China Resources Beer executive says country is set to approve AB InBev’s Megabrew deal July 6, 2016 An executive at China Resources Beer today said he believes the country’s competition authority is set to clear Anheuser-Busch InBev’s (AB InBev) takeover of SABMiller. “We don’t see any obstacle so far in getting a green light from China authorities,” chief financial officer Tomakin Lai said, reported Reuters. “We are confident that the deal can eventually [...]
Before the bell: What you need to know before the US market open June 30, 2016 The Fed's stress tests were failed by two European banks further buffeting stocks hit by the Brexit vote, while Wall Street lenders have announced share-buyback plans. Here's what you need to know before the US market open at 2:30pm London time. Futures are pointing down ahead of the open, with the S&P off by 0.16 per [...]
South African competition watchdog waves through AB InBev-SABMiller Megabrew deal June 30, 2016 The South African antitrust authority has approved Anheuser-Busch InBev's proposed takeover of British drinks giant SABMiller. AB InBev said the green flag from the country's competition tribunal put it "well on track" to close the £71bn deal in the second half of 2016. SABMiller is a big employer in South Africa, which has now become the 16th [...]
EU Commission competition authority launches investigation into AB InBev’s “Belgian beer market practices” June 30, 2016 The European Commission competition regulator has opened an investigation into whether Anheuser-Busch InBev (AB InBev) has abused its position in the Belgian beer market. The investigation, launched on the antitrust authority's own initiative, will decide whether AB InBev has used its "dominant" role on the Belgian drinks market to hinder imports of its beer from neighbouring countries, such [...]
Canvas & Stone: We ask five entrepreneurs who inherited country estates how they managed to turn their crumbling piles into profitable businesses June 29, 2016 Inheriting a country estate sounds like one of the most ridiculous privileges that could be bestowed upon a 30-something in modern Britain. In reality, it’s a bit like being told to look after a dying relative in the middle of nowhere who keeps stealing from your wallet when you’re not looking. When five friends suddenly [...]
Don’t rock the legal sector post-Brexit vote, pleads Law Society chief executive June 28, 2016 The Law Society's chief executive has today urged policymakers not to pick away at regulation surrounding the legal sector so close to the EU referendum result. Speaking ahead of a justice committee hearing on legal services regulation, Catherine Dixon warned that key legal changes that could be sparked by Brexit would take years to put [...]
CMA publishes final energy market reforms report, including more than 30 new measures designed to increase competition in the sector June 24, 2016 Energy firms may have to navigate more red tape in the future, after the Competition and Markets Authority (CMA) proposed more than 30 new measures this morning. Confirming provisional findings announced earlier this year, the CMA said that energy suppliers should be ordered to hand details of customers who have been on a default tariff for more [...]
CMA energy market report expected to attract a wave of criticism June 23, 2016 The culmination of a two-year investigation into whether the big six energy suppliers have been overcharging customers is expected to attract a barrage of criticism tomorrow. The Competition Market Authority's report is likely to endorse provisional findings released earlier this year, while recommending price caps on prepayment meters and the creation of a customer database to increase marketing [...]
City Moves for 23 June 2016 | Who’s switching jobs June 23, 2016 CMS Anna Burchner has been promoted to a partner in law firm CMS' London tax team. Anna has been a senior associate in the tax team since 2005 and is noted for her expertise in both international and domestic tax, particularly funds and financial services related work. She has significant experience on the tax structuring of high-value, multi-jurisdictional [...]
Icap offers up its oil desks to avoid Tullett deal probe June 21, 2016 Inter dealer brokers Tullet and Icap could avoid a lengthy probe into their merger, with the two firms proposing a sale of the latter's London-based oil trading desks. The Competition Markets Authority (CMA) said today that it has until 16 August to decide if this will be enough to address its antitrust concerns, or refer the merger for [...]