Malmstrom fears for the bloc's business future (Credit: AP Photo/Virginia Mayo)
EU trade commissioner: We can't compete with China, US
The European Union's outgoing trade commissioner has warned that the EU is ill-equipped to deal with a changing global marketplace. Cecilia Malmstrom said that in the face of the expanding interests of China and the protectionist policies of the United States, the EU must do more for its business. Malmstrom spoke of "differences that exist within the European Union on how to position yourself with China. Some are softer, some are harder, some are very dependent."
In a wide-ranging interview with the Financial Times, Malmstrom said EU member states should abandon national vetoes over foreign policy, and that "The WTO's crisis is bigger than [Donald] Trump."
Meanwhile, EU competition commissioner Margrethe Vestager has warned Silicon Valley that she will move beyond fines to find "remedies" to maintain competition. "Breaking up companies? Well, this is a tool that we have available, it can be done," said Vestager. "The thing is, I have an obligation to use the least intrusive tool in order to restore fair competition."
Guitar-maker Fender "illegally restricted discounts" in Europe
The UK's Competition and Markets Authority (CMA) says that guitar-maker Fender has been illegally fixing prices in Europe by restricting online discounts on its models. Fender is a US firm but in its provisional ruling, the competition watchdog said that between 2013 and 2018, Fender Musical Instruments Europe imposed a minimum sale price on vendors.
This practice, known as resale price maintenance, is illegal as it makes it difficult for consumers to shop around for deals. Fender is the world's biggest maker of guitars, its models used by musicians from Buddy Holly through Jimi Hendrix to Taylor Swift. The CMA will discuss the ruling with Fender and reach a verdict before the year's end.
Fender guitars: illegally protected, suggests CMA (Credit: AP Photo/Matt York)
Links goes into administration
UK-based luxury jeweller Links of London has gone into administration, putting 350 jobs at risk. The appointment of administrators Deloitte follows a failed sale attempt which hit trouble over a fraud relating to overstated sales figures.
Founded in 1990 by John Anyton and Annoushka Ducas, Links was later bought by fashion brand Folli Follie and currently has 337 stores around the world, with outlets in the UK, US, Canada, Japan and Hong Kong SAR.
Thomas Cook stores bought en-bloc
All 555 Thomas Cook's UK stores are to be sold to rival tour operator Hays Travel. The move could save up to 2,500 jobs. Independent travel operator Hays currently has 190 shops around the UK, so will significantly boost its high street presence by making the purchase.
Hays has already recruited more than 400 former Thomas Cook staff since the 178-year-old household name collapsed last month, and although consolidation plans are yet to be announced, this purchase could save many more. The Official Receiver, charged with dispensing of Thomas Cook's assets for the maximum possible reimbursement of its debtors, described the news as an "important step".
Could Thomas Cook stay on the high street? (Credit: AP Photo/Frank Augstein)
Germany wants to keep a woman on ECB board
Germany's Finance Minister has said he would like a woman to replace Sabine Lautenschlaeger when she leaves the European Central Bank. The ECB announced last month that Lautenschlaeger, the only woman on its executive board, would resign at the end of October.
"Pure men-only clubs are not a good idea," Olaf Scholz said. Although under ECB board rules members do not represent particular countries, former Bundesbank VP Lautenschlaeger was Germany's nominee in December 2013. An outspoken policy hawk, she is also the third consecutive German board member to resign before serving a full term.
Lautenschlaeger is leaving the ECB (Credit: AP Photo/Hermann J. Knippertz)
European private equity buyouts climb to 12-year high
Private equity buyouts in European companies grew impressively during the third quarter, according to research from Unquote Data. Indeed, the 296 deals represented a 12-year high for the total volume of buyouts.
The total value of the deals increased 28 percent since the second quarter, hitting $57.2bn. It was driven by an increase in mid-cap deals, defined as being between $109m and $1.09bn. These accounted for 43 percent of the third-quarter total, a rise of eight percent.