Regulation in the UK a ‘web of complexity’ and harming innovation says think tank September 25, 2024 A leading think tank has called for the government to create a ‘call-in’ power to overrule regulators’ decisions, warning that Britain’s approach to tech regulation is harming innovation and investment in the sector. In a new report, right-leaning think tank Onward described the UK’s patchwork of “under-resourced” and “overstretched” regulators as spinning a “web of [...]
Why Google faces millions in fines from global regulators September 24, 2024 Google is up against the growing wrath of regulators worldwide, as it faces the possibility of millions in fines for alleged anti-competitive practices. According to Bloomberg, the EU is preparing to investigate Google’s conduct in the digital marketplace, including whether it preferences its own services, such as Google Flights and Google Hotels, in search results. [...]
Fashion brands told to ‘stay on the right side of the law’ amid greenwashing claims September 18, 2024 Some of the most high-profile fashion brands in the UK have been warned to be clearer on their green credentials by the UK competition watchdog as it clamps down on misleading marketing. The Competition and Markets Authority (CMA) has issued a new sustainability compliance guide for retailers and told 17 brands to review their practices. [...]
Footasylum: New flagship Oxford Street store helps profit more than double September 18, 2024 Pre-tax profit more than doubled at footwear and sportswear retailer Footasylum during its latest financial year. The Greater Manchester-headquartered company has reported a profit of £6m for the year to 27 January, 2024 , up from the £2.8m it posted for the prior 12 months. During the year Footasylum opened a flagship 20,000 sq ft Oxford Street [...]
Analysts see ‘path to approval’ for Vodafone and Three deal September 13, 2024 Although Britain’s competition watchdog has raised fresh concerns over the proposed £15bn tie-up between Vodafone and Three’s UK operations, analysts have suggested the findings of the latest probe are more positive than expected. In its provisional findings, the Competition and Markets Authority (CMA) flagged potential price increases for millions of mobile customers and warned of [...]
Price rises and smaller data packages: Regulator voices concerns over Vodafone’s £15bn Three merger September 13, 2024 The planned £15bn merger between Vodafone and Three could lead to price increases for tens of millions of mobile customers, the Competition and Markets Authority (CMA) has warned. The watchdog added that the deal, which was first announced last year, could also see customers get a reduced service such as smaller data packages in their [...]
Seedrs: Fewer deals and lower investment hits revenue at crowdfunding platform ahead of Republic Europe name change September 12, 2024 Seedrs suffered a 10 per cent cut in its revenue after fewer deals and less investment were made through its crowdfunding platform in 2023. The business has reported a revenue of £6.1m for the 12 months, down from the £6.8m it posted in 2022. The London-headquartered company provides an online platform for investing in early [...]
Competition watchdog takes interest in Carlsberg-Britvic merger September 10, 2024 The competition watchdog announced this morning that it had opened the first stages of an investigation into the tie-up between Carlsberg and rival drinks brand Britvic. Danish brewing giant Carlsberg agreed to acquire the British soft drinks maker for £3.3bn in July, in a significant push into the UK non-alcoholic drinks market. The CMA has [...]
Google accused of using its dominance to harm the competition September 6, 2024 Google has been accused of using “anti-competitive practices” which harm thousands of publishers and advertisers in the UK. The Competition and Markets Authority (CMA) said it has provisionally found that the US giant could be negatively impacting rivals over open-display advert technology. According to its findings, the watchdog said that when placing digital adverts on [...]
Nationwide to complete £2.9bn takeover of Virgin Money after FCA and PRA approval September 6, 2024 Nationwide is to complete its £2.9bn takeover of rival Virgin Money next month after the deal was given the green light by the UK’s financial regulators. The banks said in statement issued to the London Stock Exchange that the Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority (PRA) have both approved [...]