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PRESS DIGEST- British Business - Oct 16
October 15, 2015 / 11:59 PM / 2 years ago

PRESS DIGEST- British Business - Oct 16

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

- The Prudential Regulation Authority, which is part of the Bank of England, today provided guidance on the extra capital which, at 2.2 billion pounds ($3.40 billion)to 3.3 billion pounds, is less than 1 percent of their existing capital bases. Big banks such as, Barclays PLC, HSBC Holdings PLC , Lloyds Banking Group PLC, Royal Bank of Scotland Group PLC, Santander UK PLC and Co-operative Bank may have to hold more than 3 billion pounds in extra capital because of new rules to make their high street lending operations safer. (

- Volkswagen AG will recall 8.5 million vehicles across Europe as the diesel emissions scandal engulfing the company continues to escalate. The carmaker announced that vehicles will be taken off the road across the Continent to have pollution cheating software stripped out following an intervention by the German automotive watchdog. (

The Guardian

- Treasury moves to dilute a key part of the new regime intended to make top bank bosses more accountable will face scrutiny from a powerful committee of MP's next week. In a move seen as a sign that the government is softening its stance toward the industry, the Treasury said that it was dropping a plan to "reverse the burden of proof" for managers, which would have forced them to demonstrate they had done the right thing if wrongdoing emerged on their watch. (

- The United Kingdom financial system is at high risk of being used to launder billions of pounds of corrupt cash through "known professional enablers" in the legal and property professions, according to a new report. The national risk assessment of money laundering and terrorist financing warned that the country's banking, accountancy and legal services sectors were at a high risk of exposure to handling corrupt money. (

The Telegraph

- The new boss of crisis-hit Volkswagen AG, Matthias Mueller, says the company will be able to recover from the emissions scandal in as a little as two years. He added that it could take until the end of the year before an external investigation reveals exactly who in the company knew what about the "defeat devices" and when they knew it. (

- The rules on United Kingdom visas for foreign technology specialists are to be radically overhauled after complaints from industry giants and start-ups that they were struggling to recruit enough staff to match their growth. The government is due to make it easier for non-EU citizens with specialist technology skills to enter the country for work by introducing a series of new ways to meet the criteria. (

Sky News

- The National Grid has insisted it has the "right tools" in place to cope with this winter's energy demands. The company's Winter Outlook report said that without the measures it had put in place, spare capacity - the gap between generating capacity and peak demand - would plunge to just 1.2 percent. (

- Tesco PLC is selling 14 supermarket development sites it does not want in a move that will boost its cost-cutting drive and potentially provide more space for badly-needed homes. Tesco said it was getting 250 million pounds for the Spenhill sites, which were sold to a fund and clients advised by Meyer Bergman. (

The Independent

- Southern Solar has become the latest renewable energy firm to collapse, with its chief executive claiming that the government is "sabotaging" United Kingdom jobs and businesses. The news that it had gone into administration prompted the Solar Trade Association to warn that most companies in its industry were not expecting to survive next year. (

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