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The Latest Breaking News from CMA

Morning Brief: Top Financial Stories Dominating on Thursday, May 26

CNBC Two Major Tech Deals Come Under UK Government Scrutiny

Benzinga

Britain Competition Watchdog Launches Second Probe On Google

Britain's competition regulator launched its second probe into the advertising practices of Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google for allegedly distorting competition and illegally favoring its services, Reuters reports. The Competition and Markets Authority examined three critical parts of the ad tech stack chain, services that mediate ad tech since Google owned the largest…

Benzinga

JD Sports boss Peter Cowgill quits as executive chairman with immediate effect

A former CFO of ASOS will become interim non-executive chair

Birmingham Post

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JD Sports boss quits after £4.3 million CMA fine

The Executive Chairman of JD Sports has quit the company after it was fined £4.3 million by the Competition and Markets Authority (CMA).

Evening Standard

UK forced to bridge data gap after losing full access to EU food alerts – report

Regulators say loss of data sharing arrangements after Brexit has negatively impacted their ability to carry out their work, the NAO has warned.

The Independent UK

More powers for tech regulator to boost competition proposed

The draft Digital Markets, Competition and Consumer Bill would give more power to the Digital Markets Unit to curb the largest tech firms.

The Independent UK

UK watchdog will have power to impose huge fines on big tech firms

According to the government, Digital Markets Unit will protect small businesses and consumers

The Guardian - UK

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UK tech regulator to get new powers in bid to boost competition, minister says

But it remains unclear when exactly the changes will come into force, as the DCMS says the necessary legislation will be introduced ‘in due course’.

The Independent UK

Morrisons announce huge changes to its petrol stations affecting drivers

Private equity firm Clayton, Dubilier & Rice (CD&R) has bought the retail giant

Liverpool Echo

Morrisons owner offers to sell 87 petrol stations to clear £7bn takeover

US private equity group Clayton, Dubilier & Rice is seeking approval for deal from competition regulator

The Guardian - UK

Morrisons' new owner set to sell dozens of petrol stations

Moves come ahead of £7 billion takeover of the supermarket group

Wales Online

One of the biggest M&A deals in Northern Ireland history falls through

Canadian company Ritchie Bros has pulled out of the deal after the UK competition authority stepped in

Birmingham Post

Individual Investors Doubled in Saudi Financial Markets

Recent official data revealed that over 4.7 million subscribers per capita are active in the proposals of financial markets in Saudi Arabia, according to the 2021 annual report of the Saudi Capital Market Authority (CMA). The annual report stated that the number of individual investors in IPOs jumped 4.7 times,…

Asharq Al-Awsat

Meta Fights to Overturn UK Order to Sell Giphy

Facebook owner Meta started its appeal on Monday against Britain's ruling that it must sell Giphy, arguing the fact that rival Snap offered far less to buy the animated-images provider undermined the rationale used to block the deal. Britain's Competition and Markets Authority (CMA) last year ordered Meta to sell…

Asharq Al-Awsat

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Manchester Evening News

New rules coming into force to help homeowners save hundreds on their property bills

It is the first step in the government's plan to create a fairer housing system

Wales Online

Why one of Wales' leading tech firms needs to come out of Chinese ownership

The UK Government needs to use legislation to intervene on the acquisition of Newport Wafer Fab by Nexperia

Daily Mirror

Paying for fake reviews on sites such as Amazon and Tripadvisor will become a crime

Under the new rules, websites that act as host to such reviews may also be criminally liable, unless they take “reasonable steps” to check the reviews are genuine

Daily Record

Consumer watchdog given more powers to protect people from fake reviews and subscription traps

The average UK household spends around £900 each year influenced by online reviews.

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Birmingham Post

Why Boris Johnson needs to intervene on Chinese ownership of Newport Wafer Fab

The Newport-based chip maker can become a key player in the role of fast-charging electric vehicle charging points

Salon

A Mount Everest mystery cover-up?

Mark Synnott climbed Earth's highest peak to solve a mystery, but found another upon returning.

Daily Mirror

Morrisons' £7bn takeover set to see 100 petrol stations sold across the UK

Clayton, Dubilier and Rice, which also owns forecourt operator Motor Fuel Group (MFG), won over control of the Big Four grocer in October - but the competition watchdog said it could lead to higher prices

Birmingham Post

Morrisons suitor hopes petrol station sale will ease takeover deal

Private equity group Clayton, Dubilier & Rice last year won the race to buy the Yorkshire-based supermarket chain but faces potential competition action

The Independent UK

CD&R proposes petrol stations sale to push through £7bn Morrisons takeover

Last month, the CMA warned that the takeover of Morrisons could lead to higher fuel prices in 121 locations across the UK.

Insider UK

HSBC breaches competition rules after admitting ‘bundling’ tactics

More than 200 predominantly Scottish customers were wrongly sold into additional accounts

The Guardian - UK

UK competition regulator raids Mitie offices in London

CMA examines emails from senior staff at outsourcer amid Home Office concerns over immigration centre contracts

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