PRESS DIGEST - Financial Times - July 22

July 22 Sun Jul 21, 2013 8:01pm EDT

July 22 (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

Deutsche Bank set to shrink to achieve leverage target

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SAP to drop dual chief executive set-up

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Wu and Middelhoff link up for China-focused media venture

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Gulf Keystone gives in to investors on board shake-up

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Setback for BP as judge rejects call to halt oil spill payments

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ABN Amro prepares for reprivatisation

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Overview

Germany's biggest lender, Deutsche Bank AG, is expected to announce during its second-quarter results its plans to reach a minimum 3 percent overall equity to loans ratio in the next two and a half years, people briefed on the plans said.

Germany's SAP AG said its co-Chief Executive Jim Hagemann Snabe would move to the company's supervisory board next May, abandoning its joint chief executive structure and leaving fellow co-Chief Bill McDermott as sole helmsman at the software maker.

Media entrepreneur Bruno Wu, who runs the Chinese media group Seven Stars, and the former Bertelsmann and Arcandor chief executive Thomas Middelhoff are accumulating assets with revenues of $1 billion-$2 billion into a new China-focused media and investment joint venture.

Kurdistan-focused oil exploration company Gulf Keystone Petroleum said it would no longer oppose four non-executive directors proposed by shareholders M&G Recovery Fund and Capital Research Global Investors, ending a row with its biggest investors over corporate governance just days ahead of its annual general meeting.

In a setback for BP Plc's overall hopes of limiting the cost of the 2010 Deepwater Horizon disaster settlement, federal judge Carl Barbier rejected on Friday the company's call to suspend payments pending an investigation into allegations of misconduct at the office of Patrick Juneau, the claims administrator.

State-owned Dutch bank ABN Amro, which was partly bought by Belgian group Fortis in 2007 and nationalised a year later as part of the bailout of Fortis, will be ready for reprivatisation by next summer, Chief Executive Gerrit Zalm said in an interview.