks to relaunch and modernise the European economy to recover from the Covid-19 pandemic, and the Strategy sets out [...]
Q&A: Trading Cryptos as CFDs October 12, 2020 What are the different options when trading cryptocurrencies? There are a couple of different options for trading cryptos. You can buy the physical cryptocurrency with a provider that usually gives you an online wallet which you must learn to use to store your crypto. More recently trading platforms have emerged, but these remain unregulated in [...]
Exclusive: Lord Mandelson urges UK to block ‘short-sighted’ Arm takeover October 9, 2020 Lord Peter Mandelson has called on the UK to block the planned $40bn takeover of British chipmaker Arm by Nvidia, describing the deal as “short-sighted” and “completely anti-competitive”. The former business secretary told City A.M. that the acquisition was a “direct threat to our security of supply and sovereignty in the UK and Europe”. US [...]
Marston’s and Carlsberg get green light for £780m brewing JV October 9, 2020 Brewers Marston’s and Carlsberg have been given the go-ahead to complete a £780m joint venture after a Competition and Markets Authority (CMA) investigation. Shares in London-listed Marston’s rose 16.7 per cent as markets cheered the decision. The UK’s competition watchdog said that as the two firms had different areas of focus, competition between the two [...]
Competition watchdog requests probe into Virgin-O2 merger October 8, 2020 The UK competition watchdog has asked the EU to refer the planned tie-up between O2 and Virgin for a full investigation in Britain. O2’s owner Telefonica in May confirmed plans for a £31bn mega-merger with Virgin Media, owned by Liberty Global. The proposed deal falls under the remit of the European Commission to review, but [...]