December 8, 2017 / 12:46 AM / 10 months ago

PRESS DIGEST- British Business - Dec. 8

Dec 8 (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

- The Electoral Commission said it was probing whether the left-wing network of Jeremy Corbyn supporters spent more than the legal limit for a non-party campaigner in the run-up to the snap election in June.

- Hedge funds whose multimillionaire founders backed the campaign to leave the European Union will not think twice about abandoning Britain and picking off businesses damaged by Brexit, Elizabeth Desmond, the chief investment officer at Mondrian Investment Partners' UK operation said.

The Guardian

- More than 800 senior Asda shop floor workers are facing a pay cut or redundancy in the new year after the supermarket chain embarked on another cost-cutting exercise.

- Sports Direct International Plc and its employment agencies Best Connection and Transline have been named by the government for paying workers less than the legal minimum wage, underpaying them by nearly one million pounds ($1.35 million).

The Telegraph

- General Electric Co is slashing almost a fifth of the global workforce in its power business, a move that will result in a swathe of job losses in the UK.

- Digital news and entertainment outlet BuzzFeed is now planning to cut just under a third of its UK staff after falling short of revenue targets.

Sky News

- Uber Technologies Inc's licence to operate in Sheffield has been suspended after the company failed to answer questions about its management, the city council has said.

- The UK is "very close" to securing a Brexit deal on the Irish border and an agreement is expected within hours, an Irish official said.

$1 = 0.7422 pounds Compiled by Bengaluru newsroom Editing by Sandra Maler

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