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TOP STORIES

Novartis reshapes business via deals with GSK and Lilly

ZURICH/LONDON - Swiss drugmaker Novartis announces a multi-billion dollar revamp, swapping assets with GlaxoSmithKline and selling its animal health arm in a bid to simplify its business and increase its focus on high-margin cancer medicines. (NOVARTIS/ (UPDATE 3), moving shortly, by Caroline Copley and Paul Sandle, 1,000 words)

Philips warns of tough 2014 as strong euro wipes out Q1 growth

FRANKFURT - Philips warns it will struggle to post a rise in operating profit for 2014 after slowing demand in China and Russia, combined with the impact of a strong euro, wipes out its first-quarter sales growth. (PHILIPS-RESULTS/ (UPDATE 3), moved, by Maria Sheahan and Anthony Deutsch, 425 words)

United Tech posts profit ahead of Street, more bullish on 2014

United Technologies Corp reports a lower quarterly net profit, weighed down by restructuring costs, but the diversified manufacturer's profit and revenue tops Wall Street's forecast. (UNITED TECH-RESULTS/ (UPDATE 1), moved, 155 words)

M&A talk lifts European shares, euro dips to two-week low

LONDON - M&A talk in the pharmaceutical sector lifts European shares, but fails to support the euro, which dips to a two-week low against the dollar as ECB policymakers renew efforts to weaken it. (MARKETS-GLOBAL/ (WRAPUP 5), moved, by Marius Zaharia, 780 words)

INSIGHT & INVESTMENT

Wage cuts make Spain's recovery a long, painful path

MADRID - Carmen Collado has laundered hospital linen in Madrid for 11 years. Now, almost half her colleagues have been fired and the 61-year-old grandmother is cleaning the same bed sheets, nurses' scrubs and towels as before for half the pay. (SPAIN-ECONOMY/WAGES (INSIGHT, PICTURE), moved, by Paul Day, 1,170 words)

New EU law to help investors pick good corporate citizens

LONDON - Investors looking for companies with good environmental, social and governance track records will find the job easier after European politicians ruled that thousands of firms must reveal their performance as corporate citizens. (INVESTMENT/ETHICAL, moved, by Simon Jessop and Jemima Kelly, 740 words)

Bankers win friends again in Europe with lure of easy money

BRUSSELS - Jacques de Larosiere says he is an isolated and modest man. Yet the 84-year-old former head of the International Monetary Fund is one of the most influential voices in European and global finance. (EU-LOBBYING/BANKS (PICTURE), moved, by John O'Donnell, 1,390 words)

Consumer firms adapt to win emerging market middle classes

LONDON - From chocolate and dumplings to toothpaste, consumer goods companies are adapting to new spending habits as incomes rise in emerging markets while protecting profits in places where they can be volatile. (FOOD-EMERGINGMARKETS/ (PICTURE), moved, by Martinne Geller, 935 words)

ECONOMY

ECB's Coeure says has margin to reduce main interest rate

PARIS - European Central Bank executive board member Benoit Coeure says there is further margin to reduce the main interest rate below 0.25 percent and that the strength of the euro could be keeping inflation too low. (FRANCE-ECB/, moved, 110 words)

Exit plan unresolved as Portugal's last bailout review kicks off

LISBON - Portugal's international lenders start their last evaluation of its performance under its bailout, with further reforms on the agenda and the question of a standby loan when it exits the programme next month still unresolved. (PORTUGAL-BAILOUT/, moved, by Andrei Khalip, 650 words)

Cuba may revive Paris Club debt negotiations

HAVANA - Cuba and the Paris Club of wealthy creditor nations are working to resume talks over billions of dollars of outstanding official debt in a new sign the communist government is interested in rejoining the global economy. (CUBA-DEBT/ (EXCLUSIVE), moved, by Marc Frank, 800 words)

Japan overhauls its public pension fund, the world's biggest

TOKYO - Japan overhauls the world's biggest public pension fund, appointing new committee members, in a push toward Prime Minister Shinzo Abe's goal of a more aggressive investment strategy. (JAPAN-PUBLICFUND/ (UPDATE 2), moved, by Chikafumi Hodo and Takaya Yamaguchi, 660 words)

China's state enterprise overhaul quietly moves forward

BEIJING - Far from the spotlight, in secretive high-level meetings and company boardrooms, Beijing is drawing up one of the country's thorniest reforms: an overhaul of China's hugely inefficient state-owned industry. (CHINA-REFORM/ENTERPRISES (ANALYSIS), moved, by Matthew Miller and Yan Huang, 1,200 words)

+ See also:

- CHINA-ENVIRONMENT/, by David Stanway, 350 words

COMPANIES

Novartis shake-up, Pfizer-AstraZeneca report lifts pharma stocks

LONDON - Shares in European drugmakers received a shot in the arm amid a flurry of activity, with Novartis striking a multi-billion dollar deal with GlaxoSmithKline and reports U.S. giant Pfizer had approached Britain's AstraZeneca over a deal. (EUROPE-PHARMACEUTICALS/ACTIVITY, moved, 400 words)

Bank of New York Mellon reports first-quarter profit

Bank of New York Mellon Corp reports a first-quarter profit as rising markets drove up its assets under custody and administration. (BNYMELLON-RESULTS/, moved, 115 words)

Lockheed boosts profit 23 pct, lifts '14 outlook

WASHINGTON - Lockheed Martin Corp, the Pentagon's largest supplier, reports a 23 percent jump in operating profit and earnings per share in the first quarter, and raised its earnings outlook for the full year by 25 cents. (LOCKHEED MARTIN-RESULTS/, moved, 190 words)

Intesa, UniCredit in deal with KKR to jointly manage bad loans

MILAN - Italy's top two banks UniCredit and Intesa Sanpaolo have signed a deal with U.S. private equity firm KKR to pool some of their problematic loans, as the country's lenders seek new ways to grapple with soured debts. (INTESA-UNICREDIT/, moved, by Francesca Landini, 445 words)

Pork giant WH Group slashes IPO, delays pricing - sources

HONG KONG - WH Group Ltd, the world's biggest pork company, is slashing its proposed Hong Kong IPO and will delay the pricing of the deal to next week, sources say, a move that could see the Chinese company garner less than $2 billion. (WH GROUP-IPO/ (UPDATE 1), moved, 375 words)

HK regulator reprimands, fines RBS over emerging-markets rates trades

HONG KONG - Hong Kong's Securities and Futures Commission (SFC) says it reprimands Royal Bank of Scotland for internal control failures, fining the bank HK$6 million ($773,800). (HONGKONG-RBS/FINE (UPDATE 1), moved, 200 words)

Russian steelmaker MMK posts $2.2 bln Q4 net loss

MOSCOW - Russian steel major MMK says its fourth-quarter net loss widened to $2.2 billion due to impairment charges and forecast higher steel sales in the first quarter of 2014. (RUSSIA-MMK/ (UPDATE 1), moved, 215 words)

+ See also:

- RUSSIA-MAGNIT/RESULTS (UPDATE 1), moved, 300 words

S.Africa platinum talks resume in bid to end 3-month strike

JOHANNESBURG - The chief executives of the world's top platinum producers are to meet again with the leaders of the AMCU union for wage talks in a bid to end the longest and most costly strike on South Africa's mines in living memory. (SAFRICA-STRIKES/, moved, by Ed Stoddard, 450 words)

+ See also:

- SAFRICA-STRIKES/ (FACTBOX), moved, 490 words

Soccer-Moyes sacked by Man Utd after less than a season

LONDON - David Moyes's troubled reign at Manchester United comes to an abrupt end when the Scot is sacked after a hugely disappointing 10-month spell as manager after replacing Alex Ferguson last July. (SOCCER-ENGLAND/UNITED (UPDATE 4), moved, by Mike Collett, 1,100 words)

+ See also:

- SOCCER-UNITED/MOYES-PROFILE (PICTURE), moved, by Mike Collett, 1,020 words

- SOCCER-ENGLAND/MOYES-REACTION, moved, 240 words

- SOCCER ENGLAND/MOYES (FACTBOX), moved, 680 words

- SOCCER-UNITED/MOYES (ANALYSIS), moved, 515 words

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