December 8, 2014 / 12:51 AM / 3 years ago

PRESS DIGEST- Financial Times - Dec 8

Dec 8 (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

* Cubist deal highlights antibiotics appeal

(on.ft.com/1wk3ujM)

* UK financial watchdog to review soaring level of fines

(on.ft.com/1ys3azM)

* Credit Suisse to shrink prime brokerage

(on.ft.com/1BrlwSH)

* BP considers job cuts in face of plunge in oil price

(on.ft.com/1yYDZCB)

Overview

* Merck & Co Inc is in talks to acquire Cubist Pharmaceuticals Inc in a $8 billion deal which values Cubist at $102 a share and could come early this week.

* The UK’s Financial Conduct Authority is to review its fining regime as banks complain over rise of penalties which have hit record levels after investigations into alleged rigging of London interbank offered rate and the foreign exchange market.

* Credit Suisse AG is considering scaling down its prime brokerage business as part of already announced efforts to reduce risk in its investment banking division.

* BP is quickening the pace of plans to reduce headcount as it grapples with the plummeting oil price. The company is looking at its non-operations staff that have been kept on as the company has shed production assets in its portfolio.

Compiled by Shivam Srivastava in Bengaluru; Editing by Chris Reese

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