CMA may block Sainsbury’s-Asda merger, finding deal could push up prices and reduce quality February 20, 2019 Sainsbury's suffered a 15 per cent drop in its share price this morning after the grocer's £12bn proposed merger with Asda was thrown into doubt following a swathe of concerns raised by Britain's competition watchdog. The Competition and Markets Authority (CMA) said the tie-up could lead to "a substantial lessening of competition at both a national and local [...]
Dignity shares slide after regulator proposes funeral competition probe November 29, 2018 Shares in listed-funeral provider Dignity dropped 15 per cent today following an announcement by the Competition and Markets Authority (CMA) of a potential probe of the sector. The CMA today proposed a “major funerals probe after identifying serious concerns”. Shares in Dignity fell 15 per cent, from 864p to 847p following the news. The CMA [...]
Asset managers back Big Four audit firms in competition watchdog consultation November 15, 2018 Investment management firms have called on the competition watchdog to ensure the quality of audit is not affected as it probes the dominance of the so-called Big Four firms. In a response to the Competition and Markets Authority Standard Life said the division of the dominant audit firms – PwC, Deloitte, KPMG and EY – [...]
As digital assets ready to mainstream, Governments respond May 19, 2020 Some may still think of digital assets as largely unregulated with little government oversight. But as consumer awareness and interest in digital assets grow, so does attention from policymakers around the world. This ‘attention’ has produced both praise and punitive action. Last month, three U.S. legislative bills were proposed calling for the creation of “Digital [...]
Npower to dismiss nearly 15 per cent of its UK workforce as energy market bites January 31, 2019 British energy provider Npower has said it will cut almost 15 per cent of its UK workforce, as part of an initiative to reduce its operating costs. The company said the reductions would affect around 900 roles out of its 6,300 employees over the course of this year. It added that most of this number [...]
Knowledge of financial markets desirable but not essential for new FCA boss February 18, 2020 The Financial Conduct Authority (FCA) today published an advert for its top job where it listed familiarity with the workings of financial services and markets as “desirable” but not essential. Outgoing FCA chief executive Andrew Bailey is joining the Bank of England next month to replace Mark Carney as governor. Bailey’s tenure at the FCA [...]
Dr Ben Goertzel: The crusade against the oligopolies February 18, 2021 SingularityNET CEO Dr Ben Goertzel explains how, once AGI is achieved, it must not fall into the hands of individuals with their own agendas.
KPMG faces tribunal for its work for mattress firm Silentnight November 22, 2018 Audit firm KPMG and one of its partners face a tribunal over work for mattress firm Silentnight, the accountancy watchdog said today. The Financial Reporting Council (FRC) today delivered a formal complaint against the firm and restructuring partner David Costley-Wood. The FRC alleged that KPMG and Costley-Wood acted for Silentnight “in circumstances where their professional judgment [...]
DEBATE: Will the new recommendations from the CMA help rebuild trust in the audit sector? December 19, 2018 Will the new recommendations from the CMA help rebuild trust in the audit sector? Michael Izza, chief executive of ICAEW, says YES. The proposals from the Competition and Markets Authority (CMA), alongside the Kingman Review, are the kind of bold intervention in audit that we have been calling for. Breaking up the larger firms was unlikely [...]
The UK’s unrivalled regulatory framework is at the heart of our success as a finance hub February 4, 2020 Britain has officially progressed into the next chapter of growth, and can begin negotiations to achieve the trading partnerships and relationships that will secure our competitive future. Having spent several years in the City myself and now as MP for Hitchin and Harpenden, a constituency with thousands working in financial services, this sector remains one [...]