July 11, 2014 / 1:00 PM / 3 years ago

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TOP STORIES

Portugal’s BES steadies nerves, losses still a puzzle

LISBON/LONDON - Portugal’s government and central bank assure investors that the southern European country’s financial system is sound, aiming to quell worry about the spillover effects of trouble at the Espirito Santo business empire. (BES-EXPOSURE/(UPDATE 1), expect by 1300 GMT/9 AM ET, by Andrei Khalip, Axel Bugge and Laura Noonan, 700 words)

Calm descends on markets as Portugal fears dwindle

LONDON - European stocks eke out a gain and Italy pays a record low yield at two bond auctions, as investors shrug off any threat of contagion from a Portuguese bank’s problems. (MARKETS-GLOBAL/ (WRAPUP 5), moved, by Lionel Laurent, 725 words)

Lorillard confirms takeover talks with Reynolds

LONDON - U.S cigarette maker Lorillard Inc confirms it is in talks with larger rival Reynolds American Inc about a possible multi-billion dollar takeover that will include the disposal of some brands to Britain’s Imperial Tobacco Group Plc. (IMPERIALTOBACCO-REYNOLDS/ (UPDATE 3), moved, by Martinne Geller, 500 words)

Whirlpool to buy a majority in Italy’s Indesit for $1 bln

MILAN - Whirlpool Corp, the world’s largest maker of home appliances, says it will buy a 60.4 percent stake in Italian white goods maker Indesit for 758 million euros ($1.03 billion) to spur its growth in Europe. (INDESIT-WHIRLPOOL/ (UPDATE 3), expect by 1300 GMT/9 AM ET, 700 words)

MARKETS & INVESTMENT

Bruised Slovenia bonds set to lure back buyers post-election

LONDON - Uncertainty over whether Slovenia will pursue its privatisation scheme at full speed after Sunday’s snap election has cooled demand for the country’s bonds as it is seen crucial to the small state’s banking sector restructure. (MARKETS-SLOVENIA/BONDS, moved, by Emelia Sithole-Matarise, 850 words)

European food stocks to get fillip from weaker grain prices

LONDON - Food group Nestle, rival Danone and brewers ABI and SAB Miller are among top European food and beverage shares tipped for a stock market boost from a slump in key commodity prices. (EUROPE-MARKETS/INVESTMENT FOCUS, expect by 1300 GMT/9 AM ET, by Sudip Kar-Gupta, 650 words)

Italy pays record low yields for 15-year, 3-year bonds

MILAN - Italy pays record low yields to sell 15-year and 3-year bonds at auction as persistently abundant liquidity appears to overshadow financial concerns about the parent company of Banco Espirito Santo, Portugal’s biggest bank. (ITALY-BONDS/AUCTION, moved, 280 words)

ECONOMY

Bank of England: may be case for extra bank leverage ratio

LONDON - The Bank of England says that big British banks and lenders might need to set aside more capital than planned under global rules being drawn up to prevent a repeat of the financial crisis. (BRITAIN-BOE/LEVERAGE (UPDATE 1), moved, by Huw Jones, 670 words)

U.S. oil boom to extend into 2015, risks high - IEA

LONDON - Global oil demand growth will accelerate next year as the world economy expands and will again be met by rising supplies from the United States and Canada, further eroding OPEC’s market share, the West’s energy watchdog says. (IEA-OIL/ (UPDATE 2), moved, by Dmitry Zhdannikov and Christopher Johnson, 770 words)

UK construction shrinks in May, dampens some Q2 growth hopes

LONDON - British construction output suffered a steep fall in May, raising the prospect that overall economic growth may fall short of expectations in the second quarter. (BRITAIN-CONSTRUCTION/ (UPDATE 1), moved, by David Milliken and Li-mei Hoang, 625 words)

Reuters poll on Turkish economy and central bank policy

LONDON - Reuters has polled over 20 economists on the outlook for the Turkish economy, collecting data on GDP, inflation, unemployment and monetary policy. (ECONOMY-POLL/TURKEY, expect at 1320 GMT/0920 AM ET, by Seda Sezer, 600 words)

Reuters long term economic poll on South Africa

JOHANNESBURG - Reuters has surveyed over 30 economists on the outlook for South Africa’s economy and its monetary policy. (ECONOMY-POLL/SAFRICA, expect at 1250 GMT/0850 AM ET, by Vuyani Ndaba, 600 words)

COMPANIES

Cost cuts help Wells Fargo boost quarterly profit

Wells Fargo & Co, the largest U.S. mortgage lender, reports a 3 percent rise in quarterly profit as cost cuts helped to make up for a fall in revenue from mortgage lending. (WELLSFARGO-RESULTS/ (UPDATE 1), moving shortly, 350 words)

Dutch software firm Exact in $1.4 bln buyout talks

LONDON - Dutch software company Exact Holding is in sale talks with a series of private equity funds, including Apax and KKR, in a deal to take the company private that could be worth around one billion euros ($1.4 billion), several sources say. (EXACT-BUYOUT/ (EXCLUSIVE, UPDATE 1), moved, 325 words)

British banks paying $2 billion for swaps mis-selling

LONDON - Britain’s banks are in the process of paying out 1.2 billion pounds ($2 billion) to compensate small businesses that were mis-sold complex interest rate hedging products, data from the UK financial watchdog shows. (BRITAIN-BANKS/MISSELLING (UPDATE 1), moved, 315 words)

Burberry investors vote down Bailey’s pay package

LONDON - Burberry chief executive officer Christopher Bailey’s multi-million pound pay package is opposed by more than half of the share votes cast at the luxury goods company’s annual shareholder meeting in a non-binding ballot. (BURBERRY GROUP/ (UPDATE 1), moved, 385 words)

Bulgaria to strip Corpbank’s licence, alert prosecutors

SOFIA - Bulgaria will strip Corporate Commercial Bank (Corpbank) of its licence, alert prosecutors to possible malpractice at the lender and to the prospect that its main shareholder stole money from the bank, the central bank says. (BULGARIA-BANKING/ (UPDATE 2), moving shortly, by Tsvetelia Tsolova, 1,045 words)

Leasing firm SMBC nears $10 bln Airbus order - sources

LONDON - Irish leasing company SMBC Aviation Capital is in advanced talks to buy around 100 Airbus aircraft, setting the stage for what could be one of the largest order announcements at next week’s Farnborough Airshow, two people familiar with the matter says. (AIRBUS GROUP-SMBC/ (UPDATE 1), moved, 220 words)

UK lawmakers criticise government, advisers over Royal Mail

LONDON - Britain’s biggest privatisation in years was blighted by a fear of failure and poor advice from state-appointed banks, a committee of lawmakers said on Friday following an inquiry into the 2 billion pound ($3.4 billion) sale of Royal Mail. (BRITAIN-ROYALMAIL/PRIVATISATION, moved, by William James, 700 words)

Man Utd still tops sponsors’ league after poor season

LONDON - A wretched season and exile from European soccer’s top club competition have done nothing to dim Manchester United’s commercial appeal, with the team set to sign a sportswear deal with Adidas worth twice what rivals have been earning. (SOCCER-MANCHESTER UNITED/FINANCES, moved, by Keith Weir, 800 words)

Vestas JV seeks green light to test largest wind turbine

COPENHAGEN - Denmark’s Vestas is seeking a green light from the government to test the largest offshore wind turbine yet, company papers show, in a bid to catch up with rival Siemens at the new frontier of wind energy. (VESTAS WIND-TURBINE/, moved, by Shida Chayesteh, 500 words)

Digital warriors battle to get African games on phones

LAGOS/NAIROBI - Safari the warrior crouches in the bush - a digitised heroine from the new mobile phone game “Afro Fighters” that its Nigerian creator hopes will soon rival the likes of Clash of Clans or Angry Birds on the world’s handsets. (AFRICA-MOBILEPHONE/GAMES (PICTURE), moved, by Andrew Heavens and Drazen Jorgic, 960 words)

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