EU Court OKs Antitrust Probe Into Illumina’s Bid to Acquire Grail
The General Court of the European Union has upheld a decision by the EU’s competition authority to investigate Illumina’s acquisition deal for Grail despite lacking traditional standards for review. Existing merger regulations state that regulators in Brussels have jurisdiction if the company being acquired has a commercial presence in the EU and meets revenue thresholds. As Grail has no European revenues, the court decision amounts to an expansion of EU regulators’ ability to investigate and prevent potential monopolies.
Upscale Resale Platform The Luxury Closet Lands in the UK
Dubai-based luxury resale platform The Luxury Closet has launched in the United Kingdom, with the reseller’s mobile app and website, which are used by 15 million people globally, available to U.K. users. It is the platform’s first foray into the European market. The company also announced that it intends to expand into continental Europe by the end of the year.
Fashion eCommerce Firm Vinted Launches B2B Shipping Service
Secondhand clothing eCommerce platform Vinted has debuted a B2B digital shipping platform, part of Vinted Go, the shipping service the Lithuanian company rolled out in June. The service is available for domestic and cross-border deliveries across Europe, with an emphasis on PUDO (pick-up, drop-off) deliveries, which have lower carbon emissions than in-home delivery. The platform also gives customers access to Vinted’s network of national and international shipping carriers in 14 countries.
UK Parliament Launches Inquiry Into Crypto
The U.K. Parliament’s Treasury Committee is conducting an inquiry into the role cryptocurrencies play in the U.K. and is asking the public for input. The committee said that the inquiry will examine the opportunities and risks that crypto assets may bring to consumers, businesses and the government. It will also look into the impact of distributed ledger technology (DLT) on financial institutions (FIs), including the central bank, and financial infrastructure.
Conektr, Triterras Team to Bring UAE SMBs More Working Capital
Digital financing platform Triterras is partnering with groceries delivery tech solution Conektr to give small retailers increased access to working capital loans across the United Arab Emirates (UAE). The companies will target 7,000 small grocery and consumer goods retailers seeking digital financing for better inventory control. They expect 2,000 retailers to sign up when the product is launched.
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