PRESS DIGEST- British Business - July 16
July 16 (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.
REGULATOR PLANS 15 REFORMS TO STOP FOREX CHEATS
The Financial Stability Board has proposed 15 reforms in the wake of allegations of manipulation, and the launch of dozens of investigations around the world into banks. (thetim.es/1l117Y8)
CARNEY'S RATE-RISE REMARK WAS 'MEANT TO STOP BOND CRASH'
The governor of the Bank of England revealed that his surprise comment about interest rates last month was designed to puncture the complacency of markets and reduce the risk of a destabilising 1994-style bond market crash. (thetim.es/1mfsCwP)
BLINKX PLANS BUY-BACK TO 'BURN THE SHORTERS'
The management of Blinkx, the online video company hit by a bear raid earlier this year, is poised to launch a share buyback programme to shore up support for its stock after investors told the company to "burn the shorters". (thetim.es/Wg2soV)
UK INFLATION RISES IN JUNE ON FOOD AND CLOTHES PRICES
Food price rises and delayed summer clothes sales by high street retailers lifted Britain's inflation rate to a five-month high in June, well above forecasts. (bit.ly/1t0HAfO)
RICHARD BAKER TO TAKE OVER AS CHAIRMAN OF WHITBREAD
Richard Baker has taken his first prominent City role since the private equity-backed takeover of Alliance Boots in 2007, succeeding Anthony Habgood as chairman of Whitbread. (bit.ly/1jNxOhb)
TESCO CLASHES WITH FARMERS' UNION OVER NEW ZEALAND LAMB
Tesco is facing criticism from farmers for promoting New Zealand lamb at the height of the British season for the meat, despite its promises to back local producers. (bit.ly/1t0gWnb)
MARK CARNEY BLASTS BIS FOR CALLING FOR RATE RISES IN A 'VACUUM'
The governor of the Bank of England has rejected the Bank of International Settlement's call to raise interest rates faster saying the recommendation was "outside political and economic reality". (bit.ly/1qcS2nc)
LLOYDS NEARS DEAL WITH REGULATORS ON LIBOR FINES
Lloyds Banking Group is believed to be nearing a settlement with regulators in the U.S. and UK over alleged Libor rigging, making the taxpayer-backed lender the latest in a long line of banks to face heavy fines. (bit.ly/1mSNrm1)
NEW UK ENERGY MINISTER FACES FRACKING BATTLE
Matt Hancock's first major task on stepping into Michael Fallon's shoes at Britain's Department of Energy and Climate Change will be to persuade world-scale oil and gas companies to bid in the biggest auction yet to develop shale resources. (bit.ly/1ymV2gT)
BANKS SUMMONED OVER 'DOOMSDAY' STRESS TESTS
Britain's biggest lenders have been summoned to the Bank of England as the industry prepares to undergo a searching test of its ability to withstand a sterling and housing market crash. (bit.ly/1qcWuSI) (Compiled by Richa Naidu; Editing by Lisa Shumaker)