FCA calls for contingent charging ban on pension transfer advice July 30, 2019 Britain’s markets watchdog has proposed banning financial advisers from getting paid only when a customer moves a pension pot, a practice known as contingent charging that it said cost consumers £2bn per year. MPs called for the ban last year after accusing the Financial Conduct Authority (FCA) of being too slow to prevent “vulture” advisers [...]
Once-staid audit sector enters brave new world July 30, 2019 The days of auditors as grey-suited backroom boys is over. Whether they like it or not, the spotlight turned on the sector following the collapse of outsourcer Carillion has not diminished in intensity. The Big Four face the challenge of a potential raft of reforms designed to rein them in, overseen by a new beefed-up [...]
Vodafone rockets 8% amid IPO excitement July 29, 2019 It’s been a long time coming, but Vodafone has a market-friendly strategy to underpin a recovery. The spin-off of the “TowerCo” business is by far the most scintillating development within Vodafone (LSE:VOD) first-quarter trading update. Vodafone had previously mentioned that it was planning to monetise this part of the business, and has now added some flesh to [...]
Why we’re at a tipping point for clean energy July 29, 2019 Alternative energy sources to fossil fuels have been around for many years. Wind, solar and tidal power have all been harnessed to a greater or lesser extent by numerous countries around the world. But we think that the transition to renewable energy is set to pick up speed rapidly and there are three reasons why. [...]
From energy to insurance: How Open Banking could fix the loyalty penalty headache July 29, 2019 You don’t get to be Prime Minister without having a few political gifts. One of Theresa May’s was her ability to spot the issues that people cared about – even if she found it harder to come up with effective ways of improving them. That was why her maiden speech outside Downing Street was so [...]
Prime delivery race creates hurdles for Amazon July 25, 2019 Retail giant Amazon disappointed investors and analysts alike tonight, reporting profit for its second quarter well below estimates and breaking its long-running record earnings streak. Profit came in at $2.6bn (£2.1bn), or $5.22 per share, for the three months to the end of June. Analysts were expecting income of $5.57 per share. Amazon also said [...]
After Facebook, what to expect from Amazon and Alphabet earnings? July 25, 2019 Facebook delivered a beat to earnings forecasts, but with the US Department of Justice launching an investigation can Big Tech continue to deliver for shareholders? Results from Facebook were even better than expected, showing that it continues to drive user growth and ad revenue growth. Facebook is still loved by advertisers. Remember it’s not just Facebook [...]
Uber and rival Ola sniffing around London’s Addison Lee July 24, 2019 Uber and Indian ride-hailing firm Ola are mulling bids for London-based taxi firm Addison Lee, which could create a powerful force in one of the world’s biggest private transport markets. Read more: Uber rival Viavan wins three year license renewal from TfL The US giant and Ola are two of “a handful” of companies talking [...]
Competition watchdog kicks off probe into JD Sports’ Footasylum acquisition July 24, 2019 The competition watchdog has kicked off its probe into JD Sports’ acquisition of Footasylum. JD Sports bought the remaining shares in the footwear retailer in a deal worth £90m in March this year, with shareholders approving the sale the following month. Read more: JD Sports on track to meet profit expectations However, the Competition and [...]
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 [...]