British Business - Oct 6
Oct 6 (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.
- Gilt yields have climbed after the Bank of England decided against using its emergency bond-buying programme that is aimed at propping up markets for a second day in a row.
- Ambassador Theatre Group, owner of theatres in the West End and Broadway, is looking to refinance its debt with a lending deal worth up to 1.2 billion pounds ($1.37 billion).
- Union leaders said they hoped to "find a solution together" with the UK government to end the long-running dispute over pay, as a train drivers' strike brought many services around Great Britain to a complete halt on Wednesday.
- More than 1,600 UK drivers working for the ride-hailing app Bolt are seeking compensation for missed holiday and minimum wage payments as they argue they have been wrongly classed as self-employed contractors.
- The Treasury will impose an additional 21 billion pounds ($23.88 billion) of income taxes despite UK Prime Minister Liz Truss's "tax-cutting" mini-Budget, a detailed analysis released on Thursday has revealed.
- Virgin Atlantic is pulling out of Hong Kong, scrapping flights and shutting its offices after thirty years of flying in Hong Kong, as strict Covid restrictions batter the island's status as a global financial hub.
- In an effort to increase prices in countries feeling the heat from high energy costs, two million fewer barrels of oil are to be produced each day, equivalent to 2% of global supply, the Organisation of the Petroleum Exporting Countries (OPEC) and Russia have agreed.
- UK Prime Minister Liz Truss will fly to Prague for the European leaders' summit on Thursday and is expected to have bilateral meetings with French President Emmanuel Macron, Dutch Prime Minister Mark Rutte, and Czech Prime Minister Petr Fiala.
- The leaders of Spain and Germany held talks in Spain Wednesday, two days before both participate in a European Union summit to discuss Europe's energy crisis derived from Russia's invasion of Ukraine.
- More than 300 jobs are being axed at Tesco TSCO.L as the supermarket chain's profits take a hit amid the cost of living crisis and rising inflation.
($1 = 0.8795 pounds) (Compiled by Bengaluru newsroom)
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