Kingfisher bids for French rival Mr Bricolage April 3, 2014 EUROPE’S biggest home improvement retailer Kingfisher has bolstered its presence in France by agreeing to buy smaller rival Mr Bricolage for €275m (£227m) including debt. The B&Q owner, which makes about half of its annual profit in France, said it has entered exclusive talks to buy 26.2 per cent of the share capital from the [...]
Sorry Ofgem: Why simpler energy tariffs are not in consumers’ interests April 3, 2014 OFGEM says that energy customers want simpler tariffs. To that end, it has limited energy suppliers to at most four tariffs. It has also prohibited various discounts, charges and special offers. But is this what customers expected from “simpler tariffs”? Would they still support that policy if they knew what it would mean? Findings from [...]
Regulator confirms probe into UK credit card market April 3, 2014 The Financial Conduct Authority (FCA) has announced its decision to run a competition review into the UK’s credit card industry. The regulator says it’ll focus on how it deals with those who are already in financial difficulty, in particular. 30m people hold at least one credit card in the UK, with 56m credit cards in [...]
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 [...]