May 30 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.
DRUGS AND PROSTITUTION ADD 10 BLN STG A YEAR TO UK ECONOMY
Prostitution and illegal drugs are contributing around 10
billion pounds a year to the British economy, according to data
by the Office for National Statistics.
RUDDERLESS CENTRICA NEEDS TO CHANGE TACK, LEADING ANALYST
A "rudderless" Centrica should overhaul its strategy and
stop trying to be "a poor man's BG Group", a leading analyst
warned on Thursday after the energy giant confirmed that British
Gas boss Chris Weston had resigned.
BANK OF ENGLAND DIRECTOR DEFENDS QE AND LOW INTEREST RATES
Britain would be a significantly poorer country without deep
cuts in interest rates and the Bank of England's emergency
injection of 375 billion pounds into the economy through its
controversial quantitative easing programme, Andrew Haldane,
Bank of England's executive director for financial stability,
FOOTBALL WORLD CUP TEAM WORKS ON KEEPING BRITAIN'S KETTLES
Managers at the National Grid are trying to assess
what extra power might be needed to cope with a surge in
electricity demand as kettles are brewed and lights turned on
during England's opening and late-night game against Italy.
BUSINESS LENDING SLUMPS DESPITE PRESSURE BY BANK
Corporate lending by Britain's biggest banks collapsed this
year, dealing a crushing blow to policymakers' recent efforts to
improve the supply of credit for businesses. Loans made through
the Bank of England's Funding for Lending Scheme fell by £2.7
billion in the three months to April.
TUNGSTEN FINALLY SEALS 30-MLN-STG BANK TAKEOVER
Edi Truell, the founder and chief executive of Tungsten Corp
, announced he had at last succeeded in buying First
International Bank of Israel, more than seven months after
announcing plans for the deal.
EX-RBS CHIEF HOURICAN EYES LONDON BANK FLOAT
A London share listing for Bank of Cyprus is one of
a range of options that will be considered by John Hourican, the
former boss of Royal Bank of Scotland's investment
banking arm, who took over as its chief executive last October.
TESCO SIGNS DEAL FOR CHINA JOINT VENTURE
Britain's biggest supermarket chain Tesco Plc has
signed a partnership deal to form China's biggest food retailer.
The joint venture will see Tesco combine its 131 outlets with
China Resources Enterprise's Vanguard business that
already has 2,986 stores.
(Compiled by Aashika Jain in Bangalore; Editing by Jan Paschal)