PRESS DIGEST- British Business - May 7

The Times

GLAXOSMITHKLINE CHIEF BETS ALL ON RADICAL SHAKE-UP

Sir Andrew Witty set out plans yesterday to reshape GlaxoSmithKline in the last throw of the dice for the chief executive of Britain's biggest pharmaceuticals company. (http://thetim.es/1coou0C)

STANCHART MAY QUIT BRITAIN OVER LEVY

Standard Chartered is "listening carefully" to its shareholders over whether it should leave Britain, but the bank has not followed HSBC, its larger rival, in starting a formal review of its home base. (http://thetim.es/1Kjkau0)

The Guardian

UK NIGHT-TIME ECONOMY GETS ITS OWN INDUSTRY GROUP

The economy has dominated much of the general election campaign and the parties' manifestos brim over with proposals for encouraging growth, increasing employment and regenerating Britain's cities. (http://bit.ly/1AGaHYM)

STANDARD CHARTERED VOWS TO REVIEW ROLE IN AUSTRALIAN COAL MINE PROJECT

The chairman of Standard Chartered has said the bank will review its involvement in a controversial Australian coal mine that critics say threatens the Great Barrier Reef and will blow a hole in the global carbon budget. (http://bit.ly/1EYkPkT)

The Telegraph

BANK OF ENGLAND REVEALS UK DEBT DATA HAVE BEEN WRONG FOR TWO MONTHS

The Bank of England has admitted its data on UK debt sales have been wrong for the past two months. (http://bit.ly/1c7zpuY)

TAX HIKES WON'T FIX BRITAIN'S ECONOMIC MESS, WARN MPC FOUNDERS

Raising taxes to plug Britain's deficit will not work, two founder members of the Bank of England's panel that sets interest rates have warned. (http://bit.ly/1H09D6B)

Sky News

EX-TORY LEADER HOWARD HOLDS QUINDELL TALKS

Lord Howard, the former Conservative Party leader, is in talks to join the board of Quindell, one of the London stock market's most controversial companies. (http://bit.ly/1zNpp5n)

TESCO RAIDS B&Q OWNER FOR UK FINANCE CHIEF

Tesco has turned to the owner of B&Q to identify a finance chief for its home market as it rebuilds after the trading scandal which was partly responsible for one of the biggest ever losses in UK corporate history. (http://bit.ly/1EgiLQu)

The Independent

FLASH CRASH TRADER NAVINDER SINGH SARAO FAILS TO POST £5M BAIL

Navinder Singh Sarao, the London trader blamed for the 2010 Flash Crash, will remain in custody after failing to meet a 5 million pounds ($7.62 million) bail. (http://ind.pn/1ER0AUU)

MADAME TUSSAUDS SITE 'SOLD' TO TAIWANESE INSURER

The home of Madame Tussauds, one of London's most popular tourist attractions, is under offer from a Taiwanese investor. (http://ind.pn/1H2akz4) ($1 = 0.6562 pounds) (Compiled by Aurindom Mukherjee)