July 30, 2014 / 8:56 AM / 3 years ago

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Top Stories

Barclays profits fall as investment bank income sags

LONDON - Barclays Plc says its underlying profits fall 8 percent in the second quarter as the British bank's attempts to crack down on high-risk trading and subdued market activity take a toll on investment banking revenue. (BARCLAYS-RESULTS/ (UPDATE 2), moved, by Steve Slater and Matt Scuffham, 690 words)

Russian assets up, see Western sanctions as more of same

MOSCOW - Russia assets rise strongly after the West imposes more sanctions on banks and the energy and defence sectors, shrugging off the new punitive measures as being too weak to undermine the economy. (UKRAINE-CRISIS/RUSSIA-MARKETS/, expect by 0930 GMT/5.30 AM ET, by Alexander Winning, 700 words)

Total halted Novatec share buying after aircraft downed

PARIS - Total stopped buying shares in Russia's Novatek the day of the downing of a Malaysia Airlines flight over Ukraine, but it is still too early to gauge the impact of western sanctions against Russia, the French oil major reveals along with results that undershoot investor expectations. (TOTAL-RESULTS/ (UPDATE 1), expect by 1000 GMT/6 AM ET, by Michel Rose, 900 words)

AstraZeneca buys Almirall lung drugs for up to $2.1 billion

LONDON - AstraZeneca takes a major step to build up its respiratory medicine business by striking a deal worth up to $2.1 billion for the rights to Spanish group Almirall's lung drugs. (ASTRAZENECA-ALMIRALL/ (UPDATE 2), moved, by Ben Hirschler, 590 words)

+ See also:

- BAYER-RESULTS/ (UPDATE 2), expect by 0930 GMT/5.30 AM ET, by Ludwig Burger, 325 words

Markets & Investment

Euro hits 8-month low vs dollar; Europe shares dip

LONDON - The euro touches an eight-month low against the dollar and German bond yields are at record lows before inflation data expected to boost the case for further policy easing from the European Central Bank. ((MARKETS-GLOBAL/ (WRAPUP 4), expect by 0850 GMT/.50 AM ET, by Emelia Sithole-Matarise, 750 words)

Insight

In China food testing, inspectors are often one step behind

SHANGHAI/HONG KONG - When inspectors visited Shanghai Husi Food Co Ltd earlier this summer, the production line at the plant now at the centre of an international food scandal appeared in good order, with fresh meat being handled by properly-attired workers and supervisors keeping a watchful eye over the process. (CHINA-FOOD/AUDITORS (PICTURE, GRAPHIC), moved, by Adam Jourdan and Clare Baldwin, 1,045 words)

Economy

U.S. economy seen regaining muscle in second quarter

WASHINGTON - U.S. economic growth likely regained steam in the second quarter as activity picked up broadly, which would bolster expectations for a stronger performance in the last six months of the year. (USA-ECONOMY/ (WRAPUP 1), moved, by Lucia Mutikani, 610 words)

Fed seen trimming bond buys, could offer vague rate clues

WASHINGTON - The U.S. Federal Reserve looks certain to press forward with its plan to wind down its bond-buying stimulus, and could offer some vague clues on how much nearer it might be to finally raising interest rates. (USA-FED/ (WRAPUP 1), moved, by Michael Flaherty, 515 words)

Bundesbank welcomes inflation-busting German wage gains

FRANKFURT - Bundesbank chief Jens Weidmann has welcomed above-inflation wage increases in some sectors in Germany, where price pressures are firmer than in many other euro zone countries but still weak. (GERMANY-WAGES/WEIDMANN, moved, 330 words)

+ See also:

- SWEDEN-GDP/ (UPDATE 1), moved, 330 words

- SPAIN-ECONOMY/PRICES (UPDATE 1), moved, 500 words

Japanese output falls at fastest pace since March 2011 quake

TOKYO - Japan's June industrial output falls at the fastest rate since the earthquake and tsunami of March 2011 as companies slow production to offset a build-up in inventories, clouding the outlook for the economy. (JAPAN-ECONOMY/OUTPUT (UPDATE 3), moved, by Stanley White, 515 words)

Time almost up for Argentina to avoid debt default

BUENOS AIRES - Argentina faced a race against on time to avert its second default in 12 years, needing to either cut a deal by the end of the day with "holdout" investors suing it or win more time from a U.S. court to reach a settlement. (ARGENTINA-DEBT/, moved, by Richard Lough, 565 words)

Reuters poll on European Central Bank monetary policy

BANGALORE - Reuters has surveyed over 50 economists on the outcome of the European Central Bank's August meeting and the outlook for the bank's refinancing and deposit rates over the next six quarters. (ECB-RATES/POLL, expect at 1320 GMT/9.20 AM ET, by Rahul Karunakar, 600 words)

Reuters poll on Bank of England monetary policy

LONDON - Reuters has surveyed over 50 economists on the outcome of the Bank of England's August Monetary Policy Committee meeting and the outlook for Bank Rate over the next six quarters. (BOE-RATES/POLL, expect at 1320 GMT/9.20 AM ET, by Jonathan Cable, 600 words)

Companies

Spain's BBVA beats revenue forecast despite currency drag

MADRID - BBVA posts a lower-than-expected drop in second-quarter lending revenue even as weaker South American currencies dragged on earnings and business in its Spanish home market did not mirror the turnaround noted by some local peers.

(BBVA-RESULTS/ (UPDATE 2), expect by 0930 GMT/5.30 AM ET, by Sarah White, 700 words)

Airbus reassures investors after spate of cancellations

PARIS - Airbus Group reports first-half underlying operating profit up 10 percent and reaffirms its forecasts for the year, seeking to dampen concerns among some investors about the health of the commercial jetliner market. (AIRBUS-RESULTS/ (UPDATE 2), expect by 1000 GMT/6 AM ET, by Tim Hepher, 800 words)

+ See also:

- BOEING-AIRLINES/OUTLOOK, moved, by Siva Govindasamy, 410 words

Peugeot turnaround kicks in

PARIS - PSA Peugeot Citroen reports a surprise surge in first-half cash flow and the first auto-division profit in three years, sending the French carmaker's shares soaring as its turnaround plan begins to show results. (PEUGEOT-RESULTS/ (UPDATE 2), expect by 1000 GMT/6 AM ET, by Laurence Frost and Gilles Guillaume, 800 words)

+ See also:

- JAPAN-AUTOS/ (UPDATE 1), moved, by Yoko Kubota, 500 words

- MAN-RESULTS/ (UPDATE 1), moved, 230 words

SMA Solar warns on profit, cuts sales outlook

FRANKFURT - Germany's biggest solar company SMA Solar says it expected a loss of up to 45 million euros ($60 million) this year and cuts its sales forecast, citing weak core markets and pricing pressure in the crisis-ridden solar sector. (SMA-SOLAR-WARNING/ (UPDATE 1), moving shortly, 300 words)

Tullow sinks into red but confident of Africa strategy

LONDON - Tullow Oil Plc drifts into the red after writing off more than $400 million in exploration costs but the Africa-focused explorer remains confident that its strategy will pay off. (TULL-OIL-RESULTS/ (UPDATE 2), moved, by Ron Bousso, 565 words)

British American Tobacco profit hit by strong pound

LONDON - British American Tobacco reports lower revenue and profit for the six months ended June 30, hurt by the strong British pound and a slight decline in volume. (BRIT-AM-TOBACCO/ RESULTS (UPDATE 2), moved, by Martinne Geller, 345 words)

Heidelbergcement, Holcim see higher profits despite forex

FRANKFURT - German cement maker HeidelbergCement and Swiss-based peer Holcim still expect higher profits this year as solid growth in North American and cost cuts help offset unfavourable effects of weak currencies in Asia and Latin America. (HEIDELBERGCEMENT/HOLCIM-RESULTS, expect by 0930 GMT/5.30 AM ET, by Marilyn Gerlach, 700 words)

KPN bullish on 2nd half after cost cuts drive earnings beat

BRUSSELS - Dutch telecoms group KPN says its second half results will beat the first half, after strict cost cutting helped second quarter profits beat expectations. (KPN-RESULTS/ (UPDATE 2), moved, by Robert-Jan Bartunek, 455 words)

Rio Tinto sells Mozambique coal assets to Indian JV

LONDON - Global miner Rio Tinto says it has agreed to sell its coal assets in Mozambique to International Coal Ventures Private Limited (ICVL), a joint venture of Indian companies, for $50 million. (RIO-TINTO/MOZAMBIQUE (UPDATE 2), moving shortly, by Silvia Antonioli and Jim Regan, 400 words)

Crocs sees bright future for clogs despite store cuts

BERLIN - U.S. shoemaker Crocs Inc, whose colourful plastic clogs have fallen out of favour in its home market, sees plenty of room to grow even after announcing it will close up to 100 of its stores and cut its product range, its European head says. (CROCS/RESTRUCTURING (INTERVIEW), expect by 1000 GMT/6 AM ET, by Emma Thomasson, 500 words)

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