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

* Plans to convert the Drax plant in North Yorkshire to run on greener fuels were in jeopardy last night after the European Commission ordered an "in-depth investigation" into a possible violation of state aid rules. (http://thetim.es/1R9UZ4o)

* A key lieutenant to Angela Merkel, Michael Fuchs, has claimed that the U.S. government's multibillion-dollar legal action against Volkswagen is aimed at destabilising the German carmaker in favour of American rivals. (http://thetim.es/1R9VafY)

The Guardian

* M and S Bank is offering anyone prepared to switch to its current account up to 220 pounds ($322.78) in Marks and Spencer store vouchers. (http://bit.ly/1R9VtYf)

* Retailer Next PLC has reported a "disappointing" performance over Christmas, with sales hit by the unusually warm weather in November and December. (http://bit.ly/1R9VDPn)

The Telegraph

* Princess Yachts, Britain's largest boatbuilder, is cutting hundreds of jobs as the global economy continues to struggle. The Plymouth-based business will make 350 of its 2,300 workers redundant, with job losses expected to come in March. (http://bit.ly/1Z4bw9m)

* Mind Candy, the developer behind the children's online game Moshi Monsters, is seeking a delay to loan repayments over fears its future is threatened by mounting losses. The company said it was in negotiations with its lender, the technology startup specialist TriplePoint, to push back the first repayment on a loan it took out in 2014. (http://bit.ly/1JWlId7)

Sky News

* The chairman of Countrywide, Grenville Turner, is to move out of the company's boardroom, according to Sky News. (http://bit.ly/1JWlId7)

* NBNK Investments will issue a statement ahead of a Jan. 11 deadline for completing an acquisition, according to Sky News. (http://bit.ly/1R9WbVh)

The Independent

* Sainsbury 's has said that it is considering making an offer to buy Home Retail Group, the owner of retailer Argos. The grocer said it had approached Home Retail Group with an offer of shares and cash in November but that this was rejected. (http://ind.pn/1R9Wkbo)

* HSBC customers have endured another day without online banking after the troubled bank failed to solve the technical glitches which had plagued customers trying to transfer money or do other online transaction. (http://ind.pn/1R9WlMA)

($1 = 0.6816 pounds) (Compiled by Parikshit Mishra in Bengaluru; Editing by Peter Cooney)