Watchdog drops most of hospital break-up order April 2, 2014 THE NEW competition watchdog has rowed back on break-up plans for London’s private hospitals, in a surprise decision that has been welcomed by some companies but left others baffled. After two years of investigations the Competition and Markets Authority, known until this week as the Competition Commission, said one or two London hospitals must be [...]
How we’re revitalising markets for economic growth April 2, 2014 MARKETS when they work well are incredibly powerful. When we drive around we don’t have to think about the supply chain needed to produce the 30,000 or so parts that go into a modern car. As we shop for groceries we don’t need to consider what it takes to assemble fresh food from dozens of [...]
New competition authority says UK private healthcare will see a crackdown April 2, 2014 The newly-formed Competition and Markets Authority (CMA) has announced it’s cracking down on private healthcare benefits and incentive schemes. It’s also forcing the sale of some hospitals, after a two-year investigation by its predecessor, the Competition Commission. The watchdog says it’s shelving demands for BMI Healthcare, Britain’s biggest private healthcare provider, to sell off several [...]
Regulators step up probes into currency fixing March 31, 2014 COMPETITION authorities in Switzerland yesterday took their probe into alleged foreign exchange market manipulation to the next level, opening investigations into eight banks. The banks are spread across Switzerland, the UK and US, and the move represents the latest step by a range of global regulators to get to the bottom of claims of market [...]
Regulator to probe how firms can deal with benchmark manipulation March 31, 2014 The Financial Conduct Authority (FCA) has announced plans to investigate how firms can reduce and deal with the risk of benchmark manipulation. As part of its business plan, which was published today, the regulator says it’ll assess whether firms have “learnt lessons” from Libor and other recent controversies. It'll also “ask if adequate controls on [...]
What the other papers say this morning – 31 March 2014 March 31, 2014 FINANCIAL TIMES SocGen accused over Libya deals The Libyan Investment Authority has accused Société Générale of helping to funnel bribes worth tens of millions of dollars to close associates of Saif al-Islam, the son of former Libyan leader Muammer Gaddafi. The claim was made in a $1.5bn lawsuit filed against the French bank in London’s [...]
Banks may win reprieve from market probe March 31, 2014 THE BANKING industry is changing so dramatically that the new competition regulator may choose not launch an investigation into the market, City A.M. understands. The move comes despite calls from Labour’s Ed Miliband to shake up the sector. The opposition leader wants to create two new banks – possibly carving them out of Lloyds and [...]
Davey defends investment in UK energy amid blackout warnings March 31, 2014 ED DAVEY yesterday defended the investment climate for the UK energy sector, amid industry warnings that a competition probe into the market will delay projects and increase the risk of blackouts. “We have huge amounts of companies wanting to invest,” the energy secretary said on the BBC’s Sunday Politics. “If you look at independent analysis, [...]
Letters to the Editor – 31/03 – Energy market, Best of Twitter March 30, 2014 Energy market City AM’s suggestion that Ofgem has given in to politicians by proposing that the energy market is referred to the Competition and Markets Authority for investigation is completely untrue. The competition assessment was carried out by three independent regulators, Ofgem, the Office of Fair Trading (OFT) and the Competition Markets Authority. Ofgem’s decision [...]
Energy wars spark UK blackout fears March 28, 2014 OFGEM’S decision to refer the UK’s energy market for a full-scale investigation will put the UK at a higher risk of blackouts, the industry warned yesterday. The regulator has asked the new Competition and Markets Authority to probe competition in the retail energy market, following months of heightening political pressure to bring down customers’ bills. [...]