Google’s advertising practices in the UK examined

In today’s headlines from Europe, the Middle East and Africa, the UK’s Competition and Markets Authority is launching its second inquiry into Google’s advertising practices this year.

Also, ultra-fast food services are starting to shed jobs, the FCA is trying to streamline the London Stock Exchange’s listing rules and BNPL firm Klarna is shifting its priorities.

UK launches second trial of Google Ad Practices

The UK’s antitrust authorities have launched an investigation into Google’s advertising technology practices, the second investigation in as many months.

According to the Competition and Market Authority (CMA), the inquiry will look into whether Google abused its role as the largest service provider in the UK’s $2.3 billion (£1.8 billion) online advertising sector.

The agency says the investigation will focus on demand-side platforms (DSPs), which allow advertisers and media agencies to buy advertising inventory from publishers, and ad exchanges, which provide technology to automate inventory sales.

FCA aims to streamline listing rules to boost UK growth

The two-tier structure of the London stock market could become one to encourage startups to go public amid competition from the US and EU.

The UK’s Financial Conduct Authority (FCA) has proposed to close the current gap between the main market’s higher premium tier and the lower standard tier.

“Instead, all listed companies would have to meet a set of criteria and could then opt for a further set of commitments,” the FCA said. “Companies and their shareholders would decide for themselves whether these additional obligations are right for them.”

Klarna shifts the game plan to profits instead of growth

Buy-now-pay-later (BNPL) firm Klarna is shifting its priorities from growth to near-term profits after net losses hit about $689 million last year.

In an attempt to raise capital after shedding a tenth of his workforce, Klarna CEO Sebastian Siemiatkowski told the Financial Times he didn’t think the funding would necessarily be less than the current $46 billion, the highest value in Europe for a private technology company.

Pink Slips rise as ultra-fast grocers tackle global challenges

Ultra-fast grocers are shedding jobs amid rising inflation and a declining economic outlook.

Among them is Getir, a Turkish company that said in a memo this week that it is laying off 14% of its workforce as the tech industry begins to “adapt to a new climate.”

Meanwhile, UK-based ultra-fast grocer Zapp is cutting 200 to 300 jobs — about 10% of its workforce — which it attributes to inflation, supply chain challenges and problems surrounding the invasion of Ukraine.

Growth equity funding startup Bloom raises $377 million

UK growth equity financing startup Bloom Group SA has raised US$377 million (£300 million) to expand its business across Europe and become a major provider of revenue-based lending to digital startups.

Founded during the 2020 pandemic lockdowns, Bloom aims to provide capital to growth companies that are primarily digital.

Parking fee app PayByPhone adds 470 cities in Germany and Italy

Already active in the USA and Europe, the mobile payment provider PayByPhone is expanding to 470 new cities in Germany and Italy

PayByPhone allows drivers to pay for parking and extend sessions remotely through the app, while providing smart alerts and helping drivers avoid parking tickets. The company says drivers have started using its services more frequently after COVID restrictions began to be lifted.