July 11, 2017 / 12:12 AM / 4 months ago

PRESS DIGEST- British Business - July 11

July 11 (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

* Hundreds of millions of pounds were erased from the value of Carillion Plc shares today after it warned on profits, parted ways with its chief executive and suspended its dividend to save cash. (bit.ly/2u1SPi2)

* Talktalk Telecom Group Plc is hiring Kate Ferry to replace Iain Torrens, who is stepping down from his post as chief financial officer after two years. (bit.ly/2t7cTuQ)

The Guardian

* An aggressive tax avoidance scheme, linked to one of the recruitment industry's highest-profile names, is being liquidated in a move that could prevent HM Revenue and Customs from recouping millions of pounds. (bit.ly/2v5oSu2)

* A drilling rig owned by P R Marriott Drilling Ltd, Britain's largest onshore deep drilling company, has been seriously vandalised, in a move seemingly intended to slow down the country's embryonic shale industry. (bit.ly/2sIapDK)

The Telegraph

* The Bank of England has fired a shot across the bows of lenders by warning it has detected a rise in risky creative accounting, in a move that could spur worries firms are returning to practices that sparked the financial crisis. (bit.ly/2uKKuwK)

* Shares in defence giant BAE Systems Plc have risen after the High Court threw out a case trying to block arms sales by British companies to Saudi Arabia. (bit.ly/2tFNABZ)

Sky News

* The top City advisers hired to find a buyer for Co-operative Bank are in line for a 15 million pound ($19.31 million) payday despite the struggling lender turning to its existing investors to bail it out. (bit.ly/2ubhX6j)

* Business leaders held separate talks with two Cabinet ministers on Monday, offering a further indication that Theresa May's chastened administration is determined to shake off its perceived pre-election antipathy towards the private sector. (bit.ly/2tZHKhv)

The Independent

* UK consumer spending has fallen to its lowest levels in nearly four years as rising living costs and stagnant wages continue to squeeze household incomes, new figures show. June rounded off the worst quarter for spending since the third quarter of 2013, according to Visa's Consumer Spending Index. (ind.pn/2txoNlb)

$1 = 0.7767 pounds Compiled by Bengaluru newsroom; Editing by Peter Cooney

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