British Business - Nov 12
Nov 12 (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
- Employees of NatWest NWG.L have been banned from using WhatsApp for work as part of a clampdown by the bank following an industry-wide controversy that led to fines totalling more than $2.5 billion for other banks in the United States.
- The Scottish government is seeking a buyer for Prestwick Airport after five consecutive years of profit, despite significant debts owed to the public purse.
The Guardian
- NatWest NWG.L has repurchased 1 billion pounds ($1.28 billion) of its shares from the UK government, reducing the government's stake from 14.2% to 11.4%, as part of the ongoing privatisation of the bank after its 2008 bailout.
- The owners of British Steel are to keep the blast furnaces at its Scunthorpe site running past Christmas amid talks over government support for a switch to less polluting technology.
The Telegraph
- British finance minister Rachel Reeves' increase in employers' National Insurance contributions and minimum wage hike have led businesses to consider cutting opening hours, potentially turning high streets into "ghost towns" as they grapple with rising costs and looming job cuts.
- Former England captain Gary Lineker will step down as the host of Britain's flagship football programme "Match of the Day" at the end of this season and leave BBC after the men's World Cup in 2026.
Sky News
- Direct Line DLGD.L is set to cut about 550 jobs, or 6% of its workforce, as part of a 50 million pound (~$64 million) cost-cutting initiative to improve efficiency amid a decline in car insurance customers.
- Sanjeev Gupta's Liberty Steel is seeking court approval for a restructuring plan of its UK Speciality Steel division to reduce debt, which will not impact jobs but could compromise creditors, with a 75% creditor approval required for the plan.
($1 = 0.7783 pounds)
(Compiled by Bengaluru newsroom)
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