PRESS DIGEST- Financial Times - May 7

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

ArcelorMittal cuts back European production after demand weakens https://on.ft.com/2Jk0780 Law firms face disciplinary action in dirty money crackdown https://on.ft.com/2J8UzxZ Rolls-Royce battles to restore reputation for excellence https://on.ft.com/2JjqScB

Overview Steelmaker ArcelorMittal said on Monday it would idle steelmaking facilities at its Krakow site in Poland and decrease output at Asturias in Spain, blaming weakening demand and "insufficient" action by the EU against imports. The Solicitors Regulation Authority referred 26 law firms for disciplinary action, saying they had not done enough to manage the risk of their clients laundering funds, as the government seeks to crack down on the billions of pounds of dirty money estimated to flow through London. Rolls-Royce shareholder Richard Turner told the company's annual meeting in Bristol last week that he was concerned about a lack of "serious engineering" capability at the top. (Compiled by Bengaluru newsroom)