Competition and Markets Authority launches probe into online betting companies’ complex small print October 21, 2016 Online gambling firms are facing a crackdown from the UK's consumer rights watchdog over fears they may be "conning" their customers with opaque and unfair terms and conditions. The Competition and Markets Authority (CMA) has today launched an investigation into the £4bn a year industry after complaints were raised by the official regulatory body, the Gambling [...]
What the other papers say this morning October 20, 2016 Here are today's top stories from across the papers: Financial Times Wells Fargo boss apologises for scandal Wells Fargo’s new chief executive apologised yesterday to the bank’s 278,000 workers for the sales-fraud scandal that has engulfed the US bank. In his first big address to staff, Tim Sloan told an audience of 1,200 workers that [...]
How one buccaneering family dominated the UK scampi market October 20, 2016 "At the tender age of 32, I got involved in buying assets from the receivership of what was the Whitby Shellfish Company”, says Graham Whittle, founder of Whitby Seafoods. From relatively humble beginnings, in just over thirty years, the business has gone from one that was sinking to the biggest producer of scampi in the UK, [...]
Pass the popcorn: Competition watchdog considers AMC takeover of Odeon cinemas October 19, 2016 The Competition and Markets Authority (CMA) has launched an inquiry into AMC Theatres’ acquisition of Odeon. AMC agreed a £921m deal to buy Odeon from private equity group Terra Firma Capital Partners in July. Read more: AMC Theatres set to buy Odeon cinema chain in £921m deal The CMA today announced the launch of an [...]
Watchdog moves to quash misleading rankings in investment banking October 18, 2016 The City watchdog has today proposed putting an end to misleading league tables used by banks looking to woo clients. Publishing its final findings from its investment and corporate banking market study, the Financial Conduct Authority (FCA) noted it was not uncommon for banks to use league tables in pitches which inflated their performance, and added it [...]
Attempt to revamp retail banking was “feeble”, Treasury committee hears October 18, 2016 Recent efforts to improve banking for customers have been weak, the man at the helm of a leading consumer interest body has said today. Speaking in front of the Treasury Select Committee today, Peter Vicary-Smith, chief executive of Which?, slammed the Competition and Markets Authority's (CMA) recent report into the retail banking sector as "feeble", remarking it [...]
Ladbrokes grows revenue in third quarter as it revs up for Gala Coral deal October 18, 2016 Ladbrokes said today that revenue grew for the fourth consecutive quarter in the three months to 30 September. The bookmaker reported a 12.1 per cent increase in group net revenue in the third quarter, and said it remains on track to meet full-year expectations. The company announced the figures as it prepared to sell off 185 [...]
BoyleSports is taking its concerns over the Ladbrokes and Gala Coral sale to the CMA October 17, 2016 BoyleSports isn't very happy with the announcement that Ladbrokes and Gala Coral are selling 359 betting shops to Betfred and Stan James. In fact, it plans to take its concerns to the Competition and Markets Authority (CMA) and review its options on what the next steps are, after its bid for the shops was unsuccessful. Read [...]
New York Stock Exchange owner ICE told to sell London-based Trayport by UK competition watchdog October 17, 2016 The UK’s competition watchdog has ruled that US company Intercontinental Exchange (ICE) must sell London-based commodities trading software house Trayport. ICE, the owner of the New York Stock Exchange, bought Trayport last December for $650m (£534m), beating rival CME Group to the deal. Read more: ICE questions UK competition watchdog concerns over Trayport takeover In [...]
Ladbrokes and Gala Coral sell 359 shops as deal nears completion October 17, 2016 Ladbrokes and Gala Coral are selling 359 betting shops between them, in order to satisfy conditions set by the Competition and Markets Authority (CMA) ahead of their merger. The CMA ordered the bookmakers to sell up shops earlier this year, in order to maintain competition in the market when the two groups combine, in a [...]