PRESS DIGEST-British Business - January 5

Jan 5 (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

- WH Smith SMWH.L has urged shareholders to back its auditors, PwC, despite the Big Four firm's failure to identify a huge accounting error that rocked the company for much of last year.

The Guardian

- HSBC HSBA.L has become the first major lender to cut mortgage rates this year, a move that could spark a price war over the coming months.

- The U.K. is "not entirely clear" what it means for the U.S. to be in charge of Venezuela, the chief secretary to the prime minister has said, urging a move towards a peaceful transition of power.

The Telegraph

- Shell SHEL.L could earn billions of dollars from new Venezuelan gas projects following U.S. President Donald Trump’s ousting of Venezuelan President Nicolás Maduro.

- Migrants can have their mobile phones and SIM cards seized from Monday without the need for arrest, under laws fighting people-smugglers.

Sky News

- British private equity firm Oakley Capital OCIO.L has agreed to buy a majority stake in debt administration services firm Global Loan Agency Service (GLAS) in a 1 billion pound ($1.34 billion) deal.

($1 = 0.7438 pounds)