March 5, 2019 / 1:57 AM / 3 months ago

PRESS DIGEST- British Business - March 5

March 5 (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

Accountants in Britain will have to make more thorough checks that a company has the financial strength to stay afloat under regulatory proposals issued after the collapses of Carillion and BHS. The Financial Reporting Council said accountants should challenge more robustly a company's own assessment of being a "going concern" before signing off its books. (bit.ly/2NJroAG)

Ted Baker Plc, the embattled retailer and fashion brand, is poised for a boardroom clearout after the resignation of its chief executive, Ray Kelvin, also the company's founder. Herbert Smith Freehills, the City law firm that is expected to complete an investigation into the claims against Kelvin within weeks is expected to recommend sweeping changes to governance standards across the company, with its human resources department set for top-to-bottom reform. (bit.ly/2NHbPK2)

The Guardian

U.S. hedge fund Coltrane, the largest shareholder in ailing UK government contractor Interserve Plc has submitted a revised financial rescue plan and told directors it is their duty to stop advocating rival proposals put forward by Interserve's lenders. (bit.ly/2NJupkD)

Virgin Atlantic has told female cabin crew they will no longer have to wear makeup in the air. The airline will also provide female crew with trousers as part of their standard uniform, rather than only providing them on request. (bit.ly/2NHbhDY)

The Telegraph

At least five Paperchase stores will close after the stationery chain began a Company Voluntary Arrangement (CVA) process on Monday. (bit.ly/2NLflmM)

Findel Plc's board unanimously rejected a 140 million pounds takeover bid on Monday that was triggered after Mike Ashley's Sport Direct International Plc bought another chunk of shares in the online retailer. (bit.ly/2NJuN2z)

Sky News

Volvo Cars will limit the top speed of its new cars to 180km per hour (112 mph) from next year in an attempt to save lives. The carmaker said the move was "one of the most ambitious safety visions in the automotive industry" and was aimed at reducing the number of people killed as a result of speeding. (bit.ly/2NJTSu5)

More Japanese companies may relocate away from the UK in the coming months if Britain does not seal a promising post-Brexit deal, Koji Tsuruoka, the Japanese ambassador to the UK, has warned. (bit.ly/2NH8gU4)

The Independent

Online gaming group 888 Holdings Plc has acquired the sports betting platform of Irish gaming firm BetBright for 15 million pounds ($19.76 million). (ind.pn/2NJtjFx)

Hundreds of jobs are at risk after Boparan Restaurant Group, the owner of restaurant chains Giraffe and Ed's Easy Diner announced plans to close 27 branches. (ind.pn/2NHacvU)

$1 = 0.7591 pounds Compiled by Bengaluru newsroom

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