British Business - May 26

May 26 (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

- Volkswagen VOWG_p.DE has agreed upon a 193 million pound ($243.22 million) settlement with more than 90,000 UK car-owners after the manufacturer installed "defeat devices" to cheat anti-pollution tests. Link

- Steve Rowe has bowed out of Marks & Spencer MKS.L after returning the business to the black, but the retailer has warned that profits will fall again this year because of its withdrawal from Russia, lower income from its Ocado Retail venture and a tougher consumer environment. Link

The Guardian

- Rishi Sunak will push the button on a controversial windfall tax on energy companies on Thursday, as he lays out measures to ease the pain of rising household bills. Link

- The boss of JD Sports JD.L has stepped down with immediate effect just months after the retailer was fined more than £4 million ($5.04 million) for breaching the competition regulator's rules with clandestine meetings with a takeover target. Link

The Telegraph

- UK's Business Secretary Kwasi Kwarteng has ordered a detailed security review into the Chinese-backed takeover of Britain's biggest microchip plant in the clearest sign yet that the deal will be blocked. Link

Sky News

- The sale of Chelsea FC has been given approval by the UK government following the proposed takeover by the Todd Boehly / Clearlake Consortium. Link

The Independent

- The energy price cap is expected to surge from £1,971 to £2,800 ($3,528.56) a year in October, the boss of Ofgem has told Rishi Sunak, piling further pressure on the chancellor to help struggling Britons through a deepening cost-of-living crisis. Link

($1 = 0.7935 pounds) (Compiled by Bengaluru newsroom)

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