PRESS DIGEST- British Business - Oct 7
Oct 7 - 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.
BIG INVESTORS POISED TO SWOOP ON 'CHEAP' ROYAL MAIL SHARES
Institutional investors are preparing to take the lion's share of the biggest government flotation in 20 years as Royal Mail stocks go on sale at what critics say is a substantial discount to their real value.
REGULATOR 'DANGEROUSLY NAIVE' OVER CO-OP BANK RESCUE TALKS
The banking regulator is at risk of stoking a row between the Co-operative Bank and key investors after it emerged that Andrew Bailey, chief executive of the Prudential Regulation Authority, had direct contact with U.S. hedge funds that want to tear up a 1.5 billion pound deal to save the lender.
CRUNCH TIME IN 350 MLN STG WAGON WHEELS AUCTION
More than half-a-dozen bidders have tabled offers for the owner of Wagon Wheels, the UK's second-biggest biscuits manufacturer.
GOLDMAN FUND WINS 720 MLN STG BATTLE FOR HASTINGS
A fund managed by Goldman Sachs will next week emerge as the biggest shareholder in Hastings, one of Britain's fastest-growing insurance companies, Sky News said.
BANKS PUT TO THE TEST OVER CYBER SECURITY
Banks will launch the most extensive cyber threat exercise in two years next month as authorities test the preparedness of the financial system to survive a sustained online attack.
OPEC CHIEF BACKS OSBORNE'S FUEL DUTY FREEZE
Chancellor George Osborne gained support from the head of the Organisation of the Petroleum Exporting Countries (Opec) after he announced a freeze on fuel duties until 2015. Abdalla el-Badri said governments increasing taxes on fuel are the main culprits behind higher prices at the petrol pump and not the actual cost of crude oil, which Opec is often accused of manipulating.
ENERGY LOBBY INSIDERS WILL LEAD COLD WAR AGAINST LABOUR
Ed Miliband's threatened price freeze will be resisted by people representing the big six power companies who have been put in key places in government.
CADBURY'S ATTEMPT TO TRADEMARK DAIRY MILK PURPLE BLOCKED
Cadbury has lost a five-year court battle to register a distinctive shade of purple as a trademark for its chocolate bars.
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