30 de octubre de 2014 / 1:27 / en 3 años

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.

The Times

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)

The Guardian

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)

The Telegraph

TESCO TO BE INVESTIGATED BY SERIOUS FRAUD OFFICE The Serious Fraud Office is to investigate Tesco over the accounting irregularities that created a 263 million pound shortfall in the company's profits. The SFO has notified Tesco that it will launch a formal criminal investigation into accounting practices at the company. The intervention by the SFO heightens the crisis facing Britain's biggest retailer, which attempted to draw a line under the accounting scandal when it presented interim results last week. It means that the company and individuals could face criminal charges. As a result of the SFO's intervention, the Financial Conduct Authority will halt its own investigation into Tesco. (bit.ly/1thgnIp)

JAGUAR LAND ROVER TO BUILD DISCOVERYS IN BRAZIL British luxury carmaker Jaguar Land Rover has announced that its Discovery Sport will be one of the first vehicles to be built at its new plant in Brazil as the company looks to improve its penetration into foreign markets. The company said the plant at Itatiaia, in the west of South American country, will have the capacity to build 24,000 vehicles a year once production starts there in 2016. The plant will initially create 400 jobs and this is expected to near double by the end of the decade. A further 1,000 jobs are expected to be completed created in the local supply chain. (bit.ly/1E3FhOU)

EXITING UK IS 'ABSOLUTE PRIORITY', SAYS CLYDESDALE AND YORKSHIRE BANK OWNER The Australian owner of Clydesdale and Yorkshire banks has made exiting Britain its "absolute priority", and is exploring options that could see the two lenders floated on the stock market. National Australia Bank said its "clear focus" is on its home market and New Zealand, and highlighted the need for "greater urgency" in dealing with "low-returning assets". Clydesdale and Yorkshire have dragged down the wider group in recent years, with the crisis-hit British economy faring much worse than those of Australia and New Zealand. (bit.ly/1zLrBth)


Three of the Britain's biggest banks are poised to set aside roughly 1 billion pound for settlements with regulators during the next week following a probe into the abuse of critical foreign exchange benchmarks. Barclays Plc, HSBC holdings Plc and Royal Bank of Scotland Group Plc plan to make the aggregate provision as part of their third-quarter results during the next week. (bit.ly/1FW9y42) FORMER BBC CHIEF TO JOIN STATE ASSETS BODY

A former BBC executive will on Thursday be appointed to the board of the body which oversees state-owned assets weeks before the completion of an inquiry into how such businesses are sold. Caroline Thomson, who stepped down as the BBC's chief operating officer in 2012, will become a non-executive director of the Shareholder Executive. (bit.ly/1wGKnOL)

1 US dollar = 0.6261 British pound Compiled by Rama Venkat Raman in Bangalore; Editing by Lisa Shumaker

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