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PRESS DIGEST- British Business - Aug 8
August 7, 2014 / 11:25 PM / 3 years ago

PRESS DIGEST- British Business - Aug 8

Aug 8 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

The Times

BILL FOR 16,000 STG OF CIGARS SPARKS DIPLOMATIC SQUABBLE

Diplomats have this year spent more than 16,000 pounds with cigar suppliers as part of an overall 400,000 pounds entertainment bill for items including pianos and exclusive restaurants.

STANDARD CHARTERED QUICK TO DISOWN CHIEF‘S INCENDIARY REMARK OVER FINES

Standard Chartered Plc has moved to distance itself from criticism by one of its most senior executives after he attacked regulators for treating the bank like a “criminal” over lapses in its anti-money laundering systems.

NEC GROUP SET FOR SALE AFTER STRONG PERFORMANCE

Birmingham city council will sell its conference arena operator by the end of this year after NEC Group reported a sharp rise in profits.

The Guardian

CO-OPERATIVE GROUP SET TO OFFER CONCESSIONS ON BOARD STRUCTURE

The Co-operative Group is on Friday expected to publish detailed proposals to change the way it is run and is thought to be offering crucial concessions on its board structure.

PENSION SHAKEUP COULD NET 4 BLN STG UK TAX WINDFALL

The government stands to reap a 4 billion pound ($6.7 billion) tax windfall as more than 650,000 people are expected to exploit George Osborne’s changes and cash in part of their pensions over the next five years.

ADIDAS LOOKS TO OUTRUN NIKE WITH ITS BIGGEST ADVERTISING CAMPAIGN EVER

Adidas AG is planning its biggest-ever advertising campaign next year as it fights back against rival Nike Inc. The world’s second-largest sportswear maker has admitted that it needs to invest more in its brands to catch up with market leader Nike, after losing ground in developed markets.

The Telegraph

SOARING POUND WIPES 1.5 BLN STG OFF UK PLC PROFITS

The soaring pound is savaging corporate Britain, with more than 1.5 billion pounds wiped off the year-to-date profits of a string of top multinationals in recent days.

ROSETTA MISSION TO 67P COMET DEPENDS ON UK COMPANIES

British industry is heavily involved in the success of the European Space Agency’s (ESA) mission to catch and land on the 67P/Churyumov-Gerasimenko comet.

Sky News

JEWELLERY TYCOON SURI TO BECOME TORY PEER

Ranbir Singh Suri, the founder of Oceanic Jewellers who ranks among Britain’s richest Asians, is to be ennobled by David Cameron when nearly two dozen new members of the House of Lords are confirmed on Friday.

$1 = 0.5942 British Pounds Compiled by Esha Vaish in Bangalore. Editing by Andre Grenon

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