Oct 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

* Lockheed Martin tops S&P 500 on strong sales http://on.ft.com/2dH1pGA

* Brussels raises heat on Italy over 2017 budget http://on.ft.com/2f5wbid

* Ireland makes pitch for London's EU institutions http://on.ft.com/2f5w9qA

* New BBC chief to take 10,000-pound pay cut http://on.ft.com/2f5uamu

Overview

- Lockheed Martin said it expects a 7 percent rise in net sales next year. It was the biggest gainer on the S&P 500 and among industrials on Tuesday.

- Tension between Brussels and Italy over the country's 2017 budget escalated on Tuesday after the European Commission imposed a 48-hour deadline on Rome to explain why it was breaking previous fiscal agreements.

- Ireland has now pitched to host the European banking Authority. The country, which suffered a bad banking crisis, is the latest in the rush to take over London-based EU institutions.

- The BBC's next chief will be paid 10,000 pounds lesser than the predecessor, the UK government announced. The new chair will serve a fixed term of four years and will be extended only in "exceptional circumstances".

(Compiled by Sangameswaran S in Bengaluru)