US officials hand down multi-billion forex-rigging fine to UBS, JPMorgan, RBS, Citicorp and Barclays May 20, 2015 US officials have confirmed the multi-billion-dollar bill being paid by five of the world's biggest banks for their involvement in the forex-rigging scandal. JPMorgan Chase, Royal Bank of Scotland, Citicorp and Barclays will plead guilty to US criminal charges, paying a total of $5.6bn to settle the allegations that date back to 2007. UBS is [...]
Ryanair boss Michael O’Leary to seek CMA damages as Irish government gets green light May 17, 2015 Ryanair boss Michael O’Leary was fighting a rearguard battle with the Competition and Markets Authority (CMA) over the weekend as he sought to maintain his firm’s stake in Aer Lingus. The threat from O’Leary to seek damages from the regulator, made in the Telegraph, is the latest salvo in the long-running dispute. O’Leary has maintained [...]
Greene King and Spirit deal gets amber light from market regulator May 11, 2015 The Competition and Markets authority (CMA) yesterday gave pub company Greene King and Spirit a week to sort out hurdles that could halt their planned £774m merger. The authority said the current proposal would “substantially” lessen competition in the pubs sector. However, it pointed to difficulties in only 16 locations, which is small considering that [...]
Poundland agrees to probe by authorities into 99p Stores deal May 6, 2015 POUNDLAND said yesterday it has agreed to proceed with a full-scale investigation by the competition watchdog over its proposed £55m tie-up with 99p Stores. The bargain chain said last month that it was considering whether to continue to pursue the deal or walk away after the Competition and Markets Authority (CMA) raise concerns over 92 [...]
Poundland brings forward competition probe into 99p Stores deal May 6, 2015 Bargain store Poundland has bought forward a competition probe into its offer to buy rival 99p Stores for £55m. The Competition and Markets Authority (CMA) previously said the tie-up could create "a realistic prospect of less competition" in 80 local areas – and an additional 12 areas where they will be competitors in the near future. It said [...]
Greene King hit by drink-driving rules in Scotland May 5, 2015 Pub and restaurant group Greene King yesterday blamed recently tightened drink-driving laws in Scotland for flat sales. The company, whose brands include Old Speckled Hen and Abbot Ale, plus the Hungry Horse and Loch Fyne chains, reported just a 0.4 per cent increase in sales for the 51 weeks to 26 April, but said sales [...]
Zoopla snaps up price comparison website uSwitch in £190m deal April 30, 2015 ZOOPLA has bought price comparison website uSwitch for up to £190m as the property portal seeks to expand its reach into other household consumer services. Shares in the company rocketed 16.4 per cent yesterday as Zoopla announced it will pay £160m plus a performance-based fee of up to £30m for uSwitch’s parent company Ulysses Enterprises, [...]
Colder weather boosts Centrica in first quarter April 27, 2015 UTILITIES group Centrica delivered a more positive update to the market yesterday, following a profit warning and dividend cut announced along with its 2014 results in February, and said trading continues in line with previous guidance. The company said colder-than-usual weather in the UK and across North America in the year to date had led [...]
Consumer group lists demands for energy competition probe April 26, 2015 CONSUMER rights group Which has piled more pressure on the Competition and Markets Authority (CMA) by listing the criteria it will judge the CMA probe into household energy prices. The authority will publish the results of its closely watched study into the Big Six energy providers next month. Which says it wants remedies offered by [...]
Behold the era of market meddling: Whoever wins the General Election, the age of intervention is upon us April 23, 2015 In the run up to every General Election, the business community voices its concerns over what a Labour government would mean for UK plc. There is the regular letter to The Telegraph, signed by 100 business leaders, in a show of support for the Conservatives. There is much worry, and some hysteria too. Many readers [...]