PRESS DIGEST- British Business – May 8

May 8 (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

Telefónica SA, the Spanish owner of O2, and Liberty Global Plc, that owns Virgin Media, have agreed to a 31 billion pounds ($38.42 billion) deal to merge their two UK operating businesses.

British Banks stand to lose 80 billion pounds due to the coronavirus crisis but will be able to withstand because of their high levels of capital, the Bank of England said on Thursday.

The Guardian

British lenders have granted nearly 1.2 million payment breaks on credit cards and personal loans for customers struggling with the coronavirus outbreak, according to figures released by the banking lobby group UK Finance.

Transport for London has asked for an extra 2 billion pounds ($2.48 billion) of state aid to keep London’s transport system running until September.

The Telegraph

The chief executive of British Airways-owner IAG, Willie Walsh, said on Thursday that a third runway at Heathrow Airport will have to be abandoned after the coronavirus pandemic grounded planes worldwide.

British aero-engine maker Rolls-Royce Plc is set to reveal the full extent of massive job cuts by the end of May as the jet engine maker struggles to cope with an unprecedented collapse in air traffic.

Sky News

UK’s largest airports, airlines and aviation services groups have issued a joint plea to Prime Minister Boris Johnson to offer their employees a lifeline by extending the government’s wage subsidy scheme “for a few more months”. ($1 = 0.8068 pounds) (Compiled by Bengaluru newsroom)

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