August 30, 2017 / 12:37 AM / a year ago

PRESS DIGEST- British Business - Aug 30

Aug 30 (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

- Asos is little more than 100 million pounds ($129.28 million) short of overtaking the market value of Marks & Spencer Group Plc in what is being called the UK high street's "Tesla moment". The Aim-listed internet-only fashion retailer was worth 4.93 billion pounds ($6.37 billion) yesterday compared with M&S's 5.05 billion pounds ($6.53 billion).

- The regime at Mitie Group Plc run by Baroness McGregor-Smith has come under investigation by UK's Financial Conduct Authority. The announcement that FCA has begun an inquiry into the timing of a profit warning last September that preceded the departure of Lady McGregor-Smith from Mitie is the latest setback for the former chief executive of the FTSE 250 company.

The Guardian

- Downing Street has said UK government will not back away from its demand to kick off negotiations on a post-Brexit trade deal as soon as possible – even though the European commission president, Jean-Claude Juncker, flatly dismissed the idea on Tuesday.

The Telegraph

- UK Government will reboot its industrial strategy today with a 160 million pound ($206.85 million) injection into Britain's drugs sector, with a major vaccines lab to prepare the country for emergency epidemics among the first initiatives to get support.

- UK Prime Minister Theresa May has been forced to abandon her flagship plan to reform executive pay, prompting relief among business leaders but criticism from ­unions and Labour MPs.

Sky News

- Tom and Ruth Chapman, who founded, the online luxury fashion boutique, are close to sealing the sale of their company for about 800 million pound ($1.03 billion)to the private equity firm Apax Partners.

- Arnold Schwarzenegger is fronting a campaign warning consumers they only have two years to claim compensation for mis-sold payment protection insurance. The 42 million pound ($54.30 million) campaign is the brainchild of UK's Financial Conduct Authority, which believes the sector's biggest mis-selling scandal is far from over as the clock ticks down to the 29 August 2019 deadline for claims.

The Independent

- UK care home system is "teetering on a knife edge" thanks to a severe skills crisis that risks being worsened by Brexit, recruiters have warned. Care homes rely heavily on migrant labour and the risk of a staff shortage as a result of UK's decision to leave the EU, coupled with fewer nurses already entering the profession, could "bring the entire system to a standstill", according to specialist nursing practice Clayton Recruitment.

- UK house price growth eased to its slowest in three months in August, underscoring the impact of a falling pound and an inflation jump on consumer appetite for big-ticket purchases. Nationwide's monthly house price index showed on Tuesday that house prices rose 2.1 percent year-on-year in the month, down from a 2.9 percent rise in July and matching May's four-year low. ($1 = 0.7735 pounds) (Compiled by Bengaluru newsroom; Editing by Andrew Hay)

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