PRESS DIGEST- Financial Times - May 20

May 20 (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

- UK and EU agree post-Brexit reset at showpiece summit

- EY accused of 'serious' failings in audits of collapsed NMC Health

- Diageo plans big asset sales as industry grapples with lower demand

- Funding for 'high-cost' university courses to be cut in England

Overview

- Britain agreed to the most significant reset of defence and trade ties with the European Union since Brexit on Monday that British Prime Minister Keir Starmer claimed would be worth 9 billion pounds ($12.02 billion) to the country.

- Britain's financial watchdog identified "extremely serious" failings in the 'big four' accountancy firm EY's auditing of UAE hospital operator NMC Health, at the start of a roughly $3 billion London trial on Monday.

- Diageo DGE.L unveiled a plan on Monday to cut $500 million in costs and make substantial asset disposals by 2028, as the maker of Johnnie Walker whisky and Guinness beer looks to turn around its performance and reduce its debts.

- Britain's Education Minister Bridget Phillipson told the sector regulator on Monday that capital spending for higher education would be almost halved in 2025-26 to 84 million pound ($112.20 million) from a multi-year settlement equivalent to an annual allocation of 150 million pounds ($200.36 million).

($1 = 0.7487 pounds)