July 11, 2017 / 11:28 PM / 5 months ago

PRESS DIGEST- Financial Times - July 12

July 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.

Headlines

* Spotify reaches licensing deal with Sony Music on.ft.com/2tcd4Vz

* UK government signs deal with big banks to increase SME lending on.ft.com/2tbPoRc

* Lloyds overhauls overdraft charges for retail customers on.ft.com/2tc0FRL

* Amec Foster Wheeler caught up in SFO's Unaoil investigation on.ft.com/2tbXeKH

Overview

- Swedish music streaming service Spotify struck a licensing deal with Sony Music. Sony has agreed to trim Spotify’s royalty payments in exchange for restricting new albums to Spotify’s paying customers for two weeks, according to a source.

- UK government struck a deal with Britain’s biggest banks to increase lending to small businesses as part of broader plans to boost exports and buoy the economy after Brexit.

- Lloyds Banking Group from November is abolishing fees for retail customers who fall into unplanned overdrafts. It will also replace all of its arranged overdraft fees with one charge of 1 pence per day for every 7 pounds ($9.00) spent.

- Oil services company Amec Foster Wheeler said it was informed by the SFO of its investigation into the group, “predecessor companies and associated persons in respect of the Foster Wheeler business” focusing on the past use of third parties and possible bribery and corruption and related offences. ($1 = 0.7781 pounds) (Compiled by Bengaluru newsroom; Editing by Sandra Maler)

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