August 24, 2017 / 12:28 AM / a year ago

PRESS DIGEST- British Business - Aug 24

Aug 24 (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

- JP Morgan Cazenove, the corporate broker to Provident Financial Plc, has told investors that the subprime lender's troubled home credit business is worthless.

- The decline in the British car market has been greatly exaggerated by its own chief flag waver, the Society of Motor Manufacturers and Traders.

The Guardian

- Alain and Gérard Wertheimer, who have run the luxury goods company Chanel for more than 30 years, paid themselves a $3.4 billion dividend last year, more than four times the company's net profit and double the dividend they received in 2015.

- The food and drink industry has issued a warning of significant disruption and economic damage if the government fails to stem the flow of EU nationals leaving the UK.

The Telegraph

- Mario Draghi, the European Central Bank's president, said the euro zone economy is firing on all cylinders as super-easy monetary policy continues to flush the system with liquidity. The euro has jumped to a two-year high against a basket of currencies.

- Shares in ad giant WPP Plc tumbled by 10 percent, wiping 2 billion pounds($2.56 billion) from the firm's market value, as it warned 2017 will be the worst year for advertising in a decade.

Sky News

- Stonegate Pub Company (IPO-SPC.L), the owner of the Slug and Lettuce bar chain, will on Thursday take a decisive step towards a 100 million pound takeover of rival operator Revolution Bars Group Plc.

- Tesco Plc has opened its 85 million pound compensation scheme for shareholders who lost money after being misled by the company's overstatement of its profits three years ago.

The Independent

- Fossil fuel giant Exxon Mobil Corp "misled the public" about the risks posed by climate change, an analysis of its public and private announcements on the subject by two Harvard University academics has concluded.

- A Nobel economics laureate, Christopher Pissarides, has hit out at Germany's refusal to increase its domestic state spending in order to help entrench the euro zone's recovery.

$1 = 0.7814 pounds Compiled by Bengaluru newsroom

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