PRESS DIGEST- British Business - Jan 7
Jan 7 (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.
JPMORGAN SET TO BE FINED $2 BLN FOR ALLEGEDLY IGNORING BERNARD MADOFF PONZI SCHEME
Regulators and federal prosecutors in the United States are preparing to fine JPMorgan Chase & Co about $2 billion, after it allegedly ignored signs of Bernie Madoff's Ponzi scheme. The fine will take the investment bank's penalties to $22.2 billion, more than a fifth of its revenues.
BRITISH CAR MARKET RECORDS BEST YEAR FOR SALES SINCE 2007, SAYS SMMT
A combination of cheap credit and improved consumer confidence saw households buy more than 2.26 million vehicles in the past 12 months, a rise of 10.5 percent on 2012.
REGULATORS LAUNCH INVESTIGATIONS INTO CO-OP BANK'S 1.5 BLN STG CAPITAL SHORTFALL
Former directors of the Co-operative Bank face fines and bans from the financial services industry after two more investigations - by the Prudential Regulation Authority and the Financial Conduct Authority - into the events leading up to its 1.5 billion pounds bailout were announced.
BUSINESSES WARN LENDING CURBS WILL HIT RECOVERY
Britain's rapid recovery will be hampered in 2014 unless the government acts to encourage corporate lending, the British Chambers of Commerce warned.
ROUTE MAP WRITTEN AS YELLEN TAKES DRIVING SEAT
Janet Yellen was on Monday night confirmed by the U.S. Senate as the new head of the Federal Reserve, with the central bank's immediate strategy already mapped out for her.
SERVICES GROWTH COMPLETES HAT-TRICK FOR ECONOMY
All three key sectors of the economy powered ahead at their fastest pace since 1998 in the three months to December, fuelling speculation that growth will have surged by almost 2 percent last year. The Markit/CIPS purchasing managers' index of the manufacturing, construction and services sectors rose from 60.1 between July and September to 60.5 in the final quarter of 2013.
GEORGE OSBORNE INSISTS BRITAIN MUST MAKE 25 BLN STG MORE WELFARE CUTS IN 2014
George Osborne was accused of targeting the poor and vulnerable and sparing the rich as he outlined 25 billion pounds of new spending cuts, with half of them coming from the welfare budget.
SOFTER EUROPEAN RING-FENCE RULES COULD HURT UK BANKS
European banking watchdogs could allow banks to evade tough rules designed to ensure that lending operations are ring fenced from "casino" investment banking. The new regulation would hit 30 of the continent's biggest banks, including the big players in Britain.