City watchdog the FCA refers investment consultants for a CMA competition investigation in the first decision of its kind September 14, 2017 The spotlight is about to turn on the investment consultancy and fiduciary management services industry, as the Financial Conduct Authority (FCA) today announced that it will refer the sector to the competition authority. This is the first time the FCA will have ever made a Market Investigation Reference to the Competition and Markets Authority (CMA). [...]
City divided on Saudi Aramco: City of London Corporation backs FCA’s new listing rules to help London Stock Exchange lure oil giant September 11, 2017 The Square Mile’s governing authority is throwing its weight behind new rules to attract the Saudi Aramco mega-float, pitting itself against other major bodies including the Institute of Directors (IoD) and the Investment Association, City A.M. can reveal. The City of London Corporation has “no problem” with new listing rules put forward by the Financial [...]
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 [...]