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) 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), 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) 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

The 1.1 billion pound move by BestBuy, the U.S. electricals giant, to take a 50 percent stake in Carphone Warehouse's (CPW.L) retail business could lead to a buyout. Charles Dunstone, Carphone's founder and chief executive, denied any immediate plans to sell out and focus on the company's broadband business. City analysts, however, were not wholly convinced. Mark James, Collins Stewart analyst, wrote in a note to clients: "The deconsolidation by Carphone Warehouse will, I think, be seen as a route to eventual exit."

MCCARTHY & STONE AXES JOBS AS CREDIT CRISIS HITS ELDERLY

McCarthy & Stone, the retirement home company, is planning to make up to 10 percent of its workforce redundant. The move comes because its elderly customers are unable to sell their existing homes and buy a new one in the wake of the credit crisis. The job cuts demonstrate the housing crisis has spread to all parts of the housing chain.

FRANCE'S EDF SET TO MAKE NINE BILLION POUND BID FOR BRITISH ENERGY

EDF (EDF.PA), the French power giant, is expected to table a takeover offer for British Energy BGY.L on Friday in a move that the UK government hopes will spark development of a new generation of nuclear power stations. On Thursday night, EDF and its advisers were said to be finalising details of an all cash bid pitched at between 9.2 billion pounds and 10.2 billion pounds. The government hoped to maximise value through a takeover battle, but on Thursday there were doubts whether other interested parties were intending to place bids.

The Independent

INM EXPANDS PRINT WORKS IN N.IRELAND