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May 8, 2014 / 9:01 AM / 3 years ago


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Barclays to axe 19,000 jobs under revival plan

LONDON - Britain’s Barclays will axe 19,000 jobs in the next three years and set up a “bad bank” to house much of its investment banking business and European retail operations as it strives to turn itself around in the face of a trading slump. (BARCLAYS-RESTRUCTURING/ (UPDATE 2), expect by 0930 GMT/5.30 AM ET, by Steve Slater, 750 words)

+ See also:

- SWEDEN-REGULATIONS/ (UPDATE 1), moved, 385 words

ECB seen holding rates, focus on Draghi news conference

FRANKFURT - The European Central Bank is expected to leave interest rates on hold after inflation ticked up last month, but markets watching for any signs at the bank’s 1230 GMT news conference that it could act in June (ECB/RATES (UPDATE 1), by Jan Strupczewski, expect by 1200 GMT/8 AM ET, 600 words)

+ See also:

- BRITAIN-ECONOMY/BOE (UPDATE 1), expect by 1130 GMT/7.30 AM ET, by William Schomberg and David Milliken, 600 words

China exports regain strength on demand from US and EU

BEIJING - China’s exports and imports return to slight growth in April, as orders to the United States and European Union surge, offering some positive signals for the world’s second-largest economy after a weaker-than-expected start to 2014. (CHINA-ECONOMY/TRADE (UPDATE 2, PICTURE, GRAPHIC), moving shortly, by Aileen Wang and Koh Gui Qing, 770 words)

EU likely to block any UK attempt to intervene in Astra deal

LONDON - The European Commission would be likely to block any attempt by the British government to intervene in Pfizer’s takeover of AstraZeneca as it would have the final say on a deal of that size, competition lawyers say. (ASTRAZENECA-PFIZER/PUBLIC-INTEREST, expect by 1400 GMT/10 AM ET, by Kate Holton, 800 words)


Euro, sterling buoyant before central bank meetings

LONDON - Expectations the European Central Bank will keep its policy powder dry for another month at least keeps the euro near a two-month high, while soothing talk from the head of the Federal Reserve lifts shares and bonds. (MARKETS-GLOBAL/ (WRAPUP 5), expect by 1000 GMT/6 AM ET, by Marc Jones, 800 words)


End of oil boom threatens Norway’s welfare model

OSLO - Norway’s energy boom is tailing off years ahead of expectations, exposing an economy unprepared for life after oil and threatening the long-term viability of the world’s most generous welfare model. (NORWAY-ECONOMY/ (INSIGHT, PICTURE, GRAPHICS), moved, by Balazs Koranyi, 1,300 words)

+ See also:

- NORWAY-RATES/ (UPDATE 1), moving shortly, 300 words


UK house prices slow but pressure on BoE to act persists

LONDON - British house prices slow slightly in April in the latest sign that the red-hot market may be stabilising but the strength of underlying numbers underpins the view that the Bank of England may have to act to prevent a property bubble (BRITAIN-PROPERTY/ (UPDATE 1), expect by 1045 GMT/6.45 AM ET, by Ana Nicolaci da Costa, 600 words)

German industrial output falls, confounding forecasts

BERLIN - German industrial output falls more than forecast in March as construction and manufacturing did worse than in the previous month but the Economy Ministry says the outlook for the sector remains bright. (GERMANY-OUTPUT/, moved, 100 words)

Legal minefield of Russia sanctions worries bond investors

LONDON - Confusion over the legal implications of sanctions on Russia and worries about further, harsher restrictions from the West are making investors cautious about owning bonds issued by Russian companies. (RUSSIA-SANCTIONS/, moved, by Carolyn Cohn, 1,085 words)

Once preacher of Europe reform, Finland struggles at home

HELSINKI - Finland’s school-masterly advice during the sovereign debt crisis to struggling countries to cut spending may come to haunt the Nordic country as it finds it difficult to agree on reforms from taxes to pensions amid weak economic growth. (FINLAND-ECONOMY/ (PICTURE), expect by 1000 GMT/6 AM ET, by Sakari Suoninen and Jussi Rosendahl, 1,614 words)


Santander beefs up capital with “CoCos”

MADRID - Spain’s largest bank Santander says it will issue up to $2.5 billion in bonds convertible into equity, or “CoCos”, in a move that will help the bank beef up its capital base ahead of European stress tests this year. (SANTANDER/ISSUANCES (UPDATE 1), moving shortly, 250 words)

StanChart says weak Q1 continued in April and May

HONG KONG/LONDON - Asia-focused bank Standard Chartered posts a drop in first-quarter profit, hurt by lower investment bank revenues, weaker Asian currencies and ongoing problems at its South Korean business. (STANCHART-RESULTS/ (UPDATE 2), moved, by Lawrence White and Steve Slater, 700 words)

Deutsche Telekom profit declines on U.S. investments

FRANKFURT - Deutsche Telekom reports a 3.9 percent drop in first-quarter core profit as it spent money to grow its U.S. business T-Mobile US. (DEUTSCHE TELEKOM-RESULTS (UPDATE 2), moving shortly, 270 words)

Demand for broadband lifts BT to strong full-year results

LONDON - Strong demand for fibre broadband and television helped Britain’s BT to report its first growth in consumer revenues in a decade and strong overall full-year results. (BT GROUP/ (UPDATE 1), moved, 350 words)

Toyota sees 2.4 pct drop in net profit, below estimates

TOKYO - Japan’s Toyota Motor Corp forecasts a 2.4 percent drop in net profit for the year to March 2015, below analyst estimates, as the foreign exchange movements that last year helped lift it to a record profit have now turned against it. (TOYOTA-MOTOR-RESULTS/ (UPDATE 1)(PICTURE), expect by 1000 GMT/6 AM ET, by Yoko Kubota, 500 words)

German retailer Metro cuts outlook for Media-Saturn

BERLIN/DUESSELDORF - German retailer Metro AG cut its outlook for its consumer electronics division after a disappointing first quarter as the unit struggles with competition from online rivals and a leadership crisis. (METRO-RESULTS/ (UPDATE 2), moving shortly, by Emma Thomasson and Matthias Inverardi, 715 words)

+ See also:

- MORRISON-SUPERMK (UPDATE 1), moving shortly, 420 words

After crash diet, oil majors may need new growth

LONDON - The global oil majors’ crash diets may be going too far. That at least is the view of a small number of critics who believe sweeping programmes of asset sales and the trimming of investment plans risk doing longer-term damage. (OIL-MAJORS/, moved, by Alex Lawler and Dmitry Zhdannikov, 1,150 words)

+ See also:

- OIL/CLIMATE, moved, by Ben Garside, 530 words

Strong euro dents Munich Re’s premium income

FRANKFURT - The world’s largest reinsurer, Munich Re, reports an almost 5 percent drop in net profit in the first quarter, as a strong euro dragged down premium income. (MUNICHRE-RESULTS/ (UPDATE 1), moved, 360 words)

+ See also:

- RSA-INS-GRP/RESULTS (UPDATE 1), moved, 330 words

Glencore appoints ex-BP boss Tony Hayward as chairman

LONDON - Mining and commodities trading group Glencore Xstrata says it has appointed as its permanent chairman Tony Hayward, the former BP chief executive who has been serving as interim chairman for the past year. (GLENCORE XSTRATA/CHAIRMAN (UPDATE 2), moving shortly, 300 words)

Adidas CEO faces down investor unrest over Nike lead

FUERTH, Germany - The long-serving CEO of German sportswear company Adidas seeks to rebuff criticism from shareholders after reporting disappointing results that show the firm is still losing ground to market leader Nike. (ADIDAS-CEO/, expect by 1000 GMT/6 AM ET, by Joern Poltz, 500 words)

Adecco meets quarterly expectations, helped by Europe

ZURICH - Adecco SA, the world’s largest staffing company, says growing demand for its services in Germany and the UK helped revenues rise in the first three months of the year. (ADECCO SA-RESULTS/ (UPDATE 1), moved, 230 words)

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