March 7, 2014 / 2:17 AM / 3 years ago

PRESS DIGEST- Financial Times - March 7

March 7 (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

George Osborne faces 20 billion pound black hole

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US and allies punish Russia over Ukraine

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Cerberus leads $9 billion bid to merge Safeway and Albertsons

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Former Dewey & LeBoeuf bosses charged with fraud

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Cigarette makers surge on deal talks

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Overview

Britain might have to go through another year of austerity due to a 20 billion pound black hole in public finances, according to economic models used by the Office for Budget Responsibility.

Russia was at receiving end of the western powers over its intervention in Ukraine, with the United States issuing visa bans on Russian officials and EU signing an integration agreement with Kiev.

A consortium led by private equity firm Cerebus Capital Management will acquire Safeway Inc in a deal worth $9 billion, and merge it with Albertsons supermarket chain.

Two years after the collapse of Dewey & LeBoeuf, the U.S. authority has charged its former management with "a massive effort to cook the books".

Shares of Reynolds American Inc and Lorillard Inc jumped this week on talks of a potential deal between the U.S. cigarette makers.

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