July 10, 2013 / 12:56 AM / in 4 years

PRESS DIGEST - British Business - July 10

July 10 (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 Telegraph

IMF UPGRADES UK GROWTH AS ITS CUTS REST OF THE WORLD

The International Monetary Fund has raised its forecast for UK’s growth this year in the face of sharp cuts to world, U.S., euro zone and emerging market predictions as it warned that “downside risks to global prospects still dominate”. ()

RUPERT MURDOCH RECALLED TO FACE MPs OVER SECRET TAPE

Rupert Murdoch has been recalled to face questioning by MPs after a tape emerged on which he appeared to express regret over cooperation with police investigating his British newspapers and describe corrupt payments to public officials for information as “the culture of Fleet Street”.()

UK COAL FALLS INTO HANDS OF STATE PENSION RESCUE SCHEME AFTER BLAZE

Britain’s biggest remaining coal miner has fallen into the state pension rescue scheme after a devastating fire. ()

The Guardian

SHELL NAMES BEN VAN BEURDEN NEW CHIEF EXECUTIVE

Royal Dutch Shell has named Ben van Beurden its next chief executive from Jan. 1, 2014. He will succeed Peter Voser, who will leave at the end of March next year after 29 years with the Anglo-Dutch energy giant. ()

CO-OPERATIVE BANK RESCUE DEAL ‘COULD RESULT IN NATIONALISATION’

The Co-operative Bank’s 1.5 billion pound ($2.2 billion) rescue package faced sharp criticism on Tuesday from bondholders who are accusing the City regulator of taking a punitive and arbitrary approach to the Manchester-based bank’s capital requirements. ()

NYSE BODY TO RUN LIBOR AS CITY ATTEMPTS TO PUT SCANDAL BEHIND IT

Libor might stand for the London interbank offered rate, but from next year the scandal-hit benchmark rate will be set by the body that runs the New York Stock Exchange in the latest attempt to clean up the City. ()

M&S CHAIRMAN PLEADS FOR TIME AS CLOTHING SALES FALL FURTHER

Marks & Spencer’s chairman pleaded with investors to give the company time to turn around its fortunes on Tuesday after it reported underlying sales of clothing and non-food items fell for an eighth consecutive quarter. ()

BRITVIC POURS COLD WATER ON AGREED MERGER WITH RIVAL AG BARR

Two of Britain’s biggest soft drinks companies are at loggerheads after Britvic poured cold water on a potential merger with AG Barr, despite official clearance from the Competition Commission. ()

The Times

FLOTATION OF ROYAL MAIL ‘WILL LEAD TO STRIKE ACTION’

Plans to give 150,000 Royal Mail workers shares worth up to 2,000 pounds in the flotation of their company were thrown back at ministers as union leaders said privatisation of the state postal network would provoke a strike. ()

GSK STRIKES TWO-HANDED BLOW IN CANCER TREATMENT

The big drugs groups’ constant battle to discover and develop new medicines before their rivals was given a twist when GlaxoSmithKline sought to combine two existing products - and beat its Swiss rival Roche into the bargain. ()

RECORD DEAL BREAKS TIES BETWEEN CITI AND EMI

Citi has all but ended its troubled relationship with EMI after offloading the music group’s pension scheme in a record-breaking 1.5 billion pound deal. ()

The Independent

GUY HANDS RESTARTS FLOAT OF GERMAN PROPERTY ARM

Guy Hands’s property group Deutsche Annington revived plans to list its shares on the German stock market. ()

PRU CHIEF FIRES WARNING SHOT OVER INSURANCE SHAKE-UP

Britain’s insurers took a fresh sideswipe at the European Union over the continued uncertainty caused by Solvency II. ()

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