PRESS DIGEST - Financial Times - July 8

July 8 Sun Jul 7, 2013 8:07pm EDT

July 8 (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

George Osborne vows to get tough and raise standards in City

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Miliband plans to reduce union influence in party

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Banks warn of risk at clearing houses

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BP attacks method used to claim oil spill payouts

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Lord Davies leads consortium to buy government's stake in Lloyds

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Carlos Slim invests $40m in music app Shazam

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Overview

Finance Minister George Osborne is set to endorse sweeping cultural reforms, including criminal penalties for "reckless" bankers, proposed by a cross-party banking commission.

The leader of Britain's opposition party Ed Miliband will lay out plans to lessen trade union influence in the Labour party.

Some of the world's top bankers have warned that clearing houses on both sides of the Atlantic pose a growing treat to maintaining the stability of the world's financial system.

BP is set to tell the U.S. appeals court in New Orleans that the settlement it struck to compensate those affected by the 2010 Deepwater Horizon disaster is being misinterpreted.

Former trade minister Mervyn Davies is heading up a consortium looking to buy the majority of the government's 39 percent stake in lender Lloyds Banking Group.

Carlos Slim, one of the world's richest men, has invested $40 million in music recognition smartphone app developer Shazam.