PRESS DIGEST- Financial Times - May 21

May 20, 2015 10:42 PM

May 21 (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

SIX BANKS FINED $5.6 BLN OVER FOREX

(http://on.ft.com/1BcXhUb)

LAWSKY QUITS DFS TO SET UP HIS OWN FIRM

(http://on.ft.com/1BcXFCf)

SPOTIFY PUSHES INTO VIDEO AND PODCASTS

(http://on.ft.com/1HvpVrh)

GE OFFERS IP RIGHTS TO SEAL ALSTOM DEAL

(http://on.ft.com/1Hvqe5q)

Overview

Six global banks including Barclays and Royal Bank of Scotland have been fined a combined sum of more than $5.6 billion to settle charges of rigging foreign exchange markets between Dec 2007 and Jan 2013.

U.S. Department of Financial Services' (DFS) top banking regulator Benjamin Lawsky has quit government services to start his own law and consulting firm. Lawsky will leave DFS in late June, according to people familiar with his plans.

Stockholm-based music streaming service Spotify has revamped its platform and inked partnerships with content providers to offer video and podcasts, Chief Executive Daniel Ek said. The revamp comes weeks before Apple Inc readies to launch its own streaming service to compete with Spotify and others.

Jeff Immelt, chief executive of GE, while speaking at a conference in Florida, said that the company was willing to sell intellectual property around a product to allay fears of the European Commission that an acquisition deal between GE and Alstom would harm competition in the gas and turbine market. (Compiled by Ankush Sharma in Bengaluru)