PRESS DIGEST- British Business – Jan. 20

Jan 20 (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 Some of Britain’s biggest construction companies have warned UK Prime Minister Boris Johnson that scrapping HS2 rail line would cause “irreparable damage” to the sector and would jeopardise an “industrial renaissance” in the Midlands and northern England. More than a thousand European financial firms have applied to enter Britain despite the uncertainty surrounding Brexit, according to Bovill, a regulatory consultancy firm that sought the data from the Financial Conduct Authority under a Freedom of Information request. The Guardian The International Energy Agency has warned the oil and gas industry that it risks a public backlash by failing to act on the climate crisis in favour of making short-term profits. The European Investment Bank risks wasting 29 billion euros ($32.18 billion) of European Union taxpayers’ money by overinvesting in gas projects which will be unnecessary under Europe’s climate action plans, according to a report by Artelys, an independent data science company. The Telegraph British regional airline Flybe is preparing to launch services on the lucrative route between Heathrow and German industrial heartlands, threatening to enrage further airline executives left fuming by the UK government rescue last week. A high court showdown between rail firms Stagecoach Group Plc, Virgin Trains and divisions of French and German state operators SNCF and Arriva and the UK Government over a decision to bar them from bidding to run train lines starts on Monday. Sky News Beales, one of Britain’s oldest department store chain founded in 1881, is poised to fall into administration early this week amid ongoing efforts to find a buyer.

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