May 23, 2019 / 1:45 AM / 2 months ago

PRESS DIGEST- British Business - May 23

May 23 (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

Sir Philip Green's retail empire Arcadia Group said it will close all Topshop stores in the United States as part of a proposed rescue package that faces opposition from landlords and the Pensions Regulator.

Marks and Spencer Group PLC Chief Executive Officer Steve Rowe said that the group would close 25 Simply Food convenience shops in a more wide-ranging revamp than had been announced before.

The Guardian

Pret a Manger Chief Executive Officer Clive Schlee said the company plans to rapidly expand its vegetarian chain after buying sandwich business Eat for an undisclosed sum, if the deal is given the green light by the competition watchdog.

Prospect, one of the largest unions representing BT Group PLC workers, claimed the company is targeting older, long-serving staff in its drive to cut 13,000 jobs and help reduce costs by 1.5 billion pounds ($1.90 billion).

The Telegraph

SSE PLC said it will sell its home energy supply arm, or list it as a separate business, by the second half of 2020 after failing to spin off the embattled company in a deal with Npower last year.

British Business Secretary Greg Clark said there had already been expressions of interest in British Steel which the state-backed Official Receiver stepped in to take control of on Wednesday.

Sky News

BT Group PLC's former Chief Executive Officer Gavin Patterson has waived half of his one million pound ($1.27 million) annual bonus for his final year at the helm amid a fresh escalation of shareholder hostility towards multimillion pound pay deals at blue-chip companies, Sky News has learnt.

UK chip designer ARM has cut off relations with Huawei Technologies Co Ltd to comply with tough U.S. sanctions against it, dealing a blow to the Chinese firm's ability to develop new smartphones.

The Independent

UK energy regulator Ofgem said Cadent, which runs half of Britain's regional gas networks, is to pay a 24 million pound ($30.39 million) fine and set up a 20 million pound ($25.33 million) support fund for vulnerable customers after the energy watchdog discovered "serious" failings. ($1 = 0.7904 pounds) (Compiled by Bengaluru newsroom; Editing by Sandra Maler)

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