Supermarkets brace for fresh CMA criticism in latest phase of pricing super-complaint investigation April 26, 2016 The competition watchdog is expected to crack down on pricing in the UK’s supermarkets tomorrow morning. The Competition and Markets Authority (CMA) is set to publish the latest phase of its response to a so-called super-complaint raised last year about predatory pricing tactics by major grocers. Earlier it was reported by Sky News that Asda has been [...]
Finance actually wants more regulation because of the rise of artificial intelligence fintech in the world’s markets April 25, 2016 The finance world is cautiously optimistic about the future of artificial intelligence and how it can be used, but, there is more work needed on regulating the technology when it comes to world markets. “Financial institutions have been fined billions of dollars because of illegality and compliance breaches by traders. A logical response by banks is to [...]
Ladbrokes’ non-executive director Richard Moross will step down from board in May April 25, 2016 Ladbrokes' non-executive director, Richard Moross, has announced he will step down from the betting giant's board of directors at this year's annual general meeting (AGM). Moross will cease to be a director from 5 May. He joined the board in 2012 and has decided to step down so that he can devote "more time to his [...]
Estate agent wars: Why OnTheMarket is here to stay, even after the CMA warning April 25, 2016 You may have read last week about the open letter from the Competition and Markets Authority (CMA) to estate agents to remind them about their obligations under competition law when choosing online property portals to advertise their properties. The CMA has been very clear in cautioning agents to act independently and not to collude. At OnTheMarket.com, we welcome [...]
Profits slip but revenues rise, as Sportingbet owners GVC Holdings takes a punt on Bwin April 25, 2016 Shareholders dismissed falling profits at gambling giant GVC Holdings this morning – despite a 39 per cent slide in profits off the back of GVC's acquisition of Bwin. The figures Net gaming revenue – income on punters' wagers minus payouts – climbed by 10 per cent to €248m (£193m) in the year to the end of December. The total amount [...]
Greater sovereignty or smaller budgets: With polls tight ahead of the EU referendum, what would Brexit mean for the marketing and advertising industries? April 25, 2016 On 23 June, adland will have a tough decision to make – whether to be at a party in Cannes or a polling booth in Britain. It is hard to assess the impact Brexit would have on the marketing and advertising industry, and its outlook on the issue is predictably varied. Firms differ in size, [...]
Steel crisis: Government in talks with European Commission to avoid state aid clash April 24, 2016 The government is in talks with European competition regulators to avoid breaching state aid rules that could hold up attempts to rescue the UK's steel industry. The Department for Business, Innovation and Skills (BIS) announced last Thursday it would be willing to take a 25 per cent stake in Tata Steel's UK assets and offer "hundreds [...]
Competition warnings over OnTheMarket were pretty much inevitable April 22, 2016 Anyone with even a passing interest in technology and its history could have predicted this one: just as the Luddites were eventually overwhelmed by power looms, online property portal OnTheMarket was destined to stumble. And lo, yesterday it came to pass: the Competition and Markets Authority (CMA) effectively took a sledgehammer to the site’s business [...]
Masthaven secures first retail banking licence of 2016 as challenger banks keep up the pressure on traditional groups April 21, 2016 Here's proof – if you needed it – that the rise of challenger banks continues. The government has granted its first retail banking licence of the year to Masthaven Bank – and the group is promising to "disrupt the market" with its approach to savings, mortgages and staff. Masthaven Bank received the thumbs up from the Prudential Regulation [...]
Competition and Markets Authority says provisional Ladbrokes-Gala Coral decision will be released in mid-May April 21, 2016 The Competition and Markets Authority (CMA) has said it will release a provisional decision on the Ladbrokes-Gala Coral merger in mid-May. The provisional decision was originally scheduled to be released on 18 April or soon after. However, City A.M. learned last week that the decision had been pushed back and the previous mid-April deadline was [...]