PRESS DIGEST - British Business - Feb 28

Wed Feb 27, 2013 7:52pm EST

Feb 28 (Reuters) - The Telegraph

BRITAIN NEVER HAD A DOUBLE-DIP RECESSION, SAYS TOP ECONOMIST SIMON WARD

Forget a triple-dip recession, there hasn't even been a double-dip in the UK onshore economy, said Henderson Global Investors' chief economist Simon Ward following the latest growth figures.

GROWTH TO REMAIN 'SUBDUED', BoE'S CHARLIE BEAN WARNS

The Bank of England has no magic bullet to fix the economy and growth will "remain subdued by historical standards", according to deputy governor Charlie Bean.

TESCO WARNS OF HIGHER PRICES AFTER HORSE-MEAT SCANDAL

Tesco has warned that the horse-meat scandal will hit profit margins and may force up prices for consumers, as Britain's biggest supermarket pledged to conduct tests on all the meat it sells.

INDIA 'DOES NOT BELIEVE' DENIAL OF ALLEGED BRIBERY OVER AGUSTAWESTLAND HELICOPTER CONTRACT

AgustaWestland's 480 million pound contract to supply 12 helicopters to India appeared further in doubt on Wednesday after the country's Defence Minister said it did not believe denials that bribery was involved in securing the deal.

GOVERNMENT MUST ALLOW AILING BANKS TO 'DIE' SAYS BBA CHIEF

Britain's ailing banks should be allowed to "die" rather than be bailed-out by the taxpayer, the chief executive of the British Bankers' Association has said.

BLOW FOR CITY AS BRUSSELS AGREES BANKER BONUS CAPS

Bankers in Europe face a cap on bonuses as early as next year, following agreement in Brussels to introduce strict new curbs, in a move politicians hope will address public anger at financial sector greed.

THE CITY'S IPO REVIVAL GATHERS PACE AS ESURE PLANS 1 BILLION POUND FLOAT

The revival of the City's flotation market gathered momentum on Wednesday after insurer Esure confirmed its plans for a 1 billion pound listing on the London Stock Exchange.

The Guardian

FSA CHAIRMAN ATTACKS 'COMPUTER GAME' MENTALITY OF CITY TRADERS

Lord Turner, outgoing chairman of the Financial Services Authority, has hit out against the "computer game" mentality of the trading floor and outlined a plan to encourage more new banks by cutting the amount of capital they need to hold.

FORMER BP BOSS TONY HAYWARD DEFENDS COMPANY'S ACTIONS BEFORE GULF DISASTER

Tony Hayward, BP's former boss, defended his role in the Deepwater Horizon disaster on Wednesday as lawyers blamed his cost cuts for the deadly oil rig explosion.

THREE CITY WORKERS ARRESTED IN FSA INSIDER TRADING INVESTIGATION

The City of London was hit with allegations of a new insider dealing ring on Wednesday after investigators from the Financial Services Authority launched a series of co-ordinated raids on the homes and offices of three finance industry workers.

BRITISH GAS PRICE HIKES HELP BOOST ANNUAL PROFIT 11 PCT TO MORE THAN 600 MLN STG

Phil Bentley, the managing director of British Gas, formally announced his decision to leave on Wednesday as the company risked fresh anger from consumer groups by reporting an 11 percent increase in annual profits to over 600 million, aided by domestic price rises.

The Times

EC OBSTRUCTS RYANAIR'S THIRD TAKEOVER ATTEMPT OF AER LINGUS

Persistence has failed to pay off for Ryanair after its third attempt to buy Aer Lingus was blocked today by the European Commission on competition grounds.

ITV BUMPS UP DIVIDEND AS PROFITS RISE

Shareholders in ITV will get a one-off cash boost of 156 million pounds after Britain's biggest free-to-air commercial broadcaster posted a 6 per cent jump in full-year profits.

LAGERS LOSE THEIR FIZZ AS AB INBEV SALES SLIDE

The world's biggest brewer suffered a bloody nose in Britain last year in the face of discounting by rivals and sharply rising beer duty.

The Independent

SALES OF AIRBUS PUSH EADS TO 1.1 BLN STG

EADS drew a line under its failed merger with BAE Systems as the Airbus aircraft maker reported a 19 percent jump in full-year profits.

BONUSES UP AT JOHN LEWIS AFTER BUMPER YEAR

John Lewis Partnership is expected to reward staff with an increased bonus of up to 16 per cent of their salary next week after a strong rebound in its annual profits.

INTU IN 250 MILLION POUND DEAL FOR MIDSUMMER PLACE SHOPPING CENTRE

The UK's biggest shopping centres owner is spending 250.5 million pounds to buy Milton Keynes' Midsummer Place as it seeks to plug a gap in its regional portfolio

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