PRESS DIGEST- British Business - July 28

July 28 Sun Jul 27, 2014 8:40pm EDT

July 28 (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

RBS COULD CLAW BACK BONUSES FROM TURNAROUND DIVISION

Royal Bank of Scotland could claw back millions of pounds in bonuses from staff working for its controversial turnaround unit after it was revealed that the bank has set aside 17 million pounds ($28.86 million) in pay awards. (thetim.es/1rVCtgS)

RECKITT BENCKISER SET TO SPLIT OFF U.S. PHARMA DIVISION

Reckitt Benckiser, the maker of Nurofen and Cillit Bang, is likely to confirm it will spin off RBP, its American pharmaceuticals division, when it announces half-year results this morning. (thetim.es/1lKO39G)

The Guardian

U.S. INVESTOR SUES THREE BANKS OVER SILVER PRICE

HSBC, Deutsche Bank and the Bank of Nova Scotia have been accused of attempting to rig the price of silver in the latest price fixing scandal to rock the banking industry. (bit.ly/WZxEbY)

STRONG POUND TRIGGERS RISE IN PROFIT WARNINGS

Profit warnings from British companies have hit a three-year high despite the improving economy, with the strong pound a growing problem for businesses with overseas operations. (bit.ly/1rOuRxK)

The Telegraph

SMITH & NEPHEW BOSS: 'I DON'T WANT A MEGA-MERGER'

The boss of perennial bid target Smith & Nephew has criticised "defensive" mega-mergers and tax-driven deals that have swept the healthcare sector in the last few months. Chief Executive Olivier Bohuon said he was not interested in striking a deal with another large med tech company. (bit.ly/1k2yn6u)

COLLINGWOOD MULLS SALE TO PRIVATE EQUITY FIRM

Learner-driver car insurance firm Collingwood Insurance Services is exploring selling the business to private equity. Sources said that a clutch of mid-market private equity firms had already been sounded out for the business which has earnings before interest, tax, depreciation and amortisation of about 6 million pounds. (bit.ly/1ptAEnM)

Sky News

FORMER CBI CHIEF TO AID OSBORNE MARKETS PROBE

Richard Lambert, who ran the Confederation of British Industry until 2011, will this week be appointed to scrutinise a Government-led probe into financial markets launched in the wake of a string of major trading scandals. (bit.ly/1prHEBD)

The Independent

VINCE CABLE GOES OFF MESSAGE ON SLOW GROWTH IN WAGES

British Business Secretary Vince Cable, in a series of articles for regional newspapers, warned that wage growth was sluggish and the economy remained stubbornly imbalanced. His comments came after Chief Secretary to the Treasury Danny Alexander and Finance Minister George Osborne trumpeted GDP figures showing growth was now at record levels. (ind.pn/1pr1Nrw)

($1 = 0.5890 British pounds) (Compiled by Richa Naidu; Editing by Sandra Maler)