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PRESS DIGEST- British Business - Dec. 8
December 8, 2016 / 1:15 AM / 8 months ago

PRESS DIGEST- British Business - Dec. 8

4 Min Read

Dec 8 (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
    
    Glencore Plc and Qatar are to deliver a $10 billion
boost to the Kremlin's coffers by buying a fifth of Rosneft
, Russia's state-controlled oil group. The deal marks a
dramatic return to dealmaking and expansion for Glencore, which
has spent the past year allaying investors' concerns by cutting
billions in debt by selling assets. (bit.ly/2hibpfC)
    
    Thousands of steel jobs were secured last night when Tata
Steel Ltd agreed to keep Port Talbot's blast furnaces
running without cutting the workforce for another five years.
The agreement was hailed as a breakthrough by unions after
months of negotiations over a £15 billion British Steel pension
deficit, which had proved a stumbling block for attempts to
rescue Port Talbot. (bit.ly/2hly3zS)
    
    The Guardian
    
    A five-year investigation by competition authorities in
Brussels into rigging of interest rates drew to a close on
Wednesday when three major banks - including HSBC Holdings Plc
 - were fined 485 million euros ($521.81 million) for
colluding to manipulate a crucial benchmark rate. The three
banks, which also included JPMorgan Chase & Co and
Credit Agricole, did not agree to an earlier
settlement involving a seven-bank cartel over the setting of the
interest rate known as Euribor. All three deny wrongdoing. (bit.ly/2gDTJXT)
    
    Britain's top tax inspector has called on the chancellor,
Philip Hammond, to review the tax rules for super-rich football
stars who are avoiding tax by siphoning earnings from Premier
League games into image rights companies based in offshore tax
havens. Jon Thompson, chief executive of HMRC, told a committee
of MPs that offshore image rights payments were now "the most
significant risk in football". (bit.ly/2gDQDU1)
        
    The Telegraph
    
    British software company Sage Group Plc said it has
put its North American payments business up for sale, a major
move in the FTSE 100 software giant's attempt to turn the
business around. On Wednesday, it said it was "evaluating
potential strategic options" for the business including a sale,
cautioning that there was no guarantee of one. (bit.ly/2gWVORT)

    Craft beer maker Camden Town Brewery is preparing to roll
out its flagship Hells lager across bars and restaurants in New
York from later this month. (bit.ly/2gb8F3s)

    Sky News
    
    Dalton Philips, the former boss of supermarket chain Wm
Morrison, is to return to the British high street in a leading
role at one of Britain's fastest-growing casual dining groups.
Philips will on Thursday be named as the chairman of Byron, the
upmarket burger chain. (bit.ly/2gbbHom)

 ($1 = 0.9295 euro)

 (Compiled by Rama Venkat Raman in Bengaluru)

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