November 23, 2018 / 12:41 AM / 6 months ago

PRESS DIGEST- British Business - Nov 23

Nov 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

The UK's Financial Conduct Authority on Thursday warned that they are prepared to see some rent-to-own firms go bust after they launched a crackdown on the industry. The regulator announced restrictions on product prices, a cap on total cost of transactions and controls on the selling of extended warranties.

BP Plc on Friday said that it had started production at the Clair Ridge oil field in an area of the North Sea west of Shetland Islands, targeting a peak production of 120,000 barrels per day.

The Guardian

Majestic Wine Plc on Thursday said it will stockpile more than 1 million extra bottles of wine from France, Spain and Italy as part of its emergency planning in case there is no Brexit deal by March.

Britain has been accused by Spain of "treachery" and acting "under the cover of darkness" in an escalation of a war of words over the future of Gibraltar that risks derailing Prime Minister Theresa May's Brexit deal.

The Telegraph

British Prime Minister Theresa May was told by MPs, including Boris Johnson, to "junk" her backstop plan for keeping the Irish border open, which he said "makes a nonsense of Brexit".

British Gas owner Centrica Plc has warned that its profits will be hit by 70 million pounds ($90.13 million) from the incoming energy price cap as it revealed another 372,000 customers have quit the supplier in the last four months.

Sky News

Britain's Virgin Atlantic Airways is in talks about a surprise takeover bid for Flybe Group Plc, the regional airline that last week bowed to growing financial pressure and put itself up for sale.

Britain would have to rely on the support of the European Central Bank to keep the country's financial system afloat, in case of a no-deal Brexit. The Bank of England would have to activate crisis-era swap lines from other major central banks to ensure the City of London can keep trading international currencies.

The Independent

Sports Direct International Plc founder Mike Ashley has called on MPs to do more to help the beleaguered British high street, and says he has been "working around the clock" to save stores and jobs after buying House of Fraser earlier this year.

$1 = 0.7766 pounds Compiled by Bengaluru newsroom; Editing by Sandra Maler

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