Google hit with €1.5bn EU penalty for ‘killing competition’ with Adsense advertising practices March 20, 2019 Google has been hit with a €1.49bn (£1.28bn) fine for abusing its dominant online advertising market position. Read more: Google Doodle celebrates 30th anniversary of the World Wide Web The European Commission accused the tech giant of preventing rivals from gaining a foothold in the market it loomed over with its Adsense software, thereby denying [...]
Sainsbury’s and Asda double down on £1bn price cut pledge to salvage deal March 19, 2019 Sainsbury’s and Asda have outlined their pledge this morning to slash shop prices as a result of a planned merger, doubling down on efforts to push through a major tie-up despite being dealt a recent devastating blow by Britain's competition watchdog. The two grocery giants, who suffered a setback last month when the Competition and Markets [...]
We don’t need to break up big tech to make a better internet – we just need more competition March 19, 2019 Last week saw the release of the government-commissioned Furman Review into digital competition. The commission, chaired by former Obama administration chief economic adviser Jason Furman, found that Google, Amazon, and Facebook don’t face enough competition. This shouldn’t come as a surprise, given the recent attention on tech giants’ business models by governments across the world. [...]
MPs warn consumers against using ticket reseller Viagogo March 19, 2019 Viagogo has suffered a fresh public setback this morning, with a group of politicians hitting out at the controversial ticket reseller less than a month after it was dealt a blow by Britain’s competition watchdog. In a stinging report released today by an influential parliamentary committee, MPs have warned customers against using Viagogo’s website, saying [...]
Morrisons keeps income investors happy March 18, 2019 By Graeme Evans from interactive investor. After flagging another special dividend with annual results, there are opportunities for this grocer. In an eventful and turbulent period for the grocery sector, Morrisons (LSE:MRW) continues to hold its own after unveiling further robust profits growth and another special divi for investors. Today’s full-year results, despite drifting back [...]
Editor’s Notes: The future of capitalism deserves more debate than a few viral tweets March 15, 2019 The desk in my office is groaning under the weight of books. They’re stacked up around the computer screens and at risk of blocking out natural light. I suppose it’s an appropriate look for an editor, though the scene has not been constructed deliberately. Indeed, none of these books have been read. They are unsolicited, [...]
City Moves for 15 March 2019 – Who’s switching jobs at WBD, Deezer and BBC? March 14, 2019 Today's City Moves includes Womble Bond Dickinson, Deezer and the BBC. Womble Bond Dickinson Transatlantic law firm Womble Bond Dickinson (WBD) has appointed Audrey Koh as a partner in the firm’s London office. Specialising in white collar crime, Audrey will strengthen the firm’s key sectors of expertise, in particular financial institutions, energy and natural resources, [...]
Financial Conduct Authority proposes investment platform exit fee ban March 14, 2019 The City watchdog has proposed banning exit fees on investment platforms as part of a package to improve the switching process for consumers. The Financial Conduct Authority (FCA) also mooted a rule that would allow customers to switch platforms and remain in the same fund without having to sell their investments in a bid to [...]
Spring Statement: Hammond warns against no deal as UK slashes 2019 growth forecast March 13, 2019 The UK chancellor Philip Hammond slashed the 2019 growth forecast in his Spring Statement and said future spending and economic wellbeing are dependent on an orderly Brexit. Hammond announced that the Office for Budget Responsibility (OBR) had cut the country’s 2019 growth forecast to 1.2 per cent, down from the 1.6 per cent predicted in [...]
Hammond calls for competition probe into digital advertising market March 13, 2019 The government will call on the competition regulator to launch an inquiry into the digital advertising sector amid concerns about the dominance of tech giants. Presenting his Spring Statement this afternoon, Chancellor Philip Hammond said he will ask the Competition and Markets Authority (CMA) to review the market and ensure Google and Facebook “pay their [...]