Heathrow hits record 60m passengers but profits fall on security costs October 26, 2018 Heathrow Airport served a record 60.5m passengers in the first nine months of 2018 but suffered a drop in profit on increased security costs. Pre-tax profit fell 7.4 per cent in the nine months to 30 September to £212m from £229m. Revenue climbed 2.3 per cent to £2.211bn, however operational charges increased with investments to [...]
Don’t let national security fears risk closing Britain for business October 26, 2018 The UK government’s National Security and Investment consultation, which closed last week, has an aim that is not just laudable, but essential. The government is seeking to protect vital national assets, whether emerging technology or critical infrastructure, from falling into the wrong hands – from organised crime groups to rogue states to certain major powers. [...]
Competition watchdog hits Heathrow with £1.6m fine October 25, 2018 Heathrow Airport has been slapped with a £1.6m fine over limiting competition for parking prices and infringing competition law. Britain’s competition regulator, the Competition and Markets Authority (CMA), said this afternoon that the airport and the owner of Heathrow T5 Hotel Limited had infringed competition law. The company commented: "The CMA found that the Arora Group [...]
The battle for London’s business: Behind the scenes, European cities are on a charm offensive to attract City jobs October 24, 2018 Behind the scenes, European cities are on a charm offensive to attract City jobs, finds Jasper Jolly WITH Brexit negotiations reaching fever pitch, all eyes are fixed on the politicians wrangling over the UK’s new place in the world. But behind the scenes another battle is going on, with well-funded campaigns vying to attract business [...]
Santander chair on shortlist to lead new government-backed audit review October 22, 2018 The chair of Santander UK has been shortlisted to lead a new, government-backed review into the future of Britain’s audit sector, following a series of scandals. Baroness Vadera, a former investment banker and key ally of Gordon Brown, whom she served as a minister, was named by the Times as a candidate to lead the [...]
Audit’s perfect storm: How bean counters found themselves at the centre of a public uproar October 21, 2018 On the the surface, there is little reason for audit to get the blood pumping. The reality, however, is quite different, and threatens to present the sector’s biggest players – sprawling multi-nationals used to finding that all news is good news when you count the beans – with the toughest challenge they have seen in [...]
How would you like to pay for that, madam? October 17, 2018 The global payments industry is dramatically improving due to technology. Mobile has changed everything. Payments are getting faster and smarter. Competition is intense. And payments are revolutionsing markets in the developing world even faster than in the developed world. In just the next seven years, the McKinsey Global Institute estimates that widespread adoption and use [...]
Asda and Sainsbury’s mega merger could hit Aldi and Lidl’s trollies October 17, 2018 Britain’s store wars are intensifying by the day but the force is still strong with German discounters Aldi and Lidl. The price-cutters continued to steal market share from the Big Four supermarkets in the 12 weeks to 7 October, figures from the closely-watched Kantar Worldpanel report showed yesterday. Aldi’s sales growth, its fastest since January [...]
Aldi and Lidl to be part of watchdog probe into Sainsbury’s takeover of Asda October 16, 2018 The UK’s competition watchdog will be factoring in the role of major rivals and potential threats to suppliers as part of its probe into the planned Sainsbury’s and Asda merger. The Competition and Markets Authority (CMA) said this morning that as part of its investigation into the J Sainsbury takeover of rival Asda, the “level [...]
UK M&A regime changes ‘too radical’, says former Office of Fair Trading boss John Fingleton October 16, 2018 The former head of the Office of Fair Trading (Oft) John Fingleton has slammed the government's "radical" merger and acquisitions (M&A) proposals. Fingleton, who was chief executive of the now closed government body between 2005 and 2012, said the revamp would create regulatory bureaucracy, put off foreign investment and be too influenced by politics. Read [...]