July 18, 2013 / 12:26 AM / in 5 years

PRESS DIGEST - Financial Times - July 18

July 18 (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

Strategy switch at Bank of England

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Boost for George Osborne as IMF backs ‘Plan A’

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GSK executive banned from leaving China

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Cameron pressed on Lynton Crosby’s tobacco industry links

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Higher bank salaries poised to offset Brussels bonus cap

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Peltz urges PepsiCo to buy Mondelez

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Former traders sue Deutsche Bank for wrongful dismissal

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Overview

The Bank of England retreated from its flagship asset buying programme as a means to stimulate the economy, instead signalling a more ‘mixed’ strategy centred on guiding financial markets, minutes of the July Monetary Policy Committee meeting showed.

The International Monetary Fund’s governing body has backed Finance Minister George Osborne’s austerity push, overruling the organisation’s staff who have called for looser fiscal policy.

Drugmaker GlaxoSmithKline’s finance director in China, Steve Nechelput, has been banned from leaving the country, the company confirmed on Wednesday.

Prime Minister David Cameron on Wednesday faced questions over his chief election strategist Lynton Crosby’s links to the tobacco industry following the government’s decision not to ban branded cigarette packaging.

Four out of five banks are planning to raise base pay for employees affected by a European Union-wide cap on bonuses, a survey showed.

Activist shareholder Nelson Peltz has called on PepsiCo to buy Mondelez in a $60 billion deal to first form a snack foods company before spinning out its soda business to shareholders.

Four Deutsche Bank employees have sued the lender after they were fired as part of an internal investigation into the manipulation of benchmark interbank lending rates.

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