PRESS DIGEST - British business - July 10

The Times

BLOODIED BUT UNBOWED, ROSE WINS THE DAY AGAINST REBEL M&S INVESTORS

Almost one in four Marks & Spencer (MKS.L) investors at the retailer's annual general meeting refused to back Sir Stuart Rose's controversial promotion to executive chairman, with 22 percent of the company's total investor base either abstaining or voting against his re-election to the board. A number of influential institutions, such as Legal & General (LGEN.L), are among those understood to have registered their protest by abstaining. One fund manager said: "We have made our point and we will keep on making it."

BRITISH ENERGY NUCLEAR POWER OUTPUT SLIDES

British Energy BGY.L said on Wednesday its electricity output fell by 17 percent in the second quarter, down from 13.8 Terawatt hours (TWh) in the same quarter last year to only 11.4 TWh. An increase in output at BE's coal-fired power plant at Eggborough, from 0.8 TWh to 1.9 TWh, partially offset lower nuclear output, which fell from 13.0 TWh in the second quarter of 2007 to 9.5 TWh in the same period this year.

B&B IS "PRICING ITSELF OUT OF MARKET" BY PUSHING UP COST OF BUY-TO-LET LOANS

Bradford & Bingley BB.L has cut its lending to landlords by pulling its Mortgage Express range from Moneyfacts, a Web site that potential borrowers use to compare interest rates. A mortgage broker with access to the withdrawn products said interest rates on them had risen sharply. "It's been increasingly evident in the past few weeks that they're trying to price themselves out of customers' range. They don't compare well with any other provider," the broker said. But a B&B spokeswoman said a select group of mortgage brokers were still offering the loans. "This is just so we can better manage our distribution model," she said.

The Daily Telegraph

SALES DROP FORCES BOVIS TO HALT PLANS FOR NEW HOMES