Financial Times - May 17



May 17 (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

- Israeli electric vehicle group REE to build $15mn UK factory Link

- EY accused of basic failings in $2.7bn claim over NMC collapse Link

- Renault sells Russia business and stake in Lada maker for 2 roubles Link

- Pension lifeboat fund rules leave 83,000 with no cover for rising UK inflation Link

Overview

- Israeli electric vehicle start-up REE will open a $15 mln production facility in UK and plans to double its workforce in the country, in one of the first manufacturing investments from the new wave of makers.

- Ernst & Young failed to flag a multibillion dollar fraud at FTSE 100 group NMC Health in the years before its 2020 collapse because the auditor did not properly carry out basic checks, according to a $2.7bn legal claim by the hospital operator's administrators.

- Renault SA RENA.PA is selling its entire Russian operation including its stake in Lada-maker Avtovaz for 2 roubles, in one of the most significant retreats by a foreign company since the invasion of Ukraine.

- Ministers are being urged to review "grossly unfair" compensation arrangements affecting 83,000 elderly members of the UK's pension lifeboat fund as the cost of living soars.

(Compiled by Bengaluru newsroom)

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