City watchdog’s motor finance review drives up official complaints August 29, 2024 A review by the City regulator into now-banned commission arrangements on car loans has contributed to a surge in official complaints to the UK's financial ombudsman in recent months.
Lime bike use soaring in London with 12 million rides since 2019 July 20, 2023 Lime has seen soaring demand for its e-bikes in London with over 12m rides since 2019 and an average monthly increase of 10 per cent, it has been revealed. Londoners have travelled nearly 30m kilometres using Lime’s e-bikes since 2019, according to a new report from the transport consultancy Steer, commissioned by the e-bike and [...]
The Notebook: Lucy McNulty on why the FCA must rethink its chairmanship October 16, 2023 Where the City’s top thinkers get a few things off their chest. Today, Lucy McNulty, editor of the Following the Rules podcast, takes the pen.
Fintech overhaul: Jack Ma to relinquish control of Chinese giant Ant January 7, 2023 Ant Group’s founder Jack Ma will give up control of the Chinese fintech giant in an overhaul that seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two years ago. Ant’s $37bn IPO, which would have been the world’s largest, was cancelled at the last minute in November [...]
Private equity firm Lone Star quits race to buy Asda September 22, 2020 US private equity firm Lone Star Funds has abandoned the bidding war over British supermarket giant Asda, leaving rival asset manager Apollo as its likely suitor. The two private equity firms entered a showdown for the UK’s third-biggest grocery chain last month, after US owner Walmart opened bidding for a majority stake in Asda. The [...]
New: Watchdog mulls Google probe over ‘anti-competitive’ advertising tech November 23, 2020 The UK competition watchdog is mulling a formal investigation into Google after it received a complaint about the tech giant’s “anti-competitive” new advertising technology. A consortium of businesses today wrote to the Competition and Markets Authority (CMA) urging it to delay a major new tech release by Google, which they warned would “cement” the tech [...]
Water spending rebellion could cost households billions, says Citizens Advice October 30, 2020 Citizens Advice has waded into a row between the competition and water watchdogs over new spending rules for the country’s water companies. According to the charity, households could lose out on a combined £3.7bn across the next five years if the Competition and Markets Authority (CMA) sticks with its decision to back a rebellion against [...]
FTSE 100 knocked by Beijing’s zero-Covid commitment November 7, 2022 London’s FTSE 100 today was weighed down by market sentiment softening after Chinese authorities committed to strict measures to contain Covid-19 breakouts over the weekend. The capital’s premier index dropped 0.48 per cent higher to 7,299.99 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, [...]
The Notebook: If Reeves wants the City onside, she must be clear on her vision July 31, 2024 Where the City’s movers and shakers have their say. Today, it’s Lucy McNulty, editor of the Following the Rules podcast, with the pen, talking Treasury-City relations, buy now, pay later, and her pick of the podcasts The City needs a clear vision The decision by Chancellor Rachel Reeves to create a Treasury unit focused on [...]
Arm deals blow to UK tech industry by rejecting London listing for a NASDAQ flotation March 3, 2023 Cambridge-based technology firm Arm said it will pursue a US-only stock market listing this year, dealing a blow to the UK markets. The plans from the company, owned by Japanese investment giant SoftBank, come despite heavy lobbying by successive prime ministers and cabinet members. In January, Rishi Sunak reportedly restarted talks with SoftBank to persuade [...]