PRESS DIGEST- British Business - May 30

Reuters

May 30 (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 Telegraph

DRUGS AND PROSTITUTION ADD 10 BLN STG A YEAR TO UK ECONOMY

(http://link.reuters.com/jac79v)

Prostitution and illegal drugs are contributing around 10 billion pounds a year to the British economy, according to data by the Office for National Statistics.

RUDDERLESS CENTRICA NEEDS TO CHANGE TACK, LEADING ANALYST WARNS

(http://link.reuters.com/kac79v)

A "rudderless" Centrica should overhaul its strategy and stop trying to be "a poor man's BG Group", a leading analyst warned on Thursday after the energy giant confirmed that British Gas boss Chris Weston had resigned.

The Guardian

BANK OF ENGLAND DIRECTOR DEFENDS QE AND LOW INTEREST RATES

(http://link.reuters.com/mac79v)

Britain would be a significantly poorer country without deep cuts in interest rates and the Bank of England's emergency injection of 375 billion pounds into the economy through its controversial quantitative easing programme, Andrew Haldane, Bank of England's executive director for financial stability, has said.

FOOTBALL WORLD CUP TEAM WORKS ON KEEPING BRITAIN'S KETTLES BOILING

(http://link.reuters.com/nac79v)

Managers at the National Grid are trying to assess what extra power might be needed to cope with a surge in electricity demand as kettles are brewed and lights turned on during England's opening and late-night game against Italy.

The Times

BUSINESS LENDING SLUMPS DESPITE PRESSURE BY BANK

(http://link.reuters.com/pac79v)

Corporate lending by Britain's biggest banks collapsed this year, dealing a crushing blow to policymakers' recent efforts to improve the supply of credit for businesses. Loans made through the Bank of England's Funding for Lending Scheme fell by £2.7 billion in the three months to April.

TUNGSTEN FINALLY SEALS 30-MLN-STG BANK TAKEOVER

(http://link.reuters.com/qac79v)

Edi Truell, the founder and chief executive of Tungsten Corp , announced he had at last succeeded in buying First International Bank of Israel, more than seven months after announcing plans for the deal.

Sky News

EX-RBS CHIEF HOURICAN EYES LONDON BANK FLOAT

(http://link.reuters.com/rac79v)

A London share listing for Bank of Cyprus is one of a range of options that will be considered by John Hourican, the former boss of Royal Bank of Scotland's investment banking arm, who took over as its chief executive last October.

TESCO SIGNS DEAL FOR CHINA JOINT VENTURE

(http://link.reuters.com/sac79v)

Britain's biggest supermarket chain Tesco Plc has signed a partnership deal to form China's biggest food retailer. The joint venture will see Tesco combine its 131 outlets with China Resources Enterprise's Vanguard business that already has 2,986 stores.

(Compiled by Aashika Jain in Bangalore; Editing by Jan Paschal)

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