PRESS DIGEST – British business – Oct 27

The Times

BCC BOSS STEPS DOWN

David Frost, director-general of the British Chambers of
Commerce, has announced plans to step down in the second half of
2011 after eight years in the job.

NORTHERN ROCK CHIEF MULLS MOVE TO NEW VENTURE

Garry Hoffman, the chief executive of Northern Rock, is
considering quitting to take up a role as the head of NBNK
Investments (NBNK.L: ), a new banking venture.

WPP GROWTH HITS TEN-YEAR HIGH

WPP (WPP.L: ), the world’s biggest advertising group, is
recording its fastest growth in a decade, reflecting a revival
in corporate confidence.

The Daily Telegraph

AIM MARKET AT RISK, LSE CHIEF WARNS

The chief executive of the London Stock Exchange has warned
the Treasury Select Committee that AIM, the UK’s junior stock
market, is at risk from “jealous” European regulators.

BRIT INSURANCE BID LAUNCHED

Private equity firms Apollo (APIF.CY: ) and CVC [CVC.UL] have
launched their long-anticipated offer for Brit Insurance,
valuing the company at up to 11 pounds per share if financial
targets are met.

PROVIDENT SCRAPS 200MLN EURO BOND PLAN

Provident Financial (PFG.L: ) has dropped plans to raise 200
million euros with a eurobond after having lined up three
investment banks to raise the funds.

BUFFETT FLAGS INVESTOR AS POTENTIAL SUCCESSOR

Hedge fund executive Todd Combs is a surprise frontrunner to
succeed Warren Buffett after being put in charge of a
“significant” slice of the investor’s portfolio.

The Guardian

VESTAS TO CLOSE FIVE WIND TURBINE PLANTS

Danish wind turbine manufacturer Vestas (VWS.CO: ) has said it
would close five production plants across Scandinavia and cut
3,000 jobs.

(Summary compiled by Reuters)

PRESS DIGEST – British business – Oct 27