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PRESS DIGEST- British Business - Oct 6
October 5, 2016 / 11:47 PM / a year ago

PRESS DIGEST- British Business - Oct 6

Oct 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

Tesco's chief executive declared yesterday that the supermarket group's crisis was over as he revealed healthy sales growth and set a new profit target that sent the share price soaring.

The battle for one of Britain's biggest private equity investment trusts SVG Capital has been thrown into confusion after a consortium co-led by Goldman Sachs came up with a last-minute proposal to buy all its assets.

The Guardian

Deutsche Bank needs a convincing business case to attract investors, senior officials from the International Monetary Fund have said, amid fears Germany's biggest bank will need to raise funds to avoid being crippled by the penalty from the US for a decade-old scandal.

Chancellor Philip Hammond will attempt to reassure bankers on Wall Street on Thursday that he wants the City to be a leading financial centre after Brexit.

The Telegraph

The massive programme to build replacement nuclear submarines for the Royal Navy "cannot and must not slip," the Defence Secretary warned as he pushed the button to start work on the massive 41 billion euros project.

Smaller firms are taking a pragmatic view of Brexit and already planning for the possible fallout on their business models, according to the head of the accountancy firm BDO.

Sky News

TalkTalk has been given a record 400,000 euros fine for security failings over a cyber attack, according to a watchdog.

Bidders for MBNA, one of the UK's biggest credit card issuers, are trying to limit their exposure to future costs related to insurance mis-selling ahead of a likely 2019 deadline for compensation claims.

The Independent

British companies have earned more than $60 billion (47.07 billion pounds) from U.S. military contracts under the presidency of Barack Obama, a major new analysis of Pentagon spending has found.

Eight years after colossal amounts of bad loans caused a financial meltdown that almost sunk the global economy, total debt has hit a new record level of $152 trillion (119.15 trillion pounds), the International Monetary Fund said on Wednesday.

1 British pound = $1.2748 1 British pound = $1.2757 Compiled by Vishal Sridhar; Editing by Richard Chang

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