PRESS DIGEST- British Business - Oct 15
Oct 14 - 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 Insolvency Service is targeting businesses that fail to follow proper procedure when making staff redundant during an administration, marking a serious development for company directors. The government body has begun criminal proceedings against three directors at City Link, the courier company that collapsed last Christmas Day, and the chief executive of Sports Direct International PLC over the failure of its fashion retailer USC in January. (thetim.es/1NI31Qq)
- Hundreds of workers at HSBC Holdings PLC's investment banking division in London have had their pay cut by 10 percent and been ordered to take two weeks of unpaid leave by the end of the year. The bank, which is under intense pressure to reduce costs, broke the news to staff last week and instructed managers that there would be "0 percent exceptions". (thetim.es/1PtZFQp)