PRESS DIGEST- British Business - Oct 15

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

TESCO SUSPENSIONS ADD TO CHAOS AT TOP

An investigation into Tesco's 250 million pound ($397 million) accounting crisis has prompted the suspension of three more executives, stoking concern about a disruption to its preparations for the crucial Christmas shopping season. (http://thetim.es/1w7aRsa)

WARRING SAUDIS OVER A BARREL ON FALLING OIL PRICE

Prince Alwaleed bin Talal expressed his "astonishment" that Ali al-Naimi, the Saudi oil minister, had played down the impact of prices falling below $100 a barrel. In his open letter to Saudi ministers, posted on Twitter, he noted that 90 percent of the country's revenues come from oil. (http://thetim.es/1wCrSIQ)

The Guardian

UK INFLATION FALLS TO FIVE-YEAR LOW OF 1.2 PCT

Inflation has slumped to its lowest rate for five years, hitting 1.2 percent in September and taking pressure off the Bank of England to raise interest rates in coming months. (http://bit.ly/1r169WO)

IRELAND TO ABOLISH CONTROVERSIAL 'DOUBLE IRISH' TAX ARRANGEMENT

Ireland has officially announced the phased abolition of its controversial "double Irish" tax scheme that has enabled multinationals such as Apple to dramatically cut down their tax bills. (http://bit.ly/1yzUGpO)

The Telegraph

BIS WARNS ON 'VIOLENT' REVERSAL OF GLOBAL MARKETS

Global financial markets are dangerously stretched and may unwind with a shock as liquidity dries up, the Bank of International Settlements has warned. Guy Debelle, head of the BIS's market committee, said investors have become far too complacent, wrongly believing that central banks can protect them, many staking bets that are bound to "blow up" at the first sign of stress. (http://bit.ly/1sOIm1Z)

HOUSE PRICES: THE NORTH-SOUTH DIVIDE IS NOW WIDER THAN EVER

The gap between the average prices of property in London and the northeast grew to its widest in history in August, according to data released from the Office of National Statistics. A home in the capital cost an average 514,000 pounds, the monthly analysis showed, compared with just 154,000 pounds in the northeast of England - an area of the country out of reach of the London "ripple" affect. (http://bit.ly/1xOqhAW)

Sky News

STRUGGLING BALFOUR BEATTY PICKS NEXT CHIEF

Balfour Beatty, the beleaguered construction group, will hand Qinetiq Chief Executive Leo Quinn the task of reviving its fortunes. (http://bit.ly/1vsGGx2)

OVER-55s TO USE PENSION POTS LIKE BANK ACCOUNTS

People reaching the age of 55 are to be given more flexibility over what they can do with their pension pots as they approach retirement. Chancellor George Osborne will announce that the over-55s will be able to withdraw several lump sums instead of just one. (http://bit.ly/1sASYB7)

The Independent

MULBERRY AND BURBERRY HIT BY LUXURY SLOWDOWN AS RICH TOURISTS STAY AWAY

The state of the luxury market was laid bare after Mulberry issued its third profit warning this year and larger rival Burberry warned the outlook for the sector was getting tougher, prompting both stocks to tumble in London IPO trading. (http://ind.pn/1sIOARI)

BOX'S FOUNDER AARON LEVIE ADMITS HE ANNOUNCED IPO PLANS TOO SOON

Aaron Levie, founder of Silicon Valley cloud-storage firm Box, on a visit to Box's European headquarters in London, has admitted he was too quick to announce plans for his now-postponed stock-market float. (http://ind.pn/ZCReMd) (1 US dollar = 0.6294 British pound) (Compiled by Ankush Sharma in Bangalore; Editing by Ken Wills)

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