PRESS DIGEST - British business - Feb 23

The Times

PEUGEOT AND GM IN ALLIANCE TALKS

The future of Vauxhall manufacturing in England is under a cloud once more after American parent General Motors revealed it was negotiating with PSA Peugeot Citroen to create the world's largest carmaking alliance.

RBS SET TO ANNOUNCE BONUS CUTS

Royal Bank of Scotland is expected to announce on Thursday the reduction of more than 100 million pounds ($156.67 million) from the bonuses of its investment bankers.

The Telegraph

BRITISH GAS SET TO REVEAL STRONG PROFITS AS CHARGES SOAR

Centrica is set onn Thursday to reignite the debate over energy company earnings when it reveals profits for its British Gas household electricity and gas business that are expected to be in excess of 1.5 million pounds a day.

EDINBURGH WOOLLEN MILL BUYS MOST OF PEACOCKS

Peacocks, the discount fashion and homewares chain, has been partially rescued by rival retailer Edinburgh Woollen Mill, saving 6,000 jobs.

SPAIN APPLIES FOR EASIER DEFICIT REDUCTION TARGETS

Spain has appealed to Brussels for softer deficit reduction targets, raising fears that Europe's rescue strategies are unworkable in the bigger euro zone economies and not just Greece.

The Guardian

OIL PRICES HIT NEW HIGH OVER IRAN NUCLEAR ROW

Oil prices reached a record high in sterling on Wednesday as jitters over a possible attack on Iran outweighed concerns that slowing export orders in China and the euro zone crisis could jeopardise global growth.

The Independent

TCHENGUIZ WINS UK JUDICIAL REVIEW OF SFO RAIDS

Britain's Serious Fraud Office suffered a serious bloody nose on Wednesday, after a High Court judge granted the Tchenguiz brothers a judicial review into their arrests and searches of their homes and offices in raids last year.

FURTHER UK QE MORE LIKELY, MEETING MINUTES SHOW

The prospect of further monetary stimulus from the Bank of England appeared more likely on Wednesday as the minutes of the latest meeting of the rate-setting Monetary Policy Committee revealed that two members voted in favour of buying more assets last month.