PRESS DIGEST - Financial Times - June 21

June 21 Thu Jun 20, 2013 7:08pm EDT

June 21 (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

Global sell-off raises turbulence fears

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EU data authorities threaten to fine Google

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Germany blocks Turkey's bid to join EU

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Swiss banks warned about risk levels

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Pre-takeover Cadbury's aggressive tax avoidance exposed

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Rio delays shipments from flagship Mongolian mine

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Overview

U.S. Federal Reserve Chairman Ben Bernanke's announcement that the U.S. central bank plans to pull back on its $85 billion in monthly asset purchases sent global equities, bonds and commodities into a tizzy on Thursday and has fuelled fears that the world is entering a fresh phase of financial turbulence.

U.S. Internet giant Google Inc has been for the first time threatened with a fine on Thursday by data protection authorities in Europe if it does not change its policies on collecting user data within three months.

Germany blocked moves to open a new chapter in Turkey's EU membership talks next week, criticising Prime Minister Tayyip Erdogan's heavy-handed response to weeks of anti-government mass demonstrations and refusing to agree to open a new negotiation area.

UBS AG and Credit Suisse Group AG should be more transparent about the risk they are running, the Swiss National Bank said on Thursday in its yearly stability report, and added that it still considers current leverage ratios at the Swiss big banks to be low.

British confectionery maker Cadbury, before its takeover by U.S. food group Kraft, engaged in aggressive tax avoidance schemes that aimed at cutting its UK tax bill by more than a third.

Rio Tinto delayed inaugural shipments from its flagship $6.2 billion Oyu Tolgoi copper mine in Mongolia after the government withheld support on the eve of the expected start.

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