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PRESS DIGEST - Financial Times - July 29
July 29, 2013 / 12:45 AM / in 4 years

PRESS DIGEST - Financial Times - July 29

July 29 (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

Treasury pledges extra 2 mln stg for Barclays probe

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China to freeze trade probes in solar deal

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Publicis and Omnicom reshape ad world

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Brussels gets tough on Monte dei Paschi

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Loescher’s Siemens tenure looks tenuous

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Burford Capital takes stake in Manolete

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Overview

Britain’s Serious Fraud Office (SFO) is expected to receive about 2 million pounds ($3.07 million) from the UK Treasury to support its criminal probe into the dealings between Barclays Plc and Qatar Holding, people familiar with the matter said.

China will drop investigations into European wine and polysilicon exports as part of a landmark deal with the European Union to settle a dispute over solar panels, according to a senior EU official.

Publicis Groupe SA and Omnicom Group Inc revealed on Sunday plans to merge to create the world’s biggest advertising group, worth $35.1 billion, surprising analysts who had warned of client conflicts, regulatory risks and culture clashes.

The European Union commissioner Joaquín Almunia told Italy’s finance minister Fabrizio Saccomanni that the proposed restructuring plan for Monte dei Paschi di Siena is too soft on executive pay, cost-cutting and treatment of creditors and that without “urgent” changes he would launch a full-blown EU probe.

Siemens AG said in a statement late on Saturday that its supervisory board will this week “decide on the early departure of the president and CEO”, indicating that Chief Executive Peter Loescher’s days are numbered, after the German engineering group this week issued its second profit warning this year.

Burford Capital Ltd, a London-listed fund that finances lawsuits in return for a cut of any payouts, has become a shareholder in insolvency specialist Manolete Partners.

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