PRESS DIGEST- British Business - May 7

Reuters

May 7 (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

CARPHONE WAREHOUSE AND DIXONS EDGE TOWARDS 3.7 BLN POUND MERGER

Carphone Warehouse and Dixons Retail are on the cusp of agreeing a near 4 billion pound merger to create a powerful UK retailer with 1,300 stores. (http://link.reuters.com/tuc29v)

CITY WATCHDOG COULD BE STRIPPED OF PENALTY POWERS

British regulators could be forced to hand over decision-making powers on fining and banning banks, brokers and asset managers to an independent body amid criticism of the way the authorities currently handle the penalty process.(http://link.reuters.com/vuc29v)

The Guardian

ASTRAZENECA HITS BACK AS INVESTOR BACKS PUBLIC INTEREST TEST FOR PFIZER TAKEOVER

AstraZeneca has hit back following an unwanted 63 billion pound takeover approach from Pfizer by setting out a new growth plan that targets a 75 percent rise in annual revenue by 2023. (http://link.reuters.com/wuc29v)

OECD WARNING ON HOUSE PRICES ADDS TO PRESSURE ON OSBORNE OVER HELP TO BUY

George Osborne is under further pressure to scale back the Treasury's Help to Buy mortgage scheme after calls from a leading thinktank for a clampdown on easy credit to bring "excessive" house prices under control. (http://link.reuters.com/xuc29v)

The Times

ALIBABA SET TO RAISE BILLIONS IN RECORD WALL STREET DEBUT

Chinese internet giant Alibaba (IPO-ALIB.N) is set to float in what is expected to be one of the largest technology debuts in American stock market history. (http://link.reuters.com/ruc29v)

RETURN TO SENDER: ROYAL MAIL FORCED INTO U-TURN ON TOP PAY

Royal Mail is running the risk of alienating its chairman after it headed off a potential clash with the government by ruling out a pay rise for its chief executive, Moya Greene. (http://link.reuters.com/suc29v)

The Independent

BARCLAYS' INVESTMENT BANK PROFITS HALVE

Barclays chief executive Antony Jenkins is set to announce sweeping changes after profits at its investment bank division halved. (http://link.reuters.com/byc29v)

TESCO TO LAUNCH OWN BRAND SMARTPHONE

Tesco is seeking to replicate the success of its budget tablet, Hudl, by launching its own Android smartphone before the end of the year. (http://link.reuters.com/dyc29v) (Compiled by Tasim Zahid in Bangalore)

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