PRESS DIGEST-Financial Times - May 21

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

* UK confirms Gulf trade deal ‌in boost for service industries * Reeves cuts food tariffs and children’s bus fares in cost of living plan

* OpenAI readies IPO filing to ‌list as soon as September * Intesa Sanpaolo is exploring ‌a bid for Spanish private bank Singular

Overview * Britain said on Wednesday it had secured a trade deal with the Gulf Cooperation Council worth $5 billion a ⁠year ​in the long run, ⁠deepening economic ties with allies in a region dealing with the fallout ⁠from the Iran war.

* British finance minister Rachel Reeves will on ​Thursday set out measures to try to ease the cost ⁠of living, including free bus fares for children and possible reductions on some ⁠food tariffs. * ​OpenAI is preparing to file for a public listing as early as this week, with the AI lab aiming ⁠for a blockbuster initial public offering as soon as September.

* Italy’s Intesa ⁠Sanpaolo is ⁠exploring a bid for Spanish private bank Singular, in a move that would represent a rare example ‌of ‌cross-border dealmaking among European lenders. (Compiled ​by Bengaluru newsroom)