May 8 (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

- 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 META.O 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.