June 19, 2018 / 12:25 AM / 6 months ago

PRESS DIGEST- Financial Times - June 19

June 19 (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

KPMG accused of 'unacceptable deterioration' in audits on.ft.com/2I1jApu

Axa IM announces 210 job cuts amid board shake-up on.ft.com/2JZSJPT

Hedge fund Winton spins out its big data unit on.ft.com/2yiVt6h

Sainsbury-Asda tie-up spurs fears over prices on.ft.com/2M3YcSW

Overview

The Financial Reporting Council, UK’s accounting watchdog has sternly rebuked KPMG for an “unacceptable deterioration” in the quality of how it audits top British firms.

The French fund group Axa Investment Managers will cut up to 210 jobs including 40 jobs in the UK as a part of a broader shake-up of its executive team.

Hedge fund Winton is spinning off its big data unit and the company, Hivemind, will operate as a standalone entity and seek external capital to continue to grow outside of Winton.

J Sainsbury Plc’s bid to buy Walmart Inc’s Asda could endanger competition at the national and local level and risks tacit coordination between the two, according to submissions UK regulator’s initial inquiry.

Compiled by Bengaluru newsroom; Editing by Cynthia Osterman

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