November 3, 2017 / 1:41 AM / in a year

PRESS DIGEST- British Business - Nov 3

Nov 3 (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

- Chief executive of Tesco Plc, Dave Lewis, said he was "surprised" and "shocked" to be told only 19 days after starting his new job that the grocer had misstated its profit forecast by nearly 250 million pounds ($326.33 million).

- Carmaker Volkswagen AG is looking at opening a British bank to help fund sales of its cars in UK after Brexit. Talks with the Bank of England are expected to lead to Volkswagen making a formal application for a banking licence that will allow it for the first time to take savers' money.

The Guardian

- Hundreds of trainee GPs have not received their salaries because of the delays by outsourcing company Capita Plc, which holds a contract to administer training grants for GPs through a body called Primary Care Services England.

- Former Scottish first minister Alex Salmond has joined an activist investor Christen Ager-Hanssen, seeking to oust the board and chief executive of Johnston Press Plc.

The Telegraph

- Luxury furniture company, Oka, is on the verge of being put up for sale after receiving a number of unsolicited approaches from would-be buyers. Estimates put the value of the business at more than 40 million pounds.

- Problems in Asia and a troublesome bingo contract have forced gaming and spread-betting company Playtech Plc to issue a profit warning sending the shares plunging by a fifth.

Sky News

- Singaporean sovereign wealth fund Government Investment Corporation (GIC) is in talks to buy a 10 percent stake in OakNorth, the first of Britain's new generation of "challenger banks" to hit a coveted $1 billion valuation.

- Financial Conduct Authority (FCA) has begun making inquiries into events at Telit Communications Plc, which makes products enabling access to the Internet of Things (IoT), weeks after its chief executive departed amid doubts about his true identity.

The Independent

- Bank of England has issued a fresh set of warnings about the economic implications of Brexit, reiterating that the UK's split from the European Union will probably hamper productivity and slow growth.

- The Bank of England has hiked its benchmark interest rate for the first time in more than a decade. While the move was widely expected, it will affect millions of households as rates on savings, mortgages and other loans change.

$1 = 0.7661 pounds Compiled by Bengaluru newsroom; Editing by Sandra Maler

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