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PRESS DIGEST - British Business - Sept 10
September 10, 2013 / 12:46 AM / in 4 years

PRESS DIGEST - British Business - Sept 10

Sept 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

BARCLAYS TO PAY $36 MLN TO SETTLE SUBPRIME MORTAGE CLAIMS

Barclays has agreed to pay $36.1 million to settle charges it hurt U.S. homeowners by packaging subprime mortgages that the borrowers could not afford, and which violated state law, into securities. ()

JAGUAR LAND ROVER TO CREATE 1,700 UK JOBS TO BUILD SPORTS CARS

The UK-based car maker, owned by India’s Tata conglomerate, said it would invest 1.5 billion pounds ($2.36 billion)to introduce new one-piece “aluminium vehicle architecture” into its range. ()

The Guardian

ICAP TO BE FINED FOR LIBOR RIGGING

Money broker ICAP is poised to become the fourth major financial services firm to be fined for rigging Libor and is facing fines of up to 70 million pounds from regulators on both sides of Atlantic. ()

IT GLITCH HITS LLOYDS AND TSB ON MORNING OF BANK SPLIT

TSB was hit by teething problems on its launch morning as technical issues caused the bank’s website to crash, meaning customers were unable to access their accounts online. ()

UK GDP GROWTH LIMITED TO 1 PCT IN LONGER TERM, ECONOMISTS WARN

Britain’s economic growth will be limited to just 1 percent in the longer term as higher government spending, dwindling North Sea oil stocks and an ageing population all take their toll on the country’s potential output, a group of economists has warned. ()

The Times

IT‘S SUNTORY TIME, SO PASS THE LUCOZADE AND RIBENA

Two more British household names have fallen into foreign hands with the sale of Lucozade and Ribena yesterday by GlaxoSmithKline to Suntory Beverage & Food for 1.35 billion pounds. ()

FOXTONS RAISES BAR FOR STOCK MARKET LISTING

Foxtons has opened an investor roadshow to gain support for a stock market debut that could value the London estate agency at more that 550 million pounds. ()

PRIMARK CLICKS OUT OF ITS ONLINE EXPERIMENT

The online tie-up between Primark and ASOS is about to come to an end with the discount fashion chain ruling out launching its own web operation. ()

SHELL CAUGHT IN STORM ON SOUTH BANK

Canary Wharf Group and Qatari Diar are facing a multimillion-pound bill to defend their proposed redevelopment of the Shell Centre in Central London after a public inquiry was called. ()

The Independent

DELOITTE GIVEN RECORD 14 MLN STG FINE OVER MG ROVER/PHOENIX AFFAIR

Deloitte was yesterday punished with a record 14 million pound fine from Britain’s accountancy watchdog for failing to manage conflicts of interest over their advice to the car maker MG Rover. ()

GLENCORE DIGS ITSELF DEEPER IN AT LONMIN

The coal miner-to-wheat trading giant Glencore Xstrata moved to take greater control of Lonmin yesterday, as the beleaguered platinum group continues to struggle with trade unions in South Africa. ()

VODAFONE HITS A HITCH OVER 6 BLN STG BID FOR GERMAN FIRM

Vodafone was yesterday facing a surprise hitch over its 6.6 billion pound take-over of Kabel Deutschland, as not enough shareholders in the German company look set to approve it by tomorrow’s deadline. ()

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