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PRESS DIGEST- British Business - July 12
July 12, 2017 / 12:23 AM / 5 months ago

PRESS DIGEST- British Business - July 12

July 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

*Pearson Plc has offloaded almost half of its holding in Penguin Random House in a complex transaction that means that the publisher can return 300 million pounds ($385.53 million) cash to shareholders. (bit.ly/2ufJmnF)

*HSBC Holdings Plc has said that France's plans to loosen its employment rules make relocating there more attractive. (bit.ly/2tKYaHV)

The Guardian

*Britain's economy will lose momentum both this year and next as the squeeze on living standards caused by higher inflation outweighs the benefits for exports of a cheaper pound, Standard & Poor's has predicted. (bit.ly/2uMPa5e)

*Lloyds Bank is to radically change the way it charges for overdrafts on its 20 million accounts, including those at Halifax and Bank of Scotland, in a move it claims will leave most customers better off – although one in 10 could pay significantly more. (bit.ly/2uOWv4c)

The Telegraph

*Discount fashion chain Store Twenty One, has gone into liquidation, resulting in the loss of 900 jobs. (bit.ly/2sNT3Fq)

*Amec Foster Wheeler Plc is being investigated by the Serious Fraud Office over its dealings with Unaoil over possible bribery and corruption through payments to middlemen. (bit.ly/2u6qjvF)

Sky News

*Jamie Dimon, the chief executive of JP Morgan Chase & Co , says the scale of the bank's operations in London can effectively be decided by the EU after Brexit. (bit.ly/2uOF57T)

*Marks & Spencer Group Plc Chief Executive Steve Rowe said his turnaround plan for the retailer was on track as its sales decline slowed in the first quarter and it scaled back discounting and end-of-season offers. (bit.ly/2tDm8Gr)

The Independent

*French bank Societe Generale could move 400 banking jobs from London to Paris as a result of Brexit, chief executive Frederic Oudea has said. (ind.pn/2t0HbnP)

*German discount supermarket chain Aldi is creating 4,000 new jobs in the UK, a move that will deal a sharp blow to some of the UK's biggest retailers who have suffered from fierce competition for market share. (ind.pn/2tIWdLW)

$1 = 0.7781 pounds Compiled by Bengaluru newsroom; Editing by Sandra Maler

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