PRESS DIGEST-British Business - June 4
June 3 (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
- Cartier and North Face have warned customers of recent cyberattacks that exposed personal data, though no financial information was compromised.
- Thames Water’s future is uncertain after KKR KKR.N withdrew its 4 billion pound rescue bid, raising the risk of temporary renationalisation amid mounting debt and regulatory pressure.
The Guardian
- British finance minister Rachel Reeves has announced a 15.6 billion pound investment in public transport outside London as part of a wider 113 billion pounds capital spending plan aimed at boosting regional growth and countering austerity concerns.
- NATO is expected to pressure the UK into raising defence spending to 3.5% of GDP by 2035 to align with a new alliance-wide target aimed at appeasing Donald Trump, significantly exceeding current UK plans.
The Telegraph
- Britain's energy minister Ed Miliband is being urged to cut North Sea oil and gas taxes or risk losing up to 30,000 jobs by 2030, as renewable energy roles are not being created fast enough to offset industry decline.
- The OECD has downgraded UK growth forecasts and urged Chancellor Rachel Reeves to raise taxes and cut spending, warning that rising prices, benefit reversals, and global trade tensions are straining the economy and leaving little fiscal room for shocks.
Sky News
- Former BT chief Gavin Patterson is in talks to chair Waves Audio ahead of a potential 300 million pound London IPO next month, marking a rare tech float amid a sluggish UK listings market.
- Thames Water’s largest creditors have enlisted turnaround expert Mike McTighe to lead a multibillion-pound rescue plan, aiming to restructure debt and inject fresh capital to avoid nationalisation after KKR withdrew from a proposed deal.
The Independent
- The UK government is threatening legal action against Roman Abramovich to release 2.5 billion pounds from the 2022 sale of Chelsea FC — funds intended for Ukrainian war victims —which remain frozen due to unresolved negotiations and sanctions.
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