PRESS DIGEST - British business - May 8

The Times

GLG EXPECTS INVESTMENT ASSET LOSS

GLG Partners (GLG.N: Quote, Profile, Research, Stock Buzz) is expecting to lose more than 2.05 billion pounds in investment assets as disillusioned investors follow Greg Coffey out of the door. GLG's chairman and chief executive, Noam Gottesman, told shareholders on Wednesday the hedge fund had suffered 1.7 billion dollars of investor redemptions since late April, when the star Australian fund manager left the firm to start up on his own.

CONSERVATIVES TO SPEND TIME ON SHOP FLOOR AT ROLLS-ROYCE

Business groups welcomed a shift in attitude towards industry by the Conservatives on Wednesday, after the party announced that key politicians would spend time at Rolls-Royce (RR.L: Quote, Profile, Research, Stock Buzz). A spokesman said David Gauke and Justine Greening, shadow Treasury ministers, and Charles Hendry, shadow minister for energy, industry and postal affairs, would visit the company throughout June.

OLD MUTUAL JOINS LIST OF COMPANIES EXAMINING LOW-COST BASE

Old Mutual (OML.L: Quote, Profile, Research, Stock Buzz), the seven billion pound insurance giant, revealed on Wednesday it had considered relocating to a lower-cost regime. The news intensified the rising tide of anger against Treasury tax proposals. The company said it had explored moving its headquarters to a city such as Dublin or Geneva. A spokesman said: "We have a sizeable head office function in the UK. But, as with the rest of UK plc, we are concerned at the complexity of the tax regime, which continues to work against the UK as a place (in which) to do business."

The Daily Telegraph

GLAXO AND BAT PILE ON TAX PRESSURE