PRESS DIGEST- British Business – July 4

PRESS DIGEST- British Business – July 4

July 4 (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

Glencore Plc has been ordered by American authorities to hand over documents relating to its business activities in Democratic Republic of Congo, Venezuela and Nigeria dating back more than a decade, a move that sparked alarm among investors.

SIG Plc will name EY as its auditor after shareholders sacked Deloitte last month in an almost unprecedented vote. EY is understood to have been the only Big Four firm to have pitched for the audit contract, which is worth about 1.6 million pounds ($2.11 million) a year.

The Guardian

Britain’s construction industry staged a stronger-than-expected recovery in June, overcoming the worst of a slowdown this year and helping edge the Bank of England closer towards raising interest rates.

KPMG is being investigated by the Financial Reporting Council over its audit of Conviviality, the owner of Bargain Booze which collapsed earlier this year.

The Telegraph

One of GlaxoSmithKline Plc’s non-executive directors is being sued by the U.S. state of Massachusetts for her alleged role in the country’s opioid crisis.

WPP Plc is going head-to-head with the advertising business set up by its former chief executive, Martin Sorrell, as the pair battle to take over Dutch business MediaMonks.

Sky News

Former workers for the collapsed construction giant Carillion Plc are taking legal action against the company through the UK’s largest trade union. According to Unite, the 80 workers were employed by Carillion subsidiary Planned Maintenance Engineering Ltd, on a contract at spy agency GCHQ in Cheltenham, Gloucestershire.

Water companies are being required to link bosses’ pay and shareholder dividends to customer service performance, as part of efforts to bolster public trust. Industry regulator Ofwat said firms across England and Wales had until September to submit their updated business plans for the 2020-25 price period.

The Independent

Almost 100 pilots working for Ryanair Holdings Plc in Ireland will stop work on July 12, with the threat of more strikes to come. Members of the Irish Air Line Pilots’ Association are engaged in a dispute over arrangements for transferring flight crew between European and north African bases as well as seniority and annual leave arrangements. ($1 = 0.7582 pounds) (Compiled by Bengaluru newsroom)

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