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PRESS DIGEST- British Business - Nov 10

Published 10/11/2016, 12:07 pm
Updated 10/11/2016, 12:10 pm
© Reuters.  PRESS DIGEST- British Business - Nov 10
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Nov 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

Two former bosses of Rio Tinto Plc RIO.L have been drawn into the storm over a payment that led to the suspension of another senior executive. boss of Sainsbury SBRY.L has warned its leading suppliers, whose "profits are substantially higher than ours," that they should be wary of putting up prices in the wake of Brexit.

Guardian

Toy sales in the U.K. are forecast to soar to a record high of more than 3.3 billion pounds this year, with Christmas gifts accounting for a third, according to industry figures. Banking Group Plc LLOY.L is cutting 665 jobs and closing 49 branches as it continues to cut costs in an attempt to complete its return to the private sector.

Telegraph

Profits at Burberry Group Plc BRBY.L slipped during the first half of the year after the British fashion giant suffered a writedown on the value of its beauty business and charges associated with its turnaround efforts. chief executive of Sainsbury's said he was "more confident than ever" in the supermarket's 1.4 billion pounds takeover of Argos despite falling profits and rising concerns that the deal has made the grocer more vulnerable to a lower sterling. News

A factory worker has died and 22 other people - including police officers and firefighters - were taken to hospital following a gas leak at a Carlsberg (CO:CARLa) CARLb.CO brewery. has warned the impact of the falling value of the pound means the outlook for its prices is "uncertain." The U.K.'s second largest supermarket chain used its half-year results to say that while it would continue to cut prices, it could not guarantee the era of grocery price deflation would last next year as cost pressures rise.

The Independent

Burberry saw half-year profits slump 24 per cent as the benefits of a weaker pound after Brexit were offset by pain in its wholesale and licensing business. http://ind.pn/2eMoo6V

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