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PRESS DIGEST - British business - Oct 11

Wednesday, 10 Oct 2012 | 7:40 PM ET

The Times

BEAR STEARNS RESCUE COST US, ADMITS DIMON

The boss of JPMorgan Chase has admitted his regret for the bank's rescue of its ailing rival Bear Stearns through a contentious deal brokered by Washington at the height of the global financial crisis.

The Telegraph FUND MANAGERS 'MUST SPEAK OUT'

Fund managers have been accused of being "silent" and at risk of being seen as little different from investment bankers, in a warning from a top Bank of England policymaker.

BUMI BACKERS CLAIM PHONES WERE HACKED

The Indonesian backers behind the troubled coal group Bumi

have stoked tensions prior to a board meeting on Thursday by alleging that their telephones and emails have been hacked.

CAMERON: I WANT PRIVILEGE FOR ALL

David Cameron on Wednesday took on those who criticise him for being out of touch with ordinary people by declaring that he wanted everyone to enjoy the kind of privileged upbringing he experienced.

The Guardian MERKEL BLAMED FOR COLLAPSE OF BAE/EADS MERGER The mega-merger between BAE Systems and EADS collapsed On Wednesday as a result of personal opposition from the German chancellor, Angela Merkel. The Independent BAE BOSSES FIGHT TO SURVIVE AFTER COLLAPSE OF MERGER

The chairman and chief executive of BAE Systems were fighting to keep their jobs on Wednesday after the merger with EADS they had sold heavily to shareholders collapsed under the weight of political infighting.

FACEBOOK PAYS LITTLE IN UK CORPORATION TAX

Facebook was accused on Wednesday of "disingenuous and immoral" tax avoidance after a new analysis of its UK business suggested the social networking giant paid just 238,000 pounds in corporation tax in Britain last year.

($1 = 0.6242 British pounds)

(Reporting by Stephen Mangan; Editing by Eric Walsh)

((stephen.mangan@thomsonreuters.com)(+44)(0)(20 7542 7931))

Keywords: PRESS DIGEST BRITISH BUSINESS OCT 11

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