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May 7, 2014 / 9:11 AM / 4 years ago

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TOP STORIES

Siemens unveils overhaul, won’t be forced into Alstom bid

BERLIN - German engineering giant Siemens unveils a long-awaited strategic overhaul to catch up with more profitable competitors and said it would not be forced into making a formal offer for the energy assets of French rival Alstom. (SIEMENS-RESULTS/ (UPDATE 3, PICTURE, TV), moved, by Noah Barkin, 800 words)

+ See also:

- ALSTOM-RESULTS/ (UPDATE 1), moved, by Natalie Huet, 345 words

SocGen books $731 million writedown on Russia unit

PARIS - Societe Generale, France’s second-largest listed bank, says it has booked a 525 million euro ($731 million) writedown on the value of its Russian unit Rosbank after months of political crisis in Ukraine. (SOCGEN-RESULTS/ (UPDATE 2), moved, by Lionel Laurent and Matthias Blamont, 520 words)

China’s Alibaba files in US for what may be biggest tech IPO

SAN FRANCISCO - Alibaba gives investors a closer look at the scale and growth of the Chinese e-commerce juggernaut in an initial public offering (IPO) prospectus filed on Tuesday, the first step in what could be the largest technology debut in history. (ALIBABA-IPO/ (UPDATE 4, PICTURE, GRAPHIC), moved, by Alexei Oreskovic and Deepa Seetharaman, 1,500 words

Tech stumble hits shares, dollar weakens

LONDON - Asian shares stumble to a one-month low, European stocks fall and the dollar drops against the safe-haven yen, with markets undermined by an overnight drop in U.S. tech stocks. (MARKETS-GLOBAL/ (WRAPUP 3), moved, by Carolyn Cohn, 700 words)

INSIGHT

Pimco’s bad bets on emerging markets add to firm’s troubles

NEW YORK/SAO PAULO - Betting on emerging markets has led to losses for many over the past year - but among big investors few got the timing of their wagers as wrong as Pacific Investment Management Co, the giant bond firm that has recently been roiled by a rupture at the top. (PIMCO-EMERGINGMARKETS/ (INSIGHT), moved, by Jennifer Ablan and Guillermo Parra-Bernal, 1,760 words)

+ See also:

- ALLIANZ-AGM/ (UPDATE 1), moved, by Jonathan Gould, 500 words

In China’s Xinjiang, economic divide fuels ethnic unrest

URUMQI - Hundreds of migrant workers from distant corners of China pour daily into the Urumqi South railway station, their first waypoint on a journey carrying them to lucrative work in other parts of the far western Xinjiang region. (CHINA-XINJIANG/ (INSIGHT, PICTURES), moved, by Michael Martina, 1,400 words)

ECONOMY

German industrial orders tumble 2.8 pct as Ukraine weighs

BERLIN - German industry orders fell 2.8 in March from the previous month, the biggest drop in 1-1/2 years as demand for German capital and consumer goods from the eurozone slumped due partly to worries about the Ukraine crisis, data shows. (GERMANY-ORDERS/ (UPDATE 1), moved, by Madeline Chambers, 315 words)

Reuters monthly foreign exchange poll

LONDON - Reuters has surveyed more than 60 currency strategists on the outlook for dollar exchange rates against the euro, yen, sterling, Swiss franc, South African rand, Russian rouble and Turkish lira. (MARKETS-FOREX-POLL/EURO, expect by 1320 GMT/9.20 AM ET, by Jonathan Cable and Sumanta Dey, 600 words)

+ See also:

- MARKETS-FOREX-POLL/EM, by Rahul Karunakar, 600 words

Debt investors puzzle over implications of Russia sanctions

LONDON - Confusion over the legal implications of Russian sanctions and worries about further sanctions have made investors cautious about buying Russian debt. (RUSSIA-SANCTIONS/DEBT, expect by 1700 GMT/1 PM ET, by Carolyn Cohn, 900 words)

Asia banks turn to “diplomats” as regulatory burden bites

SINGAPORE - Stung by regulatory probes into allegations ranging from the hiring of the offspring of senior state officials in China to rate manipulation in Singapore, and grappling with reams of new rules brought in after the global financial crisis, banks are going on a charm offensive with the region’s regulators and governments. (ASIA-REGULATIONS/, moved, by Rachel Armstrong, 800 words)

Bulgarian car parts boom brings hope to EU’s poorest state

RUSE, Bulgaria - In its glory days, Ruse, a town along the Danube river trading route, was a thriving economic hub that was home to Bulgaria’s first chamber of commerce and known as ‘little Vienna’ for its Austrian-style buildings. (BULGARIA-AUTOS/ (PICTURE, TV), moved, by Matthias Williams and Tsvetelia Tsolova, 1,265 words)

COMPANIES

Fiat-Chrysler shares slump after new business plan

MILAN - Shares in Fiat Chrysler dive at the open a day after the global car maker unveiled an ambitious plan to boost sales by 60 percent by 2018 by betting on premium brands such as Chrysler’s Jeep and Fiat’s Alfa Romeo. (FIAT SPA/STOCKS (UPDATE 1), moved, 395 words)

Repsol exits Argentina with $1.26 billion YPF sale

MADRID - Spain’s Repsol has sold an 11.86 percent stake in Argentina’s YPF to Morgan Stanley for $1.26 billion, the oil firm said, exiting the country that seized its majority stake in the now nationalised energy group. (REPSOL-YPF/ (UPDATE 1), moved, by Tracy Rucinski, 175 words)

Credit Agricole profits rise, Italy improves

PARIS - Credit Agricole, France’s third-biggest listed bank, reports a 30 percent rise in quarterly net income as cost cuts took effect and the health of its Italian consumer-loan unit improved. (CREDITAGRICOLE-RESULTS/ (UPDATE 2), moved, by Lionel Laurent and Matthieu Protard, 590 words)

Commerzbank sweeps out unwanted assets, Q1 net profit up

FRANKFURT - Commerzbank net profit rises in the first quarter but falls short of forecasts as a sluggish business environment and efforts to sweep out assets from its internal “bad bank” weigh on revenue. (COMMERZBANK-RESULTS/, expect by 1200 GMT/8 AM ET, by Arno Schuetze, 450 words)

ING cuts bank loan losses as insurance sale gets go-ahead

LONDON - Dutch financial group ING cut loan losses faster than expected in the first quarter and gains regulatory approval for the sale of its insurance business, taking the sting out of weaker-than-expected underlying earnings. (ING-RESULTS/ (UPDATE 2), moved, by Laura Noonan, 385 words)

AB InBev profit rise limited by World Cup marketing spend

BRUSSELS - Anheuser-Busch InBev, the world’s largest beer maker, reports lower than expected profit in the first quarter as its spending on marketing shoots up ahead of the soccer World Cup. (ABINBEV/ (UPDATE 2), expect by 1000 GMT/600 AM ET, by Philip Blenkinsop, 600 words)

+ See also:

- CARLSBERG-RESULTS/ (UPDATE 1), moved, 300 words

Swiss Re profit falls on weaker life and health result

ZURICH - Swiss Re, the world’s second-largest reinsurer, says first-quarter net profit falls 13 percent on weaker earnings in its life and health arm, although fewer natural catastrophes meant the fall was less than expected. (SWISS RE/RESULTS (UPDATE 1), moved, 230 words)

+ See also:

- LEGAL GENERAL/RESULTS (UPDATE 1), moved, by Chris Vellacott, 415 words

Pfizer says AstraZeneca takeover would benefit science

LONDON - Pfizer seeks to allay fears that its proposed $106 billion takeover of AstraZeneca will deal a blow to drug research, saying the new company would bolster innovative science and speed the development of new treatments. (ASTRAZENECA-PFIZER/, moved, 290 words)

Henkel beats expectations thanks to emerging markets

FRANKFURT - German consumer goods group Henkel posts better than expected first-quarter earnings, thanks to strong demand from emerging markets for its washing powders, beauty products and industrial adhesives. (HENKEL KGAA-RESULTS/ (UPDATE 1), moved, 320 words)

UK’s Co-op must reform to survive - Myners

LONDON - Former British government minister Paul Myners launches a blistering attack on the stewardship of Britain’s Co-operative Group and says it must reform in order to survive (COOP-REPORT/ (UPDATE 1), expect by 0930 GMT/5.30 AM ET, by Matt Scuffham, 800 words)

UK grocer Sainsbury’s profit growth slows

LONDON - British grocer J Sainsbury posts a 5.3 percent rise in annual profit, its slowest growth in nearly a decade, illustrating the pressure the industry is under to cut prices and stem the rise of the discounters. (SAINSBURY/ (UPDATE 1), moved, 460 words)

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