The EU’s block of the O2-Three merger proves why we need to vote remain May 11, 2016 This morning, the European Competition Commission blocked the proposed merger of O2 and Three mobile. The £10.5bn deal, which would have created the UK’s largest mobile phone operator, was blocked on the grounds that it would have reduced competition and meant less choice for consumers. While the ruling was made at European level, the merger would [...]
O2 – Three merger blocked by European Commission May 11, 2016 The European Commission competition regulator has blocked the planned takeover of O2 by Hong Kong’s CK Hutchison. The deal would have seen Telefonica’s O2 merge with Hutchison's UK network Three in a deal valued at £10.25bn. The tie up would have reduced the mobile operators in the UK to three, leaving just Vodafone and BT’s EE to challenge the merged [...]
China’s drowning in debt, defaults are rising and investors have turned bearish as corporates must pay back billions this year May 10, 2016 China's massive debt levels have started to spook investors. The country’s corporate borrowers face a record $571bn of debt that’s due to mature this year, according to figures from Bloomberg. That’s cash they’ll either have to pay back or refinance. Too bad, then, that sentiment towards local debt has begun to sour. There has been a [...]
Calling all startups: The FCA’s fintech accelerator is open for business May 9, 2016 Fintech startups will now be able to test out their ideas without fear of getting on the wrong side of regulators. A so-called sandbox has been launched by the Financial Conduct Authority (FCA) today offering a tech accelerator environment for young firms looking to disrupt finance. "Supporting innovation is an essential part of our role in promoting competition [...]
Oil major Total makes near €1bn wager on renewable energy with bid for battery maker Saft May 9, 2016 French oil major Total made a €950m (£750m) bid for battery maker Saft, effectively increasing its wager on the renewable energy sector. It said that the €36.5 per share offer represents a 38.3 per cent premium to Saft's closing price as of Friday. The friendly offer has already received unanimous approval from Saft's board, but it's still subject to a review [...]
Fitness chain Pure Gym in good health as turnover hits £99.5m May 8, 2016 Pure Gym, Britain’s biggest gym operator, has seen its turnover soar from £68.6m to £99.5m following a 50 per cent increase in membership. However profits for the budget chain dropped from £7.5m to £2.6m thanks to exceptional expenses, the latest accounts filed for 2015 showed. The Leeds-based fitness operator, that has 160 gyms across the [...]
Fitness chain Pure Gym in good health as turnover hits £99.5m May 8, 2016 Pure Gym, Britain’s biggest gym operator, has seen its turnover soar from £68.6m to £99.5m following a 50 per cent increase in membership. However profits for the budget chain dropped from £7.5m to £2.6m thanks to exceptional expenses, the latest accounts filed for 2015 showed. The Leeds-based fitness operator, that has 160 gyms across the [...]
EU Tobacco Products Directive chokes off the UK’s e-cigarette and vaping market May 5, 2016 The European Court of Justice (ECJ) yesterday ruled in favour of legislation that will significantly choke off the UK’s burgeoning, multi-million pound e-cigarette market. From 20 May, the EU’s Tobacco Products Directive will restrict e-cigarette advertising in print, on television and radio, as well as clamp down on the strength of nicotine liquids and flavours [...]
Lack of long-term investment in early stage companies is damaging the economy May 4, 2016 Lack of long-term investment in early stage and innovative companies is damaging the economy, leading fund managers have said. “Our society has increasingly lost its way. Fund management should be doing rightful investment for the world and I think it’s a really serious problem [that they’re not],” says James Anderson, manager of the highly regarded Scottish [...]
Advertising watchdog to crack down on broadband pricing after finding customers were often left confused May 4, 2016 The advertising regulator, the Advertising Standards Authority (ASA), is cracking down on broadband price claims. The changes, which will come into force on 31 October 2016, force companies to include line rental in the final price shown to customers. Earlier this year the ASA found many customers were confused by the way prices were presented, with [...]