March 7, 2013 / 1:36 AM / 5 years ago

PRESS DIGEST - British Business - March 7

March 7 (Reuters) - The Telegraph

ECONOMY IS TURNING THE CORNER, SAYS CAMERON

David Cameron will say on Thursday that there are finally signs “we can turn our economy round” - warning that the Government will not change strategy in the forthcoming budget.

KING CHALLENGES OSBORNE TO BREAK UP RBS FOR SAKE OF ECONOMY

Sir Mervyn King has challenged George Osborne to break up the Royal Bank of Scotland to wrench the UK out of its economic torpor.

ACTIVIST U.S. HEDGE FUND HALVES NATIONAL EXPRESS STAKE

Elliott Advisors, the activist American hedge fund that had a strategic bust-up with National Express in 2011, has sold half its near 20 percent stake in the transport group for around 110 million pounds.

MICROSOFT FINED $731 MLN IN EU ANTI-TRUST PENALTY

Microsoft has been fined $731 million (485 million pounds) for breaking a voluntary pact with EU anti-trust regulators.

DELL SAYS IT IS SEEKING RIVAL BIDS AS SHAREHOLDER UNREST OVER $24 BLN OFFER GROWS

The board of troubled PC maker Dell is “actively soliciting” rival bids for the company, as shareholder anger grows over founder Michael Dell’s $24 billion (16 billion pounds) offer.

LEGAL & GENERAL RAISES DIVIDEND AS PROFITS INCREASE

Legal & General, the British insurance giant, raised its dividend 20 percent as it ignored the “uncertain, sluggish” economy to enjoy strong rises in sales of its products.

DREAMS RESCUE DEAL STRUCK BY SUN CAPITAL PARTNERS

Suppliers, landlords and hundreds of shop workers are set to lose out after Royal Bank of Scotland and private equity group Exponent sold bed retailer Dreams.

The Guardian

NEW CITY WATCHDOG TARGETS ‘ABUSIVE’ PAYDAY LOAN PRACTICES

The City watchdog taking over from the Financial Services Authority (FSA) says it will be clamping down hard on “abusive practices” in the payday loans sector, and has suggested the current regime is not giving consumers enough protection.

THOMAS COOK CUTS 2,500 UK JOBS AND SHUTS 195 HIGH STREET TRAVEL AGENCIES

Thomas Cook, the world’s oldest travel firm, is cutting 2,500 British jobs and closing 195 of its high street travel agencies.

The Independent

LEADING UK COMPANIES CUT REWARDS OF CHIEF EXECUTIVES

The bosses of three of Britain’s biggest companies, BP , GlaxoSmithKline and the owner of British Airways, all saw their pay packages stymied last year as they suffered the impact of corporate headaches.

EU CAP ON BANKERS’ BONUSES IS UNHELPFUL DISTRACTION, SAYS SIR MERVYN KING

The controversial European Union cap for bankers’ bonuses is an unhelpful “distraction”, according to the UK’s top financial sector regulators.

IKEA‘S PROFITS HIT BY PRICE CUTTING

The flat-pack furniture giant Ikea has posted its lowest profits for three years in the UK.

PEPPA PIG HOGS A NEW DEAL IN RUSSIA

Peppa Pig’s conquest of the world took another step forward as the company behind the British children’s cartoon character reached a deal to launch the brand in Russia.

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