PRESS DIGEST- British Business - Oct 21

Reuters

Oct 21 (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

JPMORGAN AGREES $13 BLN SETTLEMENT WITH US JUSTICEDEPARTMENT

JP Morgan, America's biggest bank, has reached a $13billion deal with U.S. regulators to settle claims that itmis-sold bundles of toxic mortgage debt to investors in thebuild up to the financial crisis. ()

LLOYDS GAVE 10 MLN STG LOAN TO FORMULA ONE'S WORST PERFORMERBEFORE SALE

Taxpayer-owned Lloyds Banking Group gave a 10million pound ($16.19 million) loan to Formula One'sworst-performing team, Marussia, before selling its stake,according to recently released documents. ()

BLOW FOR M&S AS ANOTHER SENIOR EXEC DEPARTS

Gillian Whittle, the recently promoted development andbuying director, will join the Australian retail group Target, adding to the pressure on Marks and Spencer Group Chief Executive Marc Bolland. Analysts expect a drop insales this quarter. ()

The Guardian

VODAFONE BOSSES TO COLLECT 56 MLN STG WINDFALL AFTER SALE OFVERIZON WIRELESS

Vodafone's senior team will collect a 56 millionpound windfall when the mobile operator completes the sale ofits Verizon Wireless subsidiary next year. The companyhas disclosed that its full senior team, about 250 people, hasaccumulated a total of 50 million Vodafone shares. The deal willsee them collect 16 million pounds in cash plus 40 millionpounds worth of Verizon shares. ()

GRANGEMOUTH OIL REFINERY 'FACES PERMANENT CLOSURE'

The owner of Scotland's largest oil refinery has warned heis not bluffing about threats to close the site permanently thisweek if 1,300 staff do not agree to pensions cuts. ()

The Times

EISAI'S GOVERNMENT HEALTH WARNING

Eisai, a Japanese drugs company that developsmedicines for Alzheimer's disease, cancer and gastro-intestinalillnesses, has invested more than 100 million pounds in the UKsince 2006. However, it has told Jeremy Hunt, the healthsecretary, that future investment will dry up unless Britaintakes a more proactive approach in adopting new medicines. ()

BORIS JOHNSON BANGS THE DRUM AS TWIN VISITS BREAK THE ICEBETWEEN BRITAIN AND CHINA

A separate free-trade agreement with China should be forgedby the government if the European Union's leaders fail to "pulltheir fingers out" and negotiate a deal on behalf of the bloc,London Mayor Boris Johnson has told a business conference inHong Kong. ()

The Independent

MOD STAFF 'NOT PROPERLY CONSULTED' OVER SEMI-PRIVATISATIONPLAN

The 16,500 staff in the British Ministry of Defence divisionthat buys army guns and RAF helicopters were "not properlyconsulted" on plans to semi-privatise the agency, union leaderstold The Independent on Sunday. ()

MERLIN HOPES TO CONJURE MORE MARKET MAGIC

In the wake of the massive demand for Royal Mail's 3.3 billion pound flotation, next off the blocks could be theMadame Tussauds and Legoland owner Merlin Entertainments. ()

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