October 15, 2015 / 12:20 AM / 2 years ago

PRESS DIGEST- British Business - Oct 15

4 Min Read

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 Times

- 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)

The Guardian

- The latest official snapshot of the jobs market, covering June to August, showed a 79,000 decline in unemployment to 1.77 million, taking the jobless rate to 5.4 percent, the lowest since 2008. The employment rate, at 73.6 percent, was the highest since records began in 1971. (bit.ly/1Luyh3a)

The Telegraph

- EDF and its Chinese partners are on the brink of a deal to build the Hinkley Point nuclear power plant and are preparing to sign a heads of terms agreement during next week's visit by Chinese president Xi Jinping. Although the deal is not yet done, with negotiations expected to go to the wire, sources say they are optimistic they will be ready to unveil a major pact that will make clear the first new United Kingdom nuclear plant in a generation will go ahead. (bit.ly/1QukYj8)

- Anheuser-Busch InBev SA is exploring a potential exit from SABMiller PLC's American joint venture in a deal that could be worth $10 billion. It is understood that the Belgian-Brazilian giant has started to gauge the interest of SABMiller's partner, the American-Canadian brewer Molson Coors, about taking full control of MillerCoors. (bit.ly/1OwE4HV)

Sky News

- Volkswagen AG says its 2016 diesel models have suspect software that could help exhaust systems run cleaner during government tests. Europe's largest car manufacturer said the issue involved the vehicles' "auxiliary emissions control device". It operates differently from the "defeat" device that last month triggered the cheating scandal engulfing the carmaker. (bit.ly/1RIU3RC)

- Barclays PLC, Lloyds Banking Group PLC, Royal Bank of Scotland and Santander UK PLC will be told on Thursday that they need to find billions of pounds of additional capital as part of industry reforms designed to shield taxpayers in a future industry crisis. The fresh bombshell will be delivered by the Bank of England in a consultation paper to be published on the implementation of the new ring-fencing framework that will be introduced in 2019. (bit.ly/1Owq54U)

The Independent

- Marks and Spencer Group PLC has come under fire for refusing to cut its prices in hospital shops despite criticism from an MP, who said vulnerable people were being ripped off. The retail giant, led by its millionaire chief executive Marc Bolland, charges more in hospitals for popular items such as flowers than it does on the high street, a tactic critics say preys on the emotions of people visiting loved ones. (ind.pn/1LboP3f)

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