PRESS DIGEST- Financial Times - July 9

July 9 Tue Jul 8, 2014 7:17pm EDT

July 9 (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

Putin pauses for tactical rethink on Ukraine strategy

(on.ft.com/1kBgmqF)

Short selling drops to lowest level since Lehman

(on.ft.com/1znAJRZ)

Rajaratnam's brother acquitted by jury

(on.ft.com/1oFiodu)

Maersk writes off $1.7 bln from Brazilian oilfields

(on.ft.com/1stPNsu)

AbbVie lifts offer for Shire to 30 bln stg

(on.ft.com/1k3hbIO)

Airbus staff quizzed in SFO probe into alleged Saudi corruption

(on.ft.com/1jmRZlV)

Overview

After delivering a fierce speech to foreign diplomats in Moscow last week where he accused the United States of using cold war tactics, Russian President Vladimir Putin has gone oddly silent following the Ukrainian army's swift advance against pro-Russian separatists.

Hedge funds have taken the decision to reduce their bearish bets that the value of stocks is about to fall, with the share of stocks identified for short selling at its lowest level since before the financial crisis of 2007.

Rengan Rajaratnam, the younger brother of convicted Galleon Group founder Raj Rajaratnam, was on Tuesday cleared of a charge that he conspired to engage in insider trading while working at the $8 billion hedge fund.

Danish oil and shipping group AP Moeller-Maersk revealed a $1.7 billion hit to its Brazilian oil assets, becoming the latest company to face issues trying to exploit the country's deepwater fields.

U.S. drugmaker AbbVie hiked its offer for Shire to 30 billion pounds, even as it urged its shareholders to encourage the UK-listed drugmaker to partake in a friendly deal.

The UK Serious Fraud Office has arrested and questioned four individuals at Airbus as part of a probe its long-standing investigation into alleged corruption in Saudi Arabia by a unit of the planemaker. (Compiled by Esha Vaish; Editing by Cynthia Osterman)