PRESS DIGEST- British Business - Jan 12
Jan 12 (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 odds of a favourable regulatory outcome for the proposed merger between Ladbrokes Plc and Gala Coral appeared to improve yesterday as the Competition and Markets Authority agreed to fast-track its in-depth investigation. (http://thetim.es/1IZtmID)
- Shire Plc, one of Britain's biggest drug companies, sealed a $32 billion deal yesterday to buy Baxalta Inc, the American rival it has been courting since August, in an attempt to become a world leader in medicines for rare diseases. (http://thetim.es/1IZtqYV)
The Guardian
- CMC Markets, which is likely to be valued at more than 1 billion pounds ($1.45 billion), is to announce as early as this week that it will float on the stock market. If it goes ahead, it will be the first major flotation in London in 2016. (http://bit.ly/1IZttnD)
- The Financial Conduct Authority has defended its decision to drop a review into banking culture, and insisted the Treasury did not use its influence to encourage a softer approach toward the industry. (http://bit.ly/1IZtEza)
The Telegraph
- Royal Bank of Scotland Group Plc has advised clients to brace for a "cataclysmic year" and a global deflationary crisis, warning that major stock markets could fall by a fifth and oil may plummet to $16 a barrel. (http://bit.ly/1IZtFDv)
- Belgium must claw back 700 million euros ($760.34 million)in illegal tax breaks, the European Union has ruled, in its latest crackdown on "sweetheart" tax deals in Europe. The country's "excess profit" tax scheme is the latest corporate tax arrangement to fall foul of Brussels rules on state aid. (http://bit.ly/1IZtJTv)
Sky News
- A leading City investor is to vote some of its shares in favour of Royal Dutch Shell Plc 36 billion pound takeover of BG Group, despite its public opposition to one of the oil industry's biggest-ever deals. Standard Life Investments will vote its roughly 1.3 percent stake in BG Group in support of the tie-up at an extraordinary shareholder meeting later this month. (http://bit.ly/1IZtOqs)
- EE and O2 phone networks have been hit by technical issues, with some users reporting problems making calls. The issue seemed to affect calling landlines for several hours on Monday. (http://bit.ly/1IZtU1h)
The Independent
- The world's largest food producer is to be sued over allegations that it used child slaves to harvest cocoa in the Ivory Coast in Africa. Nestle SA has lost its bid to throw out a court case which has accused it of using child labourers for its chocolate products. (http://ind.pn/1IZtY19)
- The head of HM Revenue and Customs, Lin Homer, will step down in April amid criticism from MPs. Her tenure has been mired by criticism over her failure to answer calls from the public and her handling of the HSBC Holdings Plc tax scandal. (http://ind.pn/1IZu2Oe) ($1 = 0.6878 pounds) ($1 = 0.9206 euros) (Compiled by Sangameswaran S in Bengaluru; Editing by Lisa Shumaker)
