February 26, 2013 / 1:40 AM / in 5 years

PRESS DIGEST - British Business - Feb 26

Feb 26 (Reuters) - The Telegraph

BANKS’ TIME FOR REMORSE IS NOT OVER, SAYS MARK CARNEY

Banks must do more to regain public trust, including more radical reform to the way they run their businesses, according to Mark Carney, the incoming Governor of the Bank of England.

STERLING HITS TWO-YEAR LOW AFTER MOODY‘S UK DOWNGRADE

The pound fell to a two-and-a-half-year low on Monday as traders ditched the currency at the first opportunity after the UK’s credit rating was downgraded.

BP CREATED A ‘WELL FROM HELL’ IN GULF OF MEXICO

BP helped create a “well from hell” in the Gulf of Mexico because of its headlong pursuit of profit over safety, a court was told on Monday.

PRIMARK OWNER CONFIDENT BRITISH HIGH STREET WILL ‘REGENERATE’ AS IT SEES 23 PCT SALES GROWTH

The death of the high street has been greatly exaggerated, according to Primark’s owner Associated British Foods, as it reported surging sales of its budget fashion ranges.

BT UPS ANTE AGAINST BSKYB WITH ESPN DEAL

Telecoms giant BT has bought a slew of American, UK and Irish sports channels from broadcaster ESPN, handing it a new battery of weapons in its escalating war with rival BSkyB.

PEARSON BOSS WIELDS AXE ON PRINT JOBS

The new boss of Pearson has launched an “urgent” restructure of the media and education group, which will see it divert investment away from print media and old-fashioned text books and plough it into emerging economies, digital products and educational services instead.

The Guardian

ED BALLS TAUNTS GEORGE OSBORNE OVER CREDIT RATING

Ed Balls branded George Osborne the “downgraded chancellor” and warned that the Treasury remained in “complete denial” about the failing economy after Moody’s stripped Britain of its triple A credit rating on Friday.

YAHOO CHIEF BANS WORKING FROM HOME

Surfing the web from at home might be just what Yahoo! Inc’s chief Marissa Mayer wants her audience to do - but she has banned employees of the company itself from working “remotely”, in an edict sent out last Friday to Yahoo’s thousands of staff.

TESCO CUTS 2,000 DISTRIBUTION CENTRE JOBS

Up to 2,000 jobs are under threat at Tesco distribution centres as the supermarket shuts down sites across the country.

RECKITT BENCKISER FACES INQUIRY OVER MOVE TO BLOCK HEROIN SUBSTITUTES

Reckitt Benckiser has been referred to competition authorities in the U.S. over its controversial attempts to pressure medicine regulators into blocking the introduction of cheap, generic versions of its lucrative heroin substitute drug.

MPs BLAME WEST COAST MAINLINE FIASCO ON ‘COMPLETE LACK OF COMMON SENSE’

Contracts for high speed rail and Thameslink risk being bungled unless the Department for Transport quickly learns the lessons from the west coast franchising fiasco, a Commons public accounts committee report said.

The Times

DOWNGRADE VINDICATES MY STRATEGY, CHANCELLOR SAYS

George Osborne presented the loss of Britain’s AAA rating as a vindication of his economic strategy yesterday as he used the downgrade to take a swipe at Cabinet colleagues resisting cuts and to fend off Tory demands for “proper” reductions in tax and spending.

BP ACCUSED OF PUTTING PROFIT FIRST IN GULF CASE

Senior executives were accused of promoting a culture of “profits over safety” by prosecutors yesterday as BP stood trial for the Deepwater Horizon disaster three years ago.

The Independent

OFCOM CLIPS BT’s WINGS AS IT PROPOSES TOUGH REGULATIONS FOR HIGH-SPEED DATA

The telecoms giant BT faces having to cut prices for high-speed data services in the 2 billion pounds-a-year wholesale “leased lines” market under new rules from the regulator, Ofcom.

BLACK CAB MAKER TO TAKE ON 100 STAFF AND RESTART OUTPUT UNDER NEW CHINESE OWNER

The maker of London’s black cabs, which was rescued from administration by the Chinese car company Geely, is to double its workforce as it aims to restart production of the taxis in a matter of months.

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