Press Digest: British Business - October 29

JPMorgan Chase & Co.

Today 03:41

Oct 29 (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
— Rolls-Royce RR.L secured £1.25 billion ($1.67 billion) in UK government backing for a £2.5 billion jet-engine investment programme aimed at supporting 3,300 jobs and expanding its aviation market presence.
— Britain will cut tax relief on infrastructure and manufacturing investments, reducing writing-down allowances to 12% from 14% from April, a move expected to raise £5.2 billion for the Treasury by 2032.
     
The Guardian
— GSK GSK.L shares fell despite better-than-expected quarterly results, as investors focused on weaker sales of its RSV and shingles vaccines.
— UK business ministry has written to Poundland owner Gordon Brothers seeking updates amid fears that the discount retailer could collapse, putting 12,000 jobs at risk.
        
The Telegraph
— A government-commissioned review has proposed subsidising EV charging costs through support for renewable-powered charging networks, potentially raising higher fuel prices for petrol and diesel drivers.
— UBS UBSG.S CEO Sergio Ermotti warned that stricter Swiss capital rules could prompt the bank to reconsider its Swiss base, arguing the proposed regulations unfairly penalise UBS and would require an additional $16 billion in capital.
     
Sky News
— JPMorgan Chase JPM.N faces an additional tax bill of up to £150 million after Britain's budget doubled the bank corporation tax surcharge to 6% for 15 months.
— EY has won a £15 million contract from regulator Ofwat to act as independent monitor of Thames Water for up to four years.
     
($1 = 0.7500 pounds)

 (Compiled by Bengaluru newsroom)
 ((globalnewsmonitoring@thomsonreuters.com))