PRESS DIGEST- British Business - Nov 1

Reuters

Nov 1 (Reuters) - The following are the top stories on thebusiness pages of British newspapers. Reuters has not verifiedthese stories and does not vouch for their accuracy.

The Telegraph

RBS PREPARES TO UNVEIL NEW 'BAD BANK'

Royal Bank of Scotland is expected to confirm onFriday that it is to create a "bad bank" with more than 30billion pounds ($48.20 billion) of assets following a review ofits operations ordered by the Treasury. ()

BARCLAYS AND RBS NAMED IN $800M US LIBOR LAWSUIT

Barclays and Royal Bank of Scotland are among ninebanks being sued for $800 million by Fannie Mae overtheir alleged involvement in attempts to manipulate globalborrowing rates. ()

BAE WINS $688 MLN DEAL FOR U.S. ARMY HOWITZERS

BAE Systems has shrugged off concerns about Americacutting defence spending, winning a $688 million deal to supplynearly 70 self-propelled 155mm howitzers and their supportvehicles to the U.S. Army. ()

The Guardian

GEORGE OSBORNE 'CONSIDERS CAPITAL GAINS TAX FOR OVERSEASBUYERS'

The government is reported to be considering a tax foroverseas investors buying UK properties, in a move to stop houseprices rushing out of reach of home buyers. ()

The Times

RATE CUT EXPECTED IN EUROZONE AS INFLATION PLUNGES

Eurozone inflation has plummeted to its lowest level in fouryears while unemployment has hit another record high, pilingpressure on the European Central Bank to cut interest ratesfurther to protect the fragile economic recovery. ()

The Independent

SHELL VOWS TO RETURN TO THE ARCTIC AS PROFITS SLIDE BY 31PERCENT

Shell has pledged to return to the Arctic as soonas possible after revealing a further $200 million hit from thegrounding of its Kulluk oil rig off the Alaskan coast on NewYear's Eve. ()

BANK OF ENGLAND BACKS BETTER LIQUIDITY SUPPORT

Commercial banks will have full-time access to liquiditysupport in five different foreign currencies, the Bank ofEngland announced on Thursday. ()

ASTRAZENECA'S DRUG HEADACHE LEADS TO PROFITS SLUMP

AstraZeneca's profit slumped 24 percent to $4billion during the first nine months of the year. News that thestruggling drugmaker has appointed a new finance boss -ex-GlaxoSmithKline executive Marc Dunoyer will take overfrom the departing Simon Lowth - could not stop its sharesfalling 21 percent. ()

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