PRESS DIGEST - British business press - Nov 4

The Times

SEEGERS IS DISCARDED AS BARCLAYS SHUFFLES THE PACK

Barclays (BARC.L) Chief Executive Frits Seegers is to leave the bank as part of an overhaul of the company's management and business structure. Seegers has resigned as a director with immediate effect and will only remain at the bank for a short handover period. Barclaycard Chief Executive Anthony Jenkins is to be promoted to the executive board and is to take charge of the newly created Global Retail Banking division, reporting directly to Group Chief Executive John Varley. Valerie Soranno Keating is to succeed Jenkins as Barclaycard chief executive.

EUROPEAN FASHION FOR PRIMARK'S BARGAINS LIFTS REVENUE AT ABF

Associated British Foods (ABF.L) has reported a 6 percent fall in pre-tax profits to 495 million pounds for the year, caused in part by a 65 million pound loss on the sale of the group's American packaged oil business. Adjusted pre-tax profits increased 4 percent to 655 million pounds based on revenues which were up 12 percent to 9.3 billion pounds. Graham Jones, analyst at Panmure Gordon, said: "The key growth driver was sugar, where ebita (earnings) rose 24 percent, and, while grocery profits where broadly flat for the year as a whole, growth in the second half was an impressive 22 percent."

M&S PREPARES TO DEPLOY BIG BRANDS IN WAITROSE WARS

On Wednesday Marks & Spencer (MKS.L) is expected to announce plans to sell branded food at all of its stores following successful trials, a move which is seen as an attempt to close the gap on rival food retailer Waitrose. Analysts expect M&S to report a fall in pre-tax profits for the first six month to 285 million pounds from 297.8 million pounds last year. M&S Executive Chairman Stuart Rose said: "Our trials have shown that an edited selection of branded grocery and household products has a place at Marks & Spencer."

TEMPUS

Hammerson (HMSO.L) - [Hold]

New Britain Palm Oil (NBPO.L) - [Buy]

Blinkx (BLNX.L) - [Pass]

The Daily Telegraph

HSBC TO CUT 1,700 JOBS IN THE UK THROUGH SECOND WAVE OF RESTRUCTURING

A further 1,700 jobs will be axed from HSBC's (HSBA.L) UK workforce in the second wave of its restructuring following the economic crisis. The cuts will mostly happen in its credit card and collections businesses as well as in its back office functions. The administrative roles will be axed over the next year, with HSBC's investment banking division remaining unaffected. Paul Thurston, HSBC's UK chief executive, said the move was "difficult, but essential". 12,000 jobs have been cut by HSBC globally.

ALLIANCE BOOTS SALES SOAR TO NINE BILLION POUNDS

First half sales at Alliance Boots [ABN.UL] rose by 11.6 percent to 9 billion pounds, with like-for-like sales in the UK rising by 3.4 per cent. The pharmacy chain also reported that it has bought back 367 million pounds of its debt at a reduced price of 239 million pounds, taking the total level of debt repurchased over the past year to 558 million pounds. Alliance Boots was taken private in 2007 by executive chairman Stefano Pessina and Kohlberg Kravis Roberts in an 11 billion pound deal.