PRESS DIGEST- British Business - Sept 11

Tue Sep 10, 2013 8:48pm EDT

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

GLENCORE XSTRATA TO CUT $2 BLN IN COSTS

Glencore Xstrata has laid out its plans to investors on how it will cut billions in costs following the mining sector's largest-ever takeover. ()

EE 'AGREES TELECOMS DEAL WITH VIRGIN MOBILE'

EE, Britain's largest mobile operator, has agreed to renew a deal to provide services for Virgin Mobile. The contract could reap 400 million pounds ($629 million) in revenues over four years, it was reported on Tuesday night. ()

The Guardian

TESCO PAYS OUT TO RID ITSELF OF U.S. CHAIN FRESH & EASY

Tesco has finally negotiated an exit from its failed expansion into the U.S. by lending U.S. billionaire Ron Burkle 80 million pounds to take away its loss-making Fresh & Easy chain. ()

HS2 RAIL PROJECT WILL PROVIDE 15 BLN STG BOOST, TRANSPORT MINISTER CLAIMS

Patrick McLoughlin, the British transport secretary, will on Wednesday make the economic case for the HS2 rail project by insisting that the high-speed link will give an annual 15 billion pound boost to the economy, with the north and Midlands gaining at least double the benefit gained by the south. ()

VINCE CABLE WARNS AGAINST GEORGE OSBORNE'S COMPLACENCY OVER RECOVERY

Coalition divisions over the British government's central economic policy will be highlighted on Wednesday when Vince Cable criticises George Osborne for showing complacency over Britain's recovery. ()

The Independent

BANKS 'TOO SLOW' TO PAY OUT ON RATE-SWAP MIS-SELLING CLAIMS, SAYS FCA

Banks are taking too long to pay out billions of pounds in compensation over mis-sold interest rate swaps, the head of Britain's Financial Conduct Authority watchdog said today. ()

NEW FIGURES CAST DOUBT ON GEORGE OSBORNE'S CLAIMS THAT COALITION AUSTERITY PROGRAMME HAS BEEN VINDICATED

George Osborne's claim that his austerity programme has been vindicated has been thrown into doubt by new research which suggests that tax rises and spending cuts have made the economy 3 percent smaller. ()

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