PRESS DIGEST-Financial Times - Aug 23

Thu Aug 22, 2013 8:21pm EDT

Aug 23 (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

Trading resumes of Nasdaq-listed stocks

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Moody's considers downgrading top U.S. banks

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Kazakhmys scraps dividend after $1 bln hit

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Eli Lilly drawn into pharmaceutical corruption claims in China

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Activist investor Edward Bramson to step down as F&C chairman

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Former Swiss central banker Hildebrand faces secrecy probe

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John Lewis to pay 40 mln stg to staff for holiday pay error

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Overview

A technical breakdown on Nasdaq, the country's second-largest exchange, halted trading for more than three hours on Thursday crippling U.S. equity markets.

Ratings agency Moody's has warned that it could cut the credit ratings of Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo saying the government may be less likely to bail them out if they got into trouble in the future.

Copper miner Kazakhmys scrapped its dividend amid attempts to control costs and focus on more efficient mines.

U.S. drugmaker Eli Lilly and Co became the latest western pharmaceutical group to be drawn into escalating allegations of corruption in China with a local media reporting that the company spent more than 30 million yuan ($4.90 million) to bribe doctors in China to prescribe the firm's medicines instead of rival products.

Activist investor Edward Bramson is stepping down as chairman of F&C Asset Management, one of UK's biggest investment management groups.

Swiss prosecutors are investigating whether Philipp Hildebrand, former head of the Swiss National Bank (SNB), breached Switzerland's federal secrecy laws.

Britain's John Lewis Partnership will fork out 40 million pounds to compensate staff who were underpaid after the staff-owned department store chain discovered it miscalculated holiday pay for the last seven years.

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