PRESS DIGEST - Financial Times - May 15

Tue May 14, 2013 7:12pm EDT

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May 15 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

European Commission raids oil groups over price benchmarks

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Apple builds relations beyond Foxconn

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Loeb puts polite pressure on Sony

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Amazon hit by old-world strike action

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US deficit falls faster than expected

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RBS to spend an extra 450 million pounds on IT

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Overview

European Commission officials on Tuesday carried out raids on oil majors Royal Dutch Shell Plc, BP Plc and Statoil in an investigation into the pricing of oil.

Taiwanese electronics maker Hon Hai Precision Industry , the main manufacturing partner for Apple Inc , is facing growing competition as the iPhone and iPad maker shifts more orders to local rival Pegatron Corp.

Billionaire hedge fund manager Daniel Loeb has taken a $1.1 billion stake in Sony Corp and called on the Japanese electronics group to sell off part of its film and music business.

Hundreds of warehouse workers at Amazon.com's German operations went on strike on Tuesday in a dispute with the global Internet retailer over pay and benefits.

The budget deficit at the world's largest economy is shrinking more quickly than expected as the U.S. government collects higher revenue from businesses, individuals and the two mortgage companies it rescued during the financial crisis.

Royal Bank of Scotland Group, which faced one of the worst IT failures in British banking history last June, would spend an additional 450 million pounds ($686.56 million) to fix its ailing IT systems, Chairman Philip Hampton told shareholders at its annual meeting.

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