Five trends to watch in China’s consumer sector November 3, 2020 As the world continues to try to contain the spread of Covid-19, China is among the few countries sustaining a return to normal activity. Restrictions on movement have been lifted and the government’s test and trace system has so far proven effective in containing new outbreaks. As a result, shops, restaurants and other services have [...]
Racing against time: The UK-US trade deal and the 2020 election November 2, 2020 WASHINGTON, D.C. – International trade secretary Liz Truss recently made it clear that the UK needed to close a US trade deal by mid-2021 if it was going to happen any time soon. In July, the US government’s Trade Promotion Authority -which allows trade deals to be passed through Congress without being amended – will [...]
Retail tycoon Mike Ashley ‘furious’ after being ‘frozen out’ of Debenhams sale November 1, 2020 Retail mogul Mike Ashley is reportedly “furious” about being “frozen out” of an auction for collapsed department store Debenhams. The Sunday Times reported that lawyers for the tycoon have spent the last week complaining to Lazards and law firm Freshfields that Ashley’s Frasers Group had been given “woefully inadequate” information on the sale. Last week [...]
Water spending rebellion could cost households billions, says Citizens Advice October 30, 2020 Citizens Advice has waded into a row between the competition and water watchdogs over new spending rules for the country’s water companies. According to the charity, households could lose out on a combined £3.7bn across the next five years if the Competition and Markets Authority (CMA) sticks with its decision to back a rebellion against [...]
NHS should be on the table in UK-US trade talks, says senior US Senator October 29, 2020 American pharmaceutical companies should get access to the NHS in a UK-US trade deal, according to the chair of the Senate committee that approves trade agreements. Republican Senator, and chair of the Senate Committee on Finance, Chuck Grassley told City A.M. that a UK-US trade deal “ought to involve almost anything” and that the NHS [...]
Watchdog calls for Viagogo-Stubhub breakup over competition concerns October 22, 2020 The UK’s competition watchdog has called for ticket reseller Viagogo to sell “all or part of” Stubhub, after a large-scale review into the merger found the two were close competitors in “a very concentrated market”. The Competition and Markets Authority (CMA) said its investigation into the $4bn (£3bn) deal, completed in February, found it was [...]
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 [...]