PRESS DIGEST- Financial Times - Oct 17

Reuters

Oct 17 (Reuters) - The following are the top stories in theFinancial Times. Reuters has not verified these stories and doesnot vouch for their accuracy.

Headlines

US SENATE STRIKES DEAL TO AVERT DEFAULT

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CARLOS SLIM ADMITS DEFEAT IN 7.2BN TAKEOVER BATTLE FOR KPN

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PHILIP HAMMOND PLAN TO OUTSOURCE ARMS BUYING AT RISK OFCOLLAPSE

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IBM REVENUES FALL FOR SIXTH QUARTER IN A ROW

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SHUTDOWN TO CONTINUE TO HURT US COMPANIES

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CFTC SPLIT OVER JPMORGAN 'WHALE' DEAL

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MARK CUBAN CLEARED IN INSIDER TRADING CASE

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DOJ AND SEC PREPARE TO CHARGE CONVERGEX

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Overview

Senate leaders in the U.S. have struck a bipartisan dealending weeks of negotiations to reopen the government andapprove new sovereign borrowings that pushed the country to theedge of a debt default.

América Móvil, which is controlled by the Mexican tycoonCarlos Slim, has admitted defeat in a gruelling 7.2 billion Eurotakeover battle for the Dutch telecoms group KPN afterthe intervention of an independent foundation linked to KPN.

Plans to part-privatise British defence procurement ran intorough weather after doubts over the eligibility of one of thecompanies hoping to run the programme threatened to end theprocess because of lack of competition.

A sixth consecutive quarter revenue fall at IBM ledto a 6 percent tumble in its share value in after-markettrading.

The U.S. will have to endure the consequences of the debtshowdown for a long time to come, with companies starting to tiecorporate profit warnings to the shutdown.

One commissioner at Commodity Futures Trading Commission wanted to prove that JPMorgan intentionally manipulateda key index.

The owner of the Dallas Mavericks basketball team, Mark Cuban,did not violate any insider trading laws when he sold his stakein Mamma.com, a jury said on Wednesday, dealing a blow to theSecurities and Exchange Commission.

Civil and criminal charges will be brought against ConvergExby the U.S. authorities. ConvergEx, a leading transactionservices provider to pension funds and institutional investors,has been accused overcharging its clients.

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