Press Digest: British Business - March 11

Virgin Money UK

11/03/2024 24:45

March 11 (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
    - Richard Branson stands to receive at least 250 million
pounds ($321.25 million) from Nationwide  NBS.L  as an "exit
fee" when the building society stops using the Virgin Money
 VMUK.L  brand after its takeover of the struggling challenger
bank.
    - Adam Winslow, the CEO of Direct Line  DLGD.L , is expected
to bring forward some of his plans for turning round the
troubled insurer as he fends off a 3.1 billion pound takeover
bid from Belgian rival Ageas  AGES.BR .    
    - Luis Gallego, the CEO of IAG  ICAG.L , the parent company
of British Airways, is to take millions of pounds of his bonuses
in cash rather than stock after failing to revive the airline
group's bombed-out share price.    
    
    The Guardian
    - British retailer The Body Shop has filed for bankruptcy in
the US and Canada and is struggling to pay suppliers in
Australia.
    - In a speech to the Institute for Government thinktank,
former British prime minister Gordon Brown will call for the
creation of a National Economic Council, jointly chaired by the
prime minister and chancellor with a mission to deliver annual
growth of 3%.        

    The Telegraph
- NatWest  NWG.L  has drafted in law firm Addleshaw Goddard to
defend a looming legal challenge brought by Nigel Farage over
debanking. 
    - British battery metal refiners and electric car
gigafactories are being handed cheap power deals by the
Government as part of a battle to cut the West's dependence on
China.    
    
    Sky News
    - London-listed property giant British Land  BLND.L  will
this week name William Rucker, a banking veteran as its next
chairman. 
    - Britain's opposition Labour Party will not bail out
bankrupt councils, the party's finance spokesperson Rachel
Reeves has said.   
    
    The Independent
    - Former British prime minister Boris Johnson flew to
Venezuela last month for talks with the country's leader
President Nicolas Maduro.    
    
    ($1 = 0.7781 pounds)


 (Compiled by Bengaluru newsroom)
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