July 5, 2017 / 11:52 PM / a month ago

PRESS DIGEST- British Business - July 6

July 6 (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

*Volvo AB is to become the first major car maker to produce only electric and hybrid vehicles. The announcement by the Chinese-owned company will set the pace for the transition of the motor industry from the internal combustion engine to battery driven vehicles.(bit.ly/2urH5mc)

*Worldpay Group Plc, Britain's biggest plastic card payments processor, has agreed the terms of a takeover offer from U.S. rival Vantiv Inc to create a global payments giant with a combined market value of more than $20 billion, in a deal that will leave some investors with their fingers burnt. (bit.ly/2trnoLi)

The Guardian

*Companies that paid staff via "contrived" employee benefit trusts have been urged to come forward, after HM Revenue & Customs scored a landmark victory in a tax avoidance case against the former incarnation of Rangers football club. (bit.ly/2srnbX2)

*Sainsbury's has been accused of undermining the Fairtrade movement by experimenting with dropping the ethical mark for its own label tea. A series of shareholders and campaign groups criticised the supermarket group for dropping Fairtrade at its annual meeting in London on Wednesday, in an increasingly fraught exchange with the company's board. (bit.ly/2uM9UZW)

The Telegraph

*Corporate raider Edward Bramson is embarking on his biggest ever fundraising to build up 700 million pound ($905.31 million)war-chest as he sets out on a hunt for another company to target for a shake-up. (bit.ly/2sNIykT)

*Lloyds Banking Group Plc has unveiled a wide-ranging shake-up of its top team as boss Antonio Osorio prepares Britain's biggest mortgage lender for its next strategic plan.(bit.ly/2sOcgG6)

Sky News

*The European Commission has unconditionally approved the 1.9 billion pound takeover of Vauxhall owner Opel by car maker PSA Group. (bit.ly/2tilttX)

*Royal Bank of Scotland is on the brink of a multibillion-pound settlement with U.S. regulators over the mis-selling of toxic mortgage bonds. (bit.ly/2uqPWEy)

The Independent

*An economic index which tracks the health of the UK's dominant services sector fell short of expectations in June, rounding off a hat-trick of disappointing industrial surveys and offering "clear" evidence that the economy is losing momentum ahead of Brexit. (ind.pn/2uotfRs)

$1 = 0.7732 pounds Compiled by Bengaluru newsroom; Editing by Lisa Shumaker

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