PRESS DIGEST- British Business - July 11

July 11 (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

BOE Governor Mark Carney readies rate cut to revive growth

The Bank of England is set to slash interest rates this week, possibly to as low as zero, as it battles to soften the blow to the economy from the EU referendum. Mark Carney has said the economy is already showing signs of strain since last month's vote in favour of Brexit, and signalled the Bank would respond this summer. With the Bank rate at 0.5 percent - the lowest in the Bank's 321-year history - the governor is heading deeper into uncharted territory. Investors are now betting on a cut to 0.25 percent on Thursday. (http://bit.ly/29oRd8c)

The Guardian

BG chief paid 5.5 mln stg for nine-month stint at firm

Helge Lund, the former chief executive of BG, was paid 5.5 million pounds for his 11-month tenure at the oil exploration and production company, which was taken over by Shell earlier this year. (http://bit.ly/29wsgnn)

The Telegraph

Bank of England mulls property fund shake up to stop panic sales

Financial regulators are considering bringing in a raft of emergency measures to stem the flood of money out of Britain's biggest property funds that caused fresh market panic last week. It is understood Bank of England officials are considering the introduction of enforced notice periods before redemptions, slashing the price for investors who rush for the door, or additional liquidity requirements for funds. (http://bit.ly/29woiR7)

Diageo to pursue Indian tycoon Vijay Mallya over diverted funds

Diageo Plc is pursuing drinks tycoon Vijay Mallya to recover an estimate 12 billion indian rupees ($178.76 million)in funds it alleges were diverted from its Indian subsidiary into his associate companies. (http://bit.ly/29ruapL)

Sky News

Tata Joint Venture Attracts Asian Steelmakers

Asian steelmakers have expressed an interest in an alliance with Tata Steel Ltd's European steel operations amid a fresh wave of uncertainty for the company's 11,000-strong British workforce. India's JSW Steel Ltd and Hebei Iron & Steel, a Chinese group, are among third parties which have registered an interest in a joint venture with Tata Steel. (http://bit.ly/2a0B4mC)

The Independent

George Osborne to use U.S. trip to show post-Brexit UK is 'not quitting world'

George Osborne will travel to New York for talks with major investors in an effort to strengthen U.S.-UK trade links after the vote to leave the European Union. The Chancellor said improving ties with the U.S. is now a "top priority" and he will urge leaders from some of America's biggest investors to stick with the UK after the Brexit referendum result. (http://ind.pn/29H8siW)

($1 = 67.1300 Indian rupees) (Compiled by Rama Venkat Raman in Bengaluru)

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