May 16, 2019 / 12:44 AM / 8 months ago

PRESS DIGEST- British Business - May 16

May 16 (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

John Lewis has axed the last remnants of its gold-plated pension plan in an attempt to fill a hole of nearly £200 million ($256.92 million) in the scheme. Playtech PLC has suffered a shareholder revolt over executive pay for a second consecutive year. More than 40 per cent of voting investors at yesterday's annual shareholder meeting voted against the software firm's remuneration policy, which set pay for future years, and its remuneration report, which detailed boardroom pay for the last financial year.

The Guardian

Labour will announce plans on Thursday to seize back control of Britain's energy network from private shareholders in an effort to fight climate change and end fuel poverty. The multi-millionaires who bought British Steel for £1 in 2016 and are now seeking financial aid from the government are charging £20 million ($25.69 million) a year in fees and interest from the company.

The Telegraph

JCDecaux should "put up or shut up", Clear Channel's chief executive has told The Daily Telegraph, as persistent rumours on whether the French outdoor advertising giant will buy his firm only serve to destabilise the market. The boss of Morrisons has waived more than a third of his bonus despite the Bradford-based supermarket booking its third straight year of a jump in sales and profits.

Sky News

Mike Turner will be named as the senior independent director of Gulf Marine Services, a London-listed operator of support vessels serving the deepwater oil and gas industry.

National Grid has said plans by Labour to renationalise UK energy networks would damage investment and delay progress towards greener energy.

The Independent Jeremy Corbyn is coming under pressure to rule out Labour MPs abstaining in a crunch Brexit vote, after the minister in charge of EU withdrawal said defeat could kill off Theresa May's plan altogether.

Broadband, TV, mobile and home phone companies will have to tell customers when their contract is coming to an end and show them the best deals available under new rules unveiled by Ofcom. ($1 = 0.7785 pounds) (Compiled by Bengaluru newsroom; Editing by Sandra Maler)

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