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PRESS DIGEST-British Business - Aug. 21

·2 mins read

Aug 21 (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 Times

- Rolls-Royce Holdings plc is teaming up with a technology business based in Oxfordshire to develop high-speed aerospace engines that could work on a supersonic business jet designed by Virgin Galactic Holdings Inc. https://bit.ly/31gH6vS

- PWC has delayed the publication of its annual results until next year so that it can put off a decision about the size of its staff bonuses and partner profit distributions. https://bit.ly/2E2O3rB

The Guardian

- Estée Lauder Companies Inc is planning to cut up to 2,000 jobs worldwide as it shuts stores and department store beauty counters after a slump in sales and profits during the coronavirus pandemic. https://bit.ly/3l62X0z

- Two retail veterans are lining up to front rival 6.5 billion pounds ($8.60 billion) private equity bids for Asda, the UK's third largest supermarket. https://bit.ly/31hQ102

The Telegraph

- Bus manufacturer Alexander Dennis has launched a consultation on plans to cut 650 jobs, as baggage handling bosses warned of "significant redundancies" if the sector does not receive bespoke financial support from the Government. https://bit.ly/3hhBOFJ

- Almost two thirds of workers who were put on furlough are back on the job, indicating that the economy is recovering and that the scheme succeeded in protecting their employment. https://bit.ly/3iWFHjZ

Sky News

- Sky News has learnt that TPG and Warburg Pincus are to become small shareholders in Visma, a Norwegian company which supplies accounting, payroll, HR and other business software to more than one million small business customers. https://bit.ly/3j0GSyR

- Mike Ashley's retail empire, which includes House of Fraser, has warned of further store closures after profits slumped by a fifth. https://bit.ly/3aIaqhK

The Independent

- Qantas does not expect to be flying any international routes before the second half of next year, except possibly to New Zealand. But Qantas is determined to press on with plans to fly nonstop from London to Sydney. https://bit.ly/3aNsDKL ($1 = 0.7561 pounds) (Compiled by Bengaluru newsroom)