PRESS DIGEST- British Business - July 15

July 15 Mon Jul 14, 2014 8:05pm EDT

July 15 (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 Times

WILLIAM HAGUE STANDS DOWN AMID BLOODY CABINET PURGE

William Hague is standing down as British foreign secretary it was announced last night as Prime Minister David Cameron carried out a bloody cabinet purge. (thetim.es/1qb5yrk)

SHIRE FINALLY TEMPTED BY 1 BLN STG MEGA-MERGER WITH U.S. RIVAL

The blockbuster merger between Shire and AbbVie took a big step closer after the British drugs company announced it is willing to recommend a sweetened 31.4 billion pound ($53.43 billion) bid. (thetim.es/1qb5DLB)

BRITISH BANK SUES TYCOON FOR 35 MLN STG AMID FRAUD CLAIMS

Standard Chartered has launched a legal attack on the Chinese tycoon at the centre of a "missing metals" fraud scandal that has hit commodities trading at one of the world's busiest ports. (thetim.es/U5nvZp)

The Guardian

CO-OP BANK CHAIRMAN JOINS ALLIED IRISH BANK

Veteran banker Richard Pym has been appointed chairman of Allied Irish Bank, the lender that received a 21 billion euro ($28.65 billion) bailout from the Irish taxpayer. (bit.ly/1npFEYN)

CHINA CHARGES GSK FOREIGN CONSULTANTS WITH ILLEGAL INVESTIGATION

Chinese prosecutors have formally indicted a British-U.S. couple on the charge of "illegally obtaining private information on Chinese citizens", one year after they were detained in connection with an increasingly murky bribery case against the British drugmaker GlaxoSmithKline. (bit.ly/1yj1qpA)

INTEREST RATE FEARS PUT BRAKES ON SALES

Shoppers put the brakes on spending last month amid concerns over the potential for higher interest rates, a retail industry report suggests. (bit.ly/1oW0OlE)

The Telegraph

CABLE BLOCKS 1 BLN STG SALE OF LAND REGISTRY IN WAKE OF BOTCHED ROYAL MAIL DEAL

Britain's government has scrapped plans to privatise the Land Registry after Vince Cable vetoed the deal in the wake of Royal Mail's controversial flotation. (bit.ly/1wmVlp7)

SCOTTISH INDEPENDENCE COULD SEE STERLING FALL 10 PCT, SAYS MORGAN STANLEY

Scottish independence could see the value of sterling drop by up to 10 percent, leave the rest of the UK more exposed to financial risks and delay a decision on increasing interest rates beyond the general election. (bit.ly/1qaOoKy)

KIDDICARE SOLD FOR 2 MLN STG TO ENDLESS PRIVATE EQUITY

Supermarket group Morrisons has sold its childrenswear business, Kiddicare, for 2 million pounds to private equity firm Endless after a brief, but disastrous ownership. Morrisons bought Kiddicare for 70 million pounds in 2011 but suffered a 163 million pound write down on its investment. (bit.ly/WdgYh6)

Sky News

CITY WATCHDOG TO UNVEIL PAYDAY LOAN CAP

Britain's financial regulator will unveil plans on Tuesday for a lower-than-expected cap on the cost of payday loans in a move that will create one of the world's most stringent regulatory regimes for the fast-credit industry. (bit.ly/1mbuaYI)

The Independent

BANK OF ENGLAND URGED TO RESOLVE JOBS 'CRISIS' BEFORE RAISING RATES BY TUC

The Trades Union Congress will today seek to send a shot across the bows of hawks on the Bank of England's Monetary Policy Committee by warning that unemployment is still too high to contemplate a rise in interest rates. (ind.pn/1knB4ud) ($1 = 0.5877 British pounds) ($1 = 0.7331 euros) (Compiled by Richa Naidu in Bangalore; Editing by Lisa Shumaker)

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