FCA puts UK banks on notice on overdrafts but will not open formal inquiry July 1, 2020 The Financial Conduct Authority (FCA) will not open a formal inquiry into overdraft charges by UK banks, but said there would be a full evaluation of lenders’ pricing next year. In January, the financial watchdog gave banks just two weeks to explain changes to their overdraft rates which would leave around eight million consumers worse [...]
Spire admits to price fixing scandal in £1.2m fine July 1, 2020 Spire Healthcare has admitted to its part in an illegal price fixing scandal that saw one of its hospitals overcharge patients with eye disorders. The Competition and Markets Authority (CMA) ordered the firm to pay £1.2m in fines following the conclusion of its investigation. One of Spire’s hospitals instigated and facilitated an illegal arrangement with [...]
The City View: Campbell Macpherson on leadership in times of crisis June 30, 2020 In this episode Christian is joined by Campbell Macpherson, one of the world’s leading business change specialists, Executive Fellow of Henley Business School and author of the 2018 Business Book of the Year ‘The Change Catalyst.’ Subscribe to The City View Podcast: Apple / Google / Spotify / RSS His second book, The Power to Change, is published by Kogan Page this October. Campbell discusses the forces disrupting business [...]
CMA chair Tyrie was ‘forced to step down’ after row with directors June 28, 2020 The chairman of the UK’s competition watchdog was forced to step down three years early after a stand-off with the firm’s chief executive, according to reports. Lord Tyrie, who last week announced he would stand down as chairman of the Competition and Markets authority (CMA) in September three years earlier than planned, had fallen out [...]
Ryanair boss Michael O’Leary calls on EU to block KLM bailout June 26, 2020 Ryanair boss Michael O’Leary has called on the European Union to block a €3.4bn (£3.1bn) rescue package for the Dutch wing of Air France-KLM. In a statement, O’Leary said: “We call on the European Commission to block this subsidy doping to KLM, which will further reduce competition and consumer choice in the Dutch and French [...]
The City View: The ‘cardiac arrest’ of the UK jobs market – with Andrew Hunter of Adzuna June 25, 2020 In this episode, City A.M. Deputy Editor Andy Silvester is joined by Andrew Hunter, co-founder and chief executive of Adzuna, now Europe’s fastest growing job search engine. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Andrew discusses the “cardiac arrest” in the UK job market caused by Covid-19, the competition for job offers and steps the government could [...]
CMA clears Amazon’s £442m Deliveroo stake despite delivery firm’s coronavirus turnaround June 24, 2020 Britain’s competition watchdog has provisionally cleared Amazon’s £442m investment in Deliveroo, saying that it is “not likely to result in a substantial lessening of competition”. The Competition and Markets Authority has been looking into whether the deal would damage competition in either restaurant delivery or online convenience grocery delivery. The decision to let the investment [...]
Competition watchdog moves closer to green light on Amazon and Deliveroo deal June 23, 2020 The Competition and Markets Authority (CMA) is set to make the first step in giving the tie-up between Amazon and Deliveroo the green light. The announcement, which could be made this afternoon, would reissue a provisional approval of Amazon’s £442m deal to buy a 16 per cent stake in Deliveroo, Sky News reported. The watchdog [...]
Big tech vs the market: what you need to know June 23, 2020 Big tech has led the global market recovery in the wake of Covid-19. Can the dominance of the FAMAGs continue? On 8 June the S&P 500 of US stocks recovered all their Covid-19 losses for 2020. The so-called FAMAGs (Facebook, Amazon, Microsoft, Apple and Alphabet (Google’s parent company)) led that recovery. Even before the pandemic, [...]
JD Sports appeals CMA block on £90m Footasylum buyout June 19, 2020 JD Sports is to appeal a decision by the competition regulator to block its £90m buyout of Footasylum. The Competition and Markets Authority (CMA) decided to put a halt to the deal last month, ruling that it would lead to a “substantially” lessening of competition nationally. However, JD Sports said the probe had relied on [...]