PRESS DIGEST- British Business - May 6

The Times

HP SUES AUTONOMY FOUNDER FOR $5 BILLION

Hewlett-Packard has accused Mike Lynch, the co-founder and former chief executive of Autonomy, of firing a key US employee who had raised concerns about the Cambridge company's accounts prior to its acquisition by the American computing giant. (http://thetim.es/1bwhOfB)

SCOTTISH DRINK-DRIVE LAWS LEAVE ENGLISH PUB FIRM HUNG OVER

It is not only the Labour Party that is being given a headache by the Scots. One of England's biggest pub operators believes that it is suffering a hangover from tough drink-drive laws north of the border. (http://thetim.es/1IeQe4U)

The Guardian

UK ECONOMIC GROWTH PREDICTED TO SLOW AS CONSTRUCTION INDUSTRY STRUGGLES

Britain's economy will grow at a slower pace this year and faces serious risks from weak productivity and a troubled eurozone, a leading thinktank has warned. (http://bit.ly/1zyGAHk)

EU TO INVESTIGATE CLAIMS MCDONALD'S AVOIDED $1 BILLION IN TAX

The European Union is investigating claims that McDonald's avoided more than 1 billion Euro ($1.12 billion) in tax by exploiting a controversial royalties loophole through Luxembourg. (http://bit.ly/1Pnj8yQ)

The Telegraph

LABOUR UNDER RENEWED ATTACK FROM BUSINESS LEADERS

UK's opposition Labour party has come under renewed attack from the upper echelons of the business community ahead of Thursday's general election. (http://bit.ly/1GXQsdz)

TWO MORE TESCO DIRECTORS TO LEAVE

Two more non-executive directors have stepped down at Tesco , including the chairman of its audit committee, meaning an overhaul of the supermarket group's entire senior team is almost complete. (http://bit.ly/1zyI6tb)

Sky News

BOOKER PRIZE SPONSOR FACES INVESTOR REVOLT

Man Group, the hedge fund manager which sponsors the Booker Prize is facing a major revolt from investors this week over changes to bonus targets for top executives. (http://bit.ly/1F4KTfX)

HSBC FIRST QUARTER PROFIT RISES 4 PCT TO $7.1 BLN

HSBC has announced a 4 percent rise in first quarter profits to $7.1 billion but raised its provisions for covering the cost of the payment protection insurance scandal. (http://bit.ly/1JOUOHI)

The Independent

HSBC CHIEF SAYS UK EXIT REVIEW WILL BE COMPLETE BY END OF YEAR - AND TORY POLICY IS TO BLAME

HSBC chief Stuart Gulliver has promised a decision on a UK exit by the end of 2015 in a first quarter earnings call, stating that shareholders would vote to decide. (http://ind.pn/1IeSqtg)

BARCLAYS BANK FACES MULTIMILLION-POUND LEGAL CHALLENGE OVER LIBOR RIGGING

Barclays Banking Group's role in the Libor-rigging scandal looks set to fall under the microscope once again after a storage company launched a multimillion-pound legal claim against the bank. (http://ind.pn/1Jne5N7)

($1 = 0.8943 euros) (Compiled by Aurindom Mukherjee; Editing by Cynthia Osterman)