PRESS DIGEST- Financial Times - July 17
July 17 (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
- Guinness owner Diageo to replace chief executive Debra Crew
- UK insurance industry wins lower capital requirements for in-house risk managers
- Barclays fined 42 million pounds for failed money laundering checks
- Allianz boss warns Germany risks becoming 'sick man of Europe'
Overview
- Diageo CEO Debra Crew has quit with immediate effect and will be replaced on an interim basis by the embattled drinks group's finance boss, after falling alcohol sales and waning investor confidence battered its share price.
- The UK government plans to overhaul regulation of the growing market for in-house insurance, cutting capital requirements for special entities set up by companies to protect themselves from business risks.
- Barclays has been handed a 42 million pounds ($56.25 million) fine for failing to manage the risk around money laundering, including in a case that embroiled the former son-in-law of Formula 1 magnate Bernie Ecclestone.
- The boss of insurer Allianz has warned that Germany risks becoming the "sick man of Europe" and predicted its social security system could collapse within a decade unless the government cuts spending.
($1 = 0.7467 pounds)
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