In today’s top stories from Europe, the Middle East and Africa, the U.K.’s Competition and Market Authority launches its second investigation this year into Google’s advertising practices.
Also, ultra-fast grocery services begin cutting jobs, the FCA tries to streamline the London stock market’s listing rules and BNPL firm Klarna shifts its priorities.
UK Launches Second Probe of Google Ad Practices
The U.K.’s antitrust watchdog has opened an investigation into Google’s advertising technology practices, the second probe in as many months.
According to the Competition and Market Authority (CMA), the investigation will look at whether Google abused its role as the biggest service provider in U.K.’s $2.3 billion (1.8 billion pounds) online ad sector.
The authority says the investigation will focus on demand-side platforms (DSPs), which let advertisers and media agencies purchase publishers’ advertising inventory, and ad exchanges, which provide technology to automate inventory sales.
FCA Aims to Streamline Stock Listing Rules to Boost UK Growth
The London stock market’s two-tier structure could become one in an effort to encourage startups to go public amid competition from the U.S. and the EU.
The U.K. Financial Conduct Authority (FCA) has proposed doing away with the current divide between the main market’s higher premium tier and its lower standard tier.
“Instead, all listed companies would need to meet one set of criteria and could then choose to opt into a further set of obligations,” the FCA said. “Companies and their shareholders would decide for themselves whether these additional obligations were right for them.”
Klarna Shifts Game Plan to Profits Over Growth
Buy now pay later (BNPL) company Klarna is shifting its priorities from growth to short-term profits after net losses from last year hit approximately $689 million.
While seeking to raise capital after cutting a tenth of its workers, Klarna CEO Sebastian Siemiatkowski told the Financial Times he didn’t think the funding would necessarily be at a valuation under its current $46 billion, the highest in Europe for a private technology firm.
Pink Slips Mount as Ultrafast Grocers Confront Global Challenges
Ultrafast grocers are cutting jobs amid rising inflation and a declining economic outlook.
Among them is Getir, a Turkish company that said in a memo this week it’s laying off 14% of its staff as the tech industry begins to “adjust to a new climate.”
Meanwhile, United Kingdom-based ultrafast grocer Zapp is cutting 200 to 300 jobs — about 10% of its staff — a move it attributes to inflation, supply chain challenges and issues stemming from the invasion of Ukraine.
Growth Capital Funding Startup Bloom Raises $377M
U.K. growth capital funding startup Bloom Group S.A.has raised $377 million (£300 million) to expand its business throughout Europe and become a key provider of revenue-based lending for digital startups.
Founded during the pandemic lockdowns in 2020, Bloom aims to provide capital to growth companies that are primarily digital.
Parking Payments App PayByPhone Adds 470 Cities in Germany, Italy
Already operational in the U.S. and Europe, mobile parking payment provider PayByPhone is expanding to 470 new cities in Germany and Italy
PayByPhone lets drivers pay for parking and extend sessions remotely using its app, while also providing smart alerts and helping drivers avoid parking tickets. The company says drivers have begun using its services more now that COVID restrictions have begun to lift.
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