ComPeTITIon is a basic tenet of a free market economy which is why, since the early 20th century, the Americans have taken such a dim view of monopoly and oligopoly powers. The US has shown no mercy in breaking up the big monopolies, be they Standard oil, which smashed into at least 17 companies, or the telecoms giant AT&T. one might have hoped that David Cameron's government, which binds together the laissez-faire principles of Conservativism with the economic liberalism of the LibDems, might have shown the same attitude when it came to reviewing news Corporation's in-house bid for BSkyB. Instead, because of a foolish personal misjudgement by the Business Secretary Vince Cable, it has rolled over in the face of the murdoch media juggernaut. Culture Secretary Jeremy Hunt, having been ha...
THE UK's Big Four accountancy firms have been accused of fuelling the financial crisis through complacency and dereliction of duty. A House of Lords Committee found that Pricewaterhouse-Coopers, Deloitte, KPMG and Ernst & Young are operating an oligopoly over FTSE 100 companies and called for a competition probe into their stranglehold on the market.
BANK customers should be able to transfer their account numbers as easily as their national insurance number, one of the newer entrants to the market told MPs yesterday. Jayne-Anne Gadhia, chief executive of Virgin Money, said it could "revolutionise" how the sector worked for consumers and break what she claimed was an "oligopoly" of the big five banks in current accounts.
ARE the Big Four accounting firms operating an oligopoly? Last week's publication of the last set of profit figures for 2005, from KPMG, renders the question unavoidable. A partnership in one of these firms, the happy lot of some 2000 or so well-heeled Britons, has become a licence to print money. The capital investment involved is minimal and the banks will always lend you the cash - should you need it - because there is virtually no risk. Partners' pay has trebled since the early 1990s, when there existed (and doesn't this now appear quaint? ) a so-called Big Eight.
... relations may always allow that private oligopoly captures the retail end of markets, enabling the g...
EVERYTHING YOU LEARNT AT SCHOOL... BUT CAN YOU REMEMBER? We are always being told that school exams are getting easier. A new book draws on homework from the past. So how tough was it? 1. What is a pantoum? a) a Japanese poetic form related to the haiku b) a Mauritian mammal c) a poetic form developed from a Malaysian verse form d) a Persian love poem 2. What is the area of a triangle with a base of 6cm and a height of 3cm? a) 36cm2 b) 18cm2 c) 9cm2 d) 25cm2 3. Who or what is Erta Ale? a) the inventor of the scale used to measure wind force b) a river in the Solomon Islands c) an active volcano in Ethiopia d) a tropical lagoon in Thailand 4. Which king issued the Edict of Nantes in 1598 encouraging tolerance of Protestants in Catholic France? a) Louis XIV b) Henry IV c) Francis I d) Lou...
... tremendous market powers--monopoly or oligopoly on the supply side, and monopsony or oligopsony on...
BETWEEN them, Tesco, Asda, Sainsbury's and Morrisons control almost 75 per cent of the UK household grocery market. These huge supermarket chains have revolutionised our lives. In the round, they have expanded consumer choice, lowered prices and provided convenience shopping. However, all social and economic change brings negatives as well as positives. In particular, when an oligopoly of only four companies becomes so powerful as to have a virtual stranglehold on where we shop, it is correct that the commercial practices of these firms are subject to close and continuing scrutiny. This is why we should welcome yesterday's interim report from the Competition Commission, the official watchdog over private business, into how the big four are behaving towards their customers, suppliers and...
THE global bankers have had a wonderful honeymoon while policy- makers struggle to tighten regulation. A combination of a wide interest rate spread, sacks of cheap money provided by central banks and an oligopoly in the marketplace - following the collapse of several major players - has produced a profits gusher. Morgan Stanley is the latest to report, with net income of $1.8bn in the first quarter against a loss last year.
ANDREW Tyrie is ruffling feathers - and he looks like he's enjoying it. As chairman of the Treasury Select Committee, arguably the most powerful committee in the House of Commons, the Tory MP is not holding back. George Osborne will be in the spotlight tomorrow when the Committee publishes its report on last month's Budget. While it is unlikely to tear the Chancellor limb-from-limb, it will no doubt raise concerns over the more questionable parts of The Plan for Growth.
... described the industry as 'close to an oligopoly' and says more needs to be done to improve lending...
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