MPs sound alarm over CMA remedy for energy price comparison sites July 21, 2016 MPs have written to new business secretary Greg Clark, urging him not to implement a Competition and Markets Authority recommendation which would no longer require energy price comparison sites to show potential switchers the whole market. The energy and climate change committee warned that the move could undermine consumer trust in the energy market and strangle competition. [...]
Megabrew deal: US Department of Justice gives clearance to AB InBev’s takeover of SABMiller July 20, 2016 The US Department of Justice has given the green light to Anheuser-Busch InBev’s (AB InBev) proposed takeover of British drinks giant SABMiller with conditions. AB InBev, the world’s largest brewer, has agreed to divest SABMiller’s interest in MillerCoors to Molson Coors if the “megabrew” takeover goes ahead. In April, a US antitrust organisation flagged "serious competitive [...]
Why challenger banks see Brexit as an opportunity July 20, 2016 A group of challenger banks has written to the Treasury select committee to shine a light on the opportunity Brexit brings to cut banking red tape. The letter, which is signed by the chief executives of Aldermore, Charter Savings, Hampden and Co, Metro Bank, OneSavings Bank, Secure Trust Bank and Shawbrook, is dated 30 June. However, [...]
Despite the comfort from greater political stability, could sterling still reach parity against the US dollar? July 18, 2016 Lukman Otunuga, research analyst at FXTM, says Yes. Sterling received a pummelling in June, with prices crashing to 31-year lows against the dollar following the shock Brexit victory. Financial markets were rattled, and it was obvious that the Brexit outcome was severely underpriced, with even the bookkeepers being completely on the wrong side of the [...]
US Department of Justice set to wave through ICAP-Tullett deal July 14, 2016 The US Department of Justice has given a nod of approval to interdealer Tullett Prebon’s revised takeover of ICAP’s voice-broking and information business. Under the $1.5bn (£1.1bn) deal’s original structure, ICAP would have owned 19.9 per cent of Tullett Prebon and also had the right to nominate a member of Tullett Prebon’s board of directors, despite [...]
The City watchdog is having a think about how you’ll take your pension July 14, 2016 The City watchdog is keen to make sure the pensions market keeps ticking over, and has revealed today just how it plans to do it. The Financial Conduct Authority (FCA) is conducting a Retirement Outcomes Review, with a full report expected to be published next summer, and has today laid out what precisely it plans [...]
Acadia takeover of healthcare group Priory set for UK competition probe July 14, 2016 The takeover of UK-based Priory Group by US healthcare group Acadia has been referred for an in-depth investigation to the Competition and Markets Authority (CMA). Acadia, an operator of psychiatric hospitals, announced the takeover deal for Priory, which is known for its celebrity rehab patients, in January. The companies said the deal will consist of shares and cash, [...]
How are the alternative finance industry and the $1.6 trillion wealth management market approaching each other? July 14, 2016 If you use an independent financial adviser or wealth manager, they’ve probably never mentioned P2P lending. This might seem strange: there’s been a lot of talk of how the peer-to-peer industry is “moving mainstream”, and volumes reflect that. In 2015, the online alternative finance industry in the UK grew to £3.2bn – an 84 per [...]
Brexit hits advertising industry, with spending forecast to fall this year and next July 14, 2016 The UK’s advertising market is expected to shrink this year and next after last month’s Brexit vote. The IPA Bellwether Report has downgraded its adspend forecast for this year from 3.3 per cent growth to minus 0.2 per cent. And the market is expected to shrink further next year, by 1.3 per cent, down from the [...]
Hands off: Why Theresa May shouldn’t try to be a micromanager July 13, 2016 As Theresa May begins her premiership today, her leadership will be tested like never before. With the nature of the UK’s relationship with the EU unknown, she will have her work cut out. Conservative colleagues have described her tendency to micromanage the Home Office, something which would be impossible to do in her new role. [...]