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TOP STORIES

Portugal in $6.6 bln rescue of Banco Espirito Santo

LISBON - Portugal will spend 4.9 billion euros ($6.58 billion) to rescue its largest listed bank, testing the euro zone's resilience to another banking crisis just months after Lisbon exited an international bailout. (PORTUGAL-BES/ (UPDATE 3), moved, by Sergio Goncalves, 685 words)

Investors cheer Portuguese bank rescue

LONDON - Investors breathe a sigh of relief after Portugal prevents the collapse of one of its biggest banks, putting some life back into European stocks following last week's slide and pushing bond yields lower across the board. (MARKETS-GLOBAL/ (WRAPUP 4), moving shortly, by Jamie McGeever, 765 words)

HSBC says reform pressures unprecedented as H1 profits drop

LONDON - HSBC says it is facing unprecedented demands on its staff and operations from regulatory reforms as it reports a 12 percent drop in profits in the first half of the year.(HSBC-RESULTS/ (UPDATE 1), expect by 0900 GMT/65 AM ET, 300 words)

UK housebuilding grows at fastest rate since 2003

LONDON - British house-building accelerated last month at the fastest rate since November 2003, leading to a record pace of job creation and a shortage of supplies, a survey shows. (PMI-CONSTRUCTION/BRITAIN, moved, 300 words)

+ See also:

- BRITAIN-MANUFACTURERS/CBI, moved, 180 words

- CHINA-ECONOMY/PMI (UPDATE 2), moved, 680 words)

ECONOMY

Central bank meetings to set stage for parting of ways

LONDON - After the Federal Reserve maintained its path towards raising U.S. interest rates next year, other major central banks will jostle for space on a crowded stage this week. (ECONOMY-GLOBAL/WEEKAHEAD, moved, by Mike Peacock, 840 words)

Will Europe's banking "big bang" loosen lending?

PARIS - In the biggest advance in European integration since the launch of the euro in 1999, the European Central Bank will take charge of supervising banks from Helsinki to Lisbon in November after subjecting their books to unprecedented scrutiny. (ECB-BANKS/ (ANALYSIS), moved, by Paul Taylor, 1,090 words)

Late to the party, Obama seeks bigger U.S. Africa role

CAMP LEMONNIER, Djibouti/JOHANNESBURG - When "son of Africa" U.S. President Barack Obama hosts 50 African leaders in Washington this week, the admiration may be less than mutual. Many Africans feel America is lagging behind China and others in its engagement with their continent. (AFRICA-SUMMIT/, moved, by Aaron Maasho and Pascal Fletcher, 1,325 words)

Messy legal fight over China port probe chills metal trade

HONG KONG/SHANGHAI - As global banks and trading houses fire off lawsuits over their estimated $900 million exposure to a suspected metal financing fraud in China, the tangled legal battle to recoup losses is set to drag on for years and hinder a swift recovery in metal trade. (CHINA-QINGDAO/LAWSUIT (PICTURE), moved, by Polly Yam and Fayen Wong, 900 words)

COMPANIES

KKR offer for Treasury raises bidding war prospects

SYDNEY - Australia's Treasury Wine Estates is opening its books to Kohlberg Kravis Roberts & Co after the private equity giant hiked its takeover offer to $3.15 billion, raising the prospect of a bidding war for the world's No.2 winemaker.(TREASURY WINE-KKR/ (UPDATE 2), moved, 600 words)

China regulator says Microsoft should not obstruct probe

BEIJING - Microsoft Corp should not obstruct an anti-trust investigation by Chinese regulators, the State Administration for Industry and Commerce (SAIC) says, the latest shot fired by China's government at the U.S. software giant. (MICROSOFT-CHINA/ (UPDATE 1), moved, 265 words)

Safety violations at China factory led to dust blast -Xinhua

HONG KONG - Chinese officials have blamed the chairman of a car parts factory in eastern China and local regulators for safety breaches that led to the most deadly industrial accident in a year, the official Xinhua news agency reports. (CHINA-FACTORY/BLAST-ZHONGRONG (UPDATE 1), moved, by Clare Baldwin, 400 words)

+ See also:

- CHINA-FACTORY/BLAST, moved, by Norihiko Shirouzu and Ran Li, 425 words)

Toyota dreams of green future, despite gas-guzzler present

TOKYO - Toyota Motor is hitching its future to green cars, investing billions of dollars in gasoline-electric hybrids and fuel-cell vehicles, but for now its record profit performance is being powered largely by a gas-guzzling U.S. market. (TOYOTA-RESULTS/ (PICTURE), moved, by Yoko Kubota, 800 words)

+ See also:

- HONDA-CHINA/AUTOS, moved, 165 words

Goldman group set to buy messaging system - sources

NEW YORK - Wall Street firms led by Goldman Sachs Group Inc are close to buying a stake in chat and instant messaging startup Perzo Inc in pursuit of an alternative to a similar application from Bloomberg LP, sources familiar with Goldman's plans says. (GOLDMAN/MESSAGING (EXCLUSIVE), moved, by Lauren Tara LaCapra and Jennifer Saba, 770 words)

France's telecom rebel sets his sights on the U.S.

PARIS - For all the surprise that has greeted French telecom group Iliad's bid for T-Mobile US, there is one thing a procession of broadband and mobile firms have learnt in recent years: don't underestimate Xaviel Niel. (TMOBILE-ILIAD/NIEL (NEWSMAKER), moved, by Leila Abboud, 1,225 words)