PRESS DIGEST - British business - May 27

The Times

CHANNEL 4 RADIO HOPES MOBILE PHONE DEVELOPMENT WILL SAVE DAB

Channel 4 Radio is in talks with electronics manufacturers to create a branded plug-in DAB device that would enable mobile phone and iPod users to access digital radio. The news comes as the broadcaster prepares to launch digital station E4 Radio later this year. It is keen to develop an E4 or Channel 4-branded device that would cost no more than 20 pounds, sources said. The development comes as DAB radio take-up has been slow, with only 6.5 million digital radio sets in use compared to 100 million analogue sets. DAB suffered a setback in February as a result of the announcement of the planned departure of GCap GCAP.L, Britain's largest commercial radio group, from digital radio. Enders Analysis suggested in a recent report that DAB could become the new Betamax.

GULF BETWEEN U.S. AND EUROPEAN POLICY WIDENS AS BOOM TURNS SOUR

The president of the New York Federal Reserve appeared to widen the rift between Europe and the United States over the credit crisis as he acknowledged that the European Central Bank and the Fed were moving in different policy directions. Speaking at the Group of 30 meeting in Jerusalem, Timothy Geithner said: "The circumstances in each country are very different and the policy responses are going to be very different even though we face a common challenge in the global inflation dynamics."

BOLTON SAYS IT IS TIME TO MOVE INTO FINANCIALS

One of the City's leading fund managers called the top of the commodities market on Monday when he indicated that he would switch out of metals and oil and into financial stocks. Anthony Bolton, who until January ran Fidelity's Special Situations Fund, said: "After five years of strong commodity markets, a contrarian such as myself would start to get more worried. I would switch out of commodities today and move into financial stocks." If you had a spread of such stocks, "you should do well," said Bolton.

The Daily Telegraph

OVERSEAS MOVE HIGH ON PRUDENTIAL AGENDA

Mark Tucker, chief executive of Prudential (PRU.L), has revealed the insurances and pensions group is considering moving offshore. Although a move is not imminent, Tucker confirmed that joining the exodus of British companies overseas was high on the agenda. "You have to, on a continual basis, look at domicile and tax residency," he said, conceding that Prudential's registered base could be moved abroad with its administrative headquarters remaining in the UK.

QATARIS EYE LONDON AS THEY PLAN FIVE BILLION POUNDS SPREE

A consortium made up of four Qatari state-backed investors -- Qatar National Bank QNBK.QA, Qatar Islamic Bank QISB.QA, Barwa International and QInvest -- is preparing to work with Sellar Property Group to invest up to five billion pounds in UK and European commercial property. The group took an 80 percent share in Sellar's 1.4 billion pound Shard of Glass development on London's South Bank in January. Sheikh Jasim, chairman of QIB, said: "We will continue to look for similar opportunities. It is our belief that the UK continues to be an attractive investment place in Europe."

UNION TO PROTEST AT M&S FLAGSHIP

A protest is expected outside Marks & Spencer's (MKS.L) flagship London store at Marble Arch on Thursday after a Lincolnshire factory owned by Northern Foods (NFDS.L), M&S's biggest food supplier, was slated for closure. Stefan Barden, chief executive of Northern Foods, decided to mothball the site rather than yield to demands by M&S for discounts as part of its supplier review programme, Project Genesis. Andy Fletcher, regional organiser of the GMB union, said: "Members who are losing their jobs at Grantham will be travelling down by coach to join other GMB members at the store. We will be inviting the region's MPs to join the demonstration."

The Independent

DEBENHAMS LOOKS TO INDIA AND RUSSIA FOR EXPANSION

Debenhams (DEB.L) is preparing for a major expansion in the high-growth Indian and Russian markets. Francis McAuley, the retailer's international director, said: "I would be disappointed if we do not have 30 stores in India in 10 years' time and that is proper department stores." Debenhams opened its first Indian store in October last year and another two shops are due to open this year. The company is also in "serious negotiations" with a Russian partner and hopes to open its first store in Russia in September 2009.

ESTATE AGENTS: CRISIS? WHAT CRISIS?

Alarmist predictions that the housing market is heading into freefall will be contradicted on Tuesday by a report published by the National Association of Estate Agents. It says that in April the number of agreed sales, the number of pre-sale viewings and the difference between the asking and selling prices of properties all levelled off. "What people need to remember is that the market is stable and we are not seeing massive price drops," said Chris Brown, the president of the NAEA.

VODAFONE TO MAKE CAUTIOUS CALL IN DIFFICULT TIMES

Vodafone (VOD.L) is due to publish its full-year results on Tuesday and analysts are expecting robust figures, with group revenue pegged to come in between 35.2 billion and 35.4 billion pounds. However, given the current economic uncertainties, guidance on the outlook for the year ahead is expected to be cautious. In a recent preview note, the broker UBS said: "Information on how consumer behaviour will change as purse strings tighten is sparse, and it would (be) reasonable to expect management to bake in a degree of conservatism."

The Guardian

CENTRICA AIMS TO SNATCH CONTROL OF BELGIAN ENERGY FIRM FROM FRENCH

Centrica (CNA.L) is planning to win control of SPE, the second biggest gas and electricity supplier in Belgium, in a move that would disrupt a deal between French state-owned companies GDF and EDF (EDF.PA) and help to expand its drive into mainland Europe. Officials confirmed Centrica, which already owns 25.5 percent of the Liege-based company, would exercise its pre-emption rights to match the offer made by EDF for GDF's 25.5 percent stake in SPE.

TFL PLEDGES 1.4 BILLION POUNDS FOR METRONET

Metronet will become a state-owned entity on Tuesday when it is taken over by Transport for London, which has pledged to invest 27 million pounds a day in the failed London Underground maintenance firm over the next 12 months. Boris Johnson, who controls TfL, said: "With Metronet now out of administration and under the control of TfL we can ensure the crucial upgrade work is continued and delivered on time, while representing good value." Questions about where the funds will come from continue to hang over the entire Tube refurbishment plan.

TURNAROUND FOR NEWSPAPER ADVERTISING

The newspaper industry has welcomed figures released by trade body, the Newspaper Marketing Agency, showing that national titles' share of the UK display advertising market grew in 2007 for the second year running. The print editions of national newspapers' share of the market rose to 14 percent in 2007 from 13.7 percent the year before, according to figures from the NMA compiled by Nielsen Media Research.

Prepared for Reuters by Durrants