April 4, 2017 / 12:19 AM / 7 months ago

PRESS DIGEST- Financial Times - April 4

April 4 (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

* Standard Chartered to double minimum wealth for private bank clients on.ft.com/2nUUF0k

* Brexit fears lose UK ground in ranking of favoured tax regimes on.ft.com/2nUXyOy

* Asset managers to seek injunction to block sale of Portugal’s Novo Banco on.ft.com/2nV6LGJ

* May urged to assess impact of leaving EU without deal on.ft.com/2nV2T8J

Overview

- Standard Chartered will increase its threshold of investable client assets to $5 million from $2 million this year. The bank will concentrate on attracting families and people with at least $30 million in investable assets.

- Britain kept its position as the second most competitive tax regime worldwide, a KPMG survey of large businesses showed. Multinational companies headquartered outside of the UK were particularly concerned about Brexit, and have ranked Britain as the fifth best tax regime in Europe, down from first place last year.

- To block Lisbon’s agreed sale of Portuguese lender Novo Banco to Lone Star, BlackRock and other international asset managers are seeking an injunction. The fund managers, stepping up a legal battle over losses sustained in 2015, said that “the rules governing the sales process are discriminatory and breach Portuguese and EU law.”

- Commons Brexit committee said British Prime Minister Theresa May’s assertion that “no deal is better than a bad deal” was “unsubstantiated” because the government had not assessed the implications of such an outcome since the referendum last year. The conclusions of the report were strongly contested by pro-Leave MPs on the committee who claimed the report was “too gloomy” and biased.

Compiled by Sangameswaran S in Bengaluru

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