PRESS DIGEST- British Business - June 20

by Reuters
Thursday, 20 June 2019 00:07 GMT

June 20 (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 CYBG Plc said it would drop the Clydesdale name, which dates back to 1838, as well as the Yorkshire brand, which goes back 160 years, in the wake of its 1.7 billion pound ($2.15 billion) takeover of Virgin Money last year. Large companies that fail to settle their bills to suppliers on time could face fines under UK government proposals designed to tackle the problem of late and slow payment of commercial debts.

The Guardian Adidas AG has been unsuccessful in an attempt to expand its trademark three-stripe design in the European Union after the general court of the EU ruled it was not "distinctive" enough.

UK's HM Revenue & Customs said it had cracked down on the trading of renewable energy certificates "with immediate effect" to counter "a serious and credible threat to the VAT system," saying that criminal gangs are targeting the renewable energy industry in a wave of VAT fraud.

The Telegraph Tesco Plc boss Dave Lewis has apologised for having both underpaid and overpaid hundreds of workers recently made redundant, casting a shadow over his plans for the business.

The boss of Lloyds Banking Group Plc is a "winner" and worth every penny of his fixed 2.8 million pounds pay package, the bank told a committee of UK members of Parliament examining high executive pay.

Sky News Specialist bathrooms chain Bathstore is said to be lining up the accountancy firm BDO to handle an insolvency process. A notice of intention to appoint BDO as administrators is likely to be filed early next week. British Gas owner Centrica Plc plans to cut around 700 management and back office jobs under previously announced reductions, as it faces "growing challenges."

The Independent Shareholder activists have urged Google parent Alphabet Inc to break itself up before regulators force it to do so. SumOfUs, an organisation that seeks to curb the growing power of large corporations, presented the proposal at Alphabet's annual shareholder meeting at an auditorium at the company's offices in California. ($1 = 0.7903 pounds) (Compiled by Bengaluru newsroom Editing by Leslie Adler)

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