PRESS DIGEST - British Business - July 30
July 30 (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.
DELOITTE TO FACE 20 MLN STG FINE OVER MG ROVER SALE
Deloitte & Touche LLP faces a fine of up to 20 million pounds and the suspension of one of its partners after a tribunal ruled the accountants had shown a "deliberate disregard" for professional ethics in its handling of the sale of defunct carmaker MG Rover Group.
U.S. SHALE THREATENS SAUDI FUNDING CRISIS AND DEMISE OF OPEC
Saudi Arabia and the OPEC oil states must wean their economies off energy exports immediately or spiral into decline as America's shale revolution shatters the world order, a top Saudi business leader has warned.
PRESSURE MOUNTS ON SPORTS DIRECT OVER ZERO-HOURS CONTRACTS
Pressure is mounting on Mike Ashley and his Sports Direct empire over its use of zero-hours contracts for part-time employees as the Unite trade union demanded a meeting with the billionaire businessman.
PUBLICIS-OMNICOM DEAL FACES SIGNIFICANT HURDLES, SAYS MARTIN SORRELL
Sir Martin Sorrell, chief executive of the advertising giant WPP Plc, has labelled a proposed merger between rivals Publicis Groupe SA and Omnicom Group Inc as "brave and surprising", and suggested the deal still faces significant barriers.
BARCLAYS GOES CAP IN HAND TO ITS ARMY OF INVESTORS FOR 5 BLN STG
Barclays Plc is set to tap ordinary shareholders for more than 5 billion pounds on Tuesday as it seeks to confront continuing doubts about its balance sheet strength and to make further provision for mis-sold payment protection insurance plans and swaps to small companies.
FLY SLOWLY, RYANAIR TELLS PILOTS, WE NEED TO MAKE THE FUEL GO FURTHER
Pilots at Ryanair Holdings Plc have been ordered to ease off the throttle and fly more slowly in the famously frugal airline's latest wheeze to save money. The introduction of the go-slow will add an average of two minutes to every hour's flying time across Europe, an initiative intended to reduce its fuel bill.
U.S. DRUG COMPANY PAYS PREMIUM FOR TAX HAVEN WITH $8.6 BLN IRISH TAKEOVER
U.S. pharmaceutical company Perrigo Co has agreed to buy Irish drug maker Elan Corp Plc for $8.6 billion, in a deal which will allow it to slash the amount it pays in tax almost in half.
METRO BANK STILL IN THE RED DESPITE CUSTOMER GROWTH
Metro Bank, the first new bank to open on Britain's high streets in more than a century, increased its number of account holders by 54 percent during the first half of the year but still remained loss making.