PRESS DIGEST - British business - May 9

The Times

WATCHDOG IN TALKS WITH REBEL M&S INVESTORS OVER ROSE'S ROLE

Pirc, the corporate governance watchdog, revealed it was talking with a number of Marks & Spencer (MKS.L: Quote, Profile, Research, Stock Buzz) investors, in negotiations which could see a showdown with the retailer over Sir Stuart Rose's controversial promotion to executive chairman. A draft resolution, leaked to the media on Thursday, read: "This resolution is intended to provide a safe outlet for investors wishing to send a strong signal to Marks & Spencer about the value of good governance."

TRINITY ADVERTS DOWN

The publisher of the Daily Mirror and a string of regional titles, Trinity Mirror (TNI.L: Quote, Profile, Research, Stock Buzz), has reported further deterioration in local newspaper advertising. On a like-for-like basis, advertising revenues at regional titles including The Birmingham Post and the Liverpool Echo decreased by 5.2 percent in March and April. The fall was worse than the 4.6 percent reported in January and February.

OFCOM FINES ITV

ITV (ITV.L: Quote, Profile, Research, Stock Buzz) has been fined a record 5.7 million pounds by Ofcom for repeatedly misleading viewers over the conduct of phone-ins on its flagship programmes. The regulator said ITV had allowed viewers to enter phone-in competitions that they had little or no chance of winning.

The Daily Telegraph

CARPHONE DEAL IGNITES BUYOUT TALK