Co-op bank losses widen in wake of PPI costs and fierce mortgage market November 7, 2019 The Co-operative Bank has reported widening losses during the third quarter of this year, as it became the latest in a long line of lenders to take a financial hit from the payment protection insurance (PPI) scandal. The British bank reported losses before tax of £118.6m during the nine months to 30 September, deepening from [...]
CMA flags competition concerns on First Group’s West Coast Rail franchise November 7, 2019 The UK’s competition watchdog has sounded the alarm on 21 routes awarded under the new West Coast Rail franchise. The Competition and Markets Authority (CMA) has concerns on routes between Preston and Scotland after the government awarded the rail franchise to a joint venture between First Group and Trenitalia. Read more: Watchdog casts eye over [...]
The FCA is proposing a radical change to the UK’s regulation system November 7, 2019 With the recent headline-grabbing noise coming from Westminster, few paid much attention to the key announcements coming out of the Financial Conduct Authority (FCA). Senior figures from the regulator have been giving some of the most significant speeches about the future of financial services in years. But are the right audiences listening to this talk [...]
Competition and Markets Authority approves £1.4bn Unite Students acquisition of Liberty Living November 6, 2019 The UK competition watchdog has approved the £1.4bn acquisition of student accommodation provider Liberty Living by rival firm Unite Students. The Competition and Markets Authority announced today that it has decided not to escalate its investigation into the merger to a stage two inquiry after seeking comment from interested parties on whether the take over [...]
Cobham £4bn takeover decision delayed as Leadsom looks for more time November 5, 2019 The £4bn buyout of Cobham by American private equity giant Advent could have run into problems, after the government said it would spend more time looking into whether the deal raised national security risks. In a written statement, business secretary Andrea Leadsom said defence secretary Ben Wallace had got in touch regarding the national security [...]
Inmarsat rejects call from investor to delay takeover court hearing November 5, 2019 Satellite firm Inmarsat, which is being bought by a private equity-led consortium, has rejected a call by investor Oaktree Capital to delay a takeover court hearing until it has clarity on the status of its US spectrum holdings. Oaktree, which has a 2.85 per cent stake in Inmarsat, called on the board to delay the [...]
Ryanair will ask for IAG divestments in €1bn Air Europa deal November 4, 2019 Ryanair boss Michael O’Leary is ready to ask competition regulators to intervene in British Airways owner IAG’s purchase of Air Europa, he said today. IAG is primed to buy the Spanish airline for €1bn (£860m) but O’Leary said he will ask the Competition and Markets Authority (CMA) to force the firm to make divestments to [...]
Thomas Cook collapse: MPs slam government inaction and lack of audit reform November 4, 2019 Business secretary Andrea Leadsom has come under fire from MPs for “the extraordinary lack of interest” she showed in Thomas Cook in the run-up to its collapse, amid growing calls for wide-ranging regulatory reform. In a scathing conclusion to the business select committee’s (BEIS) review into the travel giant’s liquidation, MPs expressed their frustration that [...]
What Thomas Cook’s collapse tells us about the power of disruption November 4, 2019 Whilst the failure of UK holiday firm Thomas Cook was sudden and a considerable shock to many, the writing has been on the wall for some time now. Driven by technology and specifically by the advent of online booking and reservation systems, the travel industry has long been undergoing a radical transformation across each of [...]
Mike Ashley hits out at competition watchdog over JD Sports probe October 30, 2019 Retail tycoon Mike Ashley has slammed the UK’s competition watchdog for its investigation into the merger between JD Sports and Footasylum, saying it has overstated Sports Direct’s share of the market. The Competition and Markets Authority (CMA) is investigating whether JD Sports’ £90m takeover of Footasylum could result in higher prices and reduced competition in [...]