PRESS DIGEST - British business - June 20

The Times

HBOS CHIEF REVEALS FIVE BILLION POUNDS IN PROBLEM HOME LOANS.

HBOS HBOS.L gave a downbeat forecast of the housing market on Thursday. It disclosed that it has almost five billion pounds of problem home loans on its books. HBOS has predicted a nine per cent fall in property prices this year. Standard and Poor's has knocked HBOS's rating down from "stable" to "negative".

SHELL DEEPWATER PLATFORM ATTACKED AS NIGERIAN SEPARATISTS STEP.

An attack by armed separatists in speedboats has forced Royal Dutch Shell (RDSa.L) to shut down Bonga, its largest offshore oil production unit in Nigeria, removing a tenth of the country's output. The raid caught oil operators off guard. As the deep water installations in the Gulf of Guinea had previously been though to be beyond the reach of militant groups.

MULBERRY

The luxury food brand Mulberry (MUL.L) has said that it is yet to see any signs of a consumer slowdown. This comes despite Mulberry reporting a 16 per cent fall in full-year pre-tax profits, which are down to 5.2 million pounds. The group has blamed higher marketing expenditure and said its sales rose by 14 per cent

The Daily Telegraph

IMPERIAL STUBS OUT 15 PER CENT OF UK JOBS

Imperial Tobacco (IMT.L) is to cut 15 per cent of its UK workforce as part of a cull of 2,440 employees globally. This comes after its acquisition of Spanish rival Altadis ALT.MC in January this year. The job reductions will take place over three years as the company integrates Altadis into the business.

M&S BIDS TO BOOST SALES WITH VOUCHERS

Marks and Spencer (MKS.L) has distributed nearly one million discount vouchers in a bid to boost sales before next month's trading update. More than 70,000 staff have been sent vouchers offering 20 per cent off clothing, food and housewares. Marks and Spencer shares have halved over the last 12 months despite the group posting profits of more than one billion pounds. The shares closed on Thursday at 342 pence after little change.

LAND OF LEATHER SALES PLUNGE 35 PER CENT

Sales at Land of Leather LAN.L, the sofa retailer, fell by 35 per cent in May on a like-for-like basis. The company said that it expects the appalling conditions in the furniture market to continue well into 2009. The company plans to raise 15 million pounds through a new share issue. It will place almost 30 million shares at 50 pence and consolidate its existing equity on a one for ten basis.

The Independent

CENTRICA WARNS OF LARGE RISES IN BILLS