PRESS DIGEST- British Business - May 8

Wed May 7, 2014 9:05pm EDT

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May 8 (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

TONY HAYWARD TO BE NAMED GLENCORE XSTRATA CHAIRMAN

Former BP chief Tony Hayward is to be named as chairman of Glencore Xstrata following a year-long search to replace Sir John Bond. Hayward, who has been interim chairman since last May, is likely to step down from his role as chief executive of Genel Energy within a year or two as a result of the new appointment. (link.reuters.com/wak29v)

CO-OP MUST REFORM 'SOON' OR FACE BREAK-UP - LORD MYNERS

The Co-operative Group has been told that unless it undertakes radical reforms "very soon" it risks heading down a road that could end with the complete dismantlement of Britain's largest mutual into a charitable foundation that would be worth "a lot less" than members think. (link.reuters.com/xak29v)

The Guardian

BARCLAYS TO CUT UP TO 8,000 INVESTMENT BANKING JOBS

Barclays will announce on Thursday that it is cutting up to 8,000 investment banking roles - almost a third of the division's workforce - as it retreats from one of the most controversial parts of its business. (link.reuters.com/zak29v)

UK CAR SALES GROWTH MATCHES 1980S RECORD

British appetite for new cars surged ahead in April, as a rosy outlook for the UK economy triggered an upwardly revised sales forecast in 2014. New car registrations rose 8.2 percent last month, to 176,820 vehicles, marking the 26th month of rising sales. (link.reuters.com/cek29v)

The Times

TEMPORARY SUBSIDIES FOR HOMEBUYERS HERE TO STAY

First-time buyers will need permanent help from the state to get on to the housing ladder once interest rates start to rise, putting pressure on the government to keep subsidy schemes designed to lift Britain out of recession in place, a leading economic consultancy said. (link.reuters.com/dek29v)

MONEY TRANSFER 'RIP-OFF HURTS WORLD'S POOREST'

Former United Nations secretary general Kofi Annan is to call on British financial regulators to investigate a "super racket" of money transfer companies that rip off poor migrants who send cash to their families in Africa. (link.reuters.com/fek29v)

The Independent

PFIZER ASTRAZENECA TAKEOVER: VINCE CABLE ON COLLISION COURSE WITH TORIES OVER 63 BLN POUND BID FOR PHARMA GIANT

The potential deal between AstraZeneca and Pfizer has been championed by the Conservatives but the Business Secretary, Vince Cable, said he would not rule out intervention if the U.S. giant fails to produce "binding" promises to protect jobs and scientific research. (link.reuters.com/gek29v)

Sky News

BARCLAYS TO AXE 20,000 JOBS BY END OF 2016

Barclays will detail plans on Thursday to cut approximately 20,000 jobs by the end of 2016 as the bank's chief executive steps up his efforts to tackle its bloated cost base. (link.reuters.com/hek29v)

EX-TRADE MINISTER EYES CO-OP BANK INVESTMENT

A private equity firm which counts a former government minister among its executives is in talks to buy a stake in the Co-op's banking arm as part of its 400 million pound rescue fundraising. (link.reuters.com/jek29v) (Compiled by Tasim Zahid in Bangalore)

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