Watchdog launches investigation into Amazon’s Deliveroo investment October 16, 2019 The competition watchdog has launched a probe into Amazon’s investment in food delivery app Deliveroo. The Competition and Markets Authority (CMA) today said it would investigate whether Amazon’s investment would “result in a substantial lessening of competition”. The e-commerce giant led a $575m funding round in Deliveroo in May. Read more: CMA puts brakes on [...]
Sir John Kingman says lack of government action putting audit reform at risk October 15, 2019 The author of a report into the future of the audit regulator warned today that lack of government action risks letting the watchdog “drift on, half-reformed”. Former mandarin Sir John Kingman undertook the report into the Financial Reporting Council (FRC) following the failure of outsourcer Carillion in 2018. Kingman expressed his concerns in a letter [...]
Financial Conduct Authority clamps down on motor financing commissions October 15, 2019 The UK’s financial regulator is set to crackdown on motor financing commissions in an attempt to save drivers £165m a year. The Financial Conduct Authority (FCA) announced today it would ban how some auto dealers and brokers structure their sales commissions. Read more: Financial Conduct Authority sawn raids nearly doubled in 2018 The FCA said [...]
Finance watchdog to crack down on interest-linked car commission October 15, 2019 Britain’s financial watchdog has said it plans to ban auto dealers from taking commission linked to the interest rates on loans used to pay for cars, which it says would save consumers £165m. Dealers and brokers that receive interest-linked commission can currently set the rate, causing a strong incentive for them to act against customers’ [...]
Sports Direct calls for probe into Nike and Adidas October 14, 2019 Sports Direct called this evening for a competition probe into the market dominance of sportswear brands such as Nike and Adidas. In a statement, the company said top brands “use their market power to implement market-wide practices aimed at controlling the supply and, ultimately, the pricing of their products”. Read more: Corbyn kicks up fresh [...]
Competition watchdog to examine £1.3bn tie-up between Slug and Lettuce-owner Stonegate and pub chain Ei Group October 11, 2019 The Competition and Markets Authority (CMA) today said it was considering whether the £1.3bn merger between Slug and Lettuce-owner Stonegate and pub chain Ei Group would lessen competition. The watchdog invited comments on the deal from any relevant party by 25 October. Read more: Slug and Lettuce owner Stonegate Pub Company to pay £1.3bn for [...]
Worried about the skills shortage in London? Look to devolution October 11, 2019 Apprenticeships are powerful examples of how boroughs and businesses can work together to create meaningful work and training opportunities for Londoners. Yet, the research that we at London Councils and London Chamber of Commerce and Industry (LCCI) are launching today shows that the system is failing London and needs reform. Since 2017, the apprenticeship levy [...]
‘Nest Egg’ policy proposal wins £50,000 IEA Breakthrough Prize October 10, 2019 A £50,000 free market prize has been awarded to the authors of a new report which has proposed allowing universities, rather than government, to lend to their students. Read more: Johnson and Varadkar hold talks Researcher Peter Ainsworth and academic economist Dr Tom McKenzie have been named the winners of the Institute of Economic Affair’s [...]
Inmarsat set to win green light over $3.4bn private buyout October 9, 2019 A blockbuster buyout of British satellite giant Inmarsat looks set to go ahead after clearing a major hurdle this evening. Read more: Government warned SMES can’t live off ‘kind promises’ Inmarsat and its buyers have proposed a series of remedies, such as a pledge to keep the firm in the UK for several years as [...]
BDO profits jump as partners enjoy pay rise October 7, 2019 BDO has reported a double-digit rise in profit and revenue for the last 12 months, as the accountancy giant ramped up the pressure on its larger under-fire Big Four rivals The beancounter enjoyed its seventh consecutive year of growth after profits rose 26 per cent to £134m and revenues jumped 25 per cent to £578m. [...]