PRESS DIGEST- Financial Times - Aug 26

Aug 26 (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 ministers set to cut back HS2 eastern route https://on.ft.com/3jhTapn

- Incoming Frasers chief could earn 100 mln stg in shares in three years https://on.ft.com/2WmILQj

- UK minister backs Chinese investment only 'to our advantage' https://on.ft.com/2WoVYYM

- UK's FCA says it is 'not capable' of supervising crypto exchange Binance https://on.ft.com/3zhYXRC

Overview

- Britain's most expensive infrastructure project — the HS2 high-speed railway between London and the north of England — is set to be radically scaled back, as the Treasury attempts to control public spending that has ballooned during the COVID-19 crisis.

- Michael Murray, the anointed successor to Mike Ashley as chief executive of Frasers Group, could earn up to 100 million pounds in shares as part of a new remuneration package.

- Lord Gerry Grimstone, Britain's investment minister, insisted the UK is not becoming more protectionist, arguing that Chinese investment was welcome provided it is "to our advantage" and defending the private equity industry targeting British companies.

- One of the world's leading financial regulators has said it is "not capable" of properly supervising Binance despite the "significant risk" posed by the cryptocurrency exchange's products, which allow consumers to take supercharged bets.

(Compiled by Bengaluru newsroom)