Wednesday's headlines from the business pages

LONDON (Reuters) - Here is a summary of the key stories in Wednesday's business pages.

Financial Times

CALLS TO POSTPONE FLEXIBLE WORKING REJECTED

The government has rejected pleas from businesses to delay the introduction of regulations which will see 4.5 million more employees gaining the right to request flexible working hours. Employers' groups had argued that the regulations should be postponed in light of the current economic slowdown. The new rules mean that from April, parents with children up to the age of 16 will have the right to ask for flexible hours. Currently, this right is restricted to parents of children aged up to six. The Department of Business said it is confident that companies will have enough time to deal with the changes.

MORTGAGE APPROVALS REMAIN NEAR RECORD LOWS

The British Bankers' Association has reported that mortgage approvals remained close to record lows last month, with weaker deposit growth and lower credit card spending indicating growing financial strains on households. The organisation's report stated that total mortgage approvals by its members reached only 22,448 in July, 65 per cent below the levels seen one year ago. The monthly increase in net lending remained steady at 4.3 billion pounds and the average value of loans for house purchases was 138,000 pounds, 11.9 per cent below last year's figure. David Dooks, the Association's director of statistics, said that the housing market is unlikely to recover whilst lending remains so low.

TAX RULING TO BRING WINDFALL FOR RANK

The VAT and Duties Tribunal has ruled that Revenue and Customs was inconsistent in the way it levied value added tax on slot machines, meaning that Rank (RNK.L), the gaming business, could receive a 25 million pound windfall. The case revolved around variations in the tax treatment of "one-armed bandit" gaming machines. Deloitte, which advised Rank in the case, said the ruling could affect other gaming machine operators who could also claim tax refunds. Revenue and Customs has said that it will consider the Tribunal's overall findings before deciding whether it should appeal.

CRUNCH PUTS GAY WORKERS IN CLOSET