PRESS DIGEST - Financial Times - May 20

Sun May 19, 2013 8:23pm EDT

May 20 (Reuters) - Headlines

H&M rethinks sourcing policy in wake of Bangladesh disaster

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Apple faces grilling over US tax rate

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U.S. hedge fund Monarch to open office in London

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Heron Tower offered 250 mln stg Sternlicht loan

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Tesco seeks China partnership

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Yahoo buys start-up Tumblr for $1 bln

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Bank governor warns against long-term stimulus for mortgage market

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Overview

Hennes & Mauritz is looking at sourcing clothes from Latin America and Africa for the first time with the retailer rethinking its sourcing strategy following the Bangladesh factory collapse.

Apple Inc Chief Executive Tim Cook will appear before the U.S. Senate's permanent investigations subcommittee on Tuesday where he is likely to face questions over Apple's tax planning.

U.S. hedge fund Monarch Capital plans to open an office in London as it looks to ramp up its European business at a time when financial institutions are increasingly selling troubled assets and undervalued loans.

Barry Sternlicht's Starwood Capital is in talks with the developers of London's Heron Tower to provide a 250 million pound loan to refinance the tallest skyscraper in the City.

Tesco Plc is looking at setting up a joint venture in China so it can keep expanding in the market but in way that will help it contain capital expenditure.

Yahoo Inc has agreed a deal to buy blogging and social networking site Tumblr for about $1 billion.

Bank of England Governor Mervyn King has warned finance minister George Osborne that his scheme to boost mortgage lending could cause future problems.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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