Westminster pressure on City watchdog over Saudi Aramco: Nicky Morgan and Rachel Reeves quiz FCA on new listing rules September 8, 2017 Two political heavyweights have cranked up the pressure on the City watchdog over its plans to shake up listing rules which could pave the way for a Saudi Aramco mega-float. The chairs of the influential Treasury and Business, Energy and Industrial Strategy select committees, Nicky Morgan and Rachel Reeves, have written to Financial Conduct Authority [...]
Transport for London is “urgently” investigating Taxify, the city’s newest ride-hailing startup and rival to Uber | City A.M. September 7, 2017 London’s transport authority is “urgently” investigating Taxify, a ride-hailing startup which launched in the capital this week to take on Uber. “Taxify is not a London licenced private hire operator. We are urgently investigating the nature and extent of its activities and will take action where appropriate,” a Transport for London spokesperson told City A.M.. [...]
Intel claims a victory against EU over €1bn antitrust fine after ECJ ruling September 6, 2017 Intel has claimed a victory in its decade-long dispute with competition authorities in Brussels. Europe’s top court has today referred an antitrust case which was seeking to impose a €1bn fine on the tech company back to a lower court to be reviewed. The penalty – the biggest ever imposed by the EU competition commission [...]
Electric cars to charge ahead August 29, 2017 In late July, the UK government announced plans to ban the sale of new petrol and diesel-only cars in Britain from 2040[1]. It joined the Netherlands, Norway, India, and France to become the fifth country to commit to ending the sale of traditional internal combustion engine cars. However, while it has yet to commit to [...]
EY heads off competition and snares BHP Billiton audit from 2019 August 22, 2017 Big Four accountant EY has snared a lucrative victory, replacing KPMG as mining giant BHP Billiton’s auditor. BHP conducted an audit tendering process during the year in the wake of regulations forcing firms to rotate their statutory accountants. As a result, incumbent KPMG did not bid to continue its role. EY will take over from [...]
Which major worldwide shifts will impact the investment profession? August 21, 2017 The future of the investment industry is important for the functioning of the global economy, for the approximately 2 million workers it employs, and for the clients and end investors that depend on it to manage around $100 trillion in assets. But there are major shifts afoot that will likely result in significant change, [...]
Heineken’s £403m Punch Taverns takeover gets the green light from competition watchdog after offering to sell dozens of Punch Taverns pubs August 18, 2017 The competition watchdog said today it had accepted proposals by Heineken to resolve concerns over its proposed £403m takeover of Punch Taverns by selling dozens of pubs. The Competition and Markets Authority (CMA) had opened an investigation into the takeover and found 33 local areas where the deal could reduce competition. So in June, Heineken [...]
Supermarket wars: Nisa in talks with Co-op after Sainsbury’s exclusivity period ends August 14, 2017 Convenience chain Nisa is in talks with the Co-op after a period of exclusivity regarding a potential takeover offer from Sainsbury’s came to an end. Sainsbury’s has yet to make a formal offer, which would need to be approved by Nisa’s shopkeeper members. However City A.M. understands that Sainsbury’s is waiting for the result of [...]
Those who fear automation will be its only casualties August 11, 2017 Whatever can be automated, should be. And regardless of whether it should, it will be. Automation has been a persistent economic force since the first industrial revolution, and an essential feature of any competitive business. The use of machines and other forms of automation to boost productivity is a major factor behind the rapid global [...]
TP Icap reveals 175 job cuts as it turns its attention to “integration and synergy targets” August 8, 2017 The world’s largest interdealer broker TP Icap announced this morning it has cut 175 jobs in the first half of the year. Tullett Prebon took on around 1,500 brokers when it swallowed Icap’s global broking division to form TP Icap in December. The merger was subject to scrutiny by both the Financial Conduct Authority (FCA) [...]