FCA proposes changes to new pensions regime in wake of George Osborne’s reforms October 6, 2015 Customers will receive more guidance and information when purchasing retirement products, under new proposals from the Financial Conduct Authority. Chancellor George Osborne shook up the pensions market in his 2014 Budget, when he announced that retirees would no longer be required to purchase annuities with their pension pots. The new pensions rules, which came into [...]
The proto-Corbyn years of the 1970s were awful: We must fight what remains of them October 4, 2015 During the late 1990s and early 2000s, think tanks such as the IEA had a difficult time. We were told that the argument for the market economy had been won. A so-called neo-liberal hegemony had been created, and even a Labour government had accepted free markets. Meanwhile, water was being poured into the foundations [...]
The Competition and Markets Authority wants to review O2 merger with three October 2, 2015 The UK's competition regulator has asked the European Commission for a review an upcoming deal to create one of the UK's biggest mobile operator to be referred to it. The Competition and Markets Authority (CMA) said that the proposed deal between Hutchinson's Three and Telefonica's O2 threatens to significantly affect competition in the UK mobile markets. This is because a successful [...]
Ball’s proposed takeover of Rexam faces hurdle from the European Commission October 1, 2015 The European Commission has sent a list of concerns to US can maker Ball over its proposed £4.3bn takeover of FTSE 250-listed firm Rexam. This doesn't mean Ball's takeover of Rexam can't go ahead, but the US company will have to come up with some concessions to appease the antitrust regulator. It's likely the two [...]
Financial Conduct Authority’s Martin Wheatley plays down fears of the UK leaving the EU September 24, 2015 The Financial Conduct Authority's chief executive Martin Wheatley has said that the short-term impact on the City of a dreaded "Brexit" would be minimal. Read more: There will be no 5 May EU referendum vote as Cameron offers concession to Eurosceptics Even if the UK leaves the EU, it's still likely to abide by the financial [...]
Best of the Brokers for 24 September 2015 September 24, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com DAILY MAIL AND GENERAL TRUST Panmure Gordon maintained its “hold” rating on the media trust, noting that its shares have weakened by 10 per cent since the investor day on 9 September. The broker said that while it remains cautious on the stock, [...]
Dairy Crest churns out strong sales of cheddar cheese as spreads suffer September 22, 2015 DAIRY Crest said yesterday that Britons tucking into its Cathedral City cheddar cheese had helped offset falling sales across its spreads business in the first half of the year. The company said first quarter sales of its four key brands, Cathedral City, Clover, Country Life and Frylight, were in line with the same quarter of [...]
Australia throws spanner in the works for Shell’s takeover of BG Group September 18, 2015 Australian regulators have voiced concerns about Royal Dutch Shell's takeover of rival BG Group, due to the potential impact on domestic gas supplies. In a statement today, Rod Sims, chairman of the Australian Competition and Consumer Commission (ACCC), claimed the deal was not in the best interests of Australian consumers, as it might result [...]
Poundland’s share price climbs as it gets final clearance from competition watchdog for 99p Stores bid September 18, 2015 Poundland's share price rose this morning after saying it will complete its acquisition of rival 99p Stores by the end of this month, after receiving final clearance from Britain's competition watchdog today. The Competition Markets Authority (CMA) concluded that a merger between the two budget retailers wouldn't result in a substantial lessening of competition. It [...]
The entrepreneurial landscape of power – Investec Comment September 13, 2015 The British power and electricity landscape is changing, and the business of power is changing too. Partly this is down to the growth of renewables. Renewable energy generation had a record quarter this year, accounting for 22.3 per cent of total electricity generation. We’ve seen the emergence of a new wave of independent suppliers – [...]