The market economy investor principle (MEIP) is a test for determining the existence of state aid. When the state expands a bank’s core capital, as has occurred in several instances in recent years, the question arises as to whether it is providing state aid or merely acting in the manner of a private investor. Taking the recent case of the German bank Helaba, how has the General Court interpreted the state contribution made to the bank, and what lessons does this yield for the MEIP?

Economic forecasts play an important role in many industries, informing investment plans and government policy, among other things. However, the way these forecasts are produced often receives less attention than the forecasts themselves. A case study of the GB rail passenger industry, based on a recent Oxera study, illustrates what happens when the numbers change.

In 2008 the UK Office of Fair Trading (OFT) accepted undertakings from the Co-op for it to sell more than 120 supermarket stores rather than have its acquisition of Somerfield referred to the Competition Commission for further investigation. Tim Geer, OFT Case Officer, explains how the OFT assessed this case and how its approach to supermarket mergers has been honed.

The UK asset management is undergoing considerable changes, not least as a result of the recent financial crisis. Jonathan Lipkin, Head of Research at the Investment Management Association, discusses some of the main trends and implications, focusing on ownership, market structure and product development.