March 10, 2013 / 2:45 PM / 5 years ago

PRESS DIGEST - Sunday British business - March 10

LONDON, March 10 (Reuters) - British newspapers reported the following business stories on Sunday:

The Sunday Times WPP‘S SORRELL NEEDS BIGGER PAY CUT, WARN INVESTORS Martin Sorrell’s future at the helm of WPP, the world’s biggest advertising agency, has been thrown into fresh doubt after a new investor rebellion over his bumper pay deals. VIRGIN ATLANTIC FACES RECORD LOSS Virgin Atlantic is facing record annual losses of 135 million pounds ($202 million), raising fears of job cuts at the airline. PENSION GIANTS EYE NUCLEAR SWOOP Giant pension funds are considering a stake in Britain’s first nuclear power station in more than two decades. French energy company EDF ramped up its global search for deep-pocketed partners to help fund new reactors at Hinkley Point after Centrica pulled out of the project last month. EUROTUNNEL IN FRENCH PORTS BID Eurotunnel is battling incumbent holder, the Cote d‘Opale Chamber of Commerce, for a 50-year concession to run the cross-Channel ports of Calais and Boulogne. LADBROKES PLOTS PLAYTECH DEAL Bookmaker Ladbrokes is poised to strike a deal with Playtech, the gaming software supplier, in a move to boost its online operations. The Sunday Telegraph PRUDENTIAL SET TO RAISE DIVIDEND Prudential, Britain’s biggest insurer, is to buck the trend among some UK insurers by raising its dividend to shareholders when it reports 2012 results this week. INVESCO BUYS IN TO MORRISONS’ ONLINE VISION Invesco has become the largest shareholder in Wm Morrison Supermarkets, Britain’s No. 4 grocer, which will this week signal that it intends to start an online grocery business. WH SMITH BRINGS BACK DVDS AFTER HMV FAILURE WH Smith, the books and stationery retailer, is returning to the CDs and DVDs market after the collapse of HMV. The Independent on Sunday HS2 IN BUDGET CRISIS BEFORE A TRACK IS LAID High Speed Two (HS2), the rail link that will carve through hundreds of miles of British countryside from London to Manchester and Leeds, is in crisis over its 33 billion pound ($49.3 billion) budget four years before construction even starts. EDF SUBSIDY TO PUT UK ON NUCLEAR PATH The British government is understood to have agreed a 35-year subsidy to French energy group EDF to build the first in a new wave of nuclear power stations.

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