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Switzerland's ABB hit by $100 million South Korean fraud

ZURICH Swiss engineering group ABB revealed the discovery of what it called a "sophisticated criminal scheme" in its South Korean subsidiary on Wednesday, which it expects will result in a $100 million (£80 million) pre-tax charge.

German business morale brightens despite political risks

BERLIN German business morale brightened unexpectedly in February as managers' assessment of their business situation reached its highest level in more than five years, supporting expectations that Europe's biggest economy got a robust start in 2017.

RWE scraps dividend for second year as writedowns bite

FRANKFURT German utility RWE scrapped its dividend for the second year in a row after taking writedowns on the value of its fossil-fuel based power plants, which are struggling to compete against solar parks and wind farms.

Exane adds Imperial Brands and Glanbia to M&A targets list

LONDON Tobacco company Imperial Brands and nutritional ingredients maker Glanbia are attractive targets for Japanese companies looking to expand into international markets, Exane BNP Paribas analysts said in a note to clients.

Barratt to build fewer homes in London

LONDON Britain's biggest housebuilder Barratt said it will build around 20 percent fewer homes in London in 2016/17 and nationwide completions were unlikely to grow very much despite government efforts to boost supply.

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