PRESS DIGEST - British business - Nov 17

The Times

O2

O2, the UK mobile operator owned by Telefonica (TEF.MC), announced that it had attracted an additional 401,778 customers during the third quarter - three times as many as it added in the same period last year. The company's subscriber base now stands at 19.1 million. Third quarter revenues rose by 8.7 percent year-on-year.

ICAP REASSURES INVESTORS AS BROKER SHARES IN FREEFALL

Icap (IAP.L) chief executive Michael Spencer aims to convince investors on Tuesday that interdealer bond brokers such as his are bearing up to the credit crunch. Share prices in the sector have plummeted after analysts became concerned that its rate of growth was unsustainable. Goldman Sachs warned that consolidation would lead to double-digit falls in revenues for Icap next year, while Morgan Stanley recently predicted revenue declines of between five and 25 percent in 2009. Spencer is expected to use the announcement of interim results to point out the wide spread of Icap's operations.

THE PAN OF CAINS' CREDITORS