PRESS DIGEST-British Business - April 23

·2 min read

April 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

- Jaguar Land Rover has suspended production at two of its three car manufacturing sites as a worldwide shortage of computer chips forces the global automotive industry to slam on the brakes.

- Shareholders in FoxtonsGroup Plc gave the London estate agent a bloody nose on Thursday over its decision to award its chief executive almost 1 million pounds ($1.38 million) in bonuses despite taking almost 7 million pounds in government support.

The Guardian

- Credit Suisse Group AG swung to a loss of 757 million Swiss franc ($825.52 million) in the first quarter as the bank reeled from the collapse of US hedge fund Archegos that wiped out what would have otherwise been its best quarterly performances in at least a decade.

- NatWest Group Plc will refuse to serve business customers who accept payment in cryptocurrencies such as bitcoin, which the UK lender has categorised as "high risk".

The Telegraph

- Alphawave IP, a cutting-edge microchip technology developer which aims to transform computing, has picked London for a $4.5 billion float that would make multimillionaires of dozens of its staff.

- John Lewis Plc has handed a payoff of 1.5 million pounds to the great-grandson of its founder ahead of his departure from the retailer in June. Finance director Patrick Lewis, the last remaining family member who worked at the department store chain, has been awarded the sum after stepping back from his role last year.

Sky News

- Sky News has learnt that FirstGroup Plc, which also runs bus and train services in Britain, will announce to the stock market that it has found a buyer for its U.S.-based First Student and First Transit operations.

- David Cameron repeatedly lobbied the Bank of England over access to government-backed COVID-19 support on behalf of the now-collapsed financial services firm he worked for. In 24 pages of emails and other contacts between the ex-prime minister and Bank of England officials, published on Thursday, Cameron was shown to have grown increasingly exasperated in his efforts for Greensill Capital.

The Independent

- Thousands of taxi drivers for Addison Lee could be in line for compensation of 10,000 pounds each after the Court of Appeal found that they were workers entitled to holiday pay and the national minimum wage.

- Financial investment products should be clearly labelled for their impact on climate change, so investors are able to avoid putting their money into polluting industries, a parliamentary report has said. ($1 = 0.7225 pounds) ($1 = 0.9170 Swiss francs) (Compiled by Bengaluru newsroom)