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PRESS DIGEST - Sunday British business - July 20
July 20, 2014 / 1:50 PM / 3 years ago

PRESS DIGEST - Sunday British business - July 20

LONDON, July 20 (Reuters) - British newspapers reported the following business stories on Sunday. Reuters has not independently verified these media reports and does not vouch for their accuracy.

SUNDAY TELEGRAPH

TREASURY TO SET OUT RADICAL CHANGES TO UK‘S 12 BLN STG ANNUITIES MARKET

The Treasury is to set out details of the biggest changes to the pensions industry in over a century on Monday, firing the starting pistol on a rapid legislative programme designed to give savers greater choice.

David Gauke, the new financial secretary to the Treasury, is to publish a major consultation on the future of the pensions market. The document is aimed at setting out the Treasury’s detailed thinking on how the new pensions system will operate.

UNITED BISCUITS AND BIRDS EYE CHEW OVER FLOTATION

The private equity owners of Birds Eye, the frozen food group backed by Permira, and snack manufacturer United Biscuits, owned by Blackstone and PAI, are eyeing the flotation of both companies before the end of the year.

MONARCH LOOKS TO OWNER FOR 60 MLN STG INJECTION

The travel group behind Monarch Airlines and tour operator Cosmos is in talks with its Swiss owner to inject as much as 60 million pounds into the business amid continued tough trading.

SAB MILLER, TALKTALK FACE REVOLTS OVER PAY

The bosses of SABMiller and TalkTalk are next in the firing line for a public revolt on pay after an investor group called for shareholders to vote against their remuneration policies next week.

CVC NEARS THE END OF ITS RUN AS F1 OWNER

Formula One is on track to get a new owner by next year. Its largest shareholder, the private equity firm CVC, will be forced to sell its 35 percent stake in the business by next July unless the majority of its investors agree otherwise.

CHARLES STANLEY TO TAKE AXE TO DEALERS

Charles Stanley, the 222-year-old wealth manager and stockbroking firm, is preparing to axe a fifth of its equity dealers.

SUNDAY TIMES

SKY POISED FOR 20 BLN STG PAY-TV COUP IN EUROPE

BSkyB is finalising plans to create a European pay-TV giant, and is set to seal the takeover of sister companies in Italy and Germany over the next fortnight, sources said.

The deal will provide a windfall of more than 8 billion euros ($11 billion) for Fox, which controls Sky Italia and Sky Deutschland.

BANKS ON RACK AS SFO LAUNCHES PROBE INTO CURRENCY TRADING

The Serious Fraud Office is to begin a criminal inquiry into the alleged rigging of the 3.1 trillion stg a day foreign-exchange markets by traders at big banks. The SFO is expected to announce the move within days.

PROFITS SLIDE AT GLAXO HEAPS PRESSURE ON WITTY

Glaxo Smith Kline is expected to unveil a sharp decline in profits this week, piling further pressure on the chief executive Sir Andrew Witty.

LITTLE CHEF SAVIOUR IN 11-TH HOUR BID TO STAVE OFF UNIPART COLLAPSE

The former owner of Little Chef has made an 11th-hour bid to save Unipart Automotive, the car parts supplier teetering on the brink with 1,600 jobs at risk. Buyout firm R Capital is understood to be interested in buying it whole rather than breaking it up.

MCCARTHY AND STONE EYES 500 MLN STG MARKET RETURN

Britain’s biggest retirement homes builder has begun sounding out investment banks about an autumn refinancing that could lay the ground for a 500 million pound-plus return to the stock market next year.

AMERICANS BUY SEAT IN THE HUT FOR 100 MLN STG

Online retailer The Hut, which counts Sir Terry Leahy and Sir Stuart Rose among its backers, is poised to sell a stake in the business to a consortium led by KKR in a deal that will value it at 500 million pounds.

AMAZON BUILDS TOWER HQ AT SILICON ROUNDABOUT

Amazon is closing in on a deal to move its UK headquarters to a 15-storey tower near Silicon Roundabout, the cluster of technology companies in east London.

OBSERVER

STORM OVER 1 MLN STG PAYOFF FOR CO-OP BOSS WHO QUIT

Euan Sutherland, who quit as chief executive of the Co-operative Group after only 10 months in the job amid a high-profile row over his remuneration package, is to receive a 1 million-pound payoff. ($1 = 0.7391 Euros) (Compiled by Freya Berry)

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