PRESS DIGEST-Financial Times - May 8

- Prediction market Kalshi has more than quadrupled ⁠in valuation ​in less than a year to $22 billion in its latest fundraise, as investors pile into the rapidly ⁠growing platform. - U.S. President Donald Trump has given the European ⁠Union until early ⁠July to implement its trade deal with the US, as he also offered a reprieve ‌from steep ‌car tariffs threatened last week.

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

- Meta claims Ofcom 'unprecedented' ‌fining power is unlawful - NBA offers $3 billion to jump-start European basketball league

- Kalshi valuation quadruples to $22 billion in less than a year - ‌Donald Trump extends EU trade deal deadline while ‌issuing fresh threat

Overview - Technology giant Meta has launched a legal challenge over the Britain's new online safety rules, arguing that the communications regulator has unlawfully ⁠armed ​itself with powers ⁠to impose "unprecedented" penalties.

- The National Basketball Association has told investors it plans ⁠to commit more than $3 billion to its proposed new European basketball ​league after some potential team owners raised concerns about a ⁠long wait for profits. - Prediction market Kalshi has more than quadrupled ⁠in valuation ​in less than a year to $22 billion in its latest fundraise, as investors pile into the rapidly ⁠growing platform.

- U.S. President Donald Trump has given the European ⁠Union until early ⁠July to implement its trade deal with the US, as he also offered a reprieve ‌from steep ‌car tariffs threatened last week. (Compiled ​by Bengaluru newsroom)