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PRESS DIGEST- British Business - May 3
May 2, 2017 / 11:56 PM / 8 months ago

PRESS DIGEST- British Business - May 3

May 3 (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

* ITV bought a majority holding in World Productions, the company behind the popular BBC series "Line of Duty," for an undisclosed sum.

* Kohlberg Kravis Roberts, the private equity giant, has expressed anger at Barclays' CEO Jes Staley's alleged behaviour relating to a battle it is waging against Jorge Nitzan, the brother of Staley's wife.

The Guardian

* It will take an extra 15 billion pounds ($19.41 billion) of spending cuts or tax rises to eliminate the budget deficit by the time of the 2022 election, the Institute for Fiscal Studies said as it laid bare the damaging legacy of the financial crisis on UK living standards and public finances.

* Alitalia has filed for administration for the second time in a decade, a move that could see the troubled Italian national carrier restructured, sold or finally wound up.

The Telegraph

* The London Stock Exchange has fired back at Brussels' proposal to restrict London's ability to host euro-clearing, warning that any restriction on the clearing of Euro swaps would "damage European issuers, savers, investors, pension funds and intermediaries."

* Morgan Stanley has sold Affinity Water for 1.6 billion pounds to a consortium of investors including FTSE 250 investor HICL Infrastructure and German insurance giant Allianz.

Sky News

* Some 300 jobs are to be created and many more safeguarded in a 100 million pounds deal to sell part of Tata Steel's operations in the UK.

* Staff at Ineos' petrochemical plant in Grangemouth have been evacuated due to a gas leak that police have described as a "major incident." Ineos confirmed the leak at the petrochemical plant on Twitter, adding: "Our on-site responders are continuing to manage the incident with support from the emergency services."

The Independent

* Banks stung their customers with a combined 300 million pounds in unarranged overdraft fees last year, often for going only a few pounds over their agreed limit, according to research by price comparison service uSwitch.

* More than half of university students are now forced to pay more than 100 pounds per week for accommodation as rents have soared in recent years, accommodation search engine University Cribs found.

$1 = 0.7730 pounds Compiled by Parikshit Mishra in Bengaluru

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