PRESS DIGEST- Financial Times - Sept 30

Reuters

Sept 30 (Reuters) - The following are the top stories in theFinancial Times. Reuters has not verified these stories and doesnot vouch for their accuracy.

Headlines

Italy's PM seeks to shore up government

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Banks watchdog backs away from strict requirements

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Axa to spin out private equity arm

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Siemens to shed 15,000 jobs worldwide

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BP said to have rejected plan that might have stopped

spill early

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Intesa CEO quits after clash with shareholders

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Overview

Italy's prime minister Enrico Letta is urgently seekingparliamentary support for a new government after centre-rightleader Silvio Berlusconi pulled the rug under the five-month-oldcoalition, sparking fears of a backlash from financial markets.

The world's banks watchdog could relax stringent capitalrules on securitisation or asset-backed products as part of asecond look at the instruments blamed for triggering the globalfinancial crisis

French insurer AXA SA is set to confirm theclosing of a deal to spin off its private-equity arm early thisweek in a transaction that would value the unit at 510 millioneuros ($690.6 million).

Siemens AG, Europe's biggest engineering firm, isto slash 15,000 jobs over the next year as part of a 6 billioneuro cost-cutting programme.

BP shot down a plan that might have stopped its 2010oil leak in the Gulf of Mexico within a month as it worried moreabout defending its public statements about the flow rate fromthe well, the company's legal opponents have alleged.

Italy's largest retail bank Intesa Sanpaolo oustedCEO Enrico Cucchiani on Sunday, following a clash with Italianshareholders.

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