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PRESS DIGEST- British Business - July 6
July 5, 2017 / 11:51 PM / 5 months ago

PRESS DIGEST- British Business - July 6

July 6 (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

*Volvo AB is to become the first major car maker to produce only electric and hybrid vehicles. The announcement by the Chinese-owned company will set the pace for the transition of the motor industry from the internal combustion engine to battery driven vehicles.(

*Worldpay Group Plc, Britain's biggest plastic card payments processor, has agreed the terms of a takeover offer from U.S. rival Vantiv Inc to create a global payments giant with a combined market value of more than $20 billion, in a deal that will leave some investors with their fingers burnt. (

The Guardian

*Companies that paid staff via "contrived" employee benefit trusts have been urged to come forward, after HM Revenue & Customs scored a landmark victory in a tax avoidance case against the former incarnation of Rangers football club. (

*Sainsbury's has been accused of undermining the Fairtrade movement by experimenting with dropping the ethical mark for its own label tea. A series of shareholders and campaign groups criticised the supermarket group for dropping Fairtrade at its annual meeting in London on Wednesday, in an increasingly fraught exchange with the company's board. (

The Telegraph

*Corporate raider Edward Bramson is embarking on his biggest ever fundraising to build up 700 million pound ($905.31 million)war-chest as he sets out on a hunt for another company to target for a shake-up. (

*Lloyds Banking Group Plc has unveiled a wide-ranging shake-up of its top team as boss Antonio Osorio prepares Britain's biggest mortgage lender for its next strategic plan.(

Sky News

*The European Commission has unconditionally approved the 1.9 billion pound takeover of Vauxhall owner Opel by car maker PSA Group. (

*Royal Bank of Scotland is on the brink of a multibillion-pound settlement with U.S. regulators over the mis-selling of toxic mortgage bonds. (

The Independent

*An economic index which tracks the health of the UK's dominant services sector fell short of expectations in June, rounding off a hat-trick of disappointing industrial surveys and offering "clear" evidence that the economy is losing momentum ahead of Brexit. (

$1 = 0.7732 pounds Compiled by Bengaluru newsroom; Editing by Lisa Shumaker

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