PRESS DIGEST - British Business - July 23

July 23 Mon Jul 22, 2013 8:27pm EDT

July 23 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

The Telegraph

BLOW FOR YAHOO! AS BILLIONAIRE INVESTOR DAN LOEB SELLS STAKE

Technology giant Yahoo! Inc suffered a blow to its turnaround hopes after hedge fund manager Daniel Loeb sold out most of his stake in the company for $520 million just over a year after engineering a boardroom coup.

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ASTRAZENECA WORKER DETAINED IN CHINA

Officers from the Public Security Bureau are said to have detained an AstraZeneca Plc employee after visiting the drugmaker's sales office in Citic Square, Shanghai, on Friday.

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NETFLIX SHARES DIVE AFTER MISSING ESTIMATES

Netflix Inc grew revenues by a fifth to $1.07 billion in the second quarter, in line with expectations, but shares in the online television and film provider plummeted in after hours trading, after subscriber numbers missed analysts' forecasts.

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The Guardian

GLAXOSMITHKLINE SAYS EXECUTIVES 'BREACHED CHINESE LAW'

GlaxoSmithKline Plc's bribery scandal deepened on Monday when it said that some of its executives in China appeared to have broken the law. Abbas Hussain, the drugmaker's head of emerging markets, said that employees 'acted outside of our processes' and the company would review its business model in China.

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COMPETITION COMMISSION URGES SHAKEUP OF ACCOUNTANCY MARKET

Britain's largest companies should put their accounting business up for tender every five years, the Competition Commission has said, as part of an investigation into the dominance of the big four accountancy groups.

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The Times

THREE WALK FREE AS ISOFT CASE IS FILED UNDER 'EMBARRASSING'

After seven years, two trials and a 5-million-pound bill, the Financial Conduct Authority has had to abandon the prosecution of three former directors of iSoft Group Pty Ltd saying that it would not seek a third trial of the executives on charges that they misled investors in the once high-flying Manchester-based software company.

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KING GOES BACK TO SCHOOL DURING HIS 'GAP HALF-YEAR'

Mervyn King, the former Bank of England governor, will return to the world of academia this autumn when he takes up a visiting professorship for a term in Manhattan.

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The Independent

GOLDMAN SACHS IN SPOTLIGHT OVER 'ALUMINIUM PRICE-HIKE' SCANDAL

Goldman Sachs Group Inc is at the centre of another potential London-linked scandal after U.S. watchdogs kicked off investigations into practices that could have hiked the price of aluminium and damaged the world's economy.

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UK AND U.S. REGULATORS FINE TRADER MICHAEL COSCIA $3 MLN FOR 'MANIPULATION OF OIL MARKET'

Michael Coscia, a trader who made millions of U.S. dollars by moving the price of commodities, ranging from oil to wheat, has been fined around $3.1 million by authorities in the UK and the United States.

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