PRESS DIGEST- British Business - Nov 9

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

Sheffield Forgemasters, may be rescued by an arm of the Chinese state after becoming the latest victim of the crisis in the industry. But the prospect has caused deep concern at the Ministry of Defence, Rolls-Royce and BAE Systems because of Forgemasters' role in making key parts for Britain's Trident nuclear submarines. (http://thetim.es/1RHgqGX)

Jaguar Land Rover has launched a secret 4.5 billion pound ($6.78 billion) cost-cutting plan to offset rising emissions costs and the slowdown in China. The project - known as Leap 4.5 - will scrutinise almost every area of spending at Britain's biggest manufacturer, raising fears of job cuts. (http://thetim.es/1NkLxUT)

The Guardian

The Treasury and the Departments of Transport, Environment, and Communities and Local Government are the first ministries to have agreed deep spending cuts of 8 percent a year for the next four years, George Osborne will announce on Monday. (http://bit.ly/1RHgCG1)

Senior TalkTalk staff were warned as early as 2013 that fraudsters were accessing customers' personal details - two years before the company fell victim to an external cyber attack. (http://bit.ly/1RHgCpw)

The Telegraph

Tata Steel has written to businesses in its supply chain telling them it requires an immediate 10 percent price reduction on all purchases, and plans to increase the cuts to 30 percent. (http://bit.ly/1RHgPc8)

Greece is battling to secure the release of 2 billion euros ($2.15 billion) in bailout cash as one of the world's foremost tax chiefs has warned the country cannot survive without rooting out rampant tax evasion. (http://bit.ly/1RHgN4i)

Sky News

Ministers will unveil a fresh trade promotion drive on Monday backed by corporate giants including British Airways, HSBC and Microsoft, even as scepticism grows over the credibility of a 1 trillion pounds ($1.51 trillion) Government export target. (http://bit.ly/1RHgTIV)

Tech London Advocates, a private sector network with more than 2,000 members including the bosses of BT and TalkTalk, will publish research showing that a British exit from the European Union would damage the UK's appeal as a location for global company headquarters and reduce its influence in regulatory matters. (http://bit.ly/1RHgVAy)

The Independent

The CBI has warned the Chancellor not to slash the Business Department's science and innovation budget in the crunch spending review later this month. (http://ind.pn/1RHgZjK)

Ministers have hinted that the transport giant Arriva could be subjected to a Serious Fraud Office inquiry after it inflated figures on an NHS contract. (http://ind.pn/1RHgWVi) ($1 = 0.6641 pounds) ($1 = 0.9321 euros) (Compiled by Ankush Sharma in Bengaluru)

Advertisement