Reckitt Benckiser’s Nurofen fine has been tripled by an Australian court after a consumer watchdog appealed December 16, 2016 An Australian court has tripled the fine imposed on Reckitt Benckiser over claims it misled customers over Nurofen to AU$6m (£3.5m). Shares in company behind Durex and Dettol were down 1.3 per cent in early trading. The British drug manufacturer was initially handed a $1.7m fine earlier this year, however, Australia's competition and consumer watchdog appealed [...]
Heineken is poised to win Punch Taverns’ hand in takeover battle December 15, 2016 Punch Taverns today agreed to a £403m offer from Heineken and its investment partner Patron Capital. The Dutch brewing giant has until mid-January to make a firm offer. The current offer will lapse if a competing bid of 200p or more is made. Heineken and its partner Patron are facing competition from Alan McIntosh and [...]
Punch Taverns takeover: Heineken and pub entrepreneur Alan McIntosh in bidding war December 15, 2016 Punch Taverns is in the midst of a takeover tussle between Heineken and Alan McIntosh, an entrepreneur who was one of the pub company’s founders. Shares in Punch soared as news of the two approaches emerged, ending the day nearly 38 per cent up at 177p. Yesterday morning, City A.M. revealed that McIntosh has tabled [...]
No, Greg Dyke: There is no justification for government intervention in the FA December 13, 2016 These are not great times for the Football Association (FA). There has been criticism for years over the Premier League’s dominance, wasteful spending on Wembley and the failed Lilleshall School of Excellence, and underfunding of grassroots football. This has been reinforced this year by England’s risible performance in the Euros and new manager Sam Allardyce’s [...]
The FCA is cracking down on peer-to-peer lending and crowdfunding (again) December 9, 2016 It seems like only yesterday the Financial Conduct Authority (FCA) was telling peer-to-peer lenders they must behave more like banks. Now the financial watchdog has proposed tough new rules, which will force crowdfunding and peer-to-peer lending platforms to comply with the same rules as major lenders on mortgage lending, restrict cross-platform investment and make them [...]
The UK City watchdog’s so good at fintech it’s going to teach Hong Kong December 7, 2016 The UK's forward thinking City regulator is exporting its fintech expertise, partnering with authorities in Hong Kong to foster innovation in finance. The Financial Conduct Authority (FCA) and the Hong Kong Monetary Authority (HKMA) to share its knowledge and promote innovation between the two countries. It's the latest example of the UK collaborating with other [...]
Pfizer slapped with record £84.2m fine for overcharging NHS after ramping up cost by 2,600 per cent December 7, 2016 If you're looking for tales of goodwill in the run-up to Christmas, look away now. For Britain's competition watchdog has slapped Pfizer and Flynn Pharma with nearly £90m worth of fines for charging excessive prices to the NHS for an anti-epilepsy drug. It found the cost had been ramped up by as much as 2,600 [...]
IG Group share price drops 39 per cent, Plus500 down 27 per cent CMC Markets loses 35 per cent as City watchdog moves to tighten spreadbetting rules December 6, 2016 Shares in spreadbetting firms have tumbled in early trading on the news that the City watchdog is planning to tighten rules around contract for difference (CFD) products. By mid-afternoon, IG Group's stock had dropped 39 per cent, while shares in CMC Markets were down 35 per cent, and Plus500 had fallen 27 per cent. The Financial Conduct [...]
City watchdog wants to impose stricter rules on spreadbetters December 6, 2016 The financial watchdog has revealed plans for stricter rules for firms selling "contract for difference" (CFD) products such as spread bets to retail customers. The Financial Conduct Authority said CFDs like spread bets and rolling spot foreign exchange products are complex financial instruments offered by investment firms, often through online platforms, to customers who may not really know [...]
A flood of new energy tariffs risks “bamboozling” customers now Ofgem has removed deal restrictions, First Utility warns December 5, 2016 Energy customers risk being “bamboozled” by a flood of new deals following the scrapping of Ofgem’s four tariff rule, challenger supplier First Utility has warned. Customers could be faced with choosing between a whopping 1,364 energy deals in 2017 from 44 suppliers, the company has estimated based on previous averages. Five years ago, the average [...]