PRESS DIGEST- Financial Times - Aug 11

Sun Aug 10, 2014 7:06pm EDT

Aug 11 (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

Brevan Howard battles co-founder's rival plans

(on.ft.com/1uDx5Qr)

OMV says Ukraine crisis will not hit pipeline

(on.ft.com/XUhott)

South African rescue plan will split Abil into 'good' and 'bad' banks

(on.ft.com/1q487Fz)

High-frequency traders flee investment banks

(on.ft.com/1mADoPf)

Rule switch threatens 25 bln stg hit for UK companies

(on.ft.com/1mAD0Ao)

RBS Libor probe to drag on to next year

(on.ft.com/1kuzFra)

Overview

Hedge fund firm Brevan Howard is battling a court case filed by former trader Christopher Rokos, who is asking for his five-year non-compete to be overturned, so that he can launch his own hedge fund.

The tensions between Russia and the west over Ukraine will not derail Austrian energy group OMV AG's plans to extend Gazprom OAO's South Stream gas pipeline from the Hungarian border to Vienna, and any delays would be manageable, Chief Executive Gerhard Roiss said.

South Africa's central bank has placed African Bank Investments under curatorship, as it announces a rescue plan for the lender of unsecured loans that involves a capital injection of nearly a $1 billion.

High-frequency traders in London are increasingly quitting investment banks in favour of specialised trading firms, as they try to escape tighter restrictions on pay and the looming threat of new regulations banning proprietary trading.

Proposals under consideration by the International Accounting Standards Board (IASB) to limit how pension surpluses can be booked, if enforced, could result in more than 25 billion pounds ($42 billion) being wiped off the balance sheets of UK's biggest companies.

The criminal investigation into former traders of the Royal Bank of Scotland Group Plc over Libor manipulation could spill over into next year, with the Serious Fraud Office requesting UK's financial regulator to postpone publishing its civil findings against at least two of the traders. ($1 = 0.5961 British Pounds) (Compiled by Esha Vaish in Bangalore; Editing by Sandra Maler)