PRESS DIGEST- British Business - Aug. 1

Thu Jul 31, 2014 7:55pm EDT

Aug 1 (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

SHELL CITES 'ACT OF GOD' AND BREAKS OFF DRILLING IN STRIFE-TORN EAST UKRAINE

Royal Dutch Shell has mothballed a multibillion-dollar shale gas joint venture in eastern Ukraine amid the escalating conflict with Russia. (thetim.es/1qukexc)

WATCHDOG'S PROFIT CLAIMS INFLATED, SAYS CENTRICA

Centrica, the owner of British Gas, has attacked the energy industry regulator for making "false" accusations of profiteering in an escalating rift over the size of household bills for electricity and gas. (thetim.es/1kpiesp)

BALFOUR ACCUSES CARILLION AS MERGER COLLAPSES OVER U.S. SALE

Balfour Beatty has ended discussions for a proposed 3 billion pound ($5.07 billion) merger with Carillion and angrily accused its construction industry rival of scuppering the proposed tie-up. (thetim.es/1oaqZWk)

The Guardian

SCANDALS DENT PROFITS AT LLOYDS AS PPI BILL RISES 600 MLN STG

Profits at Lloyds Banking Group more than halved in the first six months of the year as its bill for the payment protection insurance scandal increased by 600 million pounds and it paid out penalties for rigging interest rates. (bit.ly/1lfitRF)

PADDY POWER ADMITS PERSONAL DETAILS OF 649,000 CUSTOMERS WERE STOLEN IN 2010

Irish bookmaker Paddy Power has revealed its website was hacked in 2010 and personal details of more than 649,000 customers stolen. (bit.ly/1xHiWkY)

The Telegraph

SANTANDER: BANK CLAWBACK RULES THREATEN UK

The head of Santander UK, Britain's fifth-largest high street bank, has said that regulations to introduce seven-year clawbacks on bankers' bonuses could threaten London's position as a leading financial centre. (bit.ly/1u5197e)

BT PROFITS BOOSTED BY FIBRE AND FOOTBALL

Strong demand for faster internet access helped BT deliver a 7 percent increase in profits for the first quarter, as the company also continued to strip costs out of its struggling IT services division. (bit.ly/1qOkr2Y)

Sky News

FORMER LIBOR BOSS QUITS TOP UK POST AT UBS

Mark Yallop, who played a key role in the administration of the scandal-hit Libor benchmark, will leave his role as UBS's UK chief executive at the end of September. (bit.ly/1pIH5DH)

The Independent

ROBERT TCHENGUIZ GETS 1.5 MLN STG IN DAMAGES AFTER BOTCHED SFO INVESTIGATION

Britain's Serious Fraud Office has agreed to pay property tycoon Robert Tchenguiz 1.5 million pounds in damages in one of the most embarrassing episodes to hit the agency following a botched investigation. (ind.pn/1qOj8kQ) ($1 = 0.5922 British pounds) (Compiled by Richa Naidu)

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