Company News

PRESS DIGEST- British Business - Dec. 17

Dec 17 - 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

- Britain's biggest lenders are strong enough to cope with a blow to the financial system worse than a no-deal Brexit, the latest round of annual bank stress tests by the Bank of England has found.

- Centamin PLC's Chairman Josef El-Raghymet met Sébastien de Montessus, the chief executive of its Canadian suitor Endeavour Mining Corp to begin talks, moving it a step closer to a 1.5 billion pound ($1.92 billion) takeover by the Toronto-listed company.

- Cineworld is set to increase its exposure to the North American market after announcing a C$2.8 billion (£1.6 billion) acquisition of Toronto-listed Cineplex, Canada's biggest cinema operator.

The Guardian

- FirstGroup said it is considering a sale of all its North American businesses, in an apparent reversal of strategy only months after the struggling transport group said it would focus primarily on its US bus operations.

- British Prime Minister Boris Johnson will attempt to mark his election promise to "get Brexit done" by writing into law that the UK will leave the EU in 2020 and will not extend the transition period.

The Telegraph

Chancellor Sajid Javid is understood to have considered a shortlist for The Bank of England's next governor, which includes former deputy governor Minouche Shafik, City watchdog head Andrew Bailey and Kevin Warsh, previously a top official at the US Federal Reserve.

Sky News

- Beales, one of Britain's oldest department store chains, has drafted in advisers to explore refinancing options during the high street's crucial Christmas trading period, Sky News has learnt.

The Independent

Monzo, the app-based bank, said that from April 2020 some customers will have to pay overdraft fees of up to 39%, becoming the latest lender to announce a significant hike to its overdraft rate, depending on the credit scores of its customers.

$1 = 0.7794 pounds Compiled by Bengaluru newsroom