The EU’s “New Deal for Consumers” initiative will see fines similar to those imposed by the EU’s General Data Protection Regulation Directive (GDPR) on businesses for breaches of consumer law.
Ted Baker recently announced a rescue plan combining an open offer to existing shareholders, and a placing, which will offer any outstanding shares to institutional investors. The rescue plan, which is selling shares at a discounted price of 75p a share, hopes to raise approximately £95m, with up to a further £10m available if new shares are also offered to the public in an offer for subscription.
Nationwide CEO Joe Garner says that a borrower's credit record should be marked with a temporary notice if they choose to take a further mortgage holiday in response to COVID-19.
UK financial markets regulator, the Financial Conduct Authority (FCA), has launched an investigation into whether sub-prime lender Amigo Loans is conducting appropriate creditworthiness assessments.
The UK’s competition regulator, the Competition and Markets Authority (CMA), is seeking “emergency time-limited legislation” to respond to price gouging and other exploitative business practices that spiked during the outbreak of COVID-19.
UberEats announced it will stop operating in the United Arab Emirates (“UAE”) after 4 June 2020 and will combine its services with CareemNOW, the online food delivery service operated by Middle Eastern ride hailing company Careem, which Uber acquired in 2019 for £2.4bn.
The UK Gambling Commission has released additional guidance for remote gambling operators on 12 May, tightening rules for online gambling during the COVID-19 crisis.
Companies refusing refunds following holiday cancellations due to COVID-19 could face legal action.
Due to COVID-19, the food and business industry in China is currently suffering. Resultantly, a restaurant association in Guangdong wrote an open letter to the Meituan (a food delivery service), asking Meituan to share more of its commission with merchants, and to allow merchants to sell through other delivery platforms.
The Competition and Markets Authority (CMA) has received 16,000 complaints over coronavirus refunds between 10 March and 19 April 2020.