PRESS DIGEST - British business

The Times

PRIMARY HEALTH RAISES FUNDS

Primary Health Properties ( PHP.L) has become the latest real estate-based group to raise funds in order to benefit from opportunities to acquire assets and reduce debt. The company is scrutinising 21 properties worth just over 90 million pounds. Primary Health has raised 60 million pounds, before expenses, through a placing and open offer pitched at 230 pence. Although the shares contracted almost 10 percent following the move, they have outperformed the broader sector over the past month and analysts believe the value of its properties could start to rise.

The Daily Telegraph

BA DIVES INTO DOGFIGHT: UK AIRLINE BIDS TO TEAM UP WITH JAL

British Airways (BAY.L has intervened in the battle between American Airlines and Delta over the future of Japan Airlines (9205.T). The company is lobbying on behalf of AA, which is its partner in the Oneworld airline alliance, after Delta tried to lure JAL into the rival SkyTeam alliance. It is reported that Delta has offered to inject 50 billion yen (336 million pounds) into JAL in return for a stake with the condition that it defects to SkyTeam. AA is believed to have made a counter offer of 300 million dollars (185 million pounds).

AVIVA PAYOUT

An offer by Aviva (AV.L) to pay out 500 million pounds to nearly one million policyholders in two of its with-profits funds has been approved by the High Court. The two funds are CGNU and Culac, also known as the company's "inherited estate". Aviva is sitting on a surplus of 1.2 billion pounds in the two funds. Eligible customers will receive between 200 and 1,150 pounds each.

BLUEBAY SUFFERS

Full-year pre-tax profits at BlueBay Asset Management (BBAY.L) have fallen by more than half from 50.1 million pounds to 17.5 million pounds for the year ending June. The fixed income manager has been hit by an exodus of clients from the most expensive funds and the market sell-off towards the end of 2008. Confidence is returning however, with a reported 15 percent rise to 27.8 billion dollars in assets under management in July and August.

The Independent

SKY FURY OVER OFCOM'S "EXTREME" INTERVENTION

Broadcaster BSkyB (BSY.L) has reacted angrily to Ofcom's proposals to regulate the pay-TV market. The group criticised the regulator's intervention as "extreme and unprecedented". Ofcom aims to force Sky to offer wholesale its premium content, which includes Premier League football, to its market rivals at a reduced price. Sky said the proposals "go beyond" competition law and that Ofcom's financial modelling was not "fit for purpose".

SONGBIRD ESTATES INCREASES STAKE IN CANARY WHARF

Songbird Estates (SBDC.L ) plans to spend 112.5 million pounds on boosting its stake in Canary Wharf, despite having recently come up with terms for a rights issue to rescue it. The real estate firm will buy 54 million shares in Canary Wharf from Germany's Commerzbank, increasing its stake to 69.3 percent. David Pritchard, chairman of Songbird, said the buyout "demonstrates the commitment to the company by a core set of investors". The proceeds of the rights issue, which were earmarked to repay an 880 million pound loan to Citibank, will now also partly finance the buyout.

EXCEPTIONAL CHARGES HIT PROFITS AT DOBBIES