PRESS DIGEST - British business - Dec 22

The Times

TIDDLER TO WATCH

Griffin Mining (GFM.L), the China-focused miner which last month cautioned that sales and profits for 2007 would miss market expectations, has gained 9.25 pence to 84.5 pence after Seymour Pierce rated the stock a "buy". Griffin, which issued the profit warning after suspending zinc sales, has since resumed sales of the metal following price increases in China.

RUMOUR OF THE DAY

The social networking Web site Bebo is thought to have found a bank to help it to raise funds. The move follows reports that social networking Web sites are expected to attract only 156 million pounds ($309 million) in advertising revenue in Europe next year. There are currently no plans to put Bebo up for sale.

DEAL OF THE DAY

Alan Benzie, a former senior partner at KPMG who was appointed a non-executive director of JJB Sports (JJB.L) in August, has acquired 40,000 shares in the sports retailer. The acquisition means he now owns 0.02 percent of the company, which has a market capitalisation of 302 million pounds. JJB shares fell to a five-year low on Tuesday, closing at 123.75 pence.

The Daily Telegraph

TAKEOVER TALK SEES TRADERS POUR INTO PUBS

Punch Taverns (PUB.L) has risen eight pence to 767 pence on the back of speculation that the pub group might merge or enter a joint property deal with rival Mitchells & Butlers (MAB.L). Brisk trading saw three times the average daily volume of shares in the two companies exchanging hands. However, when similar rumours circulated last month, Punch stated that "it is not in discussions with Mitchells & Butlers or with any of Mitchells & Butlers' shareholders regarding any offer or merger."

SHOPS FACE "CRITICAL WEEKEND"

New figures from the Office of National Statistics have revealed that price-cutting by high street fashion chains last month led to the biggest monthly fall in the value of clothing and shoe sales since October 2005. The figures showed that although total sales volumes increased by 0.4 percent between October and November, the net value of sales fell by 0.7 percent compared with a year earlier. The high level of discounting does not bode well for the crucial Christmas trading period, although it is expected that more than one million shoppers will visit London's Oxford, Regent and Bond streets on Saturday and Sunday.

UMBRO NETS PROFIT ALERT AFTER EURO 2008 FAILURE

England kit supplier Umbro UMB.L has issued a massive profit warning, saying it is still wrangling with retailers over the level of stock returns they will accept following England's failure to qualify for the Euro 2008 football championship. Analysts quickly slashed their full year pre-tax profit forecasts for the company from 21 million pounds to just five million pounds, on Friday. In an unrelated development, Mike Ashley, the colourful billionaire behind Sports Direct (SPD.L) who until Friday held a 29.9 percent stake in Umbro, has sold 20 percent of his stake to Nike Vapor, a division of the American sports giant, Nike (NKE.N) for 56.1 million pounds. The sale brings Nike's proposed 285 million pound takeover of Umbro a step closer.

The Guardian

CHRISTMAS COMES EARLY FOR SABMILLER