PRESS DIGEST- British Business - April 10

  • Reuters
  • Stock Market News
PRESS DIGEST- British Business - April 10
Credit: © Reuters.

April 10 (Reuters) - Peter 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

- Two senior executives at the Financial Reporting Council, Paul George, executive director for corporate governance and reporting and Melanie McLaren, executive director for audit and actuarial regulation, have quietly stood down from its main board in the wake of concerns that the auditing watchdog was too dominated by former Big Four accountants. French Connection Plc FCCN.L is to sell its majority share in Toast to Bestseller United A/S, the Danish retailer behind labels such as Vero Moda. Guardian

- Britain's financial watchdog, The Financial Conduct Authority, has set aside 30 million pounds ($42.39 million) to deal with Brexit this year and has admitted it will need to scale back or delay some of its regular work to prepare for Britain leaving the European Union in 2019. Criminal cyber-attacks on UK businesses increased last year, according to the annual report of the National Cyber Security Centre. Telegraph

- "Seriously poor audit work" will land big four auditors with fines of 10 million pounds ($14.13 million)or more, the Financial Reporting Council said. Old Mutual Plc OML.L has escaped a court battle in the United States over previously sold assets. The FTSE 100 finance firm said Travelers Companies Inc TRV.N and subsidiary St Paul Fire and Marine Insurance Co had "withdrawn all the remedies they were claiming". News

- UK-based engine maker Rolls-Royce Holdings Plc RR.L is selling off its German subsidiary L'Orange for 700 million euros ($862.33 million) to U.S. group Woodward Inc WWD.O . Amber Fund Ltd CRSL.L , one of the London stock market's most prominent activist investors is building a stake in De La Rue Plc DLAR.L , the company at the centre of a row over the production of Britain's post-Brexit passports. Independent

- According to the UK's Insolvency Service, 10,125 members of Carillion's CLLN.L pre-liquidation workforce have now found secure ongoing employment, following the transfer of 179 staff to new employers. https://ind.pn/2qgk1qe

- The UK's financial regulator, The Financial Conduct Authority, will unveil its guidelines on cryptocurrency policy later this year, which could have global repercussions for how virtual currencies like bitcoin are regulated. https://ind.pn/2qiBFJQ

($1 = 0.8118 euros) ($1 = 0.7078 pounds)

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