Big Four firm KPMG comes through bruising year with strong set of results December 5, 2018 Big Four audit firm KPMG has pushed past the fallout from the collapse of outsourcer Carillion to deliver strong revenue and profit growth. The UK arm of the firm boosted revenue eight per cent to £2.338bn and underlying profit 18 per cent to £356m in the year to 30 September. The strong growth comes despite [...]
Morrisons and Tesco flag concerns over Sainsbury’s-Asda merger December 4, 2018 Morrisons and Tesco have added their voice to the growing chorus of retailers which have spoken out against the proposed £12bn merger between Asda and Sainsbury’s. Both grocers have this week brought into question Sainsbury’s planned takeover of rival Asda, which would see Britain’s second and third largest supermarkets overtake Tesco to the top spot. [...]
The City is the goose that lays the golden eggs December 3, 2018 The Financial Conduct Authority has taken its boldest step yet into the debate about banks' Brexit contingency plans. In a letter to lenders the City watchdog warned that it will not accept “steps being taken which could expose clients or markets to unacceptable risks.” Specifically, the FCA warns that they will intervene if they suspect [...]
Britain and US agree new post-Brexit open skies arrangement November 29, 2018 Britain and the US have reached a deal on a new open skies aviation agreement after the UK leaves the EU in March 2019. The agreement will replace the existing EU aviation agreement with the US and guarantee that planes flying from the UK will have the same access to the US as they do [...]
Dignity shares slide after regulator proposes funeral competition probe November 29, 2018 Shares in listed-funeral provider Dignity dropped 15 per cent today following an announcement by the Competition and Markets Authority (CMA) of a potential probe of the sector. The CMA today proposed a “major funerals probe after identifying serious concerns”. Shares in Dignity fell 15 per cent, from 864p to 847p following the news. The CMA [...]
Watchdog warns Experian-Clearscore merger would stifle competition November 28, 2018 Experian’s merger with credit score rival Clearscore could harm competition in the credit checking sector, a watchdog warned today. The proposed tie-up would “stifle product development”, hurting people trying to make sense of their finances, according to the Competition and Markets Authority (CMA). “Our investigation has shown that this is a fast-paced and evolving market, [...]
Small businesses face ‘wild west’ from big three mobile providers, report warns November 28, 2018 Small and medium-sized businesses in the UK are overpaying for mobile bills by £1bn due to a lack of competition in the market, a report has warned. Research by price comparison website Billmonitor estimates 49 per cent of UK businesses are paying more than twice what they should be for mobile services from EE, Vodafone [...]
Viagogo forced to overhaul ticket-selling practice by competition watchdog November 27, 2018 Ticket reseller Viagogo was today forced to “overhaul” the way it does business by the UK’s competition watchdog. In a landmark legal victory the Competition and Markets Authority (CMA) has secured a court order that will force Viagogo to tell customers the specific seat that they will get and whether there is a risk of [...]
Consumers could face higher prices after Paypal’s $2.2bn iZettle merger, watchdog warns November 26, 2018 Paypal’s $2.2bn (£1.7bn) takeover of mobile payment company iZettle could drive up prices for customers, the UK competition watchdog has said. The merger between the technology giant and the Swedish startup could also result in a lower quality of service, found the Competition and Markets Authority (CMA), which published its decision today. If Paypal hadn't launched a [...]
Boss says BDO still on the lookout for deals as it confirms ‘advanced’ merger talks with Moore Stephens November 26, 2018 The managing partner of BDO said the firm is still on the lookout for further mergers and acquisitions, after it confirmed plans to join forces with audit sector rival Moore Stephens. The firms have confirmed they are in “advanced” merger talks, which they say would “improve competition and quality” at the top end of the audit [...]