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  • FRANKFURT, July 29- The European Central Bank said on Wednesday that the euro zone's founding members had diverged economically, a "disappointing" outcome that goes against that a common currency would let laggards slowly catch up. Central European countries have made significant gains but early adopters of the euro cemented their poor institutional...

  • LONDON, July 29- Emerging stocks snapped a five-day run of losses on Wednesday, lifted by a Chinese market bounce, but currencies were broadly weaker before a Fed meeting that may set the stage for the first U.S. rate rise in nine years. Stocks worldwide firmed on some healthy corporate results, which along with 3.5 percent gains in mainland China, lifted MSCI's...

  • The 58- year-old, whose lush paddy fields in the Shonai plain overlook the Sea of Japan, is in the minority among farmers generally opposed to a pact being negotiated in Hawaii this week that could make selling their products harder. Japan's reluctance to open up to more imports, including of rice, has been a major stumbling block to the TPP, and Tokyo held bilateral...

  • PARIS, July 29- French oil company Total posted higher than expected second-quarter profit on Wednesday, helped by increased refining margins in Europe and accelerated cost cuts to adjust to a low oil price environment. Europe's second biggest oil company reported adjusted net profit of $3.085 billion, beating analyst expectations of $2.61 billion and only...

  • LONDON, July 29- Goldman Sachs and Morgan Stanley are offering the fattest bonuses to their London analysts, but if it's a high base salary you're after then head to Deutsche Bank, according to a survey on Wednesday. Meanwhile, Deutsche Bank paid the largest average salary excluding bonus, at 56,000 pounds. Credit Suisse is close behind with 70,000 pounds, while JP...

  • *OPEC oversupply 3 million bpd in Q2- Reuters survey. "If you look at there's been a pretty big build and also a build in gasoline that is going to add a bit of pressure today," said Olivier Jakob, an oil analyst at Petromatrix in Zug, Switzerland. Front-month Brent futures were down 42 cents at $52.88 a barrel by 0850 GMT, set for their sixth consecutive daily decline, the...

  • KIEV, July 29- After more than a year of fighting in eastern Ukraine, the country's regular army remains disorganised and poorly equipped. "The Defence Ministry needed to test underpants for a year before approving them for use. When Moscow annexed Crimea and conflict erupted in Ukraine's east, Kiev had outdated Soviet equipment and just 180,000 troops, of whom...

  • *Many dislike current Kiev government and Ukrainian elite. KIEV, July 29- From a basement billiard club in central Kiev, Dmytro Korchynsky commands a volunteer battalion helping Ukraine's government fight rebels in the east. Dressed in a colourful peasant-style shirt, Korchynsky told Reuters that he follows orders from the Interior Ministry, and that his...

  • BEIJING, July 29- China will increase regulation over the ways local governments can raise debt as the economy still faces relatively large downward pressure, the country's Finance Minister Lou Jiwei said on Wednesday. Lou told officials meeting to discuss fiscal issues that China will guide private investment into key and fragile sectors while stepping up...

  • NEW DELHI, July 29- General Motors Co will invest $1 billion in the next few years to turn operations in India into a new global auto manufacturing and export hub aimed at boosting sales in fast-growing emerging markets, top executives said on Wednesday. GM Chief Executive Officer Mary Barra said at a briefing in New Delhi that the investment in India was expected...

  • LONDON, July 29- Barclays' new executive chairman sought to stamp his mark on the bank on Wednesday by accelerating the sale of assets and cost cutting, after the group reported an 12 percent rise in profit and another big charge to compensate customers. Chairman John McFarlane, who arrived at Barclays in April with a reputation for taking bold action, laid out...

  • WARSAW, Poland— Kulczyk Holding says that its founder and president, Jan Kulczyk, Poland's richest businessman, has died from complications after surgery. He invested in the energy and natural resources sectors in Europe and in Africa, and developed the car sector in Poland. Poland's edition of the Forbes Magazine estimated his wealth at some 15 billion zlotys.

  • TOKYO, July 29- Japan's Panasonic Corp on Wednesday reported a 7 percent decline in first-quarter operating profit, missing analyst estimates, as sales fell in its appliances and housing technology businesses. While still known as a consumer electronics maker, Panasonic in recent years has turned its attention to new businesses such as high-tech auto parts...

  • BRUSSELS— Belgium's chemical group Solvay has announced it will buy U.S.-based Cytec for $5.5 billion, making it the second biggest company in the aerospace composite materials market. In Wednesday's announcement, CEO Jean-Pierre Clamadieu said that the proposed acquisition "marks a major step change in Solvay's portfolio upgrade" to expand into the...

  • WARSAW, July 29- Poland's richest man, Jan Kulczyk, died on Tuesday night at 65 due to surgery complications, a spokeswoman at Kulczyk Holding said. Kulczyk Holding spokeswoman, Marta Wysocka declined to comment beyond saying he had died as a result of surgery complications. His most valued asset though was the 3- percent stake in the brewing company SABMiller.

  • *European shares follow Asia, Wall Street higher. LONDON, July 29- European equities advanced on Wednesday, spurred by strong corporate earnings and gains in U.S. and Asian markets on hopes that Beijing could stem the rout in its markets without damage to the world's second biggest economy. "The results from European companies have been reasonably reassuring so...

  • FRANKFURT, July 29- German potash and salt miner K+ S has turned to economy minister Sigmar Gabriel for help in resisting an unwanted takeover approach by Potash Corp of Saskatchewan Inc, and has discussed the option of German state bank KfW taking a stake in K+ S, a newspaper reported on Wednesday. K+ S earlier this month rebuffed Potash Corp's 7.9 billion euros...

  • LONDON, July 29- Britain's Compass Group, the world's biggest catering firm, said operating profit this year and next would be hit by restructuring costs as it looks to offset weakness in its offshore and remote business and in Australia, Brazil and Turkey. Chief Executive Richard Cousins said the company had decided to restructure its business after demand for...

  • BRIEF- TAIWAN'S UMC SAYS Q2 NET PROFIT T $4.6 BILLION@ billion)@. *Says Q2 net profit T $4.6 billion (market consensus T $3.61 billion). Source text for Eikon: 1/ 8 ID: http://bit.ly/1DarNV8 3/ 8 Further company coverage:.

  • DUBAI, July 29- Dubai International Airport recorded a 16.7 percent year-on-year jump in passenger traffic in June, reflecting runway maintenance during the summer of 2014, the operator of the world's busiest airport by international traffic said on Wednesday. Growth was powered by traditional markets in the Indian subcontinent and Gulf countries, as well...