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PRESS DIGEST - British business - Aug 5

Mon Aug 4, 2008 11:32pm EDT

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JUDGE SAYS UBS FACED PLOT TO POACH STAFF AND CLIENTS

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The Swiss bank UBS (UBSN.VX) won a court order on Monday barring former executives from poaching clients of its UK wealth management unit after it accused Vestra Wealth of a "smash and grab raid" on its British business. Vestra is a new wealth manager backed by four departing UBS fund managers, Goldman Sachs and founder David Scott.

RIO TINTO LOSES KEY LICENCE TO MINE IRON ORE IN GUINEA

The London-listed shares of mining giant Rio Tinto (RIO.L) slumped 4.8 percent to close 242 pence lower at 4805 pence after the group lost control of one of its most important iron-ore projects, Simandou in Guinea. The government of Guinea rescinded Rio's licence to mine at the site, which has more than two billion tonnes of iron ore and the potential to generate more than five billion pounds a year. Rio said it would appeal the decision.

LEND LEASE LOPS 80 MILLION POUNDS FROM BLUEWATER STAKE
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