PRESS DIGEST- Financial Times - May 8

The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines

StanChart and HSBC face losses on loans to rice trader https://on.ft.com/2SMn73f

Heathrow's third runway project now 'impossible', says IAG chief https://on.ft.com/3fu7FCH

Daniel Loeb looks to back out of $2.6 bln Global Blue deal https://on.ft.com/3fvztGQ

EY orders consultants to take time off as work slows https://on.ft.com/2WByMmz

Overview British banks Standard Chartered Plc and HSBC Holdings Plc are facing losses of millions of dollars in loans to Dubai-based rice trader Phoenix Commodities as the company filed for insolvency at the end of last month.

Chief executive of British Airways-owner IAG said on Thursday Heathrow's 14 billion pounds ($17.34 billion) third runway project was now "impossible" due to COVID-19. Activist investor Dan Loeb wants to back out of a $2.6 billon deal agreed in January to buy Swiss payments company Global Blue.

UK accountancy firm EY has asked its consultants from financial services division to take the last week of May as annual leave. ($1 = 0.8073 pounds) (Compiled by Bengaluru newsroom)