A new tech watchdog will be given the power to impose multibillion-pound fines on major firms such as Google and Facebook if they breach rules designed to protect consumers and businesses. The Digital Markets Unit (DMU) will protect small businesses from predatory practices and will give consumers greater control over how their data is used, the government said. – Guardian
Todd Boehly’s consortium’s bid to buy Chelsea is now expected to be put forward for Premier League and government approval. On the day that Roman Abramovich denied he wants his £1.6bn loan to Chelsea repaid, the likelihood of the Boehly bid being successful moved a step closer. – Guardian
Ministers are to pit homeowners against property developers in housing reforms to tackle “generation rent” to be signalled in the Queen’s Speech. In a shake-up inspired by the sale of council houses under Margaret Thatcher, 2.5m households in England who rent properties from housing associations will be given the power to purchase their homes at a discounted price. – Telegraph
McColl’s is close to calling in administrators as the convenience store chain teeters on the brink of becoming one of Britain’s biggest retail failures with 16,000 jobs at risk. The retailer insisted no decision had been made and it was still in talks to secure emergency cash to keep it afloat. – Telegraph
KPMG has fired the latest shot in the professional services sector’s battle for talent by giving all its rank-and-file staff in the UK a pay rise of at least £2,000. Some workers will receive a flat pay increase of £2,000, but others will get a £4,000 rise. The new salaries will be backdated to April and are in addition to the the Big Four accountancy firm’s annual pay review in October. KPMG said the pay rises would be given only to its 15,800 UK employees and not to the 766 partners and associate partners. – The Times
