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July 22, 2014 / 12:55 PM / in 3 years

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TOP STORIES

EU threatens Russia with more sanctions, words ring hollow

BRUSSELS - European Union foreign ministers threaten Russia with harsher sanctions over Ukraine, but tougher talk may not be matched by much action after France’s president signals the disputed delivery of a warship to Moscow will go ahead. (UKRAINE-CRISIS/SANCTIONS, moved, by Justyna Pawlak and Adrian Croft, 820 words)

Credit Suisse posts big loss after U.S. tax settlement

ZURICH - Credit Suisse Group reports its biggest quarterly loss since the peak of the financial crisis in 2008, the result of a 1.6 billion Swiss franc ($1.78 billion) settlement with U.S. authorities over helping its clients evade taxes. (CREDIT SUISSE-RESULTS/ (UPDATE 3, PICTURE), moving shortly, by Katharina Bart, 805 words)

Europe rebounds as Ukraine rebels hand over black boxes

LONDON - European markets ride a global rebound in risk appetite helped by the first signs of cooperation from Ukraine’s pro-Russian separatists over the downed Malaysian Airlines plane. (MARKETS-GLOBAL/ (WRAPUP 5), moving shortly, by Marc Jones, 800 words)

+ See also:

- RUSSIA-MARKETS/ (UPDATE 2), moved, 480 words

India’s Lupin, US firms weigh bids for GSK’s mature drugs

LONDON/MUMBAI - Indian generics firm Lupin, some U.S. drugmakers looking for a tax-saving deal in Europe and private equity funds are planning to bid for a range of older drugs being auctioned by GlaxoSmithKline, five sources familiar with the matter say. (GSK-DISPOSAL/ (EXCLUSIVE), moved, by Sophie Sassard and Zeba Siddiqui, 810 words)

+ See also:

- ACTELION-RESULTS/ (UPDATE 2), moved, by Caroline Copley, 700 words

MARKETS & INVESTMENT

Worst week for Portuguese bonds highlights the Draghi effect

LONDON - Dig deeper into what happened to Portuguese bonds in their worst week of the year and it becomes clear how strong an impact ECB President Mario Draghi’s “whatever it takes” speech still has two years on. (MARKETS-PORTUGAL/BONDS, expect by 1500 GMT/11 AM ET, by Marius Zaharia, 850 words)

INVESTMENT

Saudi Arabia prepares to open $530 bln bourse to foreigners

RIYADH - Saudi Arabia plans to open its stock market, the Arab world’s biggest, to direct investment by foreign financial institutions in the first half of next year, the market regulator says. (SAUDI-STOCKS/INVESTMENT (UPDATE 3), moved, by Angus McDowall and Andrew Torchia, 900 words)

China’s WH Group to raise $2 bln in scaled-down IPO - source

HONG KONG - WH Group Ltd is set to raise $2.05 billion in a scaled-down Hong Kong initial public offering, a person with direct knowledge says, the Chinese pork producer’s second attempt to list this year after investors rebuffed a pricier deal. (WH GROUP-IPO/ (UPDATE 1), moved, 315 words)

ECONOMY

High gasoline prices push up U.S. consumer prices

WASHINGTON - U.S. consumer prices rise in June as the cost of gasoline surges, but the overall trend continues to point to a gradual build up of inflationary pressures. (USA-ECONOMY/INFLATION, moved, 340 words)

UK public finances show government slipping off target

LONDON - Britain’s public finances shows a bigger than expected deficit in June, continuing a weak start to the tax year that leaves finance minister George Osborne with a lot of catching up to do to meet his fiscal goals. (BRITAIN-BORROWINGS/ (UPDATE 1), moved, by David Milliken and William Schomberg, 600 words)

Hollande: no new spending cuts, deficit goal could be tough

PARIS - France will not accelerate cuts in public spending even though disappointing growth could make it difficult to meet EU fiscal targets, President Francois Hollande says. Paris still aims to meet those targets, he says. (FRANCE-ECONOMY/HOLLANDE (UPDATE 1), moved, by Julien Ponthus and Emmanuel Jarry, 480 words)

Hungary cuts rates by 20 bps to new low of 2.1 pct

BUDAPEST - The National Bank of Hungary cut its base interest rate by 20 basis points, bringing it to a record low 2.1 percent as evidence of falling price pressures give it further room to help economic recovery. (HUNGARY-RATES/ (UPDATE 1), moved, by Krisztina Than, 495 words)

Argentine default in balance as government stands firm

BUENOS AIRES - Argentine President Cristina Fernandez’s unflinching poker face in the battle against “holdout” investors suing the country is increasing the odds that her government will default for a second time in 12 years at the end of this month. (ARGENTINA-DEBT/NEGOTIATION (ANALYSIS), moved, by Eliana Raszewski and Richard Lough, 1,260 words)

Insiders worry China’s stimulus focus delays reform drive

BEIJING - Policy insiders are concerned that China’s ambitious reform agenda is being sidelined by a focus on stimulus to meet the government’s growth target, delaying the planned overhaul of the world’s second-largest economy. (CHINA-ECONOMY/REFORM (GRAPHIC), moved, by Kevin Yao, 850 words)

COMPANIES

China food scandal drags in more firms, spreads to Japan

SHANGHAI - The latest food scandal in China is spreading fast, dragging in U.S. coffee chain Starbucks, Burger King Worldwide Inc and others, as well as McDonald’s products as far away as Japan. (CHINA-FOOD/ (UPDATE 3, PICTURE), moved, by Adam Jourdan, 840 words)

McDonald’s profit falls on weak U.S. sales

McDonald’s Corp’s quarterly profit slips about 1 percent as comparable sales in its struggling U.S. business fall, hurt by lower consumer traffic. (MCDONALDS-RESULTS/ (UPDATE 1), moving shortly, 250 words)

Coca-Cola quarterly profit falls 3 percent

Coca-Cola Co reports a 3 percent fall in quarterly net profit due to restructuring of its juice operations in Russia and the separation of its Brazilian bottling operations last year. (COCACOLA-RESULTS/ (UPDATE 1), moving shortly, 250 words)

Portugal’s BES postpones results release to July 30

LISBON - Portugal’s beleaguered Banco Espirito Santo postpones the release of its first-half results to July 30 from July 25, the country’s largest listed bank said in a statement, without providing an explanation. (PORTUGAL-BES/RESULTS (UPDATE 1), moving shortly, 250 words)

European rebound to lift carmakers hardest hit by crisis

FRANKFURT - Mass-market carmakers such as France’s Peugeot may emerge as European industry winners during second-quarter results, as recovering sales in the euro zone turn a heavy dependence on the region from a handicap into an advantage. (CARMAKERS-RESULTS/ (PREVIEW), moved, by Edward Taylor, 465 words)

Lockheed Martin raises 2014 profit forecast

Lockheed Martin Corp, the Pentagon’s largest defence supplier, reports a 3.5 percent rise in quarterly profit and raised its 2014 earnings forecast. (LOCKHEED MARTIN-RESULTS/ (UPDATE 1), moving shortly, 300 words)

+ See also:

- UNITED TECH-RESULTS/ (UPDATE 1), moved, 195 words

Strong wireless subscriber additions boost Verizon

Verizon Communications Inc, the largest U.S. wireless telecoms company, reported better-than-expected quarterly revenue and profit due to a jump in postpaid wireless subscriber additions. (VERIZON COMMS-RESULTS/ (UPDATE 1), moving shortly, 250 words)

+ See also:

- COMCAST-RESULTS/ (UPDATE 1), moved, 250 words

Austrian chipmaker AMS fails to agree deal with Dialog

FRANKFURT - Austria’s AMS failed to agree a deal to buy German peer Dialog Semiconductor that could have created a European chipmaker with a market value of about $4.7 billion. (DIALOG SEMICNDTR-AMS/ (UPDATE 2), moving shortly, by Maria Sheahan and Georgina Prodhan, 500 words)

+ See also:

- ARM HOLDINGS-RESULTS/ (UPDATE 2), moved, by Paul Sandle, 575 words

Danone’s full-year targets in doubt after tough H1

PARIS - Danone is expected to report a steep fall in first-half profit on Friday due to weak sales of baby food in Asia and dairy products in Europe, with some analysts sceptical it will see a big enough rebound to meet full-year targets. (DANONE-RESULTS/PREVIEW (PREVIEW), moved, by Dominique Vidalon, 690 words)

Harley-Davidson cuts full-year forecast citing soft U.S. sales

Harley-Davidson Inc reports a higher-than-expected quarterly profit but cut its full-year forecast for motorcycle shipments, citing weaker-than-expected U.S. retail sales and a delay in getting its newest bike into dealer showrooms. (HARLEY-DAVIDSON-RESULTS/, moved, by James B. Kelleher, 300 words)

S.Africa employer body accepts govt proposal to end strike

JOHANNESBURG - South Africa’s main metals employer body has “reluctantly” accepted a government proposal to raise wages by up to 10 percent, it says, raising hopes of an end to a strike sapping the continent’s most advanced economy. (SAFRICA-STRIKE/, moved, 260 words)

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