January 13, 2012 / 2:05 AM / 8 years ago

PRESS DIGEST - British business - Jan 13

The Times

EURO RALLIES AS SPAIN AND ITALY OFFLOAD DEBT

Spain and Italy carried out successful debt sales as the euro enjoyed a rare good news day on Thursday, bolstered by the cautious view of Mario Draghi that the crisis in the single currency zone was stabilising.

HUNGARY SOFTENS APPROACH UNDER EU PRESSURE

The European Commission on Thursday warned Hungary that it would use all its power to ensure that the country complied with EU rules as its chief negotiator sought to secure funding.

ARGOS OWNER WARNS ON DIVIDEND AS SALES SLUMP

Home Retail Group, which owns Argos and Homebase, said it expected profits to be 60 percent lower this year and told its shareholders to prepare for a “significant cut” in the final dividend.

The Daily Telegraph

NIESR SEES UK SCRAPE GROWTH IN Q4

The British economy just about scraped growth in the fourth quarter of 2011 according to the National Institute of Economic and Social Research (NIESR), but weaker data elsewhere darkened the economic outlook.

CUTBACKS TO COST THOUSANDS OF JOBS AT RBS

Royal Bank of Scotland has announced a major restructuring of its investment banking arm that will lead to the loss of 3,500 jobs over the next three years.

The Guardian

GREECE RACES TO TIE UP WRITEDOWN DEAL

Greece and its private sector creditors are involved in a race against time to finalise a debt writedown deal over the next 48 hours that will prevent the troubled country from defaulting on its massive debts.

The Independent

SHARES IN TESCO DIVE AS SALES PLUMMET

Nearly 16 percent was wiped off the market capitalisation of Tesco on Thursday after it stunned the UK’s financial district with an almost unprecedented profit warning and its worst British sales for two decades.

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