Amazon to pass on UK digital tax to sellers in fees hike August 5, 2020 Amazon is to increase seller fees next month, saying it will no longer absorb the UK’s digital services tax after talks with the government failed to progress. The e-commerce giant said it had taken on the impact of the digital services tax — a two per cent levy on the firm’s annual revenues — since [...]
Paddy Power owner Flutter raises £812m in share placing May 29, 2020 Paddy Power owner Flutter today said it has raised £812m in a share placing that will see Rupert Murdoch’s Fox Corporation boost its holding in the gambling giant. Flutter, which also owns Betfair and Poker Stars, said it placed more than 8m new shares at £101 each, marking a 4.7 per cent discount on last [...]
Watchdog pauses investigation into First Group’s West Coast Rail franchise November 15, 2019 The UK’s competition watchdog has paused its investigation into the decision to award the West Coast Rail franchise to First Group after the company offered to make changes to the deal. The Competition and Markets Authority (CMA) said last week it would escalate its probe into First Group’s joint venture with Trenitalia on the route unless [...]
Watchdog probes Viagogo’s $4bn Stubhub buyout on competition grounds December 13, 2019 Regulators will investigate whether secondary ticketing site Viagogo’s buyout of rival Stubhub will lessen competition in the market, it was announced this morning. The Competition and Markets Authority (CMA) is looking into whether to open a phase one inquiry into the $4bn (£3.1bn) transaction. Read more: Ebay to sell Stubhub to Viagogo for $4bn Stubhub, [...]
CMA orders shake-up of pension advice market due to lack of competition December 12, 2018 Pension scheme members are at risk of getting a bad deal due to a lack of competition in the pension advice market, according to the Competition and Markets Authority (CMA). The CMA said today that pension trustees, who oversee companies’ pension schemes, are not given sufficient information to help them choose advisers. The report found [...]
Experts pour cold water on CMA’s proposals for joint audits in first Beis committee hearing January 15, 2019 Audit academics and investment managers have called for caution over recommendations by the competition regulator to shake-up the audit sector. During the first in a series of Business, Energy and Industrial Strategy Select Committee hearings, held today, witnesses warned that the Competition and Markets Authority’s (CMA) recommendation could risk unintended consequences for auditing. Led by [...]
Mike Ashley hits out at competition watchdog over JD Sports probe October 30, 2019 Retail tycoon Mike Ashley has slammed the UK’s competition watchdog for its investigation into the merger between JD Sports and Footasylum, saying it has overstated Sports Direct’s share of the market. The Competition and Markets Authority (CMA) is investigating whether JD Sports’ £90m takeover of Footasylum could result in higher prices and reduced competition in [...]
Watchdog gives green light for Ovo Energy’s £500m SSE deal December 10, 2019 The competition watchdog has given the green light to Ovo Energy’s £500m takeover of rival supplier SSE’s retail arm. In a statement this morning the Competition and Markets Authority (CMA) said the deal, which will create the UK’s second-largest energy supplier, would not harm competition. Read more: SSE sells energy services business to Ovo in [...]
JD Sports buys back Go Outdoors from administrators in £56.5m pre-pack deal June 23, 2020 JD Sports has bought back its struggling outdoor clothing chain Go Outdoors from administrators for £56.5m. The move, which is designed to “preserve as many jobs as possible”, comes with a major restructuring plan aimed at retaining the “majority” of stores, JD Sports said. Big Four accountancy giant Deloitte had been appointed by JD Sports [...]
Government confirms probe into Daily Mail takeover of i newspaper January 22, 2020 The government today confirmed that it will launch an investigation into the Daily Mail’s £50m takeover of the i newspaper amid public interest concerns. Culture secretary Nicky Morgan has issued a public interest intervention notice over fears the tie-up will impact the “sufficient plurality of viewpoints” in UK newspapers. The notice will spark a report [...]