MIAMI— One of the most prolific oil and gas basins on the planet sits just off Cuba's northwest coast, and the thaw in relations with the United States is giving rise to hopes that Cuba can now get in on the action. As a result, Cuba produces just 55,000 barrels of oil per day. Cuba needs 155,000 barrels per day, and it fills the gap with oil from Venezuela, part of a trade...» Read More
*Lorillard market value is $22.9 bln. LONDON, July 11- U.S. cigarette maker Reynolds American Inc is in talks to acquire rival Lorillard Inc in a multi-billion dollar deal that would include the sale of some brands to Britain's Imperial Tobacco Group Plc, the companies said on Friday.
*Central Bank outlines two possible leverage ratio supplements. LONDON, July 11- The Bank of England proposed on Friday that Britain's biggest banks should set aside from 2019 more capital than planned under global rules being drawn up to prevent a repeat of the financial crisis.
July 11- Wells Fargo& Co, the largest U.S. mortgage lender, reported a 3 percent rise in quarterly profit as cost cuts helped to make up for a slight fall in revenue. Net income applicable to common shareholders rose to $5.42 billion, or $1.01 per share, in the second quarter from $5.27 billion, or 98 cents per share, a year earlier. http://bit.ly/TWX0oK.
July 11- Medical device maker Covidien Plc said it recorded a pre-tax charge of about $180 million for the third quarter, related to litigation against some manufacturers of pelvic mesh products. The company's two units supplied pelvic mesh products to one of the manufacturers named in the lawsuit and is indemnifying that manufacturer on certain claims.
*Portugal's top index rallies 1 percent after Thursday's slump. LONDON/ EDINBURGH, July 11- European shares rose on Friday as banks and southern European shares rallied once investors decided concern over Portugal's biggest listed bank was unlikely to spread.
NEW DELHI/ MUMBAI, July 11- New Indian Prime Minister Narendra Modi is under pressure to perform on the economy after a budget packed with ambitious targets met mild skepticism from investors and credit-rating agencies and failed to dispel the latent risk of a downgrade.
LONDON, July 11- Copper dipped on Friday as investors eyed rising warehouse stocks and reassessed whether a metal trading near 4-1/ 2 month highs was likely to extend gains, especially as it is due to move into surplus at some point this year.
PARIS, July 11- Global biofuel output should expand in the period to 2023, mostly boosted by increasing demand, higher crude oil prices and government policies, but the rise should be lower than in the past decade, the FAO and OECD said on Friday.
*Fastenal reports revenue below expectations. *The S&P 500 has fallen for three of the past four sessions, dropping Thursday on concerns over the financial health of Portugal's top listed bank. *Fastenal Co reported second-quarter revenue that was below expectations.
NEW YORK, July 11- General Electric Co's second-quarter earnings report next Friday comes soon after it prevailed in a two-month fight to acquire the power assets of France's Alstom.
The government will have its planned gasoline stockpile in time to respond to possible supply disruptions at the height of the hurricane season.
PARIS, July 11- Pernod Ricard has spent almost $100 million to gain majority control of Avion Spirits LLC, owner of top-of-the-range tequila brand Avion, as part of plans to expand in the United States, its largest market, the French firm said on Friday.
HONG KONG, July 11- A review of government penalties for corporate wrongdoing is being carried out in a bid to make them more uniform globally, a top official of the International Organization of Securities Commissions said.
Chinese state media branded Apple's iPhone a threat to national security because of the smartphone's ability to track and time-stamp user locations.
SOFIA, July 11- Bulgaria will strip Corporate Commercial Bank of its license and alert prosecutors to possible malpractice at the lender, the central bank said.
BEIJING, July 11- Chinese state media on Friday branded Apple Inc's iPhone a threat to national security because of the smartphone's ability to track and time-stamp user locations. Apple was not available for immediate comment.
*Gold up 1 percent for the week. LONDON, July 11- Gold steadied near 3-1/ 2- month highs on Friday as stock markets recovered from the selloff seen in the previous session on concerns over the health of Portugal's biggest bank, with the metal still on track for a sixth week of gains.
For the larger companies, the initiative ensures that their own suppliers are robust and "demonstrates a recognition that a healthy supply chain is good for business," the White House said in a statement.
LONDON, July 11- 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 said on Friday.
ROME, July 11- The outlook for world food inflation looks lower and more stable as agricultural commodity prices settle over the next decade following years of volatility, the U.N.' s Food and Agriculture Organization and the OECD said on Friday.