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PRESS DIGEST- British Business - June 5
June 4, 2017 / 11:29 PM / 6 months ago

PRESS DIGEST- British Business - June 5

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 City's top fund managers are attempting to torpedo Saudi Arabia's attempts to list its $2 trillion state oil company Saudi Aramco IPO-ARMO.SE on the London Stock Exchange . In a letter to the Financial Conduct Authority, Chris Cummings, chief executive of the Investment Association (IA), said they would not tolerate any listing that did not adhere to the market’s rules and standards.

- Philip Green has called in management consultants as he tries to turn around his struggling Arcadia Group. McKinsey & Co is said to be helping Green grapple with the shift to online shopping, which has particularly hit sales at Topshop, the most successful part of his empire.

The Guardian

- Philip Green's fashion empire suffered a 16 percent fall in profits last year as the billionaire's Topshop-to-Miss Selfridge group struggled with difficult trading on the high street.

- HSBC is offering its employees cash bonuses of up to 2,500 pounds ($3,216.75) if they can convince a colleague to move from London to the bank's new British headquarters in Birmingham. The bank has created a special bonus scheme to encourage staff to "help us find the right people for Birmingham".

The Telegraph

- The airline BMI Regional is looking to replace up to a quarter of its fleet with larger aircraft as it seeks to double down on its most popular routes.

- The World Bank has upgraded its forecasts for UK growth over the next three years against a stronger global backdrop that will boost the British economy despite its weak start to the year. Economists at the Bank expect the UK economy to grow by 1.7pc this year.

Sky News

- A meeting between Ross McEwan, RBS's chief executive, and directors of the RBoS Shareholder Action Group took place on Friday. The talks concluded without an agreement after McEwan declined to increase a financial offer to the remaining claimants.

- Stensrud family, which owns the Norwegian asset manager Skagen, has agreed to invest millions of pounds in British provider of auto-enrolment pensions, Smart Pension.

The Independent

- Uber has been criticised for being too slow to turn off its “surge pricing” feature after Saturday night’s deadly terror attacks in London. App users took to social media to complain saying that Uber should have reduced prices immediately as people tried to make their way home in the aftermath of the attack.

$1 = 0.7772 pounds Compiled by Bengaluru newsroom; Editing by Richard Chang

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