August 7, 2019 / 1:35 AM / 4 months ago

PRESS DIGEST- British Business - Aug 7

Aug 7 (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

The UK's Labour Party has asked Prime Minister Boris Johnson to investigate claims that Finance Minister Sajid Javid watered down a compensation scheme in order to save banks billions of pounds at the expense of thousands of small and medium-sized companies.

The owner of Britain's second largest regional newspaper publisher, Gannett Co Inc, will merge with New Media Investment Group in a $1.4 billion deal that will create the largest newspaper group in the United States.

The Guardian

Rolls-Royce Holding Plc Chief Executive Warren East has said his company has spent almost 100 million pounds ($121.66 million) preparing for a no-deal Brexit, as he warned a large number of jobs could be lost in the UK if Britain crashes out of the European Union.

Klarna, the Swedish payments company with a "shop now, pay later" model, has become the largest private fintech firm in Europe after a fresh round of investor funding increased its value to $5.5 billion.

The Telegraph

Embattled fund manager Neil Woodford has dumped his entire stake in Eurocell Plc after the windows and doors business revealed flat profits and a doubling in its debt at the half-year stage last week.

Sirius Minerals Plc alarmed investors by pulling a $500 million bond sale at the last moment, throwing its ambitious plans to build a giant fertiliser mine in Yorkshire into doubt.

Sky News

Lenders to British Steel Ltd are urging the government to conclude efforts to find a buyer for the stricken business as they seek to protect their financial position amid mounting losses.

A former head of the fund management arms of Deutsche Bank AG and AXA UK has been named as the next chief executive of HSBC Holding Plc's $500 billion asset management business.

The Independent

Boohoo Group Plc has bought the online businesses of Karen Millen and Coast for 18.2 million pound ($22.14 million) in a deal that puts more than 1,000 jobs at risk. ($1 = 0.8220 pounds) (Compiled by Bengaluru newsroom; Editing by Sandra Maler)

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