July 10, 2018 / 11:45 PM / 4 months ago

PRESS DIGEST- British Business - July 11

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

The chairman of Marks & Spencer has told shareholders that the high street chain is on a "burning platform" and may not exist in the years to come if it does not significantly change. bit.ly/2unKxz5

Another large portfolio of North Sea assets, possibly worth up to $1.5 billion, could be for sale as Total SA becomes the latest oil major to consider reducing its presence in the area. bit.ly/2ugsESG

The Guardian

Poundworld, the discount retailer that went into administration last month, is to begin closing stores, with 25 shops due to shut by the weekend with the loss of nearly 250 jobs. bit.ly/2ulk5Gk

Martin Sorrell has bought Dutch firm MediaMonks for 300 million euros ($351.87 million) in a deal that marks his return to the forefront of the advertising industry and an escalation of hostilities with his former employer, WPP Plc. bit.ly/2ui0Z3C

The Telegraph

Activist investor Elliott Advisors has raised its stake in Hammerson Plc to almost 5.3 percent, hinting that the shopping centre owner could face calls for change in the coming months. bit.ly/2ztJpzM

The world's largest interdealer broker TP Icap Plc's shares plunged as much as 36 percent after the company told investors it had ousted Chief Executive John Phizackerley, also known as Phiz, and slashed its annual cost savings target from 100 million pounds ($132.55 million) to 75 million pounds by the end of 2019. bit.ly/2uqljAe

Sky News

Martin Sciclunahe, who leads RSA Insurance Group, is being lined up as the next chairman of J Sainsbury, as it tries to steer through a 15 billion pound merger with Asda to create Britain's biggest food retailer. bit.ly/2zsjNDk

Tesco Plc's UK chief executive Charles Wilson is stepping down after being diagnosed with throat cancer and will be replaced by Jason Tarry, currently Tesco's chief product officer. bit.ly/2ztamDx

The Independent

All Starbucks Corp outlets in the UK will add 5p to every drink served in a paper cup in a bid to cut down on plastic waste in a move that follows a successful three-month trial in London, which saw a remarkable rise in the number of people drinking from reusable cups to avoid the charge. The paper cups are lined with plastic. ind.pn/2zr2e6r

The UK economy picked up speed in May, following the severe snow disruption earlier in the year, according to the latest data from the Office for National Statistics (ONS). ind.pn/2zul7Wk

$1 = 0.8526 euros $1 = 0.7544 pounds Compiled by Bengaluru newsroom

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