PRESS DIGEST - British business - April 11

The Times

GREEN FORECASTS RECORD YEAR FOR TOPSHOP

Sir Philip Green vowed on Thursday Topshop and Topman would have a "record year" despite the toughest trading climate he can remember. The billionaire said he still had access to money for any potential acquisitions - "I could ring up the bank and get a cheque over tonight" - and that India would be the next staging post in his overseas expansion plans.

GARNIER GRANTED OPTIONS THAT COULD PAY 2.5 MILLION POUNDS

The head of GlaxoSmithKline (GSK.L), JP Garnier, will bow out of the pharmaceuticals giant on a sour note after being granted options that could entitle him to be paid up to 2.5 million pounds long after his retirement. On Thursday, it emerged Garnier was granted share options last year after saying in 2006 that he planned to retire. The options will not pay out until the end of the 2009-10 financial year.

BUSHMAN'S HOLIDAY FOR STAFF AT JOHN LEWIS

John Lewis is known for its good treatment of staff and employees have recently taken home record bonuses. Staff shared more than 150 million pounds among 68,000 employees, and this equates to about 18 percent of their salaries. It has also emerged the company has acquired a hotel through Christie & Co for its staff and their families. John Lewis paid 1.5 million pounds for Bala Lake Hotel in Snowdonia, North Wales.

The Daily Telegraph

BRITISH ENERGY SOARS ON HOPES OF COSTLY AUCTION

On Thursday, shares in British Energy BGY.L rose five percent as traders bet that RWE (RWEG.DE) and EDF (EDF.PA) would be dragged into an expensive auction for the UK nuclear operator. However, British Energy's ageing reactors are unattractive to bidders. Tina Cook, analyst at Charles Stanley, said: "Although British Energy is sitting on these coveted sites, and will be a key player in the new British nuclear build programme, it has had operational difficulties and its ageing reactors are not necessarily attractive."

HBOS HOMES IN ON TULLOCH

HBOS HBOS.L has increased its exposure to housebuilders by taking a 40 percent stake in Tulloch Homes Group. The 27.5 million pound investment comes days after the bank invested in Miller Group. Last year, HBOS also bought stakes in Crest Nicholson and McCarthy & Stone, and it is now one of the most significant players in the UK's housebuilding sector.

The Independent

ASDA SALES FIGURES AHEAD OF EXPECTATIONS DURING MARCH

On Thursday, Wal-Mart (WMT.N) announced Asda traded ahead of expectations during March. Children's fashion, fresh food and confectionary all did well as Asda's sales came in above plan. Wal-Mart also raised its profit forecast for the first-quarter because costs were being well managed and April sales looked promising. Life-for-like sales at Asda, excluding fuel, were up by "mid-single digits".

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