No win

creased from £100,000 (€116,134).

“Businesses that participate in cartels, knowing them to be illegal, often go to great lengths to keep the cartel hidden and secret,” the CMA said.

“This makes them difficult to detect and harder to bring eliminate.”

The CMA’s ‘Cheating or Competing’ campaign has advice for people and businesses to help them spot, report and deter illegal anticompetitive practices. It encourages those who have witnessed illegal activity to report it by protecting their anonymity as well as offering a reward.

Businesses found to have been involved in illegal cartels can be fined up to 10 per cent of their annual turnover. Individuals directly involved can face up to five years in prison, while company directors risk disqualification from holding directorial positions for up to 15 years.

CORREOS cancelled the fouryear, €67 million contract for telecommunications services that it signed with Telefonica in February.

The decision to cancel the deal followed an appeal from Telefonica’s rival Orange, previously barred from the tender for alleged breaches, after the French company complained that revealing Telefonica’s financial offer had put all the other competing companies at a disadvantage.

Playing safe

JOHN LEWIS PARTNERSHIP, which experienced a third year of losses and axed the staff bonus for only the second time since 1953, is spending more than £1 million (€1.16 million) on revitalising its children’s range. Executive director for John Lewis, Naomi Simcock, said the business wanted to create “an immersive experience” and a destination, “not just a shop.”

Beer crisis

SMALL craft beer manufacturers are going out of business as consumers choose cheaper options due to the cost of living crisis. Forty­five breweries entered insolvency in the year ending March 31 compared with 15 in 2022, according to Insolvency Service statistics.

Bank on it

SPAIN’S BBVA and Santander banks are amongst those handling America Movil’s 130 billion peso (more than €7 billion) fiveyear bond issue. The phone company, which is Telefonica’s principal rival in Latin America, is also using the services of the HSBV, Citibank, Goldman Sachs, Morgan Stanley and JP Morgan banks.

Cleaning up

MITIE, a UK professional services and outsourcing company, announced a record full­year £4.05 billion (€4.7 bn) compared to £4 billion (€4.6 bn) in 2022. Contract wins, renewals, acquisitions and inflationary contract repricing offset unrenewed contracts and the previous year’s benefits from shortterm Covid work.

Football fans

TURNER, a subsidiary of Spain’s ACS Group which is chaired by Real Madrid president Florentino Pérez, will build the €1.4 billion New Highmark Stadium, future home of the Buffalo Bills American football team. The installation, with a capacity for 63,000 people, is due to open in 2026.

Ash cash

WE SODA, the world’s largest producer of natural soda ash, will be 2023’s first major float in London. The Turkish chemicals giant announced that it would seek a stock market listing this year in a deal that could put a value of between £6 to £7 billion (€6.97 to €8.13 billion) on the company.