Latest news with #CMA
Yahoo
an hour ago
- Business
- Yahoo
GXO to sell Wincanton's grocery warehouse unit to CMA-approved buyer
The UK Competition and Markets Authority (CMA) has given the green light to GXO Logistics' acquisition of Wincanton after the former agreed to divest Wincanton's grocery warehousing operations. This condition was set to mitigate any competitive concerns, allowing the acquisition to move forward. The acquisition is set to broaden GXO's footprint in key growth sectors, while significantly augmenting services provided to customers in the UK and Ireland. In its conclusive assessment, the independent inquiry group of the CMA determined that the merger would likely diminish competition in the provision of dedicated warehousing services to grocery clients in the UK. This reduction in competition could lead to increased costs for grocers, which might then be transferred to consumers, resulting in higher prices at checkout. Concerns were raised that the merger could stifle innovation and lower service levels within the market, affecting the efficiency of product delivery to supermarket shelves. To address these concerns, GXO has consented to sell Wincanton's specialised grocery warehousing operations to a buyer approved by the CMA. The inquiry group has expressed satisfaction that this solution adequately mitigates the competition issues, clearing the path for the merger. Independent inquiry group chair Richard Feasey stated: 'Warehousing services play a crucial role in ensuring the seamless movement of goods across the UK, allowing our supermarkets to maintain well-stocked shelves with thousands of items we buy every day. 'Healthy competition in this market is key to managing costs for supermarkets and grocers and improving their performance – ultimately ensuring consumers pay the best possible prices for products in stores. We are pleased to approve this deal, having worked with GXO and Wincanton to secure the necessary changes to the deal which resolve our concerns.' GXO anticipates annual net cost synergies of £45m (before tax) at a full run-rate by the third year following the integration. "GXO to sell Wincanton's grocery warehouse unit to CMA-approved buyer" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 hours ago
- Business
- Yahoo
CMA launches market study on road and railway infrastructure in UK
The Competition and Markets Authority (CMA) has launched a market study into the design, planning, and delivery of road and railway infrastructure across the UK. This comes at a crucial time as the government outlines its long-term infrastructure plans and legislative reforms. The study aligns with the CMA's commitment to 4Ps, notably pace, predictability, proportionality, and enhanced process. The study aims to identify opportunities to improve collaboration between the public sector and industry, focusing on public procurement improvements. While it may lead to recommendations for the government, the CMA lacks direct intervention power. According to the calculations of the Office for National Statistics, the civil engineering sector contributed £23bn to the UK economy in 2023, and this study could enhance productivity and reduce barriers. The National Infrastructure Commission estimates that an increase in public and private investment ranging from 30% to 50% over the next decade is necessary for complex infrastructure. It also suggests that system-wide improvements could save 10% to 25% on infrastructure projects. Road and railway projects account for approximately 70% to 75% of government spending on economic infrastructure. The review will focus on ensuring public authorities access the right information for decision-making, assessing regulatory barriers, and examining changes to incentivise civil engineering companies. The CMA will consider national and regional perspectives to form a comprehensive view and make recommendations for market improvements. CMA chief executive Sarah Cardell stated: 'There's no question that reliable, high-quality infrastructure is critical in accelerating economic growth. To achieve this, public authorities and the civil engineering sector must be able to work together to deliver projects on time, within budget and to high standards. 'This review is a crucial step in identifying barriers holding back the sector - supporting the drive to get Britain building and ensuring every penny spent is delivering value for taxpayers.' The CMA seeks input from businesses involved in infrastructure design and supply chain activities. The study will adhere to the CMA's '4Ps' commitments, aiming to complete the work in ten months and provide a clear roadmap for business engagement. The UK's Chief Secretary to the Treasury Darren Jones remarked: 'Upgrading the country's economic infrastructure is essential for unlocking growth across the country and delivering our Plan for Change.' The study will support the government's ten-year infrastructure strategy, covering the full lifecycle of roads and railways, excluding privately procured roads and minor maintenance activities. HS2 is also excluded due to previous reviews. Civil Engineering Contractors Association chief executive Alasdair Reisner expressed support for the study, emphasising the importance of productive delivery in civil engineering. The CMA plans to publish an interim report with initial findings in November. "CMA launches market study on road and railway infrastructure in UK" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Telegraph
7 hours ago
- Business
- Telegraph
Runaway road and rail costs trigger investigation
An investigation into Britain's roads and railways has been launched as regulators attempt to tackle runaway costs and lengthy delays. The Competition and Markets Authority (CMA) unveiled details of the review on Thursday, which has been prompted by widespread frustration about the state of troubled infrastructure projects such as HS2. The main purpose of the inquiry will be to examine how cheaper infrastructure can be built, while also exploring the way in which public and private sectors work together. The study is expected to take 10 months, with initial findings published in November. While it will not give the CMA powers to intervene in the market, it will result in recommendations to the Government. It comes after a report published in 2023 by campaign group Britain Remade found that the UK was spending up to eight times more on road and railway upgrades than other European countries. The 2023 study said red tape in the planning sector was largely to blame for the overspend, while it also singled out the impact of Nimby campaigners. 'Appalling mess' Britain's ailing infrastructure was thrust into the spotlight once again this week when ministers admitted the HS2 high-speed rail project is facing fresh delays beyond its most recent target opening date of 2033. Heidi Alexander, the Transport Secretary, branded the project an 'appalling mess' after warnings in June last year that its costs could balloon to £66bn. This will make it one of the most expensive railway lines in the world, she added, despite a major scaling back of the project that saw planned routes to Manchester and Leeds scrapped. Hinkley Point C and Sizewell C – two major nuclear power plant projects – are also running significantly late and over budget. The CMA will not include HS2 in its study as the rail project has already been subject to multiple reviews. However, the watchdog said it will consider the full lifecycle of roads and railways, including their enhancement and maintenance. It comes after the National Infrastructure Commission estimated that public and private sector investment will need to increase by up to 50pc over the next decade to deliver more complex infrastructure. Road and railway projects account for between 70pc and 75pc of government spending on economic infrastructure, while the civil engineering sector as a whole added £23bn to the UK economy in 2023. 'Decade of national renewal' Sarah Cardell, CMA chief executive, said: 'There's no question that reliable, high-quality infrastructure is critical in accelerating economic growth. To achieve this, public authorities and the civil engineering sector must be able to work together to deliver projects on time, within budget and to high standards. 'This review is a crucial step in identifying barriers holding back the sector – supporting the drive to get Britain building and ensuring every penny spent is delivering value for taxpayers.' Details of the review have been announced after the Government published its 10-year infrastructure strategy, which earmarked £725bn in funding for maintenance and major projects over the next decade. Rachel Reeves, the Chancellor, said: 'Infrastructure is crucial to unlocking growth across the country, but for too long investment has been squeezed. Crumbling public buildings are a sign of the decay that has seeped into our everyday lives because of a total failure to plan and invest. 'We're not just fixing buildings – we're enhancing public services, improving lives and creating the conditions for sustainable economic growth in communities throughout the UK. 'This will deliver the decade of national renewal we promised Britain, and fulfil our Plan for Change goals to kickstart economic growth, and build an NHS fit for the future.'
Zawya
10 hours ago
- Business
- Zawya
Seera's board proposes capital cut to $720mln
Riyadh - The board of directors of Seera Group Holding has recommended an 8.65% capital cut to SAR 2.74 billion from SAR 3 billion, according to a bourse disclosure. The capital reduction will be executed through the cancellation of 25.95 million ordinary treasury shares, including 2.03 million shares allocated to the company's employee share program. Subject to the approvals of the Capital Market Authority (CMA) and the extraordinary general meeting (EGM), the transaction will be implemented at a cancellation rate of 8.65 per 100 shares of the company. It is worth highlighting that the capital reduction has no material impact on Seera's financial position, operations, or regulatory obligations. As of 31 March 2025, the net profits of Seera hit SAR 53 million, marking an annual drop of 13.11% from SAR 61 million.
Focus Malaysia
15 hours ago
- Politics
- Focus Malaysia
MCA should treat gutsy Wong Siew Mun as Malaysia's icon of free speech, its ‘poster girl'
PUBLIC perception of MCA as an advocate in championing free speech has skyrocketed of late in tandem with its Pahang Youth chief Wong Siew Mun being summoned to Bukit Aman for disputing a request from the Malaysian Communications and Multimedia Commission (MCMC) to telcos to collect mobile phone data. For that reason, she was being investigated under Section 505 of the Penal Code and Section 233 of the Communications and Multimedia Act (CMA) 1998 respectively for allegedly causing public alarm with the circulation of a statement and misusing network facilities. As MCA president Datuk Seri Wee Ka Siong has pledged to stand firmly with her – and even to provide her with legal assistance – Wong has suddenly found herself endeared to Madani government doubters as a fighter of people's right to freedom of expression. In fact, her courageous action in light of rife speculation of MCA exiting the Barisan Nasional (BN) coalition has given the grand old party of Malaysian Chinese a glimmer of hope to rejuvenate its 'tarnished-beyond-repair' reputation. Articulate with good command of Bahasa Malaysia, the 35-year-old who lost to DAP's Lee Chin Chen in the Bilut state seat contest during the 15th General Election (GE15) has charmed many pro-opposition voices who have begun to look up to MCA to replace the once firebrand DAP who is now a pale shadow of its former self. Interestingly, Wong whose trip to Bukit Aman on June 18 was featured in a video clip on the Facebook of opposition-slant blogger and political activist Ratu Naga received all-rounded applause for daring to 'tear apart the Madani government'. Berated at DAP, some commenters who are charmed with Wong's educated and professional poise even expect MCA to turn the table on DAP which they still perceive as 'seemingly communist and racist'. Only time will tell if MCA can turn over a new leaf by being the eye, ear, nose and mouth for check and balance – and mostly to fill the void created by the so-called 'fang-less' DAP ever since the latter become part of the Madani establishment. The bottom line is whether such role is more easily executed outside the realm of BN which is now a close ally of the Madani administration. – June 20, 2025
