PRESS DIGEST- British Business - July 10

Reuters

July 10 - 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

CABLE HIRES MYNERS TO DEFUSE FLOAT ANGER

Vince Cable has attempted to head off what will be an excoriating attack on him by MPs later this week over the sale of Royal Mail by calling in a former Labour City minister to head an inquiry into government privatisations.

APPLAUSE FILLS AISLES AS KING CHECKS OUT

In the end there was no valedictory, no finger pointing and no barracking from the floor. Justin King stood down as the chief executive of J Sainsbury after ten years and fifteen weeks yesterday with the sound of applause ringing in his ears.

INSURERS PROMISE TO BE MORE OPEN WITH CUSTOMERS ON COSTS

Motorists and householders renewing their annual insurance policies could be told at the same time what their cost of cover was the previous year under an industry drive to be more open with customers.

The Guardian

BANK OF ENGLAND'S NEMAT SHAFIK SIGNALS THAT INTEREST RATE RISE EDGES CLOSER

The Bank of England's new deputy governor has signalled that an interest rate rise is edging closer after telling MPs the amount of spare capacity in the economy is lower than the bank predicted in May.

MONTHLY HOUSE PRICES FOR JUNE DROP 0.6 PCT, HALIFAX REPORTS

House prices experienced a bigger monthly fall than analysts had expected in June, knocking 1,100 pounds ($1,900) off the average property value, according to a survey carried out by mortgage lender Halifax.

The Telegraph

UBS PREDICTS SAVINGS FLIGHT FROM SCOTLAND IN THE EVENT OF 'YES' VOTE

Savers may rapidly move their money south of the border if Scotland were to vote for independence, analysts at one of Europe's biggest banks have predicted.

QATAR CUTS HOLDING IN LONDON STOCK EXCHANGE BY A THIRD

Qatar Holding is to trim its 15 percent stake in the owner of the London Stock Exchange by a third ahead of a $1.6 billion rights issue by the British bourse to fund its acquisition of Russell Investments.

SHALE 'COULD MEET 41 PCT OF UK'S GAS NEEDS', SAYS NATIONAL GRID

Shale gas produced in the UK could provide more than a third of the nation's gas supplies within 20 years, a report has found.

Sky News

RAC OWNER CARLYLE HOLDS TALKS ABOUT 2 BLN STG SALE

The owners of the RAC roadside recovery service have been holding secret talks about a 2 billion pound sale in the wake of a modest stock market debut by the AA, its main rival.

SYRIA 'LIKELY' USED UK CHEMICALS TO MAKE SARIN

Chemicals exported by British firms to Syria in the 1980s are likely to have been used to make the nerve agent sarin, UK Foreign Secretary William Hague said. ($1 = 0.5877 British Pounds) (Compiled by Esha Vaish; Editing by Eric Walsh)

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