May 24, 2018 / 12:11 AM / a month ago

PRESS DIGEST- Financial Times - May 24

May 24 (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

UK tax chief warns on 20 bln pounds bill for Brexit customs option on.ft.com/2IMa7Uw

U.S. cancels invitation to China to join naval exercises on.ft.com/2IIvOof

Smurfit shareholders demand talks with bidder on.ft.com/2s4dsaV

Overview

Businesses will face a cost of up to 20 billion pounds ($26.75 billion) a year to comply with the customs arrangement favoured by the keenest Brexit supporters within the Cabinet, Britain's most senior tax official said on Wednesday.

The Pentagon on Wednesday disinvited China from a major U.S.-hosted naval drill in response to what it sees as Beijing's militarization of islands in the South China Sea, a decision China called unconstructive.

A trio of shareholders at Europe's biggest paper packaging group Smurfit Kappa Group Plc have asked it to enter talks with the largest listed U.S. paper packaging firm International Paper Co (IP). ($1 = 0.7478 pounds) (Compiled by Bengaluru newsroom; Editing by Sandra Maler)

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