18 Burst results for "Competition And Markets Authority"
"competition markets authority" Discussed on The Edition
"More important called emissions spewed out elsewhere in the world in the name the cause of producing food and other goods for you k. Consumers now each work is so it's logically and you think you k is going to have this self imposed legally binding targets achieve net zero by twenty fifty china. Other many other countries are not going to be so foolish. What's gonna happen is all remaining. Heavy industry is gonna drift of china Production to properly in order to me. This talk it's to be pointless. Know britain achieving net zero. Given the way we come accountable one percent of carbon emissions and china accounts for twenty nine percent. You know to do it legally binding self-imposed target just makes no sense unless you bring the rest of the world with you and i absolutely no suggestion. The rest of the world is gonna come with us on this. Kim's what do you make that two points. On the economic trump's economic transition point there are some doesn't get challenges opportunities here as well there there is money to be made jobs to be created is comparative advantage to be handful britain on the technology involved picking the financing. We finance this could be a huge area of development growth for the uk on the process point of the policy being setting law. I mean i. I got a huge fan of this declaratory legislation. The policy goals should be setting or become fat and lead and last fifteen. But you just come back to the boring simple fact. It is the lou paul. It made the decision parliament. Set this target inland until palm changed. Its mind which can do any point. This is the war on a boring. A boring believer in plain. Go the rules this little. Let's full of the low. Let's see let us do. What the law the law says we says we must thank you us james next up and this week's says she quinton talks about his trip came from motor and the odyssey entry while trying to get a simple day to test it seems that startup companies now trying to squeeze a quick buck out of unsuspecting travellers. He joins me. Now with virginia. Messner the acting. Ceo the world travel and tourism council. Not you begin your piece in the spectator talking about a trip to motor and the cova testing. That was then involved when he tried to get back. Can you start by telling us what exactly happened. Well i mean when. I hit it off to list chunks. Ready moi understanding would be the with wellbeing i trump again. It'd be relatively easy for us to make way it's multi to make a white back again and while malta has open access the as you can prove that double jacks so that was a recipe straightforward process always richard by assigned that coming back we needed to test malta. Which is very very stressful. What we go to don in just a few hours but more experienced navigate the uk system for getting test on white back really was something that i was not expecting. Eddie one of rector government so you'll directed a website which is still with prices for private companies heading onto their science. Those tassell never available at the price. The government says that they're going to be. I'm when all available there at least double. The price is listed on that government website. On the whole experience navigate through it all is not hugely dissimilar trying to book a budget airline slight. Which is maybe the point giving the trouble connection but you should find yourself constantly feeling like you're being shuffled more expensive products. You being told that something's gotta be available. Something else he's on. Stop the whole thing off. Really leaves a sour taste in the back of the end of the holiday. And i think it's no surprise that the government is recognizing that this is something that they need a hand long and get on talk all because it's an onerous costs on people who are looking to get away on holiday with all of us off yet virginia. You're the acting. Ceo of the world travel and tourism council. How communist stories like matz. Yeah so matt brings up a really good point which is which has been one of the biggest challenges for industry which is precisely the cost of these tests because effectively viewed looking at a family of four traveling. It really changes the economics of trip and for many in the mass market. Potentially it will you restricts them from going abroad all so what i mean. We are at a point where the government has now put certain flexibility for fully vaccinate travelers. Obviously considering where we are in how advise the vaccination rollout is in this country which is incredibly positive however unfortunately the rules are still confusing. We're still seeing loads of changes in the traffic. Light system is still very difficult to get on top and exactly the point that is making is the hassle that the travelers need to go through to even book a trip and then coming back the expensive cost of these tests test which we actually wonder whether they're still needed so if we were talking about a population that is mostly inoculated. Do we still need to be testing everyone with a pr test or could we just rely on a rapid or antigen test. Not in your piece you say you spent a bit of time looking at some of these websites some of which seem bits snot in exactly shady but a little bit. Gps they use of language and imagery. Can you tell us a bit about what you found. Rox i'd say julia went completely the You know the season everywhere. The government decided to take action. This two separate inquiries getting these area. I the moment the advertising standards as you're investing being consistent pricing and such as the competitions markets authority to investigate as well. I think that would strike most of all listeners. When looking at these websites. He's not much the price that we ended up getting. It can be very considerable when you're talking about for whole family. The experience of using these websites. In general i mean of working as a journalist for a number of years and i have to say my skills reading push the limits and navigate my way through days in a way that avoids paying huge amount of cost it addition. I think you very much get the impression these websites that look have been set up by somebody. Overnight in in many cases and by asians don't necessarily have a huge pedigree intestines a website that i ended up cooking through walls. A company that is wholly owned by design company and who say that the aim of that organization companies has is to provide retail close specialized retail. Close out another website. That came across nicole's if going through this was one that was outlined company. He used to be a travel and who's sold erected describes himself online travel agent. Only how difficult as to carry out medical testing operation. I would imagine the to have noise. Asians like these to the people running. The website is not something that was still a huge amount of people with confidence in the results and indeed. While i don't know i constantly to these companies in particular. That happened huge concerns about people coming back. All chess kiss no ignored That has been initiated in virginia. One of the quotes that might make sense. Piece is that and i'm quoting. The government does not recommend any particular task provider and holiday makers should do there in research for example read reviews about available providers. Does that seem the unfussy that the government is putting the owners on the individual and really they should be the ones regulating these companies. Although ultimately i mean they're not recommending them but there's some how certifying them to get to that list because there is a process in theory through which these providers need to go through to actually get on that list and actually buy if we backtrack say twelve to even eighteen months ago when all of this started and when they pulled this system in place we we only had about twenty to thirty maybe of these providers over the that the supply wasn't there and these tests were even more expensive at the time but it took some time for the government to come up with the guidelines of who potentially would become a provider and this list has been increased. We have more than one thousand listed providers on that website so whilst they're not recommending particular one certainly their vetting or there is a process by which this company get there now. The cost has certainly been concerned. I don't think the government has had the ability to look at the whole process to really look at all the sorts of things that might have been talking about it. The experience is really difficult. I think we've all unfortunately had to go through it for one reason or the other and actually one of the things. I also found at some point where we're trying to test back in sort of july. If for any reason you were traveling during the summer that obviously the cost of the test was quite high. But then if you could book your tests safer for day to worry. They ate a from september onwards. That same test was on that same service was more expensive with the same provider. So that really leads you to think there's something going on..
"competition markets authority" Discussed on UK Column Podcasts
"Home office the ministry of justice the competition markets authority the environment agency The financial conduct authority the food standards agency and the gambling commission. All those organizations can employ people to operate within protest groups and other groups in order to gather intelligence and in the process are already allowed to commit criminal acts in the process during that. So let's go have a look at some of the other bills because it got the police crime. Sentencing court spill. We'd be talking about that extensively over the last Few weeks This is really key because this will shut on people's right to gather and protest or demonstrate. Have any kind of Serious provide any kind of serious on the streets That we've got online safety bill. Which will prevent any kind of serious discussion on the internet but we also have the contra stood threats bill. This is being presented. Hasn't been laid before. Parliament jet is being presented as a conquering. The activity of russia and china With on on the dangerous that are perceived with respect to the uk's infrastructure but it goes much further than lot so Here is some information about it published Three or four weeks ago. Now i think the legislation cadre stiff threats hostile activity there's government consultation Let's just briefly. Have a look at what it says. at their core the legislative proposals in the consultation.
"competition markets authority" Discussed on Horizon Talk Radio's podcast
"So i should imagine that insist on a lot more than four hundred billion now So jersey as net the heart a g. o. The don't have any it's a. It's an old boys network of government okay. There's no voting system. It doesn't have the usual checks and balances all separation at the legislate save an executive and judicial functions. So they're all lumped in together and that's basically what this country is now. Don't wait secrets. Crimes bail because the legislative executive and judicial are all lumped together under the secret crimes. Though the allow all these people. Why am i five. Police and the national crime agency immigration and border offices hate jan revenue and causton. Colston's the fraud office says you k military force. As the ministry of justice competition markets authorities say the environment agents say financial conduct authority food standards agency gambling commission and medicines and healthcare regulation authority. All have awry two of their own cold decide. A certain person organized group people all the threats their interest in terms of economy or what they think is a national security issue on again. They have powers submit secret crimes. So let's suppose that they decide. The medicines and healthcare is entirely wrote in service to say big pharma on some some groups and organization. Find some savings information about some proto that madison's healthcare all dealing with and actually it's really dangerous and these people have got this knowledge on the threat. The might leaking out so the medicines and healthcare decide. Oh well we going to get those people because there are threats are our economic interests. Okay on they don't have to consult with anybody to do that on. How's anybody going know. Talk that person now as to whether or not it was actually a threat to britain as a whole you know like all will. How do we know that their concerns are not actually all valid or not that they might. Joe spe totally corrupt. Oh well we just wants to silence people who would do is stop was from poisoning people making a profit out of that you say a. That's the race car on the only thing that we've got there. Is this shred as the thing decide. Our intelligence agencies do recycle job in keeping this country safe bought there must be common sense limits on their agents activities and we hope and b.'s will ensure those limitations limits written into the legislation well when limits were tried to be written into the legislation. It was voted down.
"competition markets authority" Discussed on FinTech Insider
"It's not a surprise that the also happens in neobanks so i do think neobanks and challenging sometimes. Get an unfair rap on some of that stuff. They've created a new category to a certain degree but as a customer acquisition channel. Pretty good place to be. Especially when you've seen i think the Competition markets authority put out. It's league table of net promoters schools a no surprises montag installing the sort of one and two but that double ax have having great customer experience on reaching profitability. And having low interchange rates. I think is is pretty special given everything that's going on so it's up to everybody in the team over stalling getting that done out. Don't interested in what are the next twelve to eighteen months. Play like in in your head. And what does the incumbent can they take from from something like this and learn from it. I think at least interesting. You mentioned interchange i mean i'm working with three banks around the world in different continents who got vastly different interchange structures. That we certainly have over here and it's just so much easier to insure the economics just so much better to play with. And then you start getting into that sort of wonderful world of rewards engagement and how you know not necessarily you pay for customers how you would customers ongoing usage. I think in the uk that kind of warding mechanism hasn't really yet been approached will broach really by the because it's just so difficult to generate revenue in the first instance. So i'd love to see some form of nova when you way that that happened especially is looking at customers coming out of the last twelve months. Who have stayed with their banks. Go through this time period. Thanks been supporting them. And then there's like a reward. For that i guess at the end and i'm really looking forward to to looking at that space and then i think just wide to get in the industry. I think it's you know it wouldn't be a surprise. If there's mna's think a lot of people are talking about potentially a neo buying an incumbent. There's been so talked about. Tsp's on the market. I think you could see some of that over the next twelve months. It depends really how quickly we open up and how quickly people start spending in stores and the longer this goes on not necessarily rock bottom where it probably was last year but sort of a sort of near to rock bottom if you from payments volume perspective and they don't get that goes on the more incumbents fulfill the pressure exte- think post pandemic. Everybody starts using brunches again. These these pesky challenge are going to disappear. It was just flushing. Upon tints happened that the pandemic pushed the shift. It's it's accelerate the shift to digital possibly by ten years not just in banking but in everything you know. I now talk to my mom and dad. Who in the nineties zoom. Because i can't go and see them and you know you're gonna put that back in the toothpaste tube. That's out now. So i think that i think we've made a big leap and the pandemic has accelerated it. I think what's interesting though. Just a couple of points. Pick more adams you the biggest thing. Merchants for starting of supermarkets people are using the starting counts. Do that big supermarket shops. That's great we think and we hope that when the Restrictions lockdown restrictions lift. I think there will be a big pen top spending splurge to a certain extent. We don't know really knows how long that will last. How big that's going to be an obviously is going to be distributed very unevenly because there are a lot of people who are not better off run to the pandemic considering worst often who is suffering so have to support them. But they're you know the chancellor himself said you know we we've got excess savings a lovely expression access savings sitting in people's bank accounts so we're going to hope that a lot of our customers will be out there spending that we hope they spend so it's going to get the economy going again was interesting today. That junior or kids accounts all seeing record numbers in flowing to them as well. And if you're going to do anything looking after your children's future and we have become an economy that doesn't save historically we've lived on credit. We've lived mccormick card. But i love that point as well. It's often said in silicon valley that genie's don't go quietly back into bottles and like yeah. The toothpaste doesn't easily go back into the tube allen. We've got about a minute left on phone. Do you think that that tipping point has happened. What happens post pandemic. I think. I think what you all saying. His is correct. I think people have migrated different pulses allies to digital another comfortable with it. They will continue to use it. I think clearly broncos have a role. But i think they go to significant role and setting the i. I went to launch the first time in many ways during the pandemic it was a very different experience what it had been when i was working in a mainstream bank but said think there are some other banks tip would have needed me to go into the branch that particular activity. I won't go into the details. But it was one of those activities where i just had to go in because for whatever reason the limits bright online i could do tele. Thanks for taking me to is to get through. So i went into the broad but you know the need to go in and speak to somebody face to face jason and increasingly we're saying digital channels providing face to experience experiences today the organization. We used to work for his creating that ability as well for themselves. So i think you're gonna see a big sea change in how people act. Also services is alex was referring to not just banking That's good news for people. I think it's good news for the economy because increase productivity fundamentally which is a good thing for the economy in a lot of bad knees. But i also think it's a good thing for fintech in private banking as we might to that.
"competition markets authority" Discussed on Behind the Numbers: eMarketer Podcast
"For china and japan mansion chung hunchun. Hello everybody they are has to. We have joined the show. And we're going to start with the u. k. So i'm gonna turn the first question we've got to bill a uk experts and then we're going to be cruising around. The well was talking about all the different most relevance internet laws that we we should be paying attention to heading into this year and so bill starting with the k. In the final hours the final minute seemed of twenty twenty you. Europe works out the final details of the brexit de tau. Which is you case. Divorce from the continent from the rest of europe and leaving the european union. What does the final break up between the uk and the european union mean for internet legislation in the uk. Well you say They were figuring out the final details. Are i would argue. The details still worked out in actual fact that that is very much the case there is a grace period with regards to regulation of data sharing and things like that. We have four months in fact the to figure out exactly was gonna look like personally. I think that Extrication from the eu isn't gonna have a huge impact on how we got about regulation saw from the first of january the e. u.'s gdp offerings ample no longer applied to the uk. However if you're inside the uk you'll need to comply with the data protection law and the gdp all incorporated into uk data protection as the uk gdp. Are they think of that night so so in practitioner. Very little is going to change. I think tonight are we gonna have a bit more of a messy divorce forms time. Probably good yeah. So that's my take on on. We're going in the uk. If we turn our attention to europe then karen a you paying most attention to in europe as between two regulation while you're probably aware i think everyone in the world is aware there's a long history of the eu and the european commission trying to rein. In a of these like google amazon they use the acronym gas over here g. i. s. a. Who will amazon of apple. So for example there been long-term efforts to make google amazon. Pay more tax than they currently do you at the moment. The current law allows them to declare their tax in any one country that they earn across the whole block of the eu and not. Surprisingly they choose to go to a low tax untreated the clean like ireland or belgium or the netherlands. That's obviously meant far less going into tax coffers of much bigger markets like the uk france germany the eu has imposed some fines historically on big tax. But you made hardly dant really in the profits that they rake in every year. Those are only growing as or any sign that serve any of the eu countries are are going to be able to recoup more tax from these big companies because as as you said they are trying to hold it as much tax as possible and find them when they're not paying the right amount of to expert hasn't really made any dense and you transfer that changing the future. I think a lot of chance of it. Changing their husband is sort of global effort. It's been very frustrating. For a lot of the countries in europe a uk also france germany. They've all been tempted to make individual moves it 'cause although there have been moves. A globally to clamp down in some way about these acts avoidance evasion operations. Although people tried to get a global effort together that his tended to fail hans. Individual countries have been motivated to carry out on their own and yet on the other hand. There's not much enforcement behind that. So i would expect this to be an ongoing debate. One interesting thing is that in the middle of last month december twenty twenty the eu announced to big new comprehensive proposals which are aimed largely at big tech is more designed to make sure consumers are safe and are not cheated or harmed by a whole range of things that happen online. Many of them you know. They want the of things that they do. The other one is aimed directly at big tech in other words all a major providers of the platform surfaces that are most prone to unfair practices that you would be like search engines that would be google social networks like facebook leading ecommerce platforms like amazon and in those cases. Those proposals involve also ability to impose sanctions if a company like this is proven to be doing bad. Things and those fines could include up to ten percent of their global turnover. A matt starts to be a more. Let's go at an incentive for big tech volunteer line. perhaps a little more than they would have done. Otherwise if if i can just jump in there as well just to illustrate how the u. k. is completely copying everything that's happening in europe. It's setting up his own digital marcus unit. Which is made up of the competition markets authority authority. The the information commissioner's office. The is the off comes involved as well. And it's gonna set customize rules. Big tech is going to penalize them up to ten percent of global turnover at number. They say karen. What you're talking about was digital services acts right and the two markets act as well. Yeah that's absolutely right. D- digital services act is the one that is focused chiefly on ensuring consumers rights online are preserved so that they see illegal content. They don't get faulty products. Unfair data use lack of transparency. The way their data is used things like that and as you say digital markets act is the one more big tech facing. Shall we say in order to make.
"competition markets authority" Discussed on FinTech Insider
"Hello and welcome to fintech inside insights. I'm sorry Jansky. Today show we're going to be discussing open banking is now the interested a one year fourteenth of September twenty, nineteen deadline and with this. In Mind, we want to see where we are now with open banking innovation and the key learnings. Over the past year joining me today I have some fantastic guests will putting in banking to use. fessed up, we have our anthem Raja head of European banks payments at transfer. Wise transfer. Wise. Sorry about that. That's right. Welcome to the show and how you doing. Good things. So I'm a longtime district is to brilliant i. don't think we need to go into what transfer wise does but maybe you could give us a quick view of what you. Said transplants headquartered in the UK retail money transfers. All over the world, my my role, there is to make sure that the money that we get in and the money that we pay moves around as quickly cheaply easily as possible by working with banks in payment service providers. Olivia. Brilliant. Well, thank you very much for coming along a next up. We Have Jack, Wilson head of policy and regulatory affairs at Trulia. Thank you for joining US Jack So maybe you give us just a quick view of you know what trailer is and maybe we'll do. So. True. Is a software layer. We sit in between banks on the inside and Fintech clients on the other side of we aggregate connections to the bunks we give our clients, one single API that they can connect into all of the box through. So we're really driving open bunking. An making it much easier. fintech clients of ours to get to market because it doesn't have to. Maintain can activity teams themselves? We saw a connectivity team the higher basically, and we were one of the first companies to get on a pse to a banking permissions in the UK. Brilliant. Thank you so much. Thank you for coming along and returning to the show. We have done global head of banking at NatWest damage dining aides tell us what not west is but perhaps you could refresh on what you do that. Sure. Yeah. I think that was is up. We're pretty well known. Maybe, for those who don't know quite as well with you operate across a variety of. Brands and segments mostly in the UK but also Republic of Ireland, Luxembourg Gibraltar and abroad for markets business many people may know some of our other brands like coots, Robaka, Scotland, and others. Nonetheless, I'm the head of open banking. So my role is a bank wider group wide we focus on a few different things. One of which is working on a policy and standards with the open banking implementation entity and some other banks in the UK Another one of which is to ensure that we're complying with regulation pse to open banking regulation as well as Competition Markets Authority work in mandates in open banking and less banal least is building out an API enabled bank to ensure that. That we can be there for our customers in a variety of different ways as the world evolves. Brilliant. Well, thank you for coming back. Let's start by going back to that deadline I mentioned at the top. So that September deadline from last year what what was the aim of that? What was what was supposed to happened by that point? Succinctly as we can perhaps. He wants to give first on that one. please. Jack. So in a nutshell that was the day after which banks have to give access to a banking companies a banking fintech. Via either one of two race oak either via API's or via a different type of interface. FBI's of the favored interface because they're so much benefit connections truly Api I company. Focused on that side of things. So Yeah Fourteenth of September date those guys were supposed to be in place in reality as all things Osam vicious like. There was some delays. So on the bank side, some of the banks weren't ready with rape is the rape is when performing as well as could. Befall form and then on the TPP site let's third party provider. Party provided they were migrating for old types of connection via screen scraping to API's. So in the end, there was a of an adjustment period that the FCA gave to company so much twenty twenty became the new deadline. Brilliant. So that was what was supposed to have happened while I was gonNA. Ask You why it's been pushed back but you covered it you could very very well there. Do. You think pushing it back had any material impact was about six months or so to have any material impact on, you know what was being done what was being planned? I mean down perhaps you know you work in a bank deadlines and things could change like that can neom. Problematic for you've got a lot more people to mobilize with their any difference at all. Was it just thank goodness better breathing space. So we will already in various Guy Anyway we'll. building on Jack's points. I mean is one of the what we call the CMO nine banks in the UK at natwest, we required to have API's and no other less lesser form of interface working against the set of agreed standards for current accounts starting early in the first quarter of twenty eight team. So we had a bit of an advantage in all of the things about building eight open banking ecosystem. We have to keep in mind that PFC to applies to something on the order of eight thousand institutions. Across the entirety of Europe including the UK, that's a lot of institutions of various technical capability to get up to speed with such a substantial change and for any size bang big or small those changes are complicated having legacy platforms oftentimes a lack of technical skill in modern API limitations. Thus, the reason some have gone with lesser forms of interfaces is jacket pointed out. So rather big ask again for us, we had a fair bit of confidence as did a few of the UK banks operating for longer in the Spence I.
"competition markets authority" Discussed on 860AM The Answer
"Boeing has recorded its first orders of the year for the grounded 7 37 Max, but its course model Jeremy House reports a new flaws surfaced in another of its planes, Boeing says is suspecting part of the tale of the two aisle, 7 87 after finding the pieces were clamped together too tightly, which could lead to premature fatigue of a part called the horizontal stabilizer. The company said it believes the problem effects 893 of the nearly 7 1080 sevens that had been built. Boeing expects the inspections of recently finished planes to affect the timing of 7 87 deliveries in the near term. That is course wanted Jeremy House reporting. Italy's competition watchdog has launched an investigation and Apple Google and drop box for their cloud storage services. The competition market authorities responding to complaint about unfair commercial practices and violations of the country's consumer rights, directive, breaking news, townhall dot com Three top aides to Secretary of State Mike Pompeo will appear next week in an open hearing with the House Foreign Affairs Committee is part of the Democrat lead probe into the ouster of the State Department's watchdog in mid May. And closer look from correspondent Bernie Bennett, Undersecretary of State from management. Brian Bullet, Teo acting Legal advisor Merrick String Assistant secretary of state for political military affairs are Clarke Cooper will testify in September 16th, according to committee Chairman Elliot Engel of New York Pizza's a key witness for Democrats, who for months have been investigating the circumstances surrounding the abrupt firing of State Department inspector general Steve Linen. I've already conducted at least three interviews with top State Department officials, including linen, former State Department official Charles Faulkner and top Pompeo Aid Tony Porter, Bernie Bennett in Washington. It was a booming day on Wall Street Friday, then Dow Jones Industrial Average is up by 131.
"competition markets authority" Discussed on Reasons to be Cheerful
"To the extent they come within the jurisdiction of the set of merger control rules at any you level, which is not always a given because it's based on on turnover. And actually a lot of the the. Companies that have been acquired have relatively small turnover. And so you don't even need to scrutinize them. But once they've been approved by the e it's very very difficult to kind of undo the merger. If you decide five years down the line that you shouldn't have passed it. These are the u does have the power to blow these mode. Obscenity it scrutinized Microsoft's acquisition of linked in. Facebook acquisition of Watsa. So it could have blocked. Absolutely. And actually Facebook wants ups quite interesting because they subsequently took enforcement action on the basis. Facebook had given commitment so that they wouldn't share their data. And then of course, they went and shared Dada. And they pose a big fine for that. But they didn't try to unscramble the eggs, but you can but without making the metaphor to. I mean isn't the egg. You can't unscramble the egg in one place leave it scrambled canoe or you can. I mean, if the European Union had blocked the Facebook waltz out merger with no of going ahead globally. Then almost certainly wouldn't have gone ahead globally. So there's a lot of you pal. Yeah. Absolutely. If we stay in the single market will still be under the jurisdiction. Yes. Yeah. But if we leave more than likely. Yeah. More than likely if we leave the single market will then be on the will be relying on the yes, I'd say unto same as very high quality competition and just three again forgive my ignorance. But if they if a Facebook wants thing came along again could the then block on its own. Yes. Absolutely. And in theory, it couldn't be. Just couldn't be consummated within the UK. But of course, the such a big market that it would like to fall apart globally. The UK would only able to look at the anticompetitive Federal's within UK market's probably more interesting from UK perspective is slightly random powerful the market investigation power, which allows would allow the UK competition. Authorities to sort of I suppose if anticompetitive merger has has taken place in the past. It's a power that allows the competition Markets Authority kind of survey markets ask is there any feature of the market that's having a significant adverse effect consumers, and if they find that they they've got this huge sort of panoply of remedies available to them including structural separation. So so in the Jeff Crecy, then what would you what would you like to be regulation? Regulates detect the tech regulator. What you wanna do? I just think that to the extent that we were finding problems what they're doing. We shouldn't be afraid of regulating these businesses. The mere fact that they're innovative industries does and shouldn't give them carte blanche from government scrutiny. I don't think it has to be older nothing at the moment to do. This seems to be completely hands off leaving throwing devices or let's break them up into tiny little bits, which we don't quite know what we will do within. There has to be some middle ground. That's actually start to be a bit more robust and applying applying meteoroid relation applying data protection rules to these entities. Nieve? You Balint you've got the job in the Jeff Garcia. Absolutely. Thanks so much for joining us. Thank you very much. Tech busters. You're You're gonna gonna call. call busters. You wanna film tech busting get on our no. Could be a hit Hollywood spin off of the podcast take most. Yeah. Could Like. like who is surprising about you that you never on blockbusters revving. You just seem like the type who paid. Yeah. I plot. I couldn't get him..
"competition markets authority" Discussed on WAFS Biz 1190
"Some of the things you want. Equity. Seeing gains for a third day. We're up almost one percent on the MCI emerging markets index commodities perhaps during a little less attention today. I'll just update your WGN WTI up two tenths of a percent. Fifty six seventeen Brent off by two tenths percent. Sixty six spot thirty three. All right. Let's get to our stocks to watch this morning. A lot of meaty stories to get through Zantac Aluko has just joined us here in the London studio where we're just talking about commodities, and as opposed that that's a good way to kick off with Glenn Cole. Oh, yes. Good morning. So Glencore is have one percent said traders are celebrating the fact that the company announcing new two billion dollars share buyback program and even said that it will consider increasing this program later in the year, if commodity prices coperate, another in other news that was surprising for investors today was the biggest commodities trader I came up with music the will cap coal production. And this is. Reaction to pressure from shareholders for action on climate change. All right. So a couple of things that perhaps feeding into these optimism for Glencore shares. And that's probably also what sort of lifting the miners in general on the stock six hundred as we see basic resources is the performers talk to us about what we've heard from Lloyds this morning as well. Right. So earning season continues. And Lloyd's is the latest report earnings were around estimates that, but of course, you know, this being one of the tall British banks. They are concerned about Brexit and day economic rules that are taking over the UK at the same time. The are forging ahead with plans to spend up to one point eight billion pounds on share buyback. So they are trying to get investors back by by back or at another Bank in the spotlight this morning. We just had a red headline out on the Bloomberg terminal that sweat Bank. Stocks are dropping six percent often media allegations of money. Laundering. You talk us through this story. Right. So the stock is now down seven point one percent. This is going to be a rough day for sped bunk bunk has in the past denied multiple times that he was involved in the Danske Bank, money laundering scandal. But it turns out according to the Swedish broadcaster SAT. There were about fifty customers had fame bug that were potentially involved in money laundering with dance gay. So now this, you know, this is going to be really big story of EC. Danske Bank is facing, you know, major fines from regulators Sam. Across the world at the moment because of these allegations and force fed Bank to find itself involved in this is a big deal. Definitely a big deal. Thank you, send you glue Chico for joining us in our London studio with the stocks to watch one highlight another stalk that will be of particular interest as well for our UK listeners. Sainsbury's falling thirteen percent as it opens of we got that news of the competition Markets Authority in the UK provisionally finds concerns with the Asda deal. It said there could be some options to deal with this including the sale of significant stores and assets, and perhaps even blocking the deal we've had the response from Sainsbury's fundamentally disagrees with the provisional findings. It's working to understand the rationale behind the findings, and it will continue to make its case in the coming weeks. But look the markets are certainly with today's reaction seeming to see this as a big hurdle for Saint spree from the. Yeah, just looking about stock now down by twelve point seven percent. So we're seeing a real reaction here when it comes to the stock markets here in London, let's say get onto our top stories this morning. The Trump administration is set to be asking China to keep the value of the UN staple as part of trade talks. Bloomberg's Bryan cuts is reports from whole coal officials from the two countries are discussing how to address currency policy in a memorandum of understanding this ammo, you would form the basis of a broader deal. It does raise the question though, as to whether this aligns with US calls in the past for China to be more market-driven with its currency. In Hong Kong. I'm Bryan Curtis. Bloomberg daybreak Europe in the US today's release of the fed minutes could send one of the most widely followed parts of the treasury yield curve hurtling towards inversion. That's the view of most strategist John HALE. He flags the January minutes could push the spread between two and ten year. Treasury yields below zero within weeks among the key elements of the minutes. He's watching is an explanation for the feds dovish turn. Last month. I have to say we're actually steepening on the twos. Ten going into the fed minutes. Today, we're at around fourteen almost fifty basis points. Of course, we did drop to as low as nine not too long ago sticking with news. Cleveland fed president Loretta Mr. says, she supported the FOMC's decision to take a wait and see approach on future rate hikes. Speaking at a forum at the university of Delaware master, also said that the central Bank must evolve in the face of growing uncertainty..
"competition markets authority" Discussed on Monocle 24: The Globalist
"It's time to to business next. And joining me on the line is killed from seven investment management. Sophie, good morning to you. So we're looking first at the overhaul of UK accountantcy, ju four major shakeup. This is falling number of issues that they've had with audits over the last year or so include in the collapse of Caribbean. Earlier this year, the competition Markets Authority is proposing that accountancy firm separate audit function from the advice. The concern is that the firms have been focusing on the high Revie revenue generating part of the business, which is the consultancy and advice and therefore less so on actually providing a good quality audit. Now, the big four firms in the UK that is Deloitte, e y KPMG and p WC they talked about ninety seven percent of the large company audits in the UK. So they're all certainly concerns that there's a lack of competition here. Now one resolution. Included in the proposals. Is that actually the audits at the large firms in the case? So that is those footsie three fifty will be carried out by two firms one of the big four, but also one would have to be outside of those big four. Now, some of the proposals don't go far enough, but it remains to be seen whether any of these changes will actually be able to prevent the likes of a Caribbean or even VHS from happening again, those of us, you know, using a bookkeeper in boerum would does it. No, it's really aimed at those big four firms that really have to strangle hold on the audits or of the big companies in the UK, they found the happy to do the orders the communist because then gets their foot in the door. And it allows them to sort of pitch that consultancy and advice services, which is where a lot of the big firms make them money. No. Let's this merger that isn't happening between two energy giants. That's right. That's S E N N power. They have announced them merger is off as you say. Now, should they have gone? Ahead with this would have created the UK's second largest, energy supplier. Now when we look at some of the reasons behind this one of the main one looks likely to be the price cap, which is going to be introduced from the first of January now, the price cap means that the.
"competition markets authority" Discussed on Monocle 24: The Globalist
"From seven investment management is Sophie kill that. So few Brexit continues to have a big economic effect a now. It's affecting the Masan pay negotiations. That's right. They've said that they're going to delay them until next year. So that's the workers in the UK factors. Really. They'll just looking for late greater clarity. Now, listen has been at the forefront of warnings that are no Brexit would have serious implications for the u. k. manufacturing industry, but not the only big automaker to do so BMW and also Jaguar landrover have both revealed in recent months concerns if plan for no Brexit or even a Brexit is not emplaced by March. Next year. Now, Nissan employs seven thousand workers in it. Something implant. It is the largest car plant in the UK and they will now have to wait till next year before they can even start that pay negotiations. Extraordinary that we should be doing this to us. Elves grand Thornton head is to step down. That is such a Ramona vich. That's right. So she's stepping down off to. She's lost the support of many of the senior staff. She's led the firm which is Britain's fifth-largest accounted for the last four years, but there has been increasing disquiet amongst the partners that that's not enough focus on prophet and the bottom line. Now, this does come quite difficult time for accountancy firms. Grant Thornton themselves were the auditors for partic- Rivera who were found to have the twenty million pound black hole in their accounts last week and also following issues. We had with Caribbean and be HHS the competition Markets Authority last week, announced a review into the UK audit sector, which really is dominated by these five large firms now to significant things. One Ramona which is the only female chief executive in the British accounting sex to the attack on her has come in the form of an anonymous. Note which is clearly being taken seriously. I mean, this is seems absurd. That's right. So she was up for reelection and way. She's just finished her four year term and she would have to be reelected for the 'nother attempt. Their social said, she's not going to stand for that. You know, right off this anonymous note that was concerned that really, she was some people say that she was pushing the socialist agenda. She had kept a pay to twenty times that of the average worker. All the partners said there wasn't enough focus only out to profit, which is which is a sounding really in the Senate, quite extraordinary, isn't being seen generally within the industry as a sexist to talk. It conspiracy like that because she was the only famous chief executive there. I think it's it's in a way less sexist moss on if the times, but that should be I. I mean, I think we both agree that that divers boards are more successful boards and seeing more women in senior positions would probably help a lot of firms like the big five accountants. Now there's going to be one less case for us Little Women to by pretty things class accessories is going to close stools on the high street. That's right. Now that this is a bit of a rumor mill to certain extent, they're all on. We do understand they will undergo some sort of restructuring amid generate. They're all difficulties only you k. hostage. So one planet is being considered as a company volunteer arrangement, which we've seen quite a few all the big issues. The likes of new look and Mothercare and not planning allows them to close stores and also agree, reduced rents with landlords, and that would help shore up the company's balance sheet. Now classic. Successor is themselves said that actually did. I just closing underperforming stores, and that's a normal part of the business. But class has three hundred and seventy stores in the UK which is not an analysts say that actually the firms probably overstretched as it is particularly with the more challenging UK retail environment because it's actually an American company. It is an interesting the US part of the company has just emerged from chapter eleven bankruptcy protection. That was just a few days ago and that's emerged from not did undergo restructuring. And it says that it's in a much healthier and more profitable situation. So whether the u k brought to the company would do a similar thing and use this opportunity to actually slimmed down a bit, we'll have to say clumpy. Thanks very much. Indeed. Sophie killed it from seven investment management..
Hamas Paying Protesters to Charge Gaza Border, Israel Alledges
"There were fewer than two hundred there's also been a worrying rise in violent crime linked directly to drugs gangs who often use teenagers as couriers the government says tackling county lines is a priority and has denied accusations that drastic cuts to youth services a partly to blame for the problem to parliamentary committees after damning verdict on the conduct of senior executive santa fail construction giant caribbean accusing them of presiding over rotten corporate culture where can pensions and business select committee of the board members were busy stuffing their mouths with gold before the collapse of the company in january the chair of the business committee rachel reeves told us mp's believed the uk's largest accountancy firm should be broken up after chameleons accounts were approved despite its spiralling dance you've got just four accountancy firms providing basically audit functions for pretty much every listed company every single of footsie100 companies ordered by one of the big four so you need reform there and we want the competition markets authority to look at that michael savage chief executive of the institute of chartered accountants in england and wales told us the industry needed to address issues of competition and quality in the market we long some three things into audit firms in the uk quality exists outside the big four and also the expectations of society regulators and politicians of changed we've got to stop hiding behind the fact that the companies acts as we do x an adjusted to do actually what society expects us to do today the israeli prime minister has accused him asset paying palestinians to stage anti israel protests at the border with gaza speaking after more than sixty people were killed near the perimeter fence during two days of violence benjamin netanyahu told us television network that amass was making a deliberate effort to incur civilian casualties a member of the palestinian legislative council said mr netanyahu was the.
"competition markets authority" Discussed on Monocle 24: The Globalist
"So it's just we're picking over some of the the optimal of the deal yesterday offered a singing aside and it's interesting in some of those interviews that he was talking about the fact that sainsbury's aunt planning to close stores which seems actually that it would be inevitable that was that would have to happen particularly after the competition markets authority that this may have a look at this deal there is some geographical split between a saints personnel stir as the tends to be based in the north more and saints in the south but that's sufficient overlap that it wouldn't make sense to have two big shops next which other so i think people interpret an interpreting this not closing stores as the fact that if the competition markets the authorities say that they have to close stores then they'll be selling them rather than closing them so there's a bit of sort of an acura in there that you can maybe maybe see through but suddenly here in britain the supermarket you shop it is very much a class indicator and they've been a of pieces about that husain's shoppers don't necessarily want to have anything to do with us too there is that that it's always been this sort of historical person who may be shops in a sainsbury's oh maybe a waitress and and the person who may be short shops in the astor breath thing to an extent that's changing i think the whole of the uk supermarket market is it was has been shaken up not only by people changing the way they show and undoing much more online but also by by the german discounters the likes of little an aldy a now that they come into town which which may be sort of historically the likes of sainsburys or a waitress people actually now will happy happy to shop for the discounts that they get in the likes of little and astor and actually some of those cultural divides i think have been broken so so that's i think why we're seeing the likes of this person has to deal and there was a great comment piece yesterday saying since we've customers need not worry until of course that all important apostrophe get stroman.
"competition markets authority" Discussed on Monocle 24: The Globalist
"That desktops a lot less searching and using smartphones tablets just much more now okay let's talk about the the newspaper industry now too big publishers planning on coming together here in the uk trinity mirror the owner of the daily mirror newspaper and the the owner too of the daily express the government is raising a red flank they asked hancock the culture sector has really said he's concerned over the plurality of us in the media and by that i mean we need a wide variety of different views and opinions said this dale which would take two papers very different ends of the spectrum we've got the leftleaning mirror and the rightleaning express that's concerned that if we see them together how they deal with aditorial decisions what what happens then we end up with something just in the middle or how they had they fight that out of the newspaper industry self is struck leg never the decline in advertising sales people aren't buying newspapers in the same way they they used to that using we said much more online so this sort of take a takeover would of cost saving opportunities for them so really we need to wait until the seventh of june and then we'll hear from the competition markets authority as to whether they do want to have a much more thorough investigation into this deal when it comes to the the daily express though it's not so much case of preserving plurality avoi ses more case of just preserving as a newspaper because the business model is just been away there is some of that but obviously that that group is well has things like okay magazine desmond's his his his stable has quite a lot of different newspapers and magazines in the yes there's still could possibly preserve the express but generally the newspaper industry is in trouble people just aren't buying them in the same way you've got to have a real a real us pay that people want to buy.
"competition markets authority" Discussed on Monocle 24: The Monocle Daily
"We'll just have to see if people manage to come around to the side in the weeks ahead and certainly they start to get massive inconvenience without the public opinion might shift monaco's paris correspondent tomba just what since speaking a little earlier to tom edwards he was the monocle daily and a little later we hear about a planned rail closure in new york plus why the push bike is facing an uphill struggle in prague that's also come but first round up of today's news headlines there are reports of gunfire at youtube headquarters in california police say they're responding to an incident involving what they say is an active shooter people have been told to stay out of the area francis rail network has been severely disrupted as a wave of union strikes against president emmanuel macron's labor foams get underway the action was spread over several months the unrest presents mr macron with his biggest challenge since he became french president loss may german prosecutors have filed a request for the extradition of the former castle an president college on to spain his wanted on charges rebellion over to catalonia's push for independence and his detention nieves the independence movement weaker than it has been in the as rupert murdoch's twentyfirstcentury faulk says it may will sell sky news to disney to allay concerns over its proposed acquisition of sky folks wants to buy the sixty one percent of sky it doesn't already own but it faces problems after the uk's competition markets authority.
"competition markets authority" Discussed on FinTech Insider
"On top of is that then called petition which is in the interest of consumers and not competition can't come from new entrants and it can come from existed since the entrance tried to think that flared i'm consumers needs and so forth so we're we're who mutual in terms of all thought but we are keen to probe to create an environment which and the combination entrance and not that competition can be forced up one of the one of the aspects that you touched on briefly vow was around open banking initiative which is an initiative established by competition markets authority and what that's all the by in a nutshell is recognising that when wind farms these eis and pas firms that we've talked about wish to access data because he got consent from the the consumer around authorisation by us and accessing not data can be quite hard work for for the the firm's because there's multiple different systems to engage with different players and so forth so they open banking gravity it at six to do with the nine of the largest banks in the uk is creates interstates coleman pipes so so that it is much more but easier for the funds to be able to access dot dot dot dayton and therefore who flew lord the body is to entry and therefore creates all the innovation what's best for the consumer and it's interesting to me that we're trying to create those pipes so that we can get access to the information but you mentioned the asean cma these are two distinct bodies that have two different kind of roles and purposes how would you see the relationship with those two when one should accompany come speak to specialists like yourselves if they are looking to maybe let's say i have an idea and i've wanted to take account information because i can help people save or it can there are really passionate about doing a thing for consumers when when and how would i engage with folks like yourself we'll we'll definitely the body to do that with the regulator we hold.
"competition markets authority" Discussed on FinTech Insider
"The news recently that the picked by anxious grown extension from the competition mall could authority for the ap eisen piest each year around opened banking though as a quick recap for listeners in the uk the competition markets authority it said bikes you must provide data level access to transactions and other bits of information inside a customs bank account to third policies under this secure framework my question to you is dick you expect this sort of activity in on what do you think of the approach of the big banks was a challenges is something is regulation or make a difference or all we really relying on the challenges to to change the market and the market's going to drive the change long questions at cutting staff let's start with the first when did we expect this uh this this specifically no at some kind of rockiness i think we described as like implemtation was going to be rocky that was going to be sort of hiccups in delays this is one form of rockiness so not unanticipated fish oil it goes back to stretch she really there are people in the industry who have kind of pinned their colors to the twenty i stress she ought to a you could build moms eye on top of the ap eyes what wipe out the going into bank license bill on this tech raising was when he blah blah blah blah blah you should just do on top of ap eyes and that there's a a theoretical purity to that argument but a practical reality that makes really difficult which is that these ap eyes are going to be slow agony brokered and just what work to start with and i don't want to gamble if you try business on the big banks sort of opening up really easy to use ap ice i'd much prefer to have control in in my side of the courts and yet take only pain and upfront cost income.
"competition markets authority" Discussed on Money Box
"And one of those three out of ten have an overdraft i'm one of those will be worth off so in fact among overdrove customers it's twothirds vetrov onethird will be whistle the customers who will be worse off we really focusing on those where you'll be significant those figures include people be one penny worse off said willis change cost loyd's money or will you breakeven it will cost us money so that you'll make less movie jobs than you do the moon we will we will so this will you voting other johnny's up because somehow you've got to pay feel free in credit banking we've got absolutely no plans to do that at all as listeners who were thinking my management accountant i've got enough money item painting a vision of challenges they're not guides the other charges rising than that nuts stay smith while with me as gareth show he's head of which money online and gareth well good news for customers with small and brief overdrafts but not so good for the others yes that's right paul i think the one thing to focus on here is quite radical change lloyds of of got rid of unplanned overdraft fees and that sir i really really big step in that has been a lot of focused on the cost of a unplanned were informal borrowing is some banks collates the competition markets authority has put a deadline on banks to cap that charges but a monthly maximum fee lots of them are doing that lloyd's is the first to police head of the powerpacked and get rid of those fees altogether yes and it's getting rid of the faith of bouncing payments there that's a big deal isn't it it is yes lots of banks charge between six eight maybe ten pounds for for rejected payments and of course under the sea amazed at new rules they'll be they'll be capping those but that still adds up it's a it's a huge amount of money that.