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TOP STORIES

Europe edges up on earnings, risk aversion remains

LONDON - European equities edge higher in early trade, extending gains from Tuesday after a batch of positive earnings and U.S. economic data briefly calm worries over stretched valuations and the pace of economic recovery. (MARKETS-GLOBAL/ (WRAPUP 4), moved, by Lionel Laurent, 630 words)

NY Fed found serious problems at Deutsche Bank in US -source

FRANKFURT - The Federal Reserve Bank of New York has found serious problems in Deutsche Bank's U.S. operations, including shoddy financial reporting, weak technology and inadequate auditing and oversight, a person close to the matter tells Reuters. (DEUTSCHE BANK-USREGULATORS/ (UPDATE 2), moved, by Kathrin Jones and Arno Schuetze, 600 words)

Bank of England eyes wage puzzle as it mulls interest rates

LONDON - Bank of England officials discussed this month whether there is a case for an early rate rise to cool Britain's economy, but were held back in part by strikingly low wage growth and signs of weakness abroad. (BRITAIN-BOE/RATES (UPDATE 1), moved, by David Milliken and William Schomberg, 785 words)

+ See also:

- BRITAIN-BOE/RATES-CARNEY, moved, by Alistair Smout, 520 words

EBRD says cannot agree new investment projects in Russia

LONDON - The European Bank for Reconstruction and Development says that a majority of its board of directors has given it "clear guidance" that they will not approve new investments in Russia. (UKRAINE-CRISIS/RUSSIA-EBRD, expect by 1530 GMT/1130 AM ET, by Carolyn Cohn and Sujata Rao, 350 words)

INSIGHT

Germany promises change as arms sales draw scrutiny

BERLIN - For lawmaker Jan van Aken, little symbolizes more potently all that he finds indefensible about Germany's arms exports than the German and French-made anti-tank missile that he was shown in northern Syria. (GERMANY ARMS/ (INSIGHT), moved, by Alexandra Hudson and Sabine Siebold, 1,600 words)

+ See also:

- UKRAINE-CRISIS/BRITAIN-RUSSIA, moved, by Kylie MacLellan, 480 words

ECONOMY

French industrial firms see exports boosting outlook - INSEE

PARIS - France's industrial companies expect demand to pick up in the coming months driven by export orders after sentiment was stable at a low level in July, surveys shows. (FRANCE-ECONOMY/BUSINESSSENTIMENT, moved, 355 words)

Bank of Spain sees GDP growth picking up to 2 pct in 2015

MADRID - The Bank of Spain revises up its economic growth forecasts for this year and next, saying it expected a 2 percent expansion in 2015 after internal demand and business investment gathers pace in recent weeks. (SPAIN-GDP/FORECAST (UPDATE 1), moved, 220 words)

China to tackle "fortress economies" in new super-region

TIANJIN, China - China is readying an assault on the "fortress economies" of local governments by creating a super region around Beijing, with proposals that sources suggest will be more aggressive than so far has been publicly revealed. (CHINA-ECONOMY/REGIONS (PICTURE), moved, by David Stanway, 900 words)

+ See also:

- CHINA-BONDS/HUATONG (UPDATE 1), moved, by Yong Xu and Pete Sweeney, 700 words

- CHINA-ECONOMY/FOREX (UPDATE 2), moved, 600 words

Five held in China food scandal probe

SHANGHAI - Shanghai police say they detained five people in an investigation into a Chinese-based supplier of foreign fast-food brands including KFC and McDonald's Corp over allegations the firm supplied out-of-date meat. (CHINA-FOOD/ (UPDATE 3, PICTURE, TV, GRAPHIC), moved, by Adam Jourdan, 1,035 words)

COMPANIES

GSK cuts outlook, hit by weak lung drug sales and pound

LONDON - GlaxoSmithKline cut its 2014 outlook after sales fall by a worse-than-expected 13 percent in the second quarter as its all-important lung drugs struggle in the United States and a strong pound takes a bite out of growth. (GSK-RESULTS/ (UPDATE 1), moved, by Ben Hirschler, 400 words)

Boeing profit gets boost from increased deliveries

Boeing Co reports a 52 percent increase in quarterly profit, helped by a rise in commercial aircraft deliveries. (BOEING-RESULTS/ (UPDATE 1), moved, 220 words)

VW boss says "urgently" needs higher profit at key brand

BERLIN - Volkswagen "urgently" needs to boost profit at its main passenger-car brand to fund future expansion, the automaker's top executive says, emphasising the need for cost-cutting measures in the group's biggest division. (VOLKSWAGEN-RESULTS/ (UPDATE 1), moved, 240 words)

+ See also:

- FIAT SPA/ (UPDATE 1), moved, 465 words

- DAIMLER-RESULTS/ (UPDATE 3), moved, by Edward Taylor, 635 words

PepsiCo raises profit forecast as N America snack sales rise

PepsiCo Inc reports a higher-than-expected quarterly profit and raises its full-year adjusted earnings forecast, helped by strong sales of snacks such as Lays and Doritos chips in North America. (PEPSICO-RESULTS/ (UPDATE 1), moved, 260 words)

British fraud prosecutor David Green updates on big cases

LONDON - David Green, the head of Britain's Serious Fraud Office, offers an update on some of his cases in an interview with Reuters. (BRITAIN-FRAUD/SFO (INTERVIEW), expect by 1430 GMT/1030 AM ET, by Kirstin Ridley, 600 words)

Dow Chemical profit beats as sales rise across businesses

Dow Chemical Co reports a better-than-expected quarterly profit as sales rise across its businesses and margins improve due to higher prices and a tight control on costs. (DOWCHEMICAL-RESULTS/ (UPDATE 1), moved, 350 words)

Alstom bets on sales growth in rail after GE deal in power

PARIS - France's Alstom says it expects sustained organic sales growth at its rail arm this year but will not provide a revenue or profit target following a deal that will see General Electric buy most of its power business. (ALSTOM-RESULTS/ (UPDATE 1), moved, 415 words)

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