Vodafone third quarter revenue slips amid fierce sector competition January 25, 2019 Vodafone today said it maintains its full-year guidance despite a decline in revenues in the third quarter as the firm struggles with increasing competition in the telecoms sector. The FTSE 100 firm reported revenue of €11bn (£9.5bn), down by €0.8bn on the same period the year before. Read more: Vodafone and O2 eye sale of phone [...]
British competition watchdog raises ‘serious concerns’ over Viagogo order January 24, 2019 Britain’s competition watchdog has said today it has “serious concerns” that Viagogo has not complied with a court order that forced the controversial ticket reseller to “overhaul” the way it does business. The Competition and Markets Authority (CMA) added that it “expects them to make any necessary changes without delay”, with Viagogo ordered to make immediate [...]
Audit watchdog should be scrapped ‘as swiftly as possible’ says Legal & General chair January 23, 2019 The government should act “as swiftly as possible” to abolish and replace the UK’s audit watchdog, MPs were told today. Sir John Kingman, who chaired a review into the operation of the Financial Reporting Council (FRC), said the regulator’s senior leadership should be overhauled in the meantime. “I would like to see the government get [...]
FCA says UK firms need ‘clarity’ on cryptoassets as it consults on regulation January 23, 2019 The UK financial watchdog has called for further clarity in the regulation of cryptoassets, as it launches a consultation on guidance applicable to the wide sphere of crypto. The Financial Conduct Authority (FCA) said firms will have a better understanding of whether their activities with cryptoassets such as bitcoin are compliant with regulation as a result of [...]
Social media influencers promise greater clarity over sponsored posts amid CMA crackdown January 23, 2019 A host of high-profile celebrity influencers have agreed to be more transparent about when their social media posts are sponsored amid a crackdown on surreptitious product endorsements. Singers Ellie Goulding and Rita Ora and models Alexa Chung and Rosie Huntington-Whiteley are among the 16 social media stars who have given formal commitments to state clearly [...]
Rise of the bean counters: Accountants complain Oxford English Dictionary definition is ‘old-fashioned’ January 23, 2019 Accountants should not be dismissed as dull bean-counters, a major industry body has said as it takes issue with the Oxford English Dictionary's definition of the role. The Association of Chartered Certified Accountants (Acca) said it supports an effort by Gary Turner, the managing director of Xero, who claims that the word experts need to [...]
Gatwick drone chaos costs Easyjet £15m but shares rise as profits stay the course January 22, 2019 Drone disruption at Gatwick cost Easyjet £15m, the airline revealed today, as it said that 82,000 passengers were affected by the incident, but shares rose as profits stayed the course. Easyjet was forced to spend £10m in customer welfare costs and lost £5m in revenue, it confirmed in a trading update this morning, as it [...]
Joint audit could inject some competition into the market January 22, 2019 Last week, the House of Commons’ Business, Energy and Industrial Strategy select committee opened hearings on its influential inquiry into the future of audit. Top of its agenda will be the proposed remedies set out by the Competition and Markets Authority (CMA) in its recent review, which could bring wholesale change in the UK’s listed [...]
John Menzies’ takeover of Airline Services ready for takeoff after CMA gives green light January 17, 2019 Aviation services firm John Menzies’ shares nudged up in early trading as the group announced it had been given the green light on its takeover of London-based company Airline Services. The Competition and Markets Authority (CMA) approved the buyout this morning, meaning Menzies can go ahead taking control of the firm in a deal originally [...]
Experts pour cold water on CMA’s proposals for joint audits in first Beis committee hearing January 15, 2019 Audit academics and investment managers have called for caution over recommendations by the competition regulator to shake-up the audit sector. During the first in a series of Business, Energy and Industrial Strategy Select Committee hearings, held today, witnesses warned that the Competition and Markets Authority’s (CMA) recommendation could risk unintended consequences for auditing. Led by [...]