British Business – June 7

Corrects date to June 7

June 7 (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

– Mike Lynch, the founder of Autonomy, one of Britain’s most successful technology companies, has been found not guilty of fraud by a jury in San Francisco, winning a criminal case in which he was accused of duping Hewlett Packard HPE.N out of billions of dollars when he sold Autonomy to the American computer company for $11 billion in 2011.

– The European Central Bank has cut interest rates by a quarter of a percentage point for the first time in five years in the face of steadily falling inflation and a weak economy.

The Guardian

– Britain’s Labour party’s top economic policy official Rachel Reeves is under pressure from Labour shadow ministers to raise capital gains tax as part of an autumn budget at which she is considering up to a dozen new revenue-raising measures.

– BT Group’s BT.L former chief executive Philip Jansen has been awarded his largest pay and bonus package, a 3.7 million pound($4.73 million) reward for the same year in which he announced plans to cut 55,000 jobs at the telecoms company by 2030.

The Telegraph

– Britain will be more reliant than ever on imported power to keep the lights on this winter, energy infrastructure operator National Grid NG.L has disclosed.

Sky News

– Former U.S. President Donald Trump is in breach of a British High Court order to pay 300,000 pounds in legal costs to former MI6 spy Christopher Steele, who compiled a salacious dossier alleging Russian interference in the 2016 U.S. election.

– Britain’s business minister Kemi Badenoch will next week meet the Czech tycoon Daniel Kretinsky who is on the verge of becoming the first foreign owner of Royal Mail in its 500-year history after his investment company, EP Group, struck a 3.6 billion pound deal with the board of International Distribution ServicesIDSI.L.

($1 = 0.7820 pounds)

(Compiled by Bengaluru newsroom)