PRESS DIGEST- Financial Times - Oct 8

Reuters

Oct 8 (Reuters) - The following are the top stories in theFinancial Times. Reuters has not verified these stories and doesnot vouch for their accuracy.

Headlines

China and Japan warn U.S. on default

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Penalties planned for banks receiving ECB aid

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Monte dei Paschi board approves 2.5 bln euro capitalincrease

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Vodafone prepares to raise stake in Indian unit

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Zoellick joins Goldman Sachs as adviser

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Serbia seeks loan billions from UAE amid bankruptcy fears

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Overview

China and Japan have asked the U.S. to avoid anunprecedented debt default as the U.S. government shutdownentered its second week after the Congress remained divided.

EU regulators are planning to penalise banks that remainreliant on the European Central Bank's landmark cheap fundingscheme during the stress tests of European banks scheduled nextyear.

Italy's Banca Monte dei Paschi di Siena has agreedto EU demands for a 2.5 billion euro capital increase as itstruggles to avoid nationalisation.

Britain's Vodafone plans to invest as much as $2billion to buy out minority shareholders in Vodafone India.

Goldman Sachs Group Inc said that former World BankGroup president Robert Zoellick will rejoin the investment bankas chairman of its international advisory board.

Serbian deputy prime minister warned of bankruptcy withouturgent steps to cut public sector wages and said the countryplans to borrow billions from the United Arab Emirates atfavourable rates.

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