PRESS DIGEST - Financial Times - Jan 10

Wed Jan 9, 2013 8:38pm EST

Financial Times

Headlines MORGAN STANLEY TO AXE 1,600 JOBSVOW TO KEEP HOVIS 100 PCT BRITISH WASHED AWAY BY RECORD RAINFALL

US WARNS BRITAIN AGAINST LEAVING EU

UBS' ORCEL ADMITS BANKS MUST CHANGE

TESCO SET TO UNVEIL SENIOR APPOINTMENTS

M&S TAKES PLACE AMONG BIGGEST HIGH STREET LOSERS OVER CHRISTMAS

JESSOPS ENTERS ADMINISTRATION

Overview MORGAN STANLEY TO AXE 1,600 JOBS Morgan Stanley is to cut 1,600 jobs in its institutional services business, the latest example of a Wall Street investment bank axing staff to reduce expenses.

VOW TO KEEP HOVIS 100 PCT BRITISH WASHED AWAY BY RECORD RAINFALL Premier Foods's bread division Hovis is to abandon its pledge to use only British wheat in its loaves following rain-blighted harvests.

US WARNS BRITAIN AGAINST LEAVING EU The Obama administration publicly signalled its growing concern about a possible UK exit from the European Union on Wednesday.

UBS' ORCEL ADMITS BANKS MUST CHANGE Bankers have become too arrogant and the industry must change, the chief executive of the UBS's investment banking arm told UK lawmakers.

TESCO SET TO UNVEIL SENIOR APPOINTMENTS Tesco is set to announce a management shake-up on Thursday in which the grocer will make two senior appointments to bolster its top team.

M&S TAKES PLACE AMONG BIGGEST HIGH STREET LOSERS OVER CHRISTMAS Marks & Spencer confirmed its position as one of the biggest losers over Christmas with worse than expected trading figures.

JESSOPS ENTERS ADMINISTRATION Jessops, the camera retailer, fell into administration on Thursday to become the first high street casualty of 2013.