PRESS DIGEST- British Business - June 10

June 10 Mon Jun 9, 2014 8:28pm EDT

June 10 (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

DIAGEO SWINGS JOBS AXE IN COST-CUTTING DRIVE

Diageo, the maker of Johnnie Walker scotch whisky, has cut around 200 head office and regional jobs as its new chief executive, Ivan Menezes, cracks down on costs. (link.reuters.com/cuc99v)

TIME WARNER CLOSES IN ON VICE DEAL

Time Warner is close to buying a large stake in Vice Media that would value the alternative media company at between $2 billion and $3 billion. (link.reuters.com/rad99v)

The Guardian

THREATS TO SUE OVER TALL STOREYS OF 100 MLN STG LONDON TOWER

Credit Suisse may face legal action over Irish investor Tom Ryan's failed development bid for a 1980s office block in Canary Wharf. (link.reuters.com/duc99v)

LLOYDS BANKING GROUP PUSHES TSB FLOAT WITH LOW SHARE PRICE

Lloyds Banking Group has underlined its determination to entice investors to back the stock market flotation of TSB by pricing shares in the new bank below its own valuation of the 631 branch network. (link.reuters.com/sad99v)

The Times

INVESTOR FURY OVER MIKE ASHLEY BONUS FUND

The board of Sports Direct has reignited a row with its minority investors over executive rewards by creating a 200 million pound ($335.82 million) bonus fund that conceals a likely payout for Mike Ashley, its billionaire founder. (link.reuters.com/tad99v)

TESCO BLOWS OUT THE BANKING INDUSTRY'S 'SMOKE AND MIRRORS'

Tesco has thrown down the gauntlet to the high street banks by launching its first current account, paying interest of 3 per cent and promising to eschew the industry's "smoke and mirrors" charging tactics. (link.reuters.com/guc99v)

FLOTATION STILL ON THE MENU FOR SSP DESPITE TURMOIL

The boss of SSP played down recent "blips" in the stock market yesterday as the airport catering specialist served up appetising profits in advance of a possible 2 billion pound flotation. (link.reuters.com/fuc99v)

The Independent

GODADDY FILES FOR IPO

Website domain company GoDaddy said late on Monday it has filed papers with regulators for an initial public offering of shares. (link.reuters.com/vad99v)

CAFFE RITAZZA OWNER EYES EMPTY TUBE TICKET OFFICES

The company behind coffee shops, food stores and restaurants at airports and train stations is hoping to cash in on Transport for London's plans to install retailers in soon- to-be empty ticket offices at Underground stations. (link.reuters.com/wad99v) ($1 = 0.5956 British Pounds) (Compiled by Richa Naidu in Bangalore; Editing by Lisa Shumaker)

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