August 22, 2013 / 12:30 AM / in 4 years

PRESS DIGEST-Financial Times - Aug 22

Aug 22 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.


UK banks face 1.3 bln stg bill over latest mis-selling scandal


Fed minutes show broad support for tapering this year


Singapore group, GIC, close to buying 1.7 bln stg Broadgate stake


Sale of AIG’s $4.8 bln aircraft leasing unit in doubt


Lloyds to sell German unit Heidelberger Leben in streamlining move


Vestas eyes ‘future without surprises’



Financial institutions, including banks and credit card issuers, will face a bill of about 1.3 billion pounds to redress consumers who were mis-sold protection for identity theft and credit card fraud.

Minutes of the U.S. Federal Reserve’s July policy meeting showed that Fed officials discussed lowering the unemployment threshold, now set at 6.5 percent, for the first increase in rates. With current U.S. unemployment at 7.4 percent, a change in the threshold would reassure investors that the Fed will not move to raise rates any time soon.

GIC Private Ltd, Singapore’s sovereign wealth fund, is in talks to buy Blackstone Group’s stake in the Broadgate office and retail complex in London for 1.7 billion pounds, in what would be one of the biggest UK property deals since the financial crisis.

AIG’s proposed $4.8 billion sale of its aircraft leasing unit suffered a setback after a Chinese-led group pulled out of the bid, underscoring doubts about the ability of Chinese entities to secure approvals and funding for large overseas deals.

British lender Lloyds Banking Group is selling a German subsidiary and a portfolio of loans for more than 500 million pounds as it seeks to streamline its business and comply with stringent regulatory capital demands.

Danish wind turbine maker Vestas ousted Chief Executive Ditlev Engel, hoping to restore investor confidence following a string of profit warnings and pending lawsuits from angry shareholders.

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