PRESS DIGEST-British Business - March 11
March 11 (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
- Richard Branson stands to receive at least 250 million pounds ($321.25 million) from Nationwide as an "exit fee" when the building society stops using the Virgin Money brand after its takeover of the struggling challenger bank.
- Adam Winslow, the CEO of Direct Line, is expected to bring forward some of his plans for turning round the troubled insurer as he fends off a 3.1 billion pound takeover bid from Belgian rival Ageas.
- Luis Gallego, the CEO of IAG, the parent company of British Airways, is to take millions of pounds of his bonuses in cash rather than stock after failing to revive the airline group's bombed-out share price.
The Guardian
- British retailer The Body Shop has filed for bankruptcy in the US and Canada and is struggling to pay suppliers in Australia.
- In a speech to the Institute for Government thinktank, former British prime minister Gordon Brown will call for the creation of a National Economic Council, jointly chaired by the prime minister and chancellor with a mission to deliver annual growth of 3%.
The Telegraph - NatWest has drafted in law firm Addleshaw Goddard to defend a looming legal challenge brought by Nigel Farage over debanking.
- British battery metal refiners and electric car gigafactories are being handed cheap power deals by the Government as part of a battle to cut the West's dependence on China.
Sky News
- London-listed property giant British Land will this week name William Rucker, a banking veteran as its next chairman.
- Britain's opposition Labour Party will not bail out bankrupt councils, the party's finance spokesperson Rachel Reeves has said.
The Independent
- Former British prime minister Boris Johnson flew to Venezuela last month for talks with the country's leader President Nicolas Maduro.
($1 = 0.7781 pounds) (Compiled by Bengaluru newsroom)
