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PRESS DIGEST- British Business - May 10
May 9, 2017 / 11:29 PM / 6 months ago

PRESS DIGEST- British Business - May 10

May 10 (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

Towergate will merge with four other insurance businesses to boost its size as Britain's largest independent broker. The move comes after a turbulent period for Towergate that includes a dramatic refinancing and cleaning up of its business in the past two years.

BAE Systems Plc, Barclays Plc, ITV and the Prudential Plc have been slammed by Pirc for paying their bosses too much, not attaching sufficiently testing performance criteria for long-term awards, and failing to provide enough information on how bonuses are determined.

The Guardian Inc is moving into the live music business in the United Kingdom, running and promoting its own gigs starting with Blondie later this month. Amazon, which started selling tickets for shows, gigs and events for the first time two years ago, is once again using the United Kingdom to expand its music strategy with the launch of a new business called Prime Live Events.

Poverty reduction in the world's poorest countries risks being diluted by the government's increasing tendency to devote a bigger slice of Britain's aid budget to pursuing the national interest, the Institute for Fiscal Studies has warned.

The Telegraph

German energy giant Eon has warned the Conservative Party's proposed price cap on standard energy tariffs could "really ruin things" for its business in the United Kingdom amid warnings investors could be put off should the policy become law.

Activist investor Elliott Advisors has begun legal proceedings to oust the chairman of Akzo Nobel over its continued resistance to a takeover bid from U.S. rival PPG Industries Inc.

Sky News

The planned 11 billion pound ($14.24 billion) merger between Standard Life Plc and Aberdeen Asset Management Plc will result in 800 job cuts, it has been disclosed.

The American hedge funds which helped to rescue the Co-operative Bank Plc from collapse four years ago have tabled a secret proposal to restructure the beleaguered lender's finances. A group of bondholders and shareholders advised by PJT Partners Inc lodged an offer with the Co-op Bank's board and its advisers late last week.

The Independent

The John Lewis Partnership has set aside 36 million pounds to cover potential back payments to staff after admitting it may have breached national minimum wage rules.

UK insurer Hiscox Ltd has announced it will set up a new European subsidiary in Luxembourg as it prepares for life after Brexit.

$1 = 0.7727 pounds Compiled by Bengaluru newsroom; Editing by Lisa Shumaker

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