PRESS DIGEST - British business - April 4

April 4 Wed Apr 3, 2013 8:24pm EDT

April 4 (Reuters) - The Telegraph

SSE'S 10.5 MLN STG MIS-SELLING FINE WON'T HELP CONSUMERS

A record 10.5 million pound mis-selling fine against SSE will line Treasury coffers instead of benefiting consumers because the energy giant refused to accept blame for rule breaches, regulator Ofgem has claimed.

BRITISH TAXPAYERS TO FORK OUT 45 MLN EUROS TO RESCUE CYPRUS

British taxpayers will have to pay 45 million euros as part of a deal struck by European leaders to rescue Cyprus, as a new finance minister was sworn in amid warnings that there would be "difficult days ahead" for the country.

ZARA PROBED OVER SLAVE LABOUR CLAIMS

High street fashion retailer Zara is under investigation over the alleged use of slave labour at factories in Argentina, it has been reported.

The Guardian

BARCLAYS BANKERS TRIED TO 'WIN AT ALL COSTS'

Barclays bankers were engulfed in a culture of "edginess" and had a "winning at all costs" attitude which raised tensions with regulators and damaged its reputation, according to a review into the ethics of the embattled bank.

UK CONSTRUCTION SECTOR SHRINKS FOR THIRD MONTH RUNNING

British construction output contracted in March for the third month in a row, according to a survey, suggesting the sector will have weighed on economic growth in the first quarter.

The Times

END OF AN ERA FOR BRITISH AIRWAYS AS JUMBO FLIES OUT OF FASHION

BA placed a $4 billion order for 18 Boeing 787 Dreamliner aircraft last night, adding to a previous order for 24 of the high-tech jets. The new, fuel-efficient aircraft will allow the airline to phase out its ageing double-decker Boeing 747s by 2021.

FACEBOOK LOOKS FOR NEW WAY TO WIN FRIENDS WITH SMARTPHONE LAUNCH

The company is expected to launch a new smartphone that puts the social network front at its heart, as Facebook looks for new ways to keep its billion users worldwide hooked on the service.

The Independent

RBS FACES 4 BLN STG CLAIM FROM SHAREHOLDERS

RBOS Shareholder Action Group claims the directors misled investors, missed out vital information and misrepresented RBS's underlying strength during the lender's 2008 rights issue.