May 11, 2017 / 11:09 PM / 7 months ago

PRESS DIGEST- Financial Times - May 12

May 12 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.


Uber faces regulation in Europe as transport company

SoftBank injects $500m into UK start-up in boost for European tech

BT tries to reset fortunes with restructuring plan

Wells Fargo unveils additional $2bn in cost savings


An adviser to the European Union’s top court said ride-hailing app Uber Technologies Inc should be regulated as a transport company and be subject to the same rules as normal taxis.

Improbable is raising $502 million from Japan’s SoftBank in a deal that will value the UK virtual simulation start-up at more than $1 billion.

BT Group Plc will cut 4,000 jobs and replace the boss of its global services business in a plan to tackle the source of an Italian accounting scandal that stunned Britain’s biggest telecoms group in January.

Executives at Wells Fargo & Co doubled its cost-cutting target after seeing expenses soar in the aftermath of a sales scandal that the third-largest U.S. bank is still trying to recover from. (Compiled by Bengaluru newsroom; Editing by Sandra Maler)

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