PRESS DIGEST- British Business - Oct 30
Oct 30 (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.
DIAGEO PUTS 50 MLN POUND NEW DISTILLERY ON ICE Plans by Diageo Plc for a new 50 million pound ($79.87 million) malt whisky distillery at Teaninich, in the Scottish Highlands, have been put on hold as the biggest Scotch whisky maker responds to a slowdown in demand for a dram around the world. The Johnnie Walker and J&B owner has also delayed investments in some of its existing distilleries, including an 18 million pound expansion of the Mortlach distillery in Speyside and a 30 million pound project at Clynelish distillery in Sutherland. (thetim.es/1Duz1xw) HEATHROW FEELS THE PINCH AS IT AWAITS EXPANSION DECISION
Heathrow, Europe's largest airport, is running out of steam, according to the latest financial and operational data, as it awaits a decision on whether it will be allowed to build at least one new runway. Five of its seven key markets are slowing, rate of spending by passengers has been pegged back and the airport is braced for a significant brake in revenues from charging airlines as a tough five-year regulatory settlement kicks in. (thetim.es/1sHpm04)
CRIMINAL INVESTIGATION LAUNCHED INTO TESCO'S ACCOUNTING Britain's Serious Fraud Office has launched a formal criminal investigation into accounting practices at Tesco Plc, which led to a 263 million pound profit overstatement at Britain's biggest retailer. The inquiry, which was confirmed by the watchdog on Wednesday, will supercede an investigation by the Financial Conduct Authority (FCA), the financial regulator, which has been halted with immediate effect. It is not clear whether it will affect the launch of an inquiry by the accountancy watchdog, the Financial Reporting Council (FRC), which is also being considered. (bit.ly/1E1qfcu)
YORKSHIRE BUILDING SOCIETY FINED 4 MLN STG FOR UNFAIR TREATMENT OF BORROWERS Britain's financial watchdog Financial Conduct Authority has fined Yorkshire Building Society 4.1 million pounds for unfairly treating mortgage borrowers when they were struggling with repayments. The building society is repaying a total of 8.4 million pounds to 34,000 mortgage customers. (bit.ly/1u99bjs) Continuación...