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TOP STORIES

Creditors set bailout ultimatum for defiant Greeks -source

BRUSSELS - Greece's international creditors will put their own final proposal for a cash-for-reform deal to avert a Greek default to euro zone finance ministers for approval after Athens let a deadline pass, euro zone officials say. (EUROZONE-GREECE/ (WRAPUP 4, PICTURE, TV, GRAPHIC), expect by 1400 GMT/10 AM ET, by Jan Strupczewski and Renee Maltezou, 885 words)

ECB holds Athens lifeline unchanged as Bundesbank protests

FRANKFURT - The European Central Bank hold a crucial cash lifeline for Greece unchanged on Thursday, a person familiar with the discussion says, as the head of the Bundesbank objects to the way Greek banks are being funded. (EUROZONE-GREECE/BUNDESBANK (EXCLUSIVE, UPDATE 3), moved, by John O'Donnell, 465 words)

Europe's bankers fear Brexit more than Grexit

FRANKFURT - The possibility of Britain leaving the European Union sometime in the future worries European bankers a great deal more than the prospect that Greece might be on its way out soon. (EUROZONE-GREECE/BANKS, moved, by Thomas Atkins and Steve Slater, 555 words)

+ See also:

- BRITAIN-EU/STANDARDLIFE (UPDATE 1), moved, 255 words

MARKETS

European stocks rebound as Greece's creditors table own proposal

LONDON - European stock markets rebound as jittery investors pin their hopes for a deal to avert a Greek default on a proposal from its creditors, as negotiations with Athens have so far produced no agreement. (MARKETS-GLOBAL/ (WRAPUP 6), moved, by Marius Zaharia, 640 words)

Italy, Portugal, Spain yields steady as Greek talks progress eyed

LONDON - Italian, Portuguese and Spanish bond yields steady, reversing an earlier rise on a report that the bloc's finance ministers will discuss proposals from Greece's creditors to break an impasse in Greek debt talks. (MARKETS-BONDS/EURO (UPDATE 1), moved, by Emelia Sithole-Matarise, 375 words)

Higher policy rates to push up major sovereign bond yields

Major government bond yields will rise over the next year on expectations of higher policy rates in the United States and possibly Britain, although a subdued inflation outlook will cap increases, a Reuters poll predicts. (MARKETS-BONDS/POLL, moved, by Sumanta Dey, 685 words)

INSIGHT

Pirates and hold-ups: crime strikes Venezuela's oil industry

MARACAIBO, VENEZUELA- Venezuela's national crime pandemic - United Nations says the country has world's second-highest murder rate after Honduras - is a growing headache for oil industry, which accounts for nearly all of the country's export revenues. (VENEZUELA-OIL/CRIME (INSIGHT, PICTURE), moved, by Alexandra Ulmer, 1,200 words)

Banks slash payments to index funds for Russell rebalance

NEW YORK - With the annual rebalance of the Russell stock indexes just a day away, brokerage firms are shaving the discounts they typically offer to big index funds on what is usually one of the biggest trading days of the year. (RUSSELL-REBALANCE/BROKERAGE (INSIGHT, GRAPHICS), moved, by Jessica Toonkel, 900 words)

ECONOMY

U.S. consumer spending posts largest gain in nearly six years

WASHINGTON - U.S. consumer spending recorded its largest increase in nearly six years in May on strong demand for automobiles and other big-ticket items, further evidence that economic growth was gathering momentum in the second quarter. (USA-ECONOMY/SPENDING, moved, 395 words)

+ See also:

- USA-ECONOMY/UNEMPLOYMENT, moved, 255 words

Swiss central bank braced for ructions if Greece exits euro

LAUSANNE - The Swiss National Bank anticipates considerable market turbulence if Greece quits the euro bloc and will fight a rush to buy already overvalued Swiss francs, the central bank's chairman says. (SWISS-SNB/ (UPDATE 2), moved, by Tom Miles, 465 words)

India state pension fund to start buying shares as Modi pushes reform

NEW DELHI - India's state social security and pension fund, undeterred by trade union resistance, will start investing in equity markets next month, the labour minister says, part of a broader push by Prime Minister Narendra Modi to move away from socialist ways rooted in decades-old labour laws. (INDIA-PENSIONS/ (INTERVIEW, UPDATE 2), moved, by Manoj Kumar, 630 words)

COMPANIES

Buyout funds CVC (Taiwan OTC: 4744.TWO - news) , KKR studying bid for big stake in Spain's Endesa - sources

MADRID/LONDON/MILAN - Private equity funds CVC and KKR are studying a bid for a sizeable stake in Endesa (Other OTC: ELEZF - news) , the Spanish subsidiary of Italian energy group Enel (Milan: ENEL.MI - news) , sources with knowledge of the matter say. (ENDESA-EQUITY/ (EXCLUSIVE, UPDATE 2), moved, by Andrés González, Pamela Barbaglia and Stephen Jewkes, 687 words)

Takata CEO says internal probe into failing airbags not progressing well

TOKYO - The head of Japan's Takata Corp says an internal probe into its potentially deadly air bag inflators is not progressing well, but vows to stay at the helm until trust in the safety of its products was restored. (AUTOS-TAKATA (Frankfurt: 7TK.F - news) / (UPDATE 3, PICTURE), moved, by Chang-Ran Kim and Maki Shiraki, 525 words)

Hong Kong watchdog rejects move to change rule that saw loss of Alibaba IPO

HONG KONG - Hong Kong's securities regulator has rejected draft proposals by the city's stock exchange to change listing rules that saw the bourse lose Alibaba Group Holding's record $25 billion initial public offering to New York last year. (HKEX-SFC/REGULATIONS (UPDATE 2), moved, by Michelle Price and Lawrence White, 565 words)

Bouygues (Other OTC: BOUYF - news) shares bounce back on new offer hopes

PARIS - Shares (Berlin: DI6.BE - news) in Bouygues rise 1.4 percent, reversing earlier losses, after a BFM Business report fuels hopes the French conglomerate remains open to a new offer for its Bouygues (EUREX: B2YG.EX - news) Telecom unit, traders say. (BOUYGUES-STOCK/, moved, 235 words)

H&M feels the pinch as strong dollar hikes sourcing costs

STOCKHOLM - Sweden's Hennes & Mauritz, the world's second-biggest fashion retailer, warns it expects to suffer more in coming months from the impact of the strong U.S. dollar after rising sourcing costs dented quarterly profits. (H&M-RESULTS/ (UPDATE 2), moved, by Helena Soderpalm, 600 words)

IAG offers concessions in bid for EU approval for Aer Lingus (Other OTC: AELGF - news) deal

BRUSSELS - British Airways-owner IAG has offered concessions in an attempt to win European Union regulatory approval for its planned acquisition of a 25 percent stake in Ireland (Other OTC: IRLD - news) 's Aer Lingus, the European Commission says. (AERLINGUS-M&A/IAG-EU (UPDATE 1), moved, by Foo Yun Chee, 200 words)

Vivendi CEO does not rule out raising Telecom Italia stake further -paper

MILAN - France's Vivendi does not rule out increasing its stake in Telecom Italia after becoming the group's largest investor with 14.9 percent, CEO Arnaud de Puyfontaine is quoted as saying. (VIVENDI-TELECOMITALIA/ (UPDATE 1), moved, 355 words)

Britain to privatise Green Investment Bank

Britain is to begin selling stakes in its Green Investment Bank (GIB) to bring it into private ownership and to help it to grow, the government said on Thursday. (BRITAIN-SALE/GREEN BANK (UPDATE 2), moved, by Nina Chestney and Anjuli Davies, 650 words)

Cost-cutter McLoughlin to quit as Electrolux CEO, Swedish newspaper says

STOCKHOLM - Swedish appliances maker Electrolux (Stockholm: ELUX-A.ST - news) is seeking a replacement for chief executive Keith McLoughlin, business daily Dagens Industri reports, creating uncertainty over who will drive further cost savings in coming years. (ELECTROLUX-CEO/ (UPDATE 1), moved, 365 words)

Debenhams (Other OTC: DBHSF - news) boss says new austerity fears put brake on spending

LONDON - Fears over the possible impact of new British government spending cuts was dampening consumer confidence even though shoppers had more money to spend, the boss of department store chain Debenhams says. (DEBENAMS-OUTLOOK/ (UPDATE 2), moved, by James Davey, 450 words)