PRESS DIGEST- British Business - June 4

Tue Jun 3, 2014 8:34pm EDT

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

ROYAL BANK OF SCOTLAND CAPS RISKY MORTGAGES

Royal Bank of Scotland has become the second bank in the space of two weeks to limit risky mortgage lending amid fears of unsustainable house price inflation. (link.reuters.com/qez79v)

UK DEALMAKING DROPS TO LOWEST LEVEL ON RECORD

Takeover activity between British companies fell to its lowest level on record during the first quarter of the year, according to official figures. (link.reuters.com/rez79v)

UK HOUSE PRICES SURPASS PRE-CRISIS LEVELS TO HIT NEW HIGH

UK house prices have jumped over the past year to a record high of 186,512 pounds ($312,200), rising above its pre-financial crisis peak, Nationwide figures show. (link.reuters.com/pez79v)

The Guardian

ONE MILLION FEWER CUSTOMER VISITS A WEEK AT TESCO

Tesco appears to have lost more than 1 million customer visits a week, worth 25 million pounds in sales, with its market share showing the biggest decline for at least 20 years. In the 12 weeks to 25 May, Tesco's sales fell 3.1 percent from a year earlier and Morrisons' sales dipped 3.9 percent, according to figures compiled by Kantar Worldpanel. (link.reuters.com/tez79v)

VODAFONE TO SHUT SILICON VALLEY TECH INCUBATOR AND BOOST LONDON HUB

Vodafone is to close its research facility in Silicon Valley and expand its London team as the telecommunications company seeks to tap into UK engineering skills. (link.reuters.com/buz79v)

The Times

LLOYDS WALKS AWAY FROM FINANCE DEAL WITH ROSNEFT

The fall-out from the rising tension between the west and Russia over its actions in Crimea and eastern Ukraine struck at the heart of the City last night after Lloyds Banking Group withdrew from a trade finance deal with Rosneft worth up to $2 billion. (link.reuters.com/baz79v)

MICHAEL BROWN QUITS FOXTONS JUST NINE MONTHS AFTER FLOAT

The chief executive of Foxtons has stepped down unexpectedly less than nine months after bringing the estate agent to the stock market. Michael Brown is to leave Foxtons for personal reasons after 12 years, the company said yesterday. He had taken compassionate leave in April. (link.reuters.com/ryx79v)

The Independent

MARKIT IPO PRICING VALUES TRADING DATA COMPANY AT UP TO $4.4 BLN

London-based trading data company Markit, which competes with Thomson Reuters and Bloomberg, said late on Tuesday it expects its Nasdaq initial public offering to price between $23 and $25 a share, raising up to $1.1 billion and valuing the whole of the company at up to $4.4 billion. (link.reuters.com/fuz79v) ($1 = 0.5974 British Pounds) (Reporting by Richa Naidu in Bangalore; Editing by Lisa Shumaker)

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