PRESS DIGEST- Financial Times - Oct 8

Mon Oct 7, 2013 6:58pm EDT

Oct 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

China and Japan warn U.S. on default

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Penalties planned for banks receiving ECB aid

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Monte dei Paschi board approves 2.5 bln euro capital increase

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Vodafone prepares to raise stake in Indian unit

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Zoellick joins Goldman Sachs as adviser

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Serbia seeks loan billions from UAE amid bankruptcy fears

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Overview

China and Japan have asked the U.S. to avoid an unprecedented debt default as the U.S. government shutdown entered its second week after the Congress remained divided.

EU regulators are planning to penalise banks that remain reliant on the European Central Bank's landmark cheap funding scheme during the stress tests of European banks scheduled next year.

Italy's Banca Monte dei Paschi di Siena has agreed to EU demands for a 2.5 billion euro capital increase as it struggles to avoid nationalisation.

Britain's Vodafone plans to invest as much as $2 billion to buy out minority shareholders in Vodafone India.

Goldman Sachs Group Inc said that former World Bank Group president Robert Zoellick will rejoin the investment bank as chairman of its international advisory board.

Serbian deputy prime minister warned of bankruptcy without urgent steps to cut public sector wages and said the country plans to borrow billions from the United Arab Emirates at favourable rates.

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