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

- Specialised life insurance group Athora has agreed to buy UK insurer Pension Insurance Corporation (PIC), for about 5.7 billion pounds ($7.78 billion) both companies said on Thursday.

- Global commodities trade Glencore GLEN.L was only informed of the financial difficulties at Britain's Prax Lindsey oil refinery three days before it collapsed despite ministers being aware of the difficulties for several months.

The Guardian

- The EU and US are closing in on a high-level "framework" trade deal that would avert 50% tariffs on all exports from the bloc next Wednesday, Donald Trump's self-imposed deadline, with diplomats and officials saying the EU was willing to accept Trump's 10% blanket tariffs.

- Richard Branson's hopes of returning Virgin trains to the west coast mainline have been quelled after the UK's rail regulator, the Office of Rail and Road rebuffed three applications for new additional train services on Britain's busiest line.

The Telegraph

- Britain risks running out of space for offshore wind farms, Dan McGrail, interim chief executive of GB Energy said, adding that UK waters are becoming too crowded for traditional turbines built in shallower seas.

- Sonja Laud, the chief investment officer at Legal & General said that the UK government's decision to abandon key benefit reforms and reverse course on winter fuel payments had destroyed faith in the Government's economic plans.

Sky News

- Ryanair RYA.I, Europe's largest airline by passenger numbers, said it had axed 170 services amid a plea by French authorities for airlines to reduce flights at Paris airports by 40% on Friday.

($1 = 0.7325 pounds)