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TOP STORIES

The Luxembourg tax break that helps firms profit from loss

LONDON - Luxembourg is known for its generous tax policies, but one rule lets companies cut their income taxes using costs that they haven't actually borne - a break offered by almost no other state. (LUXEMBOURG-TAX/ (INSIGHT, PIX), moved, by Tom Bergin, 2,000 words)

GlaxoSmithKline overhauls sales practices after scandals

LONDON - GlaxoSmithKline will stop paying doctors to promote its products at events and remove individual sales targets for its marketing staff in a first for the drugs industry looking to recover from scandals over improper sales practices. (GLAXOSMITHKLINE-PAYMENT/ (UPDATE 3), moved, by Ben Hirschler, 650 words)

Ukraine boosted by Russia oil supply deal, seeks loan

MOSCOW - Russia has agreed to resume oil supplies to a refinery in Ukraine, traders say, in a sign Moscow is ready to reward the country's president for spurning a trade deal with Europe in favour of ties with its former Soviet master. (UKRAINE/ (UPDATE 2), moved, pictures, by Darya Korsunskaya and Timothy Heritage, 700 words)

German investor morale hits highest level since April 2006

MANNHEIM, Germany - German analyst and investor sentiment leapt in December, hitting its highest level in nearly eight years and suggesting growth in Europe's largest economy will pick up next year. (GERMANY-ZEW/ (Update 2), moved, by Sakari Suoninen and Eva Taylor, 600 words)

MARKETS

European shares dip, dollar steady as Fed meeting nears

LONDON - Nerves are jangling in financial markets ahead of a two-day U.S. Federal Reserve meeting that investors hope will finally clear up when it plans to start winding down its huge stimulus programme. (MARKETS-GLOBAL/ (WRAPUP 5) moving shortly, by Marc Jones, 800 words)

INSIGHT & ANALYSIS

Hinkley nuclear deal marries French, British ambitions

PARIS/LONDON - Hinkley Point C, the first nuclear plant order in Europe since the 2011 Fukushima disaster, is the fruit of a decade-long process of reconciling two grand national ambitions: Britain's need to avert a power crisis, and France's need to keep its nuclear industry alive with export contracts. (NUCLEAR-BRITAIN/FRANCE, moved, by Geert De Clercq and Karolin Schaps, 1,500 words)

Mega-project tails wag the Big Oil dog

LONDON - The biggest oil and gas projects have become exponentially more costly, complex and unpredictable, outpacing growth in financial firepower among the tiny handful of companies with the ability to develop them. (OIL-COMPANIES/PROJECTS, moved, by Andrew Callus, 1,000 words)

ECONOMY

U.S. consumer prices flat as gasoline falls

WASHINGTON - U.S. consumer prices were flat in November, but a bounce back in the annual inflation rate from a four-year low will probably give the Federal Reserve cover to start dialling back its massive monetary stimulus. (USA-ECONOMY (WRAPUP 1), expect by 1400 GMT/9 AM ET, by Lucia Mutikani, 500 words)

Euro zone tries to sort out how to fund bank closures

BRUSSELS - Euro zone finance ministers meet in Brussels to try to decide how to fund the closing down of banks, a key issue for a broader agreement on how to deal with failing financial institutions that is to restore investor confidence in the sector (EU-BANKS, expect by 1500 GMT/10 AM ET, by Jan Strupczewski, 700 words)

Turkey detains ministers' sons, businessmen in graft probe

ISTANBUL - Turkish police detain the sons of three cabinet ministers and several well-known businessmen as part of investigations into alleged corruption, in a challenge for Prime Minister Tayyip Erdogan's government months ahead of elections (TURKEY-CORRUPTION/ (UPDATE 2), moved, by Daren Butler)

COMPANIES

JP Morgan, Deutsche ban multi-dealer chat rooms - sources

LONDON - JP Morgan Chase and Deutsche Bank are banning the use of multi-dealer online chat rooms, sources familiar with the plans told Reuters, as banks crack down on inappropriate communications by staff following a string of scandals. (JPMORGAN-CHATROOMS/ (UPDATE 1), moved, by Jamie McGeever,500 words)

Europe set to launch drone programme

BRUSSELS/BERLIN - After many false starts, Europe looks ready to back plans for a drone development programme aimed at cutting its reliance on U.S. and Israeli rivals and bolstering its position in the industry (EU-DRONES/ (PICTURE), moved, by Adrian Croft and Sabine Siebold, 1,000 words)

Renault leads gains in slow European auto recovery

PARIS - Renault, Toyota and Volkswagen led a 0.9 percent November gain in European car sales, according to industry data, pulling ahead of Fiat, General Motors and Ford in a slowly recovering market. (EUROPE-CARSALES/ (UPDATE 1), moved by Laurence Frost, 500 words)

Chile's CFR accuses S.Africa pension fund of 'protectionism'

JOHANNESBURG - Chile's CFR Pharmaceuticals accuses South Africa's state pension fund of 'protectionism' for opposing its $1.2 billion bid for drugmaker Adcock Ingram, the latest cross-border deal to meet resistance from Pretoria. (ADCOCK-CFR/ (UPDATE 2), moved, by David Dolan and Tiisetso Motsoeneng, 550 words)

Fonterra challenged in China's growing milk powder market

SHANGHAI/WELLINGTON - Milk powder buyers in China are starting to cut their reliance on New Zealand's Fonterra, opening the way for U.S. and European firms to break the dairy giant's grip on an infant milk formula market set to double to $25 billion by 2017. (CHINA-DAIRY/FONTERRA (PIX), moved, by Adam Jourdan and Naomi Tajitsu, 1300 words)

Brewers eye AB InBev as deadline looms for S.Korea's OB

HONG KONG/NEW YORK - Another beer battle is brewing in Asia. The target is South Korea's Oriental Brewery, with all eyes in the beer and banking world on Anheuser-Busch InBev and whether it plans to bid for the company it previously owned. (SALE-OB/ , moved, by Stephen Aldred and Martinne Geller, 700 words)

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