PRESS DIGEST- British Business - Feb 25

Mon Feb 24, 2014 8:05pm EST

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Feb 25 (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

TESCO BRAND HAS 'BAGGAGE', ADMITS CHIEF EXECUTIVE PHILIP CLARKE

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The Tesco boss will on Tuesday unveil a refreshed strategy for the UK and is expected to sacrifice the company's industry-leading profit margin of 5.2 percent.

BRITAIN MUST BUILD 'SPECIAL RELATIONSHIP' WITH CHINA, SAYS MICHAEL FALLON

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Britain must forge an alliance with China that is as strong as its "special relationship" with the U.S. or it could miss out on the developing nation's huge consumer boom, according to the minister for business and enterprise.

NORTH SEA OIL INDUSTRY NEEDS 'URGENT' GOVERNMENT HELP AS EXPLORATION SLUMPS TO ALL-TIME LOW

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North Sea oil exploration is at a "worrying" all-time low and needs urgent government action such as tax breaks to stimulate drilling, Sir Ian Wood has warned.

The Guardian

HSBC HANDS ALLOWANCES TO HUNDREDS OF BANKERS TO AVOID EU BONUS CAP

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A defiant HSBC is handing its Chief Executive Stuart Gulliver allowances worth 32,000 pound a week - on top of his 1.2 million pound salary - to get around the EU's cap on bonuses, in a move that is expected to be replicated by the other high street banks.

TESCO IN TALKS OVER STRUGGLING TURKISH BUSINESS

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Tesco has confirmed it is in talks with several companies over a possible restructuring of its struggling business in Turkey. Last October, Tesco said its business in eastern Turkey could be restructured, but it would not exit the country.

The Times

HUNDREDS OF SHOPS FACE AXE IN 3.4 BLN STG DIXONS MERGER

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Landlords fear that hundreds of stores could close if Dixons and Carphone Warehouse merge - a deal that would create a FTSE 100 company worth more than 3.4 billion pounds.

HEATHROW WORKERS LOSE JOBS AFTER AIRPORT'S LANDING FEES DEFEAT

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Heathrow revealed that it had begun a 22 million pound restructuring that will involve reducing the 1,000-strong workforce of its central organisation by a fifth.

Sky News

NAMES EMERGE FOR RBS JOB AS REVAMP LOOMS

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Sir Sandie Crombie and Brendan Nelson, who sit on the taxpayer-backed lender's board as non-executive directors, are being discussed as possible successors to Sir Philip Hampton.

BANK LEVY DAMAGING CITY, BBA WARNS OSBORNE

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The UK government's bank levy undermines both its own desire for a stable tax regime and the City's status as a leading financial centre, the industry's main lobbying group has warned George Osborne.

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