Big six energy giants set to avoid break up June 19, 2016 The six biggest energy companies in the country will avoid being broken up this week. The Competition and Markets Authority (CMA) is set to publish the findings of its two-year investigation in to the industry on Friday. The report is expected demand suppliers create a database of so-called disengaged customers, who have been on a standard [...]
The FCA’s new broom must act fast to revive confidence in the regulator June 16, 2016 Tonight Mansion House once again acts as host to the great and good of the City’s financial services fraternity. Amid inevitable chatter about the EU referendum vote and darkening global economic clouds, attention will turn to the imminent changing of the guard at the Financial Conduct Authority. Almost a year has passed since its first [...]
Hollywood Bowl strikes for £280m London IPO June 15, 2016 Hollywood Bowl Group, the UK's largest 10-pin bowling operator, will float on the London Stock Exchange next month in a deal valuing it at around £280m. The group, which runs 54 bowling centres around the country, has been striving to modernise the popular pastime with Americana-themed diners, licensed bars and interactive scoring systems that "customers didn't even know they wanted". Steve [...]
CMA takes over investigation of energy price comparison websites June 14, 2016 Britain's competition watchdog is looking into whether energy tariff comparison websites' use of paid-for online search advertising breached competition law. The investigation was passed onto the Competition and Markets Authority (CMA) by energy regulator Ofgem after it found employees staff and representatives had previously expressed concerns to some of the parties under investigation. The CMA expects to make a decision [...]
Poundland faces profit plunge after delayed takeover of 99p Stores last September June 12, 2016 Discount retailer Poundland might need a few quid as it braces for a plunge in profits this week. The company’s full-year results have been dragged down by its delayed takeover of high-street rival 99p Stores. Earnings per share are forecast to fall almost 43 per cent, from 15.01p to 8.58p per share, when the company [...]
Recently listed CMC Markets lures in the traders to boost its profits; as chief executive Cruddas waves away Brexit “scare mongering” June 8, 2016 Recently listed CMC Markets proved it was quite a catch for traders in its results for its year ended in March, with trading activity significantly increasing. The figures The derivatives dealer revealed that its profit before tax had grown to £53.4m, up 23 per cent on the prior year's £43.5m. Meanwhile, net operating profit increased [...]
Gala Coral Group shakes off ‘worst Cheltenham since 2003’ to report rise in earnings and sales June 8, 2016 Bookmaker Gala Coral overcame a poor performance at Cheltenham to grow earnings and revenues, with online sales surging in the 28 weeks to 9 April. The figures Earnings before income tax, depreciation and amortisation came in at £122.9m during the first half, up from £101.4m last year. Revenue was up to £606m from £535.7m in the first [...]
The CMA’s retail banking recommendations have been slammed by experts addressing parliament’s Treasury Select Committee June 7, 2016 The Competition and Markets Authority's (CMA) work on the retail banking market is a failed opportunity, MPs have been told. One challenger bank boss said that the concentration risk in the market will take “decades” to unwind, speaking at a Treasury Select Committee hearing earlier today. Meanwhile, a former Competition Commission member said that the provisional recommendations issued [...]
Competition and Markets Authority will investigate Icap’s deal with Tullett Prebon unless concerns are addressed June 7, 2016 The Competition and Markets Authority (CMA) said today it will refer a proposed deal between brokers Icap and Tullett Prebon for an in-depth investigation if the companies do not address the watchdog's competition concerns relating to broking of oil products. Icap announced last November that it was selling its global voice-broking and information business to Tullett Prebon, [...]
Megabrew: US Department of Justice set to give AB InBev green light for SABMiller deal June 2, 2016 The US Department of Justice is set to approve Anheuser-Busch InBev's takeover of British drinks giant SABMiller. The news follows the announcement on Tuesday that the Competition Commission of South Africa has provisionally approved the £71bn deal, which was agreed last October. It has been widely reported in US media that the antitrust regulator is poised [...]