US opens industry-scale tech giant antitrust probe July 23, 2019 The US Department of Justice is to open an investigation into whether the activities of major tech firms are anti-competitive. The review will explore “whether and how market-leading online platforms have achieved market power and are engaging in practices that have reduced competition, stifled innovation, or otherwise harmed consumers,” the department said tonight. The probe [...]
Murdoch gets green light for merger of the Times and the Sunday Times July 23, 2019 The government has given the go-ahead for plans to merge parts of the Times and the Sunday Times, as the newspapers look to adapt to shifts in the media industry. Read more: UK government set to give green light over Murdoch newspaper merger Rupert Murdoch’s News UK empire put forward proposals earlier this year to [...]
Farewell, Failing Grayling: Here are your five finest moments in office July 23, 2019 Any article written about transport secretary Chris Grayling over the past year has tended to start with a not-so-favourable adjective. “Embattled”, “Beleaguered” and “Failing” spring to mind. As of this week, Grayling – who is likely to be ousted as the head of the Department for Transport (DfT) when Boris Johnson enters No.10 – can [...]
Government intervenes in Inmarsat deal on national security grounds July 22, 2019 The UK government is to investigate the sale of London-listed satellite company Inmarsat to a private-equity and pension fund group on national security grounds, it said today. Read more: Inmarsat bidders look to appease government Inmarsat, Britain’s biggest satellite company, agreed in March to be bought by an international group including buyout firms Apax and [...]
Up in smoke: Tobacco firms feel burn of disruption July 22, 2019 Disruption, whether as a result of new technology, stricter regulations or changing consumer habits, is affecting all sectors of the global economy, as we discussed here. It’s the new normal and the question is no longer which areas are affected; the question now is to what extent they are affected. Read more: Stranger Things vs Mickey Mouse: How the media [...]
Mortgages with terms over 40 years jump 20-fold July 22, 2019 The number of approved UK home mortgages with a term of more than 40 years rocketed in 2018, rising over 20-fold to 3,483 from just 162 the previous year, according to analysis by London estate agent Ludlow Thompson. Read more: Mortgage approvals dip in May but remain above average The figures are the latest sign [...]
Football needs spending caps, open auctions for players and fairer distribution of revenues or an increasingly narrow group of clubs will prosper July 21, 2019 As memories of a tumultuous 2018-19 season fade, it is tempting to believe all is well with the beautiful game. Scratch the surface, though, and it is apparent that football faces formidable challenges as market forces tighten their grip on its evolution. From the growing influence of a small number of global super clubs to [...]
CMA warns train passengers face higher prices if Abellio takes on East Midlands franchise July 19, 2019 The UK’s competition watchdog raised concerns today about higher ticket fares on two routes it is probing as part of an investigation into Abellio’s acquisition of the East Midlands franchise. Abellio’s ownership of Greater Anglia means it would operate a monopoly on the Norwich to Ely and Thetford to Ely routes as it would then [...]
Let’s end the government monopoly of financial regulation July 19, 2019 The growth of financial regulation seems inexorable. Andy Haldane, chief economist at the Bank of England, has noted that in 1980 there was one UK regulator for every 11,000 people employed in finance, compared to one for every 300 people by 2011. At that rate of growth, the number of regulators will overtake the number [...]
Inmarsat bidders look to appease government ahead of $3.4bn takeover July 18, 2019 The private equity firms behind a $3.4bn (£2.6bn) bid for Inmarsat have agreed a number of undertakings with the government over the future of the satellite firm’s UK operations. Read more: Competition watchdog to probe $3.4bn Inmarsat takeover The consortium, led by Apax Partners and Warburg Pincus, said it will guarantee that the majority of [...]