News in brief: Three are held in insider deals probe, John Lewis plans Oxford St revamp, EU ponders merger of book publishers
Three men have been arrested and are being held in connection with a probe into insider dealing and market abuse, the City watchdog said today.
The Financial Services Authority said it had carried out six searches alongside police at addresses in the City of London and greater London this morning. The arrests of the men in their thirties were not linked to any other ongoing insider dealing investigations, the FSA said.
John Lewis plans Oxford St revamp
John Lewis is to spend £8 million refurbishing its flagship Oxford Street store as part of a £32 million programme to upgrade four stores including those in Kingston and High Wycombe. Oxford Street’s lower ground floor will have a complete makeover, “creating a home dining, entertaining, and gifting emporium.” but the store will remain open during the work, which should be completed by October.
EU ponders merger of book publishers
EU competition regulators will decide by April 5 whether to clear plans by Germany’s Bertelsmann and Britain’s Pearson to merge their respective book publishers, Random House and Penguin. Europe’s largest media company, Bertelsmann, and Pearson, which owns the Financial Times, filed for EU approval of their proposed joint venture yesterday, the European Commission said.
