March 18 - 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
Andrew Witty is to step down as chief executive of GlaxoSmithKline GSK.L next year after more than three decades at one of Britain's biggest companies. (http://thetim.es/1TRXklJ)
Rio Tinto RIO.L CEO Sam Walsh will retire in July and will be succeeded by the company's copper and coal division head, Jean-Sébastien Jacques.(http://thetim.es/1Mc1kuT)
The Guardian
Investors expect Sainsbury's SBRY.L to offer as much as 1.5 billion pounds for Argos on Friday, as the supermarket considers trumping a rival South African bid for the catalogue shop ahead of a 5 p.m. deadline. French government has promised a financial bailout for cash-strapped energy group EDF EDF.PA so that it can proceed with the 18 billion pounds plan to build the first nuclear reactors in Britain for 20 years. Telegraph
The Bank of England has warned that a vote on the UK's membership in the European Union poses risks to economic growth, in a move that sees the central bank become increasingly active in the political debate. Guardian will cut 250 jobs as it seeks to staunch heavy losses, raising the threat of its first-ever compulsory redundancies. News
Phoenix PHNX.L , the 'zombie' life insurance group, is preparing to launch a takeover bid for Deutsche Bank AG's DBKGn.DE British insurance unit, Abbey Life, that would accelerate industry consolidation amid sweeping regulatory changes. Group BT.L is to hire Simon Lowth as its new finance chief, handing the former BG executive a rapid return to the top ranks of British business following the oil company's takeover. Independent
Coca-Cola KO.N has said the British government's plan to introduce a tax on sugar will not reduce obesity and was the wrong way to address the issue. (http://ind.pn/1Mb5X8s)
Austerity is to be extended into the next decade in Chancellor George Osborne's 2016 budget, according to analysis by the Institute for Fiscal Studies. (http://ind.pn/1U9O7G1)