*Germany opposes use of bailout fund as backstop for financing bank closures. BRUSSELS, Dec 10- European Union finance ministers are likely to take a political step towards creating a banking union with powers to close down failing banks on Tuesday, but leave nagging legal details to another time, perhaps next week.» Read More
HONG KONG, Aug 9- Tesco Plc will slash its China exposure by taking just 20 percent of a new venture with a state-run company, a deal that underlines the travails foreign retailers have had in the Chinese market and allows the British retailer to focus on turning around its domestic business.
MOSCOW, Aug 9- Russia's central bank warned of risks to growth on Friday and said output was below potential but, with inflation above target and the rouble weak, it resisted political pressure to cut interest rates. Data this month showing that manufacturing and services sector activity shrank in July added to signs that Russia's economy is losing steam.
*PetroChina also talking to Lukoil on another stake at same field-sources. BEIJING/ MOSCOW Aug 9- China's biggest energy firm PetroChina will join Exxon Mobil in developing Iraq's giant West Qurna oilfield and is in talks with Lukoil to buy into a second project at the field, industry sources said on Friday.
*New trading platform could set stage for bank bailout. BEIJING/ SHANGHAI, Aug 9- China is developing a new trading platform to enable banks to sell off loans to a wider range of investors, in a move that could pave the way for a government bailout of lenders or distressed asset sales to private investors.
LONDON, Aug 9- The total value of private equity-backed merger and acquisition deals globally so far this year is $196.4 billion, Thomson Reuters data showed on Friday, the strongest period since 2007..
Aug 9- Canadian auto parts maker Magna International Inc reported a 19 percent rise in second-quarter profit, buoyed by increased vehicle production in North America. Net income rose to $415 million, or $1.78 per share, from $349 million, or $1.48 per share, in the same period last year. Sales rose 16.1 percent to $8.96 billion.
*Sets up Corporate Governance Advisory Board. OSLO, Aug 9- Norway's $760 billion oil fund, the world's biggest investor, increased its holdings of stocks in the second quarter, sharply reduced its British bond holdings and picked up more Japanese government debt.
BERLIN, Aug 9- The German economy is likely to have expanded significantly between April and June, helped by higher private consumption and investment in construction, but growth will be more modest in the rest of the year, the Economy Ministry said.
*China coal shares jump on hopes of rising physical prices. *Li Ning spikes 9.2 pct ahead of H1 earnings. HONG KONG, Aug 9- Hong Kong shares ended up on Friday helped by Chinese coal companies on hopes of rising physical prices and solid China data for fixed asset investment and factory output, but the market endured its worst week in nearly two months.
*Strikes, unrest, infrastructure woes cut OPEC supplies-IEA. Concern that disruptions to oil supplies in Libya and other OPEC producers could persist or even worsen were also supporting prices, analysts said.
*China factory output eases concerns over growth outlook. LONDON, Aug 9- European shares edged higher on Friday as more evidence that China's economy has stabilised lifted sentiment, although uncertainty over the U.S.
*Aussie gains on China output. LONDON, Aug 9- The Australian dollar rose to its highest in more than a week against the U.S. currency on Friday, bolstered by upbeat factory data from China, Australia's biggest export market. "It's quiet summer markets, volatility is subsiding and investors are quite long dollar," said Kiran Kowshik, currency strategist at BNP Paribas.
TAIPEI/ TOKYO, Aug 9- A nuclear power plant in Taiwan may have been leaking radioactive water for three years, the government has said, adding to a growing crisis of confidence in North Asia about nuclear safety.
HONG KONG, Aug 9- Hong Kong shares ended their worst week in nearly two months on a positive note on Friday, helped by China coal counters on hopes of rising physical prices and solid China data for fixed asset investment and factory output.
BEIJING, Aug 9- China's factory output grew in July at its fastest pace since the start of the year, adding to a run of data suggesting the world's second-largest economy may be stabilising after more than two years of slumping growth.
OSLO, Aug 9- OSLO, Aug 9- Norway's sovereign wealth fund, one of the world's biggest investors, returned 0.1 percent on its portfolio in the second quarter of 2013, beating its own benchmark index by 0.3 percentage point, it said on Friday.
LONDON, Aug 9- North America's shale boom is insulating the world from steep oil price spikes as several OPEC members struggle to maintain production due to unrest and infrastructure problems, the International Energy Agency said on Friday.
*China data shows economy may be steadying. SINGAPORE, Aug 9- Gold on Friday retained its sharp gains from the previous session as a softer U.S. dollar offset traders' fears of moves by the U.S. central bank to taper its stimulus measures next month.
LONDON, Aug 9- European shares rose on Friday, buoyed by miners, as reassuring economic data out of China fuelled optimism about the world's top metals consumer, while further signs of merger activity lifted sentiment.
SHANGHAI, Aug 9- China is set to revise rules on the setting up of new banks in the country, aiming to tighten requirements for foreign firms while easing regulations for local entities, a draft of revised rules published by the banking regulator showed on Friday.