PRESS DIGEST-British Business - Oct. 22

·2 min read

Oct 22 (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

The new owners of Asda, EG Group, are looking for a chairman and independent directors for their petrol station empire to soothe corporate governance concerns as they gear up for a 10 billion pounds ($13.13 billion) stock market listing next year.

About 21,500 jobs are hanging in the balance, with Edinburgh Woollen Mill expected to ask for a ten-day extension of creditor protection as it tries to strike a rescue deal for parts of the business.

The Guardian

UK Finance Minister Rishi Sunak is expected to announce his fourth package of support for business in as many months amid mounting pressure on the government to help hard-hit companies in lockdown-affected regions.

UK's live music sector is facing the loss of 170,000 jobs – almost two-thirds of its workforce – as the beleaguered industry approaches a "cliff edge" after the winding up of the government's furlough scheme at the end of the month.

The Telegraph

Some participants were given as little as two hours notice that Boris Johnson would be on Tuesday's "disastrous" call during which the prime minister and Michael Gove urged business leaders to be better prepared for Britain crashing out of the EU without a deal.

The Welsh government is poised to nationalise its railways, replacing a joint venture that includes French-owned firm Keolis, after passenger numbers plunged as a result of coronavirus.

Sky News

The triple lock rule means the UK state pension will rise by 2.5% in 2021 but benefit recipients are in line for a much weaker increase.

Torque Brands, the investor who bought shirt-maker TM Lewin in a controversial deal earlier in 2020 are in talks to acquire Jaeger, the fashion label owned by the ailing businessman Philip Day.

The Independent

The cost of living in the UK rose last month as the government's Eat Out to Help Out scheme came to an end, making restaurants and cafes more expensive.

($1 = 0.7618 pounds) (Compiled by Bengaluru newsroom)