PRESS DIGEST- British Business - Nov 1

Thu Oct 31, 2013 9:20pm EDT

Nov 1 (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

RBS PREPARES TO UNVEIL NEW 'BAD BANK'

Royal Bank of Scotland is expected to confirm on Friday that it is to create a "bad bank" with more than 30 billion pounds ($48.20 billion) of assets following a review of its operations ordered by the Treasury. ()

BARCLAYS AND RBS NAMED IN $800M US LIBOR LAWSUIT

Barclays and Royal Bank of Scotland are among nine banks being sued for $800 million by Fannie Mae over their alleged involvement in attempts to manipulate global borrowing rates. ()

BAE WINS $688 MLN DEAL FOR U.S. ARMY HOWITZERS

BAE Systems has shrugged off concerns about America cutting defence spending, winning a $688 million deal to supply nearly 70 self-propelled 155mm howitzers and their support vehicles to the U.S. Army. ()

The Guardian

GEORGE OSBORNE 'CONSIDERS CAPITAL GAINS TAX FOR OVERSEAS BUYERS'

The government is reported to be considering a tax for overseas investors buying UK properties, in a move to stop house prices rushing out of reach of home buyers. ()

The Times

RATE CUT EXPECTED IN EUROZONE AS INFLATION PLUNGES

Eurozone inflation has plummeted to its lowest level in four years while unemployment has hit another record high, piling pressure on the European Central Bank to cut interest rates further to protect the fragile economic recovery. ()

The Independent

SHELL VOWS TO RETURN TO THE ARCTIC AS PROFITS SLIDE BY 31 PERCENT

Shell has pledged to return to the Arctic as soon as possible after revealing a further $200 million hit from the grounding of its Kulluk oil rig off the Alaskan coast on New Year's Eve. ()

BANK OF ENGLAND BACKS BETTER LIQUIDITY SUPPORT

Commercial banks will have full-time access to liquidity support in five different foreign currencies, the Bank of England announced on Thursday. ()

ASTRAZENECA'S DRUG HEADACHE LEADS TO PROFITS SLUMP

AstraZeneca's profit slumped 24 percent to $4 billion during the first nine months of the year. News that the struggling drugmaker has appointed a new finance boss - ex-GlaxoSmithKline executive Marc Dunoyer will take over from the departing Simon Lowth - could not stop its shares falling 21 percent. ()

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