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PRESS DIGEST - British business - Oct 10

The Times

CLOCK TICKS ON BAE DEAL AS CHIEFS HOLD TALKS

The merger between BAE Systems and EADSwas teetering on Tuesday as the chief executive of the Britishgroup flew into Toulouse ahead of an expected plea for more timeto thrash out a deal.

The Telegraph CAMERON: IT'S SINK OR SWIM FOR UK

Britain faces an "hour of reckoning" and potentiallyterminal decline without radical reform and "difficult, painfuldecisions", the Prime Minister will warn on Wednesday.

PENSION POTS 'IN FREE FALL' FROM QE

The value of British pension pots is in "free fall" asannuity rates drop by record amounts due to the Bank ofEngland's money-printing programme, experts have warned.

BARCLAYS SNAPS UP ING DIRECT ACCOUNTS

The government's plan to increase competition in the bankingsector has been dealt a blow after ING said it wouldexit the British market.

BAE MEGA-MERGER HANGS IN BALANCE The mega-merger between BAE Systems and EADS

is on a knife-edge as the aerospace and defencecompanies consider whether to scrap the deal due to oppositionfrom politicians and investors.

The Guardian RUSSIAN MOBILE NETWORK MEGAFON CONFIRMS LONDON IPO

Mobile operator owned by Russia's richest man expected tofloat 15-20 percent of shares on London and Moscow exchanges.

The Independent STRING OF BAD NEWS HITS HOPES OF RECOVERY

Britain's manufacturing sector output shrank 1.1 percent inAugust, dealing a hammer blow to hopes that the UK economy willbounce back strongly in 2012.

BAE AND EADS STRIVE TO WIN TIME FOR DEAL

BAE Systems , EADS and their respectiveboards were locked in talks on Tuesday as the two sidesscrambled to make enough progression their proposed 30 billionpounds ($48 billion) merger.

($1 = 0.6251 British pounds)(Reporting by Stephen Mangan)

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

Keywords: PRESS DIGEST BRITISH BUSINESS OCT 10