The UK’s Competition and Markets Authority (CMA) has granted an eight-week extension to its investigation into Adobe Inc.’s $20 billion acquisition of cloud-based designer platform Figma. Initially set to conclude by December 27, the probe now extends until February 25, 2024. Adobe’s refusal to offer concessions prompted the in-depth investigation, with concerns centred on competition in product development, growth strategies, and market expansion. The inquiry group, comprised of independent experts, is meticulously evaluating the arguments presented by the companies. Figma, known for its web-based collaborative design platform, was acquired by Adobe in September 2022, marking a significant move in the software startup landscape.
Lloyds Predicts Temporary Dip in UK House Prices
Lloyds Banking Group, owner of Halifax, anticipates a 4.7% drop in house prices in 2023, followed by an additional 2.4% decrease in 2024, before a projected recovery in 2025. Higher borrowing costs, attributed to increased interest rates, have contributed to a slowdown in house sales. Despite the short-term dip, the average house price remains substantially higher than pre-COVID levels. Lloyds foresees steady long-term growth, projecting a 0.6% increase in prices by 2027. The current interest rates, at 5.25%, mark a 15-year high, impacting borrowing rates, including mortgages. The forecast, based on the Halifax House Price Index, excludes cash buyers, who constitute over 30% of housing sales.
Uncertainty Surrounds “On-Demand” Bus Services in the UK
The County Councils Network in England has raised concerns about the future of “on-demand” bus services, designed to fill gaps left by commercial operators. While three in four councils have implemented such services, many are operating at a loss, prompting the need for additional funds to sustain them. The Department for Transport has provided millions to support these services, capping fares at £2. However, long-term declines in bus services, exacerbated by the pandemic’s impact on passenger numbers and profits, pose challenges. The County Councils Network emphasises that these bookable services are not a substitute for investing in commercial bus services.
