CMA opens probe into Flutter’s £10bn Stars Group betting merger February 5, 2020 The UK’s competition watchdog is set to open an investigation into a planned £10bn gambling merger between Flutter and the Stars Group. The Competition and Markets Authority (CMA) will probe whether the tie-up between Paddy power and Betfair owner Flutter and Toronto-based Stars will hurt competition. The CMA is considering whether it is or may [...]
The UK’s unrivalled regulatory framework is at the heart of our success as a finance hub February 4, 2020 Britain has officially progressed into the next chapter of growth, and can begin negotiations to achieve the trading partnerships and relationships that will secure our competitive future. Having spent several years in the City myself and now as MP for Hitchin and Harpenden, a constituency with thousands working in financial services, this sector remains one [...]
Combined Just Eat and Takeaway.com shares start trading February 3, 2020 The combined shares of Just Eat and Takeaway.com began trading this morning, despite a competition watchdog probe into the merger. Just Eat’s shares were suspended this morning and the merged company Just Eat Takeaway.com began trading on the London Stock Exchange under the ticker Jet. However, a full integration of the two takeaway platforms is [...]
Boris Johnson says Brexit deal must be ‘predictable’ for the City February 3, 2020 Prime Minister Boris Johnson has sought to reassure the City about a post-Brexit trade deal with the European Union, saying it should provide a “predictable, transparent and business-friendly” environment for financial services firms. In a written statement to parliament, the PM also said there should be “obligations on market access and fair competition”. The statement [...]
UK competition watchdog to push for tighter controls on US tech giants February 3, 2020 The UK’s competition watchdog will push for tougher powers to regulate companies such as Google and Facebook following the UK’s official departure from the EU, and will pursue antitrust investigations against tech giants independently of the bloc. “The upside [Brexit] is that you take back control — genuinely — of the decisions,” Competition and Markets [...]
Future shares boosted after short-seller launches attack February 3, 2020 Publishing group Future saw its shares rise seven per cent this morning, just days after the firm came under attack from a short-seller over the price of its stock. In a trading update, the media group, which publishes specialist trade magazines, said it had continued to grow audience numbers and had seen strong revenue growth. [...]
Atlantic Crossing: What should be on the UK’s trade deal wishlist? February 2, 2020 Now that Brexit has become reality, the United Kingdom can use its newfound independence by negotiating an ambitious free trade agreement with the United States. Such an agreement can deepen commercial ties between two longtime allies, not only in goods trade but also in financial services and the movement of people. Outside the European Union, [...]
Brexit-week: Why Brexit isn’t the only reason for the pound’s uncertainty January 31, 2020 It’s been an up and down week for the pound and for once, despite being Brexit-week, the UK’s departure from the EU wasn’t the primary cause. The provisional manufacturing PMI came in close to the breakeven point at 49.8, more than two points higher on the month. The services PMI was up three points at [...]
TSB recovers from IT meltdown to return a profit January 30, 2020 TSB returned a profit and a healthy balance sheet in 2019 after it stemmed losses from its failed IT migration. The bank reported that profit before tax for the year to 31 December 2019 was £46m, compared to a pre-tax loss of £105.4m in 2018. It said it was “primarily driven by the non-recurring effect [...]
Deliveroo and Amazon hit back at CMA probe January 29, 2020 Amazon and Deliveroo have hit back at the Competition and Markets Authority (CMA), calling its investigation flawed. They have complained that the CMA has failed to “produce any credible evidence of existing competition between Amazon and Deliveroo”. The watchdog referred the deal to a full investigation in late December, casting doubt on whether the investment [...]