PRESS DIGEST- British Business - July 31

Wed Jul 30, 2014 7:41pm EDT

July 31 - 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

FOR BANKERS, CLAWBACK MEANS A SEVEN-YEAR HITCH

Banks and building societies face a bill of 260 million pounds ($439.63 million) to put in place strict new rules that will overhaul the way lenders and regulators oversee finance professionals and will allow the clawback of bonuses up to seven years after they are awarded. (thetim.es/Xh8YMm)

ENERGY FIRMS DOUBLE PROFITS IN JUST 12 MONTHS

Energy firms are set to double their profits in the space of 12 months after refusing to pass on to customers huge falls in the cost of wholesale oil and gas. (thetim.es/1lYwNxX)

The Guardian

BARCLAYS' PPI CLAIMS RISE BY 900 MLN STG AS PROFITS FALL

The cost of the payment protection insurance scandal has soared again after Barclays set aside another 900 million pounds to cover the costs of compensating customers mis-sold the insurance product. (bit.ly/1nKltdt)

CENTRICA IN TALKS WITH GOVERNMENT OVER IMPACT OF RUSSIA SANCTIONS

Britain's largest domestic energy supplier, Centrica , is in talks with the government as fears mount that a worsening stand-off with Russia could undermine an important power deal. (bit.ly/1rH55cQ)

HSBC SHUTS ACCOUNTS OF MUSLIM ORGANISATIONS, INCLUDING FINSBURY PARK MOSQUE

Three Muslim organisations, including the Finsbury Park mosque, are demanding answers from HSBC after being told by the bank that their accounts were being shut down. (bit.ly/1zx8VJY)

The Telegraph

U.S. CABLE GIANT AMC 'IN TALKS' TO TAKE 50 PERCENT STAKE IN BBC AMERICA

AMC Entertainment, the U.S. cable TV broadcaster home to such hits as 'The Walking Dead' and 'Mad Men', is in talks to buy a stake of around 50 percent in BBC America, according to reports. (bit.ly/1k8asmd)

STRONG POUND PLAYS HAVOC WITH UK PLC

The damaging impact the strong pound is having on UK exporters and companies with sizeable operations abroad was laid bare on Wednesday, as British American Tobacco, National Express, ITV and Barclays all warned that the appreciation of sterling had put a dent in profits and revenues. (bit.ly/WNMIcT)

Sky News

CO-OP REVAMP GOES ON WITH SECURITY ARM SALE

The restructuring of the Co-operative Group is poised to continue with the sale of its security arm in a deal that will raise money to help shore up its troubled finances. (bit.ly/1pGodFi) ($1 = 0.5914 British pounds) (Compiled by Richa Naidu)

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