PRESS DIGEST-British Business - March 11

March 11 (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

- HMS Dragon has finally set sail for the eastern Mediterranean to bolster regional defenses against Iran, as the Royal Navy faces mounting criticism over its depleted fleet and lack of preparedness following years of "hollowing out" and maintenance delays.

- BioNTech 22UAy.DE co-founders Ugur Sahin and Ozlem Tureci are stepping down by the end of 2026 to launch a third "next-generation" mRNA therapy start-up, a move that triggered a 20% drop in the company's share price to its lowest level since August 2024.

The Guardian

- Cathay Pacific 0293.HK is listing Sydney-to-London return flights for 20,000 pounds ($26,874) in business class as travellers scramble for alternative routes to avoid Middle Eastern hubs.

- Saudi Aramco 2223.SE has warned of "catastrophic consequences" for the global economy if the Strait of Hormuz remains blocked, despite a 14% drop in oil prices following Donald Trump's suggestion that the Iran war could end "very soon."

The Telegraph

- Chancellor Rachel Reeves is coordinating with Lloyd's of London to develop a state-backed insurance framework to restart shipping through the Strait of Hormuz, as HMS Dragon departed Portsmouth on Tuesday to bolster regional defenses.

- Asda is handing out "thank-you" bonuses to 9,500 salaried staff this month despite missing key turnaround targets, a move designed to boost morale following a year of leadership shake-ups and a further decline in market share to 11.5%.

Sky News

- The Courts and Tribunals Bill cleared its first major hurdle in the House of Commons late Tuesday night, passing its second reading by 304 votes to 203, despite a rebellion by some Labour MPs who did not vote at all.

($1 = 0.7442 pounds)