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☆ UK financial watchdog intervenes to cut building insurance costs
▼ + stars: | 2023-04-20 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

LONDON, April 21 (Reuters) - Britain's financial watchdog has proposed changes to cut the cost of insuring residential apartment blocks, saying intervention was needed to prevent wrongful use of commission. The proposals announced on Friday follow a review after the 2017 Grenfell Tower fire in London, which killed 72 people and led to big increases to building insurance costs. The FCA published a consultation paper on its proposals alongside a review of 16 insurance brokers' sales to blocks of apartments between January 2019 and September 2022. "Brokers were often unable to articulate what insurance-related services or benefits of value were provided by the parties sharing commission," the watchdog said. Leaseholders would have transparency on insurance costs and ability to challenge poor value under the FCA proposals.

☆ Google to open up UK in-app payments to satisfy regulator's concerns
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

April 19 (Reuters) - Britain's competition regulator said proposals from Alphabet Inc's (GOOGL.O) Google to give app developers the freedom to break away from Google Play's billing system looked to be sufficient to address its concerns about in-app payments. Britain's Competition and Markets Authority (CMA) said in June that Google's complete control over in-app payments unfairly restricted developers by forcing them to use Google Play's billing system, reducing competition and hurting users. "Under the commitments, developers will be able to add an alternative in-app billing system, alongside Google Play's billing system, for their mobile and tablet users in the UK," Google said in a blog post. "At checkout, users will be able to choose which billing system to use." The CMA invited comments on Google's proposals by May 19 before it makes a final judgment.

☆ Britain seeks to boost banking services from fintechs
▼ + stars: | 2023-04-17 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

"While significant progress has been made, there is more to be done to deliver the full benefits of open banking within retail banking markets, and beyond," the statement said. The recommendations from regulators will keep up momentum in open banking and extend its benefits to other sectors, said Marion King, chair of Open Banking Limited, which checks on whether the nine banks comply with open banking rules on customer data. Britain is keen to push open banking to the next stage following Brexit to attract more fintechs to set up in Britain as the European Union is poised to compete with its own version of open banking. The data protection draft law, now going through parliament, will be used to put open banking on a sustainable footing, Griffith said. "We now need to see proportionate regulation," said Janine Hirt, CEO of Innovate Finance, the UK fintech industry body.

☆ UK antitrust regulator looks at Amazon's takeover of vacuum maker iRobot
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: 1 min

LONDON, April 6 (Reuters) - Britain is to investigate Amazon.com's anticipated takeover of robot vacuum maker iRobot Corp (IRBT.O), the country's competition regulator said on Thursday. The e-commerce giant's planned $1.7 billion acquisition of iRobot, aimed at expanding its stable of smart home devices, is already being reviewed by the U.S. Federal Trade Commission. Britain's Competition and Markets Authority said it is also now considering whether the deal could reduce competition in the connected device market. Invitations to comment on the combination are now open, said the CMA. Reporting by Sarah Young; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ UK to examine Broadcom's $61 bln VMware deal in depth
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

[1/2] A smartphone with a displayed Broadcom logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoMarch 29 (Reuters) - Britain said it would investigate Broadcom's (AVGO.O) acquisition of VMware (VMW.N) in depth after the U.S. chipmaker offered no immediate undertakings in response to its concerns about the impact of the $61 billion deal on the server market. Britain's Competition and Markets Authority said earlier this month that Broadcom's acquisition of the cloud computing and virtualisation company could drive up the cost of computer parts and software for servers. Broadcom said earlier this month that it was working constructively with the regulator and it would demonstrate that the deal would enhance competition and would benefit businesses and consumers. Reporting by Sinchita Mitra in Bengaluru and Paul Sandle in London; Editing by Anil D'Silva and William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ UK drops console concern over Microsoft-Activision deal
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 24 (Reuters) - Britain's competition regulator said Microsoft's (MSFT.O) 69-billion purchase of "Call of Duty" maker Activision Blizzard (ATVI.O) would not harm competition in gaming consoles, removing a major obstacle to the deal. The regulator, however, said it was still looking at the impact of the deal on the cloud gaming market. The takeover, the biggest ever in gaming, remains subject to the scrutiny of regulators in the United States and Europe. But Microsoft has since offered Sony a licence deal to address those concerns. A Microsoft spokesperson said: "We look forward to working with the CMA to resolve any outstanding concerns."

Broadcom (AVGO.O) agreed to buy the cloud computing and virtualisation company last year to diversify into enterprise software. Britain's Competition and Markets Authority (CMA) said on Wednesday the deal could dampen innovation and drive up the cost of computer parts and software for servers. "Servers are a vital building block, functioning largely thanks to hardware products made by firms like Broadcom, working in unison with virtualisation software from firms like VMware," said CMA Executive Director David Stewart. The regulator said Broadcom had five working days to address its concerns, after which it would decide within a further five days whether to refer the deal to an in-depth investigation. The EU competition enforcer, which declined to comment on the report, will make a decision by June 21.

☆ UK considering in-depth probe into Broadcom-VMware merger
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 22 (Reuters) - Britain's competition regulator said on Wednesday it was considering whether to refer U.S. chipmaker Broadcom's (AVGO.O) $61 billion acquisition of VMware (VMW.N) for an in-depth probe after finding the deal could harm competition. The Competition and Markets Authority (CMA) said the deal could make computer servers more expensive for British businesses. "Servers are a vital building block, functioning largely thanks to hardware products made by firms like Broadcom, working in unison with virtualisation software from firms like VMware," said CMA Executive Director David Stewart. The regulator said Broadcom now had five days to offer legally binding proposals to address its concerns, after which it would decide within a further five days whether to refer the deal to a in-depth investigation. Reporting by Muvija M and Paul Sandle; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ Apple argues UK competition watchdog had "no power" to launch probe
▼ + stars: | 2023-03-10 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

LONDON, March 10 (Reuters) - Technology giant Apple (AAPL.O) on Friday told a London tribunal that Britain's competition watchdog had "no power" to launch a probe into its mobile browsers because it did so too late. The Competition and Markets Authority (CMA) opened a full investigation in November into cloud gaming and mobile browsers over concerns about restrictions by iPhone-maker Apple, as well as by Google (GOOGL.O). Apple filed an appeal in January at the Competition Appeal Tribunal in London and argues the investigation is "invalid". However, the CMA's lawyer James Eadie said the watchdog had complied with the legal time limits, because it initially decided not to open an investigation in December 2021. "A finding of invalidity would terminate the market investigation and leave unaddressed the CMA's concerns about the lack of competition for mobile browsers and cloud gaming," Eadie added.

☆ UK says needs more time to review Apple's alleged App Store monopoly
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: 1 min

March 10 (Reuters) - Britain's competition regulator has extended the deadline for its analysis and review into Apple Inc's (AAPL.O) terms and conditions for app developers to May. The Competition and Markets Authority (CMA) in March 2021 opened its investigation into Apple's distribution of apps on iOS and iPadOS devices in the UK. The ongoing probe would consider if Apple has a dominant position in the distribution of apps on its devices in the UK. Reporting by Radhika Anilkumar in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

☆ Microsoft tells UK it will license 'Call of Duty' to Sony for 10 years
▼ + stars: | 2023-03-08 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

Microsoft last month struck a similar deal with Nvidia Corp's (NVDA.O) gaming platform, dependent on it getting the go-ahead for the much-contested acquisition. Microsoft President Brad Smith had said he hoped that rival Sony - which has strongly opposed the takeover - would consider doing the same type of deal. Britain's Competition and Markets Authority (CMA) in February said the deal could weaken the rivalry between Microsoft's Xbox and Sony's PlayStation, and stifle competition in cloud gaming. It suggested that structural remedies could be needed to allay its concerns, including divesting the business associated with 'Call of Duty.' The biggest-ever deal in gaming, announced in January last year, is facing scrutiny in the United States and in Europe.

☆ UK regulator tells Heathrow to cut fees in win for airlines
▼ + stars: | 2023-03-08 | by ( Sarah Young | ) www.reuters.com time to read: +3 min

[1/2] A worker sanitises a barrier at the International arrivals area of Terminal 5 in London's Heathrow Airport, Britain, August 2, 2021. The lower fees will boost airlines such as IAG's (ICAG.L) British Airways and Virgin Atlantic, two of Heathrow's biggest, making the airport cheaper for them. They have long complained that fees at Heathrow, the busiest airport in western Europe, are the highest in the world. The strong bounceback in travel since the lows of the pandemic prompted the CAA to reduce the fees Heathrow can charge in the coming years. Improved forecasts for passenger numbers this year and next year mean Heathrow will be able to generate higher revenue, said the CAA, which uses passenger numbers to calculate the charges.

Britain's housing market has slowed markedly in recent months as higher mortgage rates and broader economic concerns deter buyers. The FTSE 100 (.FTSE) company proposed a final dividend of 60 pence per share for fiscal 2022 as per its new capital allocation policy. Persimmon has paid an annual dividend of 235 pence per share for the last five fiscal years except one, when pandemic lockdowns disrupted operations. Analysts had said in January that British housebuilders might cut dividends to preserve cash and ride out the property downturn. Persimmon stock slid as much as 10% to a near seven-week low of 1,310 pence and was the top percentage loser on the blue-chip FTSE 100 (.FTSE) index.

☆ British supermarkets confront their German discounting demons
▼ + stars: | 2023-02-22 | by ( James Davey | ) www.reuters.com time to read: +5 min

And the discounters' supermarket sweep still has a long way to run, industry executives say, with Aldi UK CEO Giles Hurley pledging Britain's lowest prices "no matter what". "Over the Christmas period alone shoppers switched 58 million pounds ($70 million)(of purchases) to Lidl from Tesco and Sainsbury's," Lidl GB CEO Ryan McDonnell told Reuters. Tesco and Sainsbury's are now matching Aldi prices on hundreds of key items and using customer loyalty schemes, while they have accepted a profit hit to keep prices down. Sector executives, speaking on condition of anonymity, said the further rise of Aldi and Lidl is inexorable. "Nobody's going to take Tesco out but at some point somebody might take Sainsbury's out," the sector veteran said.

WHAT IS THE ACTIVISION DEAL? A group of 10 gamers in the United States has filed a private consumer antitrust lawsuit over the deal. Both companies have signed 10-year licensing deals that will bring Call of Duty to their gaming platform if the Activision deal is approved. Spain's Nware also signed a 10-year deal to bring Xbox and Activision Blizzard games to the Spanish cloud-gaming platform. Microsoft's Smith said the company would fight the FTC's request to block the deal.

Persons: Tencent, Martin Coleman, Brad Smith, Smith, Spain's Nware, Meta, Microsoft's Smith, Foo Yun Chee, Aurora Ellis, Maju Samuel Organizations: U.S . Federal Trade Commission, Microsoft, Activision, ACTIVISION, HK, Sony, U.S . FTC, Britain's, Markets, FTC, Nintendo, Sony Group, CMA, Commission, WHO, United States, May, Games Development, UNI Global Union, Nvidia, MICROSOFT, Britain, NINTENDO, NVIDIA, Xbox, Activision Blizzard, Antitrust, Facebook, Thomson Locations: metaverse, U.S, United, Brazil, Chile, Serbia, Saudi Arabia

☆ VMware, Broadcom extend merger close deadline by three months
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +1 min

Feb 17 (Reuters) - Cloud computing company VMware Inc (VMW.N) and chipmaker Broadcom Inc (AVGO.O) extended the date by which their $61 billion merger is to be completed by 90 days, according to a regulatory filing on Friday. The new "outside date" for the deal is May 26, the filing said. Broadcom's move comes as regulators worldwide ramp up scrutiny of deals by Big Tech. A Broadcom spokesperson said it was common for acquisitions of this size to extend their deal deadline. Reporting by Tiyashi Datta in Bengaluru; Editing by Shailesh Kuber and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Activision aims to help UK regulator 'better understand our industry'
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 8 (Reuters) - "Call of Duty" maker Activision Blizzard said on Wednesday it hoped it could help Britain's competition regulator better understand the gaming industry after it said the acquisition of Activision Blizzard by Microsoft could harm gamers. "These are provisional findings, which means the CMA sets forth its concerns in writing, and both parties have a chance to respond," a spokesperson said. "We hope between now and April we will be able to help the CMA better understand our industry to ensure they can achieve their stated mandate to promote an environment where people can be confident they are getting great choices and fair deals, where competitive, fair-dealing business can innovate and thrive, and where the whole UK economy can grow productively and sustainably." Reporting by Paul Sandle; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ Costcutter owner Bestway buys Sainsbury's stake
▼ + stars: | 2023-01-27 | by ( James Davey | ) www.reuters.com time to read: +4 min

Sainsbury's shares were up 4.5% on Friday, hitting their highest since April and leading gainers on the FTSE 100 (.FTSE) index. The 3.45% stake makes Bestway Sainsbury's sixth largest investor, Refinitiv Eikon data showed. Asda was purchased by brothers Mohsin and Zuber Issa and private equity company TDR Capital for an enterprise value of 6.8 billion pounds, while Morrisons was bought by U.S. private equity firm Clayton, Dubilier & Rice for 7 billion pounds. Sainsbury's proposed 7.3 billion pounds takeover of Asda was blocked by Britain's competition regulator in 2019. Shares in Sainsbury's closed on Thursday at 239.4 pence, valuing the business at 5.6 billion pounds.

☆ UK competition watchdog probes $61 bln Broadcom-VMware deal
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

Jan 25 (Reuters) - Britain's competition regulator said on Wednesday it had started the first phase of an investigation into U.S. chipmaker Broadcom Inc's (AVGO.O) $61 billion acquisition of cloud-computing firm VMware Inc (VMW.N). The Competition and Markets Authority (CMA) said in November it was investigating whether the deal between the two U.S.-listed companies could substantially hurt competition in Britain, adding that it had until March 22 to decide. The Broadcom-VMware deal was one of the biggest announcements globally in 2022, marking the chipmaker's attempt to diversify into the enterprise software segment. Broadcom and VMware did not immediately respond to Reuters' requests for comment. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Dhanya Ann Thoppil and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ UK funeral service provider Dignity agrees to $349 mln takeover
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Shares of FTSE Small Cap firm hit over 9-month highCo agrees to sweetened 550 pence/share offerJan 23 (Reuters) - Funeral services provider Dignity Plc (DTY.L) has agreed to a sweetened 281 million pound ($349 million) takeover by a consortium backed by investment firms SPWOne V Ltd, Castelnau Group (CGL.L) and Phoenix Asset Management Partners. Dignity's shares climbed more than 8% to a more than nine-month high of 547 pence by 0918 GMT on Monday. The stock, which fell about 30% in 2022, has rebounded after disclosing the buyout talks. Dignity, which owns 725 funeral locations and 46 crematoria in Britain, has faced pricing pressures and regulatory requirements from Britain's competition watchdog. ($1 = 0.8052 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi Aich and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ Apple appeals investigation by UK competition watchdog
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

LONDON, Jan 20 (Reuters) - Technology giant Apple (AAPL.O) has filed an appeal against an investigation by Britain's competition watchdog into the dominance of its mobile browsers in the cloud gaming market. Last November, the Competition and Markets Authority (CMA), Britain's competition regulator, launched a full investigation into cloud gaming and mobile browsers on concerns about restrictions by iPhone-maker Apple and Google. U.S. tech giants, including Google's owner Alphabet and Apple, are drawing increasing attention from competition regulators in Brussels, London and elsewhere. Lawyers representing Apple said in a notice filed with the Competition Appeal Tribunal on Friday that the CMA's investigation should be reviewed. There is due to be a preliminary hearing on the matter on Tuesday, according to the Competition Appeal Tribunal website.

☆ Europe's car repairers call for competition rules rewrite
▼ + stars: | 2022-12-16 | by ( Nick Carey | ) www.reuters.com time to read: +4 min

LONDON, Dec 16 (Reuters) - Europe's car repair and spare parts industry is calling for a rewrite of EU competition rules, arguing they allow carmakers and franchise dealers to disadvantage independent operators. The European Commission has recommended extending 2010's Motor Vehicle Block Exemption Regulation (MVBER) for five years when it expires in 2023, with some supplementary guidelines. Proponents of a rewrite say automakers restrict access to vehicle data, which can make repairs more expensive, while also dictating how repairs should be undertaken and with which parts. "However, the evaluation revealed that an update was necessary to reflect the importance that access to vehicle-generated data is likely to have as a factor of competition." "If the Commission has decided not to change the rules, we assume that the complaints made by the independent aftermarket were not sufficiently substantiated," a spokeswoman said.

☆ Thales-Hitachi rail signal deal delayed as UK raises competition concerns
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

Dec 9 (Reuters) - Britain's competition watchdog is concerned Japan's Hitachi (6501.T) acquisition of France's Thales (TCFP.PA) railway signalling business may result in higher fares for passengers, it said on Friday. As a result, Thales (TCFP.PA) expects the sale to close in the second half of next year, compared to the previous plan to finalise the deal in early 2023. Britain's principal customer for mainline signalling, Network Rail, is putting in place a tendering process for its next major signalling procurement, the Competition and Markets Authority (CMA) said. A deal between Hitachi and Thales could eliminate a credible competitor from the new tendering process, it said. It said both companies were committed to working with all regulatory bodies to ensure the deal closed as quickly as possible.

☆ UK regulator says Baker Hughes-Altus deal could reduce competition
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: 1 min

Nov 22 (Reuters) - Britain's competition watchdog said on Tuesday U.S.-listed oilfield services firm Baker Hughes Co's acquisition of Altus Intervention could result in reduced competition among UK oil and gas operators. The Competition and Markets Authority (CMA) said it was concerned that the loss of rivalry between the merging companies could lead to higher prices, reduced choice and lower quality services for businesses in the UK that purchase coiled tubing and pumping services. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ UK begins investigation into Apple, Google's mobile browser dominance
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

Nov 22 (Reuters) - Britain's competition watchdog has launched an in-depth investigation into the market dominance of Apple (AAPL.O) and Google's (GOOGL.O) mobile browsers, months after the regulator began considering a probe. "Many UK businesses and web developers tell us they feel that they are being held back by restrictions set by Apple and Google," said Sarah Cardell, interim chief executive of the CMA, in a statement. In response to the CMA's June plans, Google had said it would continue to work with the watchdog. Apple said on Tuesday it would "constructively" engage with the CMA to explain how its approach "promotes competition and choice, while ensuring consumers' privacy and security are protected." Reporting by Pushkala Aripaka in Bengaluru and Paul Sandle in London; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

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