May 17, 2013 / 12:35 AM / 4 years ago

PRESS DIGEST - Financial Times - May 17

May 17 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.


Budget black hole at heart of George Osborne’s finances


Blackstone courts bold trades for new fund


Tony Hayward becomes Glencore Xstrata interim chairman


Dell earnings fall short of expectations


Citi removes fx traders from Bloomberg internal chat groups


ANA suffers new Boeing Dreamliner problem



George Osborne’s attempts to cut public spending by 11.5 billion pounds in election year has caused tensions in the cabinet as some ministers failed to provide the list of 10 percent departmental cuts he had ordered and another said he was “asking too much”.

Alternative asset manager Blackstone Group LP, is readying to launch a “super” hedge-fund, which will invite the numerous third-party hedge funds it invests with to submit their best trades in return for a fee.

Newly merged commodities group Glencore Xtrata Plc ousted its chairman on Thursday, replacing him with Tony Howard, the former BP Plc chief executive who was once known as the United States’ most hated man for his role in the Gulf of Mexico oil spill.

Dell Inc, which has been the subject of a takeover war between its founder Michael Dell and activist investor Carl Ichan, reported a 79 percent slide in first-quarter profit on Thursday, well below Wall Street expectations.

Citigroup Inc has stopped its foreign exchange traders from using chat rooms on their Bloomberg terminals but said that the decision was not related to the recent complaints regarding the access of private data by Bloomberg’s journalists.

ANA Holdings Inc, the world’s biggest operator of Boeing Co’s 787 Dreamliner, reported a problem with one of its test flights involving damage to an electrical distribution panel but said that it was not related to the newly modified battery system.

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