PRESS DIGEST - British business - Nov 1

Wed Oct 31, 2012 9:19pm EDT

The Times

COMET HITS ROCK BOTTOM AS ADMINISTRATION LOOMS

Thousands of jobs were under threat on Wednesday as Comet was poised to call in administrators. Talks are still continuing, with insolvency specialists from Deloitte [DLTE.UL lined up.

The Telegraph

BG GROUP PLUNGES ON PRODUCTION WARNING

BG Group suffered the biggest one-day share-price fall in its history on Wednesday, wiping some 6 billion pounds ($9.67 billion) off the value of the company, after warning it would see no growth in its oil and gas production next year.

JP MORGAN SUES LONDON WHALE'S BOSS

JP Morgan is suing the former boss of Bruno Iksil, the trader nicknamed the London Whale because of the size of the bets he made in helping to rack up a $6 billion loss at the bank.

The Guardian

TORY REBELS DEAL EU BLOW TO CAMERON

David Cameron will face a battle to secure parliamentary backing for any EU budget deal that falls short of a real terms cut after he suffered his first major Commons defeat on EU spending on Wednesday.

The Independent

JOB CUTS LOOM AS COMET FACES COLLAPSE

Thousands of jobs are at risk as Comet, the 240-store electricals retailer, is poised to appoint an accountancy firm as administrator just nine months after the UK chain was bought for a token 2 pounds.

CAMERON SHAKEN BY EU BUDGET DEFEAT

David Cameron fell to a 13-vote defeat in the Commons last night as dozens of Tory MPs defied their whips to demand he presses for cuts in the European Union's budget.

BARCLAYS FACES TWO NEW PROBES INTO ITS CONDUCT

Barclays, could face substantial fines arising from new inquiries into its power-trading operations in the U.S. in 2006-8, and into payments to advisers to the Qatar sovereign wealth fund in 2008.

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