PRESS DIGEST – British business – April 7

The Daily Telegraph

RIO TINTO’S RIVERSDALE BID NEARS COMPLETION

Rio Tinto’s (RIO.AX: Quote, Profile, Research) 2.5 billion pound offer for Riversdale
(RIV.AX: Quote, Profile, Research) Mining moved closer to completion after the company
said it had taken control of more than 47 percent of the equity
in the coal mining group.

BANKING CRISIS RISK “UNACCEPTABLY HIGH”

Banks are forgetting the lessons learned from the financial
crisis even though “significant risks” remain, according to the
secretary general of the Basel Committee on Banking Supervision,
Stefan Walter.

ROLLS-ROYCE AND DAIMLER LAUNCH BID FOR TOGNUM

Rolls-Royce (RR.L: Quote, Profile, Research) and Daimler (DAIGn.DE: Quote, Profile, Research) launched their 2.8
billion takeover bid for industrial engine maker Tognum
(TGMG.DE: Quote, Profile, Research) despite opposition from a leading shareholder in the
German company.

The Times

PORTUGAL SEEKS 70BLN EURO RESCUE

Portugal said it needed an emergency rescue on Wednesday,
ending months of denials and making it the third euro zone
country to seek a bailout after Greece and Ireland.

RAISE RATES TO BOOST POUND, PROFESSOR TELLS BOE

The Bank of England needs to take immediate action to tackle
a damaging inflationary upsurge and support the “fragile” pound,
according to Charles Goodhart, a leading economist.

The Guardian

UK ECONOMY REMAINS WEAK DESPITE GROWTH, THINK TANK SAYS

The British economy remains weak despite growing by an
estimated 0.7 percent in the first quarter of this year, the
National Institute of Economic and Social Research said.

(Summary compiled by Reuters)

PRESS DIGEST – British business – April 7