Ladbrokes reports a 44 per cent slide in pre-tax profits due to regulation and lower win margin August 11, 2015 Looks like Labrokes' winning streak is over, after profits tumbled 44 per cent over regulatory changes and a lower gross win margin. The figures Pre-tax profits at Ladbrokes fell 44 per cent to £24.7m in the six months to June, from £44m in the first half of 2014. Earnings per share were dropped 44.2 per cent to 2.4p [...]
Jeremy Corbyn’s renationalisation agenda would be disastrous for consumers August 10, 2015 Labour leadership contender Jeremy Corbyn has called for a “public debate” about renationalisation, in particular of the railways but even of energy firms. As with others occupying the left wing of UK politics, his logic seems to be: “these industries were privatised, prices have gone up in these industries, ergo privatisation has caused high prices [...]
Pfizer and Flynn Pharma accused of overcharging for anti-epilepsy drug by the Competition and Markets Authority August 6, 2015 Pharmaceutical companies Pfizer and Flynn Pharma have been accused by the Competition and Markets Authority of “charging excessive and unfair prices in the UK,” including to the NHS. The British market regulator said in a statement that the firms have ramped up prices by up to 27 times in the UK for phenytoin sodium capsules, [...]
Super Thursday: Why business wants the Bank of England to hold its nerve August 5, 2015 As the UK’s economic recovery solidifies, the siren calls for interest rate rises are intensifying. Even the governor of the Bank of England – who no one would describe as a monetary policy hawk – has begun to prepare the ground for rate hikes in the not-too-distant future. With the US Federal Reserve set to [...]
London Stock Exchange Group profit soars on integration of Russell Investments August 5, 2015 Shares rose 2.44 per cent after the group's first half earnings were boosted by its recently acquired global indexes business FTSE-Russell. The figures The London Stock Exchange Group (LSEG) said pre-tax profit in the six months ending 30 June rose 20 per cent to £205.2m, mainly due to strong growth in its global indexes business FTSE-Russell. [...]
EE boss Olaf Swantee takes rivals to task over complaints about BT’s takeover July 27, 2015 EE boss Olaf Swantee yesterday hit back at rivals attacking a proposed £12.5bn takeover by telecoms giant BT amid fears the deal will dilute competition in the sector. “We have about 20 of our competitors who want to use lawyers to get a certain result, rather than using engineers to help them differentiate,” he said. [...]
Rescued banks are not out of the woods yet: New FCA rules to improve account transparency for customers July 23, 2015 The City watchdog put more pressure on the financial sector yesterday with new rules that could see banks and building societies named and shamed for paying poor interest rates to longstanding customers. The Financial Conduct Authority (FCA) said that from next year, firms will have to provide clear information on how much interest savers are paid [...]
The Financial Conduct Authority is going to help savers by making it easier for them to switch accounts July 23, 2015 The Financial Conduct Authority (FCA), Britain’s financial regulator, has announced plans to introduce new measures to help customers switch cash savings accounts, following a review of competition in the industry. Read more: This chart shows how many current account switchers Barclays, HSBC, Lloyds and NatWest have lost The regulator is proposing new rules which will make [...]
The EU risks damaging consumer interests in its push against Google dominance July 22, 2015 Jean Tirole won last year’s Nobel prize for economics for his work on a new type of market – and one that has grown with the meteoric rise of the internet. So-called two-sided markets arise when a company brings together suppliers and consumers. Google is a classic example: it provides browsers with web pages, and [...]
Ofcom says BT merger with EE could harm other mobile firms July 19, 2015 Telecoms giant BT could be facing double trouble from the industry regulator, after Ofcom revealed concerns surrounding its proposed merger with mobile network EE. The planned £12.5bn takeover is being probed by the Competition and Markets Authority (CMA), which issued an update regarding the scope of its investigation at the end of last week. Ofcom [...]