September 3, 2018 / 12:03 AM / 19 days ago

PRESS DIGEST- British Business - September 3

Sept 3 (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

- Ford Motor Co could shed up to 24,000 workers, that is, 12 percent of its global workforce, and kill off models including the Mondeo in a desperate attempt to revive its struggling European business. (bit.ly/2N7kwiU)

- Crossrail needs a further taxpayer bailout and could blow its budget by up to 1 billion pounds if it is to open next autumn, The Sunday Times reveal. (bit.ly/2NfNVaQ)

The Guardian

- EU chief Brexit negotiator Michel Barnier said he is "strongly opposed" to the Prime Minister's Chequers proposals on future trade, as he advised European car manufacturers that they will have to use fewer British-made parts after Brexit. (bit.ly/2N8gO8C)

- WPP Plc is understood to be in talks with its new boss, Mark Read, about a pay package worth about 7 million pounds annually if he is able to successfully turn around the fortunes of the world's largest marketing services agency. (bit.ly/2NbwOGP)

The Telegraph

- Mid-size lenders including Banco de Sabadell's TSB and Metro Bank are preparing a new campaign against regulation of smaller banks, claiming post-crisis red tape has gone too far and puts them at an unfair disadvantage to the big six. (bit.ly/2Q0oCrN)

- Plans by Uber and other start-ups to revolutionise city centre transport with electric scooter hire apps are likely to get caught in transport red tape in the UK, according to Matteo de Renzi, chief executive of Gett UK. (bit.ly/2N8G8LU)

Sky News

- The Hut Grou‎p will announce that it has agreed to buy Acheson & Acheson, in a deal understood to be worth between 50 million pounds and 100 million pounds. (bit.ly/2CbtiYZ)

- Anders Povlsen, who owns stakes in Asos, the online fashion retailer, and Numis, the City broker, has agreed to buy a minimum 10 percent shareholding in Funding Circle when it floats in the autumn with a valuation of up to 2 billion pounds. (bit.ly/2N5Rlgb)

The Independent

- Non-stop flights between Heathrow and Sydney have moved a step closer, with Qantas vowing to operate "direct flights from the east coast of Australia to London and New York by 2022". (ind.pn/2PYxDS0)

Compiled by Bengaluru newsroom

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