PRESS DIGEST - British business press - Nov 4

The Times

SEEGERS IS DISCARDED AS BARCLAYS SHUFFLES THE PACK

Barclays (BARC.L: Quote, Profile, Research) Chief Executive Frits Seegers is to leave the bank as part of an overhaul of the company's management and business structure. Seegers has resigned as a director with immediate effect and will only remain at the bank for a short handover period. Barclaycard Chief Executive Anthony Jenkins is to be promoted to the executive board and is to take charge of the newly created Global Retail Banking division, reporting directly to Group Chief Executive John Varley. Valerie Soranno Keating is to succeed Jenkins as Barclaycard chief executive.

EUROPEAN FASHION FOR PRIMARK'S BARGAINS LIFTS REVENUE AT ABF

Associated British Foods (ABF.L: Quote, Profile, Research) has reported a 6 percent fall in pre-tax profits to 495 million pounds for the year, caused in part by a 65 million pound loss on the sale of the group's American packaged oil business. Adjusted pre-tax profits increased 4 percent to 655 million pounds based on revenues which were up 12 percent to 9.3 billion pounds. Graham Jones, analyst at Panmure Gordon, said: "The key growth driver was sugar, where ebita (earnings) rose 24 percent, and, while grocery profits where broadly flat for the year as a whole, growth in the second half was an impressive 22 percent."

M&S PREPARES TO DEPLOY BIG BRANDS IN WAITROSE WARS

On Wednesday Marks & Spencer (MKS.L: Quote, Profile, Research) is expected to announce plans to sell branded food at all of its stores following successful trials, a move which is seen as an attempt to close the gap on rival food retailer Waitrose. Analysts expect M&S to report a fall in pre-tax profits for the first six month to 285 million pounds from 297.8 million pounds last year. M&S Executive Chairman Stuart Rose said: "Our trials have shown that an edited selection of branded grocery and household products has a place at Marks & Spencer."

TEMPUS

Hammerson (HMSO.L: Quote, Profile, Research) - [Hold]