PRESS DIGEST-British Business - Feb. 1
In This Article:
Feb 1(Reuters) - 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 Aquis Stock Exchange has said it is ready to work with UK's Financial Conduct Authority as it increases scrutiny of Love Hemp Group Plc, the struggling listed cannabis supplements company, in the wake of a series of allegations.
- KPMG's UK partners were paid an average of 757,000 pounds ($931,791.30) each in 2022, a 10% increase on 2021 as the Big Four accountancy firm saw revenue and profits rise despite paying a record fine related to its audits of Carillion and after withdrawing from lucrative government work.
The Guardian
- Ofgem is considering closing the gap between the cost of energy bills for customers on prepayment meters and those on direct debits, by examining whether a subsidy could be introduced to create a level playing field.
- Tesco Plc has announced a shake-up of its shop management in large UK stores along with the closure of its remaining meat, fish and hot deli counters, affecting 2,100 jobs.
The Telegraph
- Around 1,000 jobs at Paperchase are under threat after Britain's largest supermarket Tesco swooped for the struggling stationery company in a deal expected to close stores.
- Cybersecurity company Darktrace Plc has been accused of engaging in fraudulent accounting by U.S. short-seller Quintessential Capital Management.
Sky News
- The UK Treasury has revealed proposals to regulate cryptocurrency, following widespread calls for action after the spectacular collapse of one of the world's largest trading exchanges.
- Downing Street has insisted that the UK's economy is strong despite the International Monetary Fund's warning that Britain's economy will go into reverse this year and will fare worse than all other advanced nations.
The Independent
- British Prime Minister Rishi Sunak believes it is "not practical" to provide Ukraine with British fighter jets but he has pledged to accelerate support to enable "decisive gains" against Russian invaders. ($1 = 0.8124 pounds) (Compiled by Bengaluru newsroom)