January 9, 2015 / 1:32 AM / 4 years ago

PRESS DIGEST- British Business - Jan 9

Jan 9 (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

Dave Lewis, the chief executive of Tesco, wielded the axe over pensions, jobs, dividend payouts, stores and non-core businesses in an attempt to save 250 million pounds ($377.08 million) annually by cutting overhead by 30 percent. (thetim.es/1IufUWV)

The rate of annual house price growth in the UK slowed in December, in a further sign that the demand for homes could have peaked amid waning affordability and the possibility of an interest rate rise. (thetim.es/1xWBILc)

The Guardian

Standard Chartered Plc chief executive Peter Sands moved aggressively on Thursday to reverse the Asia-focused bank's fortunes by closing the bulk of its global equities business and axing 4,000 jobs in retail banking. (bit.ly/1xMEqRM)

Marks and Spencer Group Plc has unveiled another grim Christmas, with a big decline in sales of clothing and homewares, blaming distribution problems, mild weather and fierce discounting by rivals for its poor performance. (bit.ly/1BMOWqX)

The Telegraph

Shares in Tesco Plc surged by the most in a single day for 27 years after the company's new chief executive Dave Lewis said he will close its headquarters in Cheshunt, shut 43 unprofitable stores and scrap plans to build 49 new supermarkets as part of a series of drastic measures. (bit.ly/1tOLpEm)

Banco Santander has announced plans to raise up to 7.5 billion euros ($8.84 billion) from shareholders to boost its capital in an unexpected move that sees Ana Botín, its new chairman, put her stamp on the eurozone's biggest bank. (bit.ly/1zXUvAK)

Sky News

WM Morrison Supermarkets Plc, UK's fourth-biggest supermarket chain, will announce on Friday that it is to take over from Bupa as the long-standing sponsor of the Great North Run. (bit.ly/1s9IGJY)

Drivers have been benefiting from lower prices at UK pumps as the cost of oil plummets on world markets - the result of a glut in supply and fears for global economic growth. (bit.ly/1sayzVi)

The Independent

The Bank of England is likely to be asked to target a new inflation measure after an independent review commissioned by the UK Statistics Authority recommended scrapping the Consumer Prices Index (CPI) as the headline measure of price increases. (ind.pn/1tNr7er)

British designer clothing brand Ted Baker Plc registered a 22.8 percent jump in retail sales for the eight weeks to Jan. 3, with online sales jumping nearly 66 percent, as women splashed out on partywear and men treated themselves to new suits. (ind.pn/1AuZBHx) ($1 = 0.6630 pounds) ($1 = 0.8480 euros) (Compiled by Luke Koshi in Bengaluru;Editing by Cynthia Osterman)

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