PRESS DIGEST - British business - Nov CORRECTION

The Times

BMI STRUGGLES TO GET SALE OF LANDING SLOTS OFF THE GROUND

British Midland [BRSMDA.UL] could struggle to raise the 95 million pounds needed to keep flying due to a lack of potential buyers for its landing slots at Heathrow. The slots normally change hands for tens of millions of dollars each, but many of the world's top airlines, including British Airways(BAY.L) and Virgin Atlantic, are not interested. Speculation from analysts points to possible interest from an Asian carrier, but only at a bargain price. BMI needs to raise 190 million pounds by the end of October 2010 in order to survive.

RUSH TO SWAP DEBT FOR EQUITY PROMPTS LLOYDS TO CONSIDER RAISING 1.5 BILLION MORE

Lloyds Banking Group (LLOY.L) said it may increase its capital-raising by 1.5 billion pounds due to a high level of interest from investors. The increase to 22.5 billion pounds would see investors converting their tier 1 and tier 2 debt into new "contingent capital", a move that analysts estimate will cost the bank between 100 and 300 million pounds extra a year to pay the coupon. Lloyds is still targeting 13.5 billion pounds through a conventional rights issue that will be priced on Nov. 24.

REGULATOR COULD FORCE BT'S RIVALS TO HELP CARRY BURDEN OF ITS SIX BILLION POUND PENSION DEFICIT

Ofcom is to carry out an investigation into British Telecom's(BT.L) pensions costs to see if it should take them into account when billing rivals to use its network. If the move is approved the costs could be passed on to customers of groups such as Carphone Warehouse(CPW.L) and Cable & Wireless(CW.L). BT will release second-quarter figures on Thursday that are expected to show its pension deficit has narrowed to about six billion pounds, from eight billion pounds in June. Profits for the three months to September 30 are expected to fall to 236 million pounds

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The Daily Telegraph

MORE THAN 100 JOBS TO GO AT GUARDIAN

Guardian Media Group, which owns The Guardian and The Observer newspapers, has announced a review encompassing "more than 100" job cuts. Alan Rusbridger, the Guardian's editor-in-chief, told staff on Wednesday that "nine out of 10 people will still be here at the end of the review", but that cuts needed to be made. The company forecasts that newspaper revenues will fall by 33 million pounds in the current financial year. However, Guardian Media Group chief executive Carolyn McCall said "We have not, and will not, cut journalism that is fundamental to our core purpose and values."

NECTAR FINANCES HIT BY OWN SUCCESS