PRESS DIGEST - British business - Sept 2

The Times

HARGREAVES BEAMS UP ON A HIGH NOTE

Investment manager Hargreaves Lansdown (HRGV.L) reported record annual pre-tax profits of 86.3 million pounds on Wednesday, with revenues for the year to June 30 increasing 20 percent to 159 million pounds. Assets under administration rose 47 percent to 17.5 billion pounds. Outgoing chief executive Peter Hargreaves marked his last day at the company by criticising executives who outstay their welcome and fail to make way for younger talent. Hargreaves, who is 63, said younger people were "more engaged, hungrier and more energetic" and should be given "a chance to have a go".

HSBC STEPS IN AS CHINA PONDERS A POTASHCORP QUESTION

Various investment banks including HSBC (HSBA.L), Nomura (8604.T) and Morgan Stanley (MS.N) have reportedly been competing to advise the Chinese government on how to address miner BHP Billiton's (BLT.L) 39 billion dollar bid for Potash Corporation (POT.TO), the Canadian fertiliser producer.

JOHNSON GAINS AS WORKWEAR DEMAND RISES

Johnson Service Group (JSG.L) has declared a 17 percent increase in profits for the first six months to June 30, as demand for workwear improves. Although revenue fell at its dry cleaning business, the orders being placed with its Textile Rental business, which supplies uniforms and workwear to bus and rail operator Arriva and water provider Severn Trent, helped the group to declare a profit of 6.2 million pounds. Executive chairman John Talbot said: "I am pleased with the performance of the group in the first half of the year and believe we are well placed for a successful second half."

TEMPUS

United Business Media (UBM.L) (a good play on economic recovery)

Soco International (SIA.L) (a clear case of wait and see)

Emblaze (EBLZ.L) (a firm "sell")

The Daily Telegraph

HEDGE FUND CHIEF GIVEN SENIOR ROLE AT MAN IN EFFORT TO SMOOTH MERGER

Emmanuel Roman, the joint chief executive of hedge fund GLG, is to take on the additional role of chief operating officer of Man Group (EMG.L) to facilitate the merger of the corporate brands following GLG's 1.03 billion pound takeover. The appointment of Roman is intended to bridge the divide between the organisational cultures of institutionalised Man and fast-moving GLG, and follows the announcement that GLG's Luke Ellis will act as head of Man's fund of hedge funds unit. On Wednesday, an overwhelming majority of 91.3 percent of shareholders voted in support of the acquisition deal. GLG shareholders are expected to deliver their vote in October.

BAE TO UPGRADE U.S. MILITARY VEHICLE

Defence firm BAE Systems (BAES.L) has secured a 407 million pound contract to improve 1,700 Caiman mine-resistant ambush-protected vehicles to shield U.S. troops from roadside bombs. The contract win comes after BAE previously lost out on opportunities to build armoured trucks and supply MRAP vehicles used in Afghanistan for the U.S. military. Securing an upgrade contract will help to further BAE's strategic ambitions to supply more servicing and maintenance work in the United States, to offset the revenue shortfall created from downsized equipment spending since the peak of the Iraq war.

QUESTOR

Afren (AFRE.L) (buy)

Thomas Cook (TCG.L) (buy)

The Independent

LLOYDS' BUYOUT ARM BAGS MOUNTAIN WAREHOUSE

Lloyds Development Capital, the private equity arm of Lloyds Banking Group (LLOY.L)>, has acquired a 20 percent stake in Mountain Warehouse, the outdoor retailer. LDC bought the minority stake from Arev, the Icelandic investment vehicle. Mark Neale, the founder of Mountain Warehouse, will keep his majority shareholding in the company. For the 12 months to February 28, Mountain Warehouse reported a 38 percent increase in pre-tax profits to 7.67 million pounds. Sales were up 51 percent to 46.7 million pounds. The company plans to increase the number of stores from 110 to more than 200 by 2014.

BP TO RAISE 363 MILLION DOLLARS FROM MALAYSIAN SALES

Oil giant BP (BP.L) is to sell its stakes in two Malaysian petrochemical production businesses to Petronas, the Malaysian energy group. The 363 million dollar sale of its 15 percent stake in Ethylene Malaysia and its 60 percent stake in Polyethylene Malaysia will help raise funds to help pay for the Gulf of Mexico oil spill. Sue Rataj, president of BP's Global Petrochemicals Business, said the company will continue to focus its petrochemical business in China. BP will also pursue opportunities in India and China to develop its position as the market leader in aromatics and acetyls.

INVESTMENT COLUMN

Hargreaves Lansdown (HRGV.L) (buy)

The Guardian

STANDARD LIFE TO AXE 600 JOBS IN SHAKEUP

Standard Life (SL.L), the insurance and pensions group, has announced plans to cut 600 jobs as part of an overhaul of its business. A total of 480 jobs are expected to go in Edinburgh with 95 being cut at its regional offices across Britain, and another 25 job cuts will be made in its overseas operations. Despite the news, the company is creating 100 new jobs as part of a 200 million pound investment drive in core areas. The job cuts are expected to help Standard Life make a cost savings target of 100 million pounds by the end of 2011.

Prepared for Reuters by Durrants