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PRESS DIGEST- British Business - Dec 17

Source: Reuters - Tue, 17 Dec 2013 01:55 AM
Author: Reuters
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Dec 17 (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 Telegraph

RBS CANCELS 8 BLN STG TAXPAYER-GUARANTEE

Royal Bank of Scotland has cancelled one of the final pieces of the multi-billion pound bailout package put in place five years ago as part of its 46 billion pound ($75 billion) taxpayer-funded rescue. (http://link.reuters.com/tyb55v)

GLAXOSMITHKLINE ANNOUNCES 629 MLN STG INDIA SPENDING SPREE

Drug group GlaxoSmithKline has decided to spend 629 million pounds to increase its stake in its Indian pharmaceutical unit as it hopes to offset slowing sales in developed markets with growth in emerging economies. (http://link.reuters.com/syb55v)

BARCLAYS MOVES TO BLOCK US FROM COLLECTING $488 MLN FINES IN ELECTRICITY MARKET MANIPULATION CASE

Barclays has asked a U.S. judge to block the Federal Energy Regulatory Commission from collecting $488 million in fines after the bank was found to have manipulated the U.S. electricity market. (http://link.reuters.com/vyb55v)

The Guardian

LLOYD'S OF LONDON APPOINTS FIRST FEMALE CHIEF EXECUTIVE IN 325-YEAR HISTORY

Forty years after the first woman entered the Lloyd's of London dealing floor as a broker, the 325-year-old insurance market has named its first female boss. The company is to be run by 30-year industry veteran Inga Beale from January. (http://link.reuters.com/xyb55v)

AGGREKO WINS WORLD CUP AND COMMONWEALTH GAMES POWER CONTRACTS

Temporary power supplier Aggreko has won contracts to supply power at next year's World Cup in Brazil and Commonwealth Games in Glasgow, following a challenging period for the British company. (http://link.reuters.com/zyb55v)

The Times

RSA DEALT FRESH BLOW WITH S&P DOWNGRADE

RSA Insurance Group, the embattled insurer, suffered a fresh blow last night when its credit rating was downgraded for the second time in a month by one of the main rating agencies, which branded management at the company as weak. (http://link.reuters.com/bac55v)

PRIVATE EQUITY GROUP GENERAL ATLANTIC BUYS METEOGROUP FOR 190 MLN EUROS

Trinity Mirror, the parent company of the Press Association, said it would sell its weather forecasting business MeteoGroup for 190 million euros ($261.33 million) to private equity company General Atlantic. (http://link.reuters.com/cac55v)

The Independent

BP SECURES $16 BLN DEAL TO DEVELOP OMAN GAS PROJECT

Oil giant BP has signed a deal to work on a $16 billion, 30-year gas production deal in Oman. (http://link.reuters.com/fac55v)

STANDARD CHARTERED TAKES A HIT AS FINANCE DIRECTOR IS STRIPPED OF RISK ROLE

Shares of Standard Chartered suffered another blow as the bank tried to play down suggestions of turmoil after it was revealed that Finance Director Richard Meddings is handing over responsibility for risk to Chief Executive Peter Sands. (http://link.reuters.com/dac55v)

'RING-FENCING' OF BANKS POISED TO START WITHIN WEEKS OF LORDS VOTE

The most sweeping reforms to banking in more than a generation face their final hurdle in Britain's House of Lords tonight amid criticism that they could spell the end for "free" retail banking. (http://link.reuters.com/gac55v) ($1 = 0.6136 British pounds) ($1 = 0.7271 euros) (Compiled by Richa Naidu in Bangalore; Editing by Anupama Dwivedi)

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