March 8, 2018 / 1:34 AM / 12 days ago

PRESS DIGEST- British Business - March 8

March 8 (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

Lloyds TSB agreed to "remove" 800,000 pounds ($1.11 million) of fees due to be paid to PWC from its 2008 accounts in order to avoid breaching internal rules governing auditor independence, according to documents revealed in a High Court battle.

A leading shareholder in Carillion Plc is calling for the break-up of the Big Four accounting firms, in the wake of the company's collapse in January.

The Guardian

The European Union has responded to U.S. President Donald Trump's threat of a trade war by warning that it will retaliate with tariffs on a range of U.S. imports including peanut butter, cranberries and orange juice.

New Look has confirmed plans for a restructuring process called a company voluntary arrangement, which could involve the closure of up to 60 of the fashion chain's 593 stores, while a further six sites have been sublet to third parties.

The Telegraph

Energy regulator Ofgem has put forward plans for its toughest ever clampdown on energy network profits in a bid to save households 5 billion pounds ($6.95 billion) over five years.

Chancellor of the Exchequer Philip Hammond has warned rival European cities such as Paris and Frankfurt that they should not expect to sweep up business if London's finance sector is fragmented after Brexit.

Sky News

Airbus SE says 3,700 jobs across Europe will be affected by planned production cuts to its A380 and A400M aircraft.

The Institute of Directors‎, one of Britain's leading business groups, has been rocked by a boardroom coup aimed at removing its chairman, sparking threats by a string of other directors to quit their roles.

The Independent

Local councils have seen their central government funding halved in the era of austerity and are now on the verge of financial breaking point, according to a new report by the National Audit Office.

$1 = 0.7195 pounds Compiled by Bengaluru newsroom

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