January 26, 2016 / 1:12 AM / 2 years ago

PRESS DIGEST- British Business - Jan 26

Jan 26 (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

The Guardian is to slash its costs by £54 million over the next three years and could start charging for some of its content after burning through £80 million of cash in only a year. (thetim.es/1POjwX3)

Ophir Energy has signed a preliminary agreement with Schlumberger to develop its Fortuna gas project off the coast of Equatorial Guinea. (thetim.es/1Py8kNN)

The Guardian

American Apparel founder Dov Charney has lost his last-ditch attempt to wrest back control of the bankrupt retailer he started in his Tufts University dorm room in 1989. (bit.ly/1SflfJv)

Sainsbury's largest investor, the Qatar Investment Authority, has indicated that it might be willing to support a £1bn-plus bid for Home Retail Group at a "modest" increase to the 130p or so cash and shares offer rejected by the Argos owner in November. (bit.ly/1TkzsFZ)

The Telegraph

Regulators are considering whether to allow two Iranian banks in London to resume operations after years of sanctions. (bit.ly/1JzxJdV)

McDonald's will accelerate the rollout of table service across its refurbished UK restaurants and expand its trial of premium burgers in a bid to revamp its image amid intensifying competition in the fast food space. (bit.ly/1JzAk7t)

Sky News

George Osborne is preparing to end a six-month search for the new head of the City watchdog this week after ruling out one of the leading contenders for the job. (bit.ly/1njOwXH)

The head of Opec has laid the blame on smaller oil-producing countries for the glut in supply swilling through global markets that has driven down prices. (bit.ly/1ZOKB1G)

The Independent

The oil explorer JKX, which faces an attempt to topple its management this week, banned two of its biggest shareholders from voting yesterday after accusing them of providing "false or materially incorrect" information. (ind.pn/1JzBpwb)

A former Oxford schoolboy dubbed "Jihadi Jack" has dismissed reports that he is a member of Isis and accused the media of demonising young Britons who convert to Islam - in messages seen exclusively by The Independent. (ind.pn/1nkgLpg)

Compiled by Abinaya Vijayaraghavan in Bengaluru

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