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August 8, 2014 / 12:56 PM / 3 years ago

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TOP STORIES

Shares, dollar sink as U.S. authorises Iraq strikes

LONDON - World shares and the dollar tumble and oil and gold jump after U.S. President Barack Obama authorises targeted air strikes in Iraq, stoking fears of another drawn-out conflict in the region. (MARKETS-GLOBAL/ (WRAPUP 7), expect by 1300 GMT/9 AM ET, by Marc Jones, 800 words)

Militant advance disrupts oil production in Iraqi Kurdistan

LONDON - Oil companies in Iraqi Kurdistan begin to withdraw more staff as Islamic State militants closes in on the regional capital, with Afren becoming the first to announce it is cutting production. (IRAQ-SECURITY/COMPANIES, moved, by Karolin Schaps, 580 words)

Russia sanctions throw Norway’s fish industry into turmoil

OSLO - Norwegian salmon prices are expected to fall 10 percent in the next week as a result of Russia’s food sanctions, traders and analysts say, forcing farmers to scramble for new markets at a time when prices are already under pressure. (UKRAINE-CRISIS/SANCTIONS-SALMON (UPDATE 1), moved, by Ole Petter Skonnord, 410 words)

+ See also:

- UKRAINE-CRISIS/EU-FOOD (UPDATE 1, PICTURE), moving shortly, 345 words

- RUSSIA-MARKETS/ (UPDATE 1, PICTURE), moved, 420 words

Stalled revenue growth bodes ill for Europe outlook

PARIS - Signs that European companies are failing to grow revenues amid a frustratingly slow economic recovery are clouding investor relief over a long-awaited rebound in profits on the back of cost-cutting and cheap debt. (INVESTMENT-EUROPE/RESULTS, expect by 1300 GMT/9 AM ET, by Blaise Robinson, 900 words)

Allianz’s profit beats forecasts despite problems at Pimco

FRANKFURT - Problems at Allianz’s U.S. investment firm Pimco persisted in the second quarter as clients defected and efficiency declined, posing a challenge to Europe’s largest insurer even though it remains on track for a record group profit in 2014. (ALLIANZ-RESULTS/ (UPDATE 3), moved, by Jonathan Gould, 665 words)

MARKETS & INVESTMENT

Fears of default, restructuring hit Ukraine corporate bonds

LONDON - Ukrainian companies’ dollar bonds tumble this week to multi-month lows on expectation that a worsening economy and conflict with Russia will force more of them to follow agro firm Mriya’s decision to restructure debt. (UKRAINE-CRISIS/BONDS, expect by 1300 GMT/9 AM ET, by Sujata Rao, 750 words)

Goldman, JPMorgan in crosshairs for commodities holdings

WASHINGTON - U.S. Senator Carl Levin is preparing a last push to bring Wall Street’s big commodity traders to heel during his final months in office, wrapping up a nearly two year-long probe that could potentially reveal abuses in energy and metals markets. (USA-COMMODITIES/LEVIN (EXCLUSIVE, PICTURE), moved, by Patrick Rucker, 655 words)

Pfizer confronts surge of lawsuits over Lipitor

Pharmaceutical giant Pfizer is facing a mounting wave of lawsuits by women who allege that the company knew about possible serious side effects of its blockbuster anti-cholesterol drug Lipitor but never properly warned the public. (PFIZER-LIPITOR/LAWSUITS (INSIGHT), moved, by Jessica Dye, 900 words)

ECONOMY

EU executive wants to beef up bloc’s financial watchdogs

LONDON - The European Union’s trio of new financial watchdogs should have more powers over banks, insurers and markets to ensure national regulators apply EU rules, the bloc’s executive body says in a review that may raise hackles in Britain. (EU-REGULATIONS/, moved, by Huw Jones, 665 words)

U.S. productivity rebounds in Q2, wage inflation muted

WASHINGTON - U.S. nonfarm productivity rebounded more strongly than expected in the second quarter, but a sharp slowdown in unit labour costs pointed to still-tame wage pressures that could give the Federal Reserve room to keep interest rates low for a while. (USA-ECONOMY/PRODUCTIVITY, moved, 300 words)

Trade boost may not save German economy from Q2 contraction

BERLIN - German exports and imports rebound, suggesting the West’s standoff with Russia over Ukraine is not seriously hurting Europe’s largest economy but failing to dispel concerns of a contraction in the second quarter. (ECONOMY-GERMANY/TRADE (UPDATE 1, PICTURE), moved, by Michelle Martin, 470 words)

China posts record trade surplus, domestic economy may lag

BEIJING - China’s buoyant exports pushed its trade surplus to a record in July, fuelling optimism global demand will help counter pressure on the domestic economy from a weakening property sector. (CHINA-ECONOMY/TRADE (UPDATE 2, PICTURE), moved, by Kevin Yao and Xiaoyi Shao, 825 words)

UK trade deficit widens in June, but construction recovers

LONDON - Sagging exports pushed Britain’s trade deficit to a five-month high in June, suggesting a more balanced economic recovery still looks a way off, although the construction industry recovered from a dip in May. (BRITAIN-TRADE/ (UPDATE 1), moved, by Andy Bruce, 375 words)

Italy approves economic package amid scepticism, recession

ROME - The Italian Senate passes a first reading of a highly contested constitutional reform, drawing a line under a draining parliamentary battle which has absorbed government attention as pressure has grown for faster action on the economic crisis (ITALY-ECONOMY/ (UPDATE 2), moving shortly, by Gavin Jones and James Mackenzie, 700 words)

OPEC sees lower 2014 oil demand growth, pumps more

LONDON - OPEC trims its 2014 global oil demand growth forecast for a second consecutive month and says the group managed to increase output in July despite violence in Iraq and Libya, pointing to more comfortable global supplies. (OPEC-OIL/ (UPDATE 1), moved, by Alex Lawler, 420 words)

BOJ cuts assessment of exports, but Kuroda stays upbeat

TOKYO - The Bank of Japan maintains its view the world’s third-largest economy is recovering but offers a bleaker take on exports and output, nodding to a recent batch of soft data that dashed hopes overseas shipments will pick up in time to offset the pain from a sales tax hike in April. (JAPAN-ECONOMY/BOJ (UPDATE 2), moved, by Leika Kihara, 700 words)

French economy seen growing 0.2 percent in Q3

PARIS - France’s economy is seen eking out growth of 0.2 percent in the third quarter, the central bank says, while stronger-than-expected industrial output in June and upbeat consumer spending may support growth in the second quarter. (FRANCE-ECONOMY/ (UPDATE 1), moved, 330 words)

COMPANIES

Monte Paschi falls sharply as outlook sours for banks

MILAN - Banca Monte dei Paschi leads a retreat in Italian banking stocks in response to a bigger-than-expected loss and also due to the country’s deteriorating economic outlook. (ITALY-BANKS/BANCA-PASCHI (UPDATE 1), moved, by Lisa Jucca, 535 words)

RBS to shut controversial turnaround unit - source

LONDON - Royal Bank of Scotland is shutting its turnaround unit ‘GRG’ and has appointed a new executive to lead the bank’s restructuring work, a person familiar with the situation says. (RBS/RESTRUCTURING (UPDATE 1), moved, 315 words)

Alitalia clinches union deal on contract for Etihad tie-up

MILAN - Italy’s flagship carrier Alitalia says it has reached a deal with trade unions that had not originally signed up to a labour contract agreement that is a key part of a tie-up deal with Abu Dhabi-based Etihad. (ALITALIA-UNIONS/ETIHAD, moved, 125 words)

Spanish utility stocks’ rally hangs on Ukraine

MADRID - Spanish utilities’ lack of exposure to Russian gas could give their shares a second wind given rising trade tensions over Moscow’s interference in Ukraine, even after a 12-month rally which has left them looking fully-valued against European peers. (SPAIN-UTILITIES/STOCKS, moved, by Tracy Rucinski, 765 words)

Britain’s troubled Co-op proposes far-reaching board reforms

LONDON - Co-op Group, Britain’s largest mutually-owned organisation, has put forward detailed proposals for governance reforms that it has said are necessary to secure its future.. (COOPERATIVEGRP-REFORM/ (UPDATE 1), moved, by Paul Sandle, 575 words)

China charges GSK-linked couple with obtaining data

SHANGHAI - Chinese prosecutors charge a British investigator and his American wife with illegally obtaining private information in a case that is seen as key to a bribery investigation against GlaxoSmithKline Plc. (CHINA-GSK/TRIAL (UPDATE 2, PICTURE, TV), moved, by Brenda Goh, 660 words)

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