September 1, 2014 / 12:21 AM / 3 years ago

PRESS DIGEST- British Business - September 1

Sept 1 (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

BARCLAYS SELLS SPANISH RETAIL DIVISION TO CAIXABANK

Barclays Plc is selling its Spanish retail and corporate banking operations to Caixabank, the two companies said on Sunday. (thetim.es/1B8tSvP)

RAC STEPS ON THE GAS FOR AUTUMN FLOTATION

Roadside Rescue and Insurance Group is set to be one of the first share market debutants to test the appetite of disgruntled investors this autumn after a radical beefing-up of its board, including the appointment of the City grandee Sir Mike Rake as chairman. (thetim.es/1wXZe9R)

The Guardian

CO-OP GROUP NEEDS NEW TOP-CLASS CHAIRMAN AND CEO, WARNS LORD MYNERS

The troubled Co-op Group Ltd must now bring in a top-class chairman and chief executive from outside, Lord Myners has warned, after members backed the bulk of his proposals to reform the mutual business. (bit.ly/1nhtbYN)

LEADING OIL INDUSTRIALIST ACCUSES BP OF SPURNING ITS LEAD ROLE IN THE NORTH SEA

Alexander Temerko, a leading oil industrialist in Britain, has launched a stinging attack on BP, accusing it of abandoning its lead role in the North Sea in favour of championing the interests of Russia. (bit.ly/1zZi6kP)

The Telegraph

KEY TESCO INVESTOR CUTS STAKE

One of Tesco Plc's largest and most loyal shareholders, Harris Associates LP, has sold nearly two thirds of its stake amid mounting concerns that Britain's biggest retailer has become "too risky". (bit.ly/Y4iPFO)

LIBERTY GLOBAL POSITIONS FOR ITV TAKEOVER

Liberty Global Plc, the owner of Virgin Media, controlled by the American billionaire John Malone, is canvassing support from major ITV Plc shareholders following its acquisition this summer of a 6.4 percent stake, raising speculation of a full takeover bid. (bit.ly/1nLglSE)

Sky News

BRANSON BANKS ON 2 BLN STG VIRGIN MONEY FLOAT

Sir Richard Branson is poised to pull the trigger on a stock market listing of Virgin's banking arm that City insiders predict could value it at up to 2 billion pounds. (bit.ly/1sRtuN0)

PPI SCANDAL: LENDERS TO RE-OPEN 2.5 MLN CLAIMS

The City regulator says banks and other lenders are to reassess more than 2.5 million payment protection insurance complaints. The Financial Conduct Authority says the claims, which were made in 2012 and 2013, may have either been unfairly rejected or paid too little. (bit.ly/1vWtP3h)

The Independent

THE BANK OF ENGLAND'S FUNDING FOR DELEVERAGING

The Bank of England and the Treasury released data on the usage of their Funding for Lending Scheme in the second quarter of 2014 this morning. (ind.pn/1qT1UwJ)

EUROPE CLOSER TO DEFLATION AS INVESTORS WAIT FOR ECB MOVE

Europe edged closer towards the deflation abyss on Friday as the inflation rate across the single-currency bloc fell to a five-year low of just 0.3 percent. (ind.pn/1q0kZkB) (Compiled by Shivam Srivastava)

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