December 12, 2016 / 12:46 AM / a year ago

PRESS DIGEST- British Business - Dec 12

Dec 12 (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

- Tata Steel has promised not to take any dividends from its British plants until their profit tops 200 million pounds a year. The company made the pledge last week as part of a plan that will keep the Port Talbot site in south Wales open until at least 2021. It promised no job cuts for five years and to pump £1bn into its plants around Britain over 10 years.

The Guardian

- Sadiq Khan has called on the government to secure proper compensation from Volkswagen for the "dieselgate" scandal, saying the 1.1 million pounds pledged so far was outrageous. The London mayor said the settlement was far too low compared with the 12 billion pound payout achieved by US authorities for the carmaker's use of sophisticated "defeat devices" to cheat emissions tests.

- Iran said it has finalized a $16.8 billion deal with Boeing to purchase 80 passenger planes from Boeing. IRNA news agency said 50 Boeing 737s and 30 Boeing 777s would be delivered over the next decade, in the biggest agreement to be struck with an American company since the 1979 revolution and US embassy takeover.

The Telegraph

- Big Sofa, a video analytics technology company, is understood to be raising 6 million pounds through a placing and subscription, valuing the business at 10 million pounds, with shares expected to begin trading next week. The company hopes the fundraising will help it expand in the US, which it expects to be one of the largest markets for video analytics.

Sky News

- Twenty-First Century Fox has tabled a takeover bid for Sky, the owner of Sky News. The cash offer values Sky shares at 1075 pence each, which is less the value of any dividends paid subsequently by Sky, putting a valuation on the company of 18.48 billion euros.

- Chris Woodhouse has stepped down as chairman of 3i Group's Agent Provocateur. The move comes amid an inquiry into "accounting issues" which may relate to statements about the company's profitability.

The Independent

- Foreign Secretary Boris Johnson has stressed Britain's close ties with Saudi Arabia, days after he was rebuked by Downing Street for accusing the kingdom of being behind "proxy wars".

Compiled by Sangameswaran S in Bengaluru; Editing by Peter Cooney

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