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TOP STORIES

Murdoch's Fox stalks Time Warner but is rebuffed

Rupert Murdoch's 21st Century Fox says it made a bid worth about $80 billion to buy media conglomerate Time Warner Inc but was rebuffed. (TIME WARNER FOX/ (UPDATE 2), moved, by Soyoung Kim and Soham Chatterjee, 400 words)

Portugal Telecom loses chunk of Oi merger over unpaid debt

LISBON - Portugal Telecom has been forced to take a cut in its share of the merger with Brazil's Grupo Oi after a holding company of the Espirito Santo family fails to repay more than $1 billion it owes the telecoms firm. (PORTUGAL-BES/PT (UPDATE 3), moving shortly, by Axel Bugge and Leila Abboud, 790 words)

Litigation costs hit Bank of America quarterly profit

Bank of America Corp, the second-largest U.S. bank by assets, reports a 43 percent drop in second-quarter profit as mortgage revenue fell and litigation costs soar. (BANK OF AMERICA-RESULTS/ (UPDATE 2), moving shortly, 620 words)

China picks up as stimulus kicks in, may need more support

BEIJING - China's economic growth picks up slightly in the second quarter as a burst of government stimulus pays dividends, but analysts say Beijing will likely need to offer more support to meet its annual growth target as the property market slows. (CHINA-ECONOMY/ (WRAPUP 1, PICTURE, TV, GRAPHICS), moved, by Xiaoyi Shao and Kevin Yao, 935 words)

MARKETS & INVESTMENT

China growth lifts European shares, oil and metals

LONDON - Stocks rise in Europe after China reports economic growth figures that are slightly stronger than markets had expected, although the reaction in Asia is more muted. (MARKETS-GLOBAL/(WRAPUP 5), moved, by Nigel Stephenson, 690 words)

Overhaul of London gold "fix" expected imminently - source

LONDON - A statement on reforming the century-old system of benchmarking gold prices is expected imminently ahead of the implementation of new regulations governing financial benchmarks, a source familiar with the matter says. (GOLD-FIX/ (UPDATE 1), moved, by Jan Harvey and Clara Denina, 615 words)

New York lustre may lure Japan messaging app Line's IPO

TOKYO/SEOUL - Tokyo may struggle to get a piece of a listing that could value Japan's social messaging service Line Corp at up to $20 billion, with bankers saying New York is a more likely venue as a base for global expansion to build on explosive growth at home. (LINE-IPO/TOKYO (UPDATE 2), moved, by Emi Emoto and Sophie Knight, 860 words)

At KKR, Nuttall and Bae favourites to fill founders' shoes

NEW YORK - KKR & Co LP's co-founders Henry Kravis and George Roberts have indicated they intend to stay at the buyout firm for at least five more years, but two men - Scott Nuttall and Joseph Bae - are emerging as front-runners to eventually succeed them. (KKR SUCCESSION/ (INSIGHT), moved, by Greg Roumeliotis, 700 words)

Wealth gaps lead investors to rethink emerging risk

LONDON - Middle-class anger at not seeing enough of the fruits of economic growth is growing in developing economies, and that anger is forcing the world's biggest investors to rethink how they rank emerging markets. (MARKETS-EMERGING/INEQUALITY (ANALYSIS), moved, by Chris Vellacott, 1,015 words)

Upgrade or not, UAE and Qatar keep frontier investor fanbase

LONDON - Ignoring a recent upgrade to the more mainstream emerging market league, some international investors still regard United Arab Emirates and Qatar as frontier markets. (FRONTIER-STOCKS/GULF, moving shortly, by Carolyn Cohn, 950 words)

ECONOMY

EU will work to block new loans to Russia - draft

BRUSSELS - European Union leaders will work to block loans for new projects in Russia by two multilateral lenders and broaden the scope of other sanctions in response to Moscow's actions in Ukraine, according to a draft statement seen by Reuters. (UKRAINE CRISIS/EU, moved, by Barbara Lewis, 600 words)

+ See also:

- UKRAINE-CRISIS/, moved, 460 words

Nowotny says he is not sure ECB's ABS plan would fly

FRANKFURT - A European Central Bank policymaker cast doubt on whether the ECB will go ahead and buy asset-backed securities - a possibility it trumpeted last month to help revive the euro zone economy. (ECB-POLICYMAKERS/ (UPDATE 2), moved, by Paul Carrel, 425 words)

UK jobless down to 6.5 pct, earnings weaker than expected

LONDON - Britain's unemployment rate falls to its lowest level since late 2008 in the three months to May, but pay growth is weaker than expected, official data shows. (BRITAIN-EMPLOYMENT/ (UPDATE 1, GRAPHIC), moved, by William Schomberg and Andy Bruce, 700 words)

U.S. producer prices rise more than expected in June

WASHINGTON - U.S. producer prices rose more than expected in June with gains across most categories, indicating some inflation at the factory gate. (USA-ECONOMY/INFLATION, moved, 270 words)

Business leaders push for infrastructure funding overhaul

SYDNEY - International business leaders are lobbying the Group of 20 bloc of advanced and developing nations to tackle a $57 trillion shortfall in global infrastructure, pressing for changes to funding rules they say would greenlight key projects. (G20-BUSINESS/ (UPDATE 1), moved, by Jane Wardell, 630 words)

COMPANIES

BlackRock's second-quarter profit rises 11 percent

NEW YORK - BlackRock Inc, the world's largest money manager, reports an 11 percent jump in second-quarter profit, boosted by strong markets that helped drive flows into its products across asset classes. (BLACKROCK-RESULTS/ (UPDATE 1), moved, 200 words)

Airbus, Boeing climb close to $100 bln in air show deals

FARNBOROUGH, England - Airbus and Boeing climb close to the $100 billion mark for plane deals at the Farnborough Airshow, demonstrating healthy demand for new passenger jets despite concerns raised by their already record full order books. (AIRSHOW-BRITAIN/ (WRAPUP 1), moved, by Tim Hepher and Victoria Bryan, 310 words)

Rio Tinto lifts iron ore output as Chinese mines struggle

SYDNEY - Rio Tinto reports a sharp rise in iron ore output in Australia, as the global miner aggressively expanded shipments to China, banking on its low costs to displace local Chinese producers. (AUSTRALIA-RIOTINTO/ (UPDATE 3,PICTURE, GRAPHIC), moved, by James Regan, 510 words)

Tumbling car sales in Russia dampen fanfare for new sedan

TOGLIATTI, Russia - To the pounding beat of house music and a triumphant trip down memory lane, the launch of Datsun's on-Do family sedan at Russia's largest automaker on Monday was hailed as a sure success. (UKRAINE-CRISIS/RUSSIA-AUTOS (PICTURE), moved, by Elizabeth Piper, 1,240 words)

Daimler expands ailing Smart brand to tap city-car demand

BERLIN - Germany's Daimler adds a four-seater model to its struggling Smart division, expanding the city-car brand's range beyond quirky two-seater vehicles as competition with small-car rivals Fiat and VW for urban customers is tightening. (DAIMLER-AUTOS/, expect by 1700 GMT/1 PM ET, by Andreas Cremer, 450 words)

Primark: Next stop USA

LONDON/MADRID - Discount fashion chain Primark has made its mark in Europe by offering fast-changing fashion at rock-bottom prices. The secret of its success: placing huge orders for top-selling items like socks, tops and jeans and passing on the savings to shoppers. (PRIMARK-USA/ (PICTURE), moved, by James Davey and Sarah Morris, 1,515 words)

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