British Business - Oct 10



Oct 10 (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

- Thousands of limited liability partnerships incorporated in Britain "bear the hallmarks" of shell companies used for financial crimes, according to a report from Transparency International UK that prompted warnings of "glaring gaps" in proposed legislation.

- The UK government launched a 135 million pounds ($149.50 million) breach of contract High Court claim against Novacyt NCYT.L ALNOV.PA over concerns about "troubling" and inconsistent results.

The Guardian

- The world's biggest oil-producing nations cutting production at a time of soaring energy costs is "unhelpful and unwise" for global economic growth, the US Treasury secretary Janet Yellen has warned, amid intense pressure from sky-high inflation.

- Thousands of Tesco TSCO.L staff have been forced to take a large real-terms pay cut as the supermarket puts a squeeze on store managers while offering bigger wage rises for lower-paid workers.

The Telegraph

- Sweeping new rules designed to prevent a repeat of the BHS pensions scandal will cost businesses 30 billion pounds ($33.22 billion) and push hundreds of companies to the brink of collapse, the Government has been warned.

- Hopes of an British-Indian trade dealsigned by the end of the month still face hurdles over British access to public contracts and the ability to take data out of the country.

Sky News

- David Armstrong former CEO of Wasps is spearheading a takeover bid for the Premiership Rugby club that could save it from the threat of relegation or extinction.

- Octopus Energy is close to clinching a takeover of stricken rival Bulb in a deal that will crystallise up to £4bn of losses for British taxpayers.

($1 = 0.9030 pounds) (Compiled by Bengaluru newsroom)

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