August 4, 2014 / 1:00 PM / in 3 years


Editor: Malcolm Davidson +44 20 7542 6958

Global Picture Desk: + 65 6870 3775

Global Graphics Desk: + 65 6870 3595

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HSBC warns of growing risk aversion as profit drops

LONDON - Europe’s largest bank HSBC warns that regulators’ zeal to punish wrongdoing is putting its staff off taking reasonable business risks, as it reports a 12 percent drop in first-half profit. (HSBC-RESULTS/ (UPDATE 2), moved, by Steve Slater and Matt Scuffham, 730 words)

Portugal in $6.6 bln rescue of Banco Espirito Santo

LISBON - Portugal will spend 4.9 billion euros ($6.58 billion) to rescue its largest listed bank, testing the euro zone’s resilience to another banking crisis just months after Lisbon exited an international bailout. (PORTUGAL-BES/ (UPDATE 3), moved, by Sergio Goncalves, 685 words)

European bank relief lifts stocks, lowers bond yields

LONDON - European stocks rise and bond yields fall on a banking sector rebound after Portugal prevents the collapse of one of its biggest lenders and shares in the continent’s largest bank jump in the wake of its latest earnings report. (MARKETS-GLOBAL/ (WRAPUP 5), moving shortly, by Jamie McGeever, 780 words)

+ See also:

- RUSSIA-MARKETS/ (UPDATE 2), moved, 370 words

UK housebuilding grows at fastest rate since 2003

LONDON - British house-building accelerated last month at the fastest rate since November 2003, leading to a record pace of job creation and a shortage of supplies, a survey shows. (PMI-CONSTRUCTION/BRITAIN, moved, 300 words)

+ See also:

- BRITAIN BOE/DALE, moved, by David Milliken, 500 words



Vatican bank’s TV investment loss showed cardinal’s power

VATICAN CITY - Two years ago, the Vatican bank invested 15 million euros in an Italian television company that makes family movies, including films about popes and a series about a bike-riding country priest who helps police solve crimes. Last month, the bank booked a loss for the entire investment. (VATICAN-BANK/BERTONE (INSIGHT), moved, 1,600 words)


WTO failure cements two-tier future for world trade

GENEVA - India has opened an old wound in world trade negotiations and may have killed off any lingering chance of the World Trade Organization renovating the creaking architecture of trade rules, trade experts and diplomats say. (TRADE-WTO/ (PIX), expect by 1500 GMT/11 AM ET, by Tome Miles, 800 words)

France urges ECB, Germany to do more on growth and deflation

PARIS - The European Central Bank and Germany must do more to boost growth and fight a “real deflationary risk” in Europe, French President Francois Hollande tells Le Monde daily in an interview. (FRANCE-EUROPE/HOLLANDE (UPDATE 1), moved, 420 words)

EU’s Juncker lauds Greece, plays down debt writeoff

ATHENS - Incoming European Commission president Jean-Claude Juncker praises Greece as an example for debt-stricken nations like Argentina during a symbolic visit to Athens, in a show of support for the nation where the euro zone debt crisis began. (EUROZONE-GREECE/ (UPDATE 1), moved, by George Georgiopoulos and Renee Maltezou, 350 words)

Will Europe’s banking “big bang” loosen lending?

PARIS - In the biggest advance in European integration since the launch of the euro in 1999, the European Central Bank will take charge of supervising banks from Helsinki to Lisbon in November after subjecting their books to unprecedented scrutiny. (ECB-BANKS/ (ANALYSIS), moved, by Paul Taylor, 1,090 words)

Energy lifts eurozone producer prices for 1st time this year

BRUSSELS - A rise in energy costs pushes euro zone producer prices up for the first time this year in June, data shows, providing some breathing space for the European Central Bank which is troubled by persistently low inflation. (EUROZONE-ECONOMY/PRICES, moved, by Martin Santa, 380 words)

+ See also:

- EUROSENTIMENT-SENTIX/, moved, 275 words

Late to the party, Obama seeks bigger U.S. Africa role

CAMP LEMONNIER, Djibouti/JOHANNESBURG - When “son of Africa” U.S. President Barack Obama hosts 50 African leaders in Washington this week, the admiration may be less than mutual. Many Africans feel America is lagging behind China and others in its engagement with their continent. (AFRICA-SUMMIT/, moved, by Aaron Maasho and Pascal Fletcher, 1,325 words)

Messy legal fight over China port probe chills metal trade

HONG KONG/SHANGHAI - As global banks and trading houses fire off lawsuits over their estimated $900 million exposure to a suspected metal financing fraud in China, the tangled legal battle to recoup losses is set to drag on for years and hinder a swift recovery in metal trade. (CHINA-QINGDAO/LAWSUIT (PICTURE), moved, by Polly Yam and Fayen Wong, 900 words)


Michael Kors sales blitz continues

Michael Kors Holdings Ltd reports another quarter of revenue growth above 40 percent, helped by continued demand for its handbags and watches in North America. (MICHAEL KORS-RESULTS/ (UPDATE 1), moved, 280 words)

KKR offer for Australia’s Treasury raises bid war prospect

SYDNEY - Australia’s Treasury Wine Estates is opening its books to Kohlberg Kravis Roberts & Co after the private equity giant hikes its takeover offer to $3.15 billion, raising the prospect of a bidding war for the world’s No.2 winemaker. (TREASURY WINE-KKR/ (UPDATE 3), moved, 670 words)

Russia sanctions leave Austria’s OMV untouched - CEO

VIENNA - European sanctions imposed on Russia for its role in Ukraine’s political crisis have had no impact on Austrian energy group OMV, Chief Executive Gerhard Roiss says. (UKRAINE-CRISIS/OMV (UPDATE 1), moved, 490 words)

China regulator says Microsoft should not obstruct probe

BEIJING - Microsoft Corp should not obstruct an anti-trust investigation by Chinese regulators, the State Administration for Industry and Commerce (SAIC) says, the latest shot fired by China’s government at the U.S. software giant. (MICROSOFT-CHINA/ (UPDATE 2), moved, 345 words)

Safety violations at China factory led to dust blast -Xinhua

HONG KONG - Chinese officials have blamed the chairman of a car parts factory in eastern China and local regulators for safety breaches that led to the most deadly industrial accident in a year, the official Xinhua news agency reports. (CHINA-FACTORY/BLAST-ZHONGRONG (UPDATE 1), moved, by Clare Baldwin, 400 words)

+ See also:

- CHINA-FACTORY/BLAST, moved, by Norihiko Shirouzu and Ran Li, 425 words)

Toyota dreams of green future, despite gas-guzzler present

TOKYO - Toyota Motor is hitching its future to green cars, investing billions of dollars in gasoline-electric hybrids and fuel-cell vehicles, but for now its record profit performance is being powered largely by a gas-guzzling U.S. market. (TOYOTA-RESULTS/ (PICTURE), moved, by Yoko Kubota, 800 words)

+ See also:

- HONDA-CHINA/AUTOS (UPDATE 1), moved, By Samuel Shen and Norihiko Shirouzu, 365 words

Goldman group set to buy messaging system - sources

NEW YORK - Wall Street firms led by Goldman Sachs Group Inc are close to buying a stake in chat and instant messaging startup Perzo Inc in pursuit of an alternative to a similar application from Bloomberg LP, sources familiar with Goldman’s plans says. (GOLDMAN/MESSAGING (EXCLUSIVE), moved, by Lauren Tara LaCapra and Jennifer Saba, 770 words)

France’s telecom rebel sets his sights on the U.S.

PARIS - For all the surprise that has greeted French telecom group Iliad’s bid for T-Mobile US, there is one thing a procession of broadband and mobile firms have learnt in recent years: don’t underestimate Xaviel Niel. (TMOBILE-ILIAD/NIEL (NEWSMAKER), moved, by Leila Abboud, 1,225 words)

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