Balfour Beatty: UK’s largest construction firm returns margins to ‘industry standard’ March 13, 2019 Balfour Beatty’s turnaround plan has returned the once troubled construction firm to “industry standard” margins, according to chief executive Leo Quinn. The biggest constructor in the UK reported an increase in profits and an order book growing more than a tenth year-on-year in its 2018 results, prompting shares to rise 1.2 per cent in morning trading. [...]
Consumers hurt by lack of tech giant regulation, independent review finds March 13, 2019 Tech giants do not face enough competition and new laws are required to increase consumer choice in the digital sector, an independent review has found. The report, which was commissioned by chancellor Philip Hammond, states tech firms have become increasingly dominant in the market, limiting the control consumers have over their personal data. Read more: [...]
Financial Reporting Council to be scrapped in shake-up of audit sector March 11, 2019 The Financial Reporting Council (FRC) will be scrapped and replaced with a new beefed-up watchdog following a review into the audit sector by Sir John Kingman, the government announced today. The new regulator will have stronger statutory powers, including the ability to make direct changes to accounts and powers to require rapid explanations from companies [...]
River and Mercantile ‘focused on conduct’ following City watchdog investigation March 11, 2019 River and Mercantile has said it will focus on conduct as it moves to reassure investors in the wake of an investigation by the City watchdog. The Financial Conduct Authority fined the asset management firm £109,000 last month after it was found to have broken competition law, and former portfolio manager Philip Rodrigs was sacked [...]
Law firm DWF raises £95m in first-ever main market legal listing March 11, 2019 Law firm DWF has today raised £95m in the first main market float for a law firm, valuing the business at £366m. DWF is by far the largest of the handful of law firms to have listed on the stock market and is the first firm with a large international footprint to have gone public. [...]
The UK’s competition policy must be fit for a world of tech giants and hidden cartels March 11, 2019 Competition is the oxygen of the capitalist system. From Adam Smith on, there have been warnings of the threats to economic health if competition is restricted by would-be monopolists or cartels. In the UK, the system is policed by the Competition and Markets Authority (CMA). It rarely hits the headlines except for occasional controversial cases like [...]
Non-Standard Finance targets Provident takeover despite rejected bid March 8, 2019 Sub-prime lender Non-Standard Finance is continuing to target a takeover of troubled rival firm Provident despite its offer being rejected, the company revealed in its full-year results this morning. The figures Read more: Provident Financial resolves regulation issues with City watchdog Revenue increased 47 per cent to £158.8m from 107.7m in the 12 months to [...]
A market cap is the quickest way to inject some competition into audit March 7, 2019 As you read this, the Kingman review, the Competition and Markets Authority review, the Brydon review, and the Business, Energy and Industrial Strategy Select Committee are all scrutinising the audit profession following a series of high-profile scandals. Failures such as Carillion, BHS, and Patisserie Valerie present very different problems, but each case rightly led to [...]
Chinese telecoms giant Huawei sues US government after federal equipment ban in wake of spying claims March 7, 2019 Chinese mobile phone giant Huawei has sued the US government, saying a law introduced in August which limits its US business is unconstitutional. The embattled telecoms maker filed a complaint in a federal court in Texas on Thursday against the National Defense Authorization Act (NDAA), part of which prevents federal agencies and their contractors from [...]
Bauer Media acquires ten regional radio stations amid competition probe March 5, 2019 Bauer Media has snapped up a further ten regional radio stations as it faces a competition probe into its spate of acquisitions earlier in the year. The media giant today said it has bought UKRD Group, which owns stations across Yorkshire, East Anglia, the south and the south west of England. Read more: Bauer Media [...]