| * Malaysia deal weighs on AIA profit margins * Russia gives green light to stimulus programme * China grants HSBC renminbi investment licence * Asian stocks fall as Topix slides on earnings; gas climbs * [snap]: Ghana raises $750m, but pays a premium * GSK replaces head of China operations * Hong Kong boosts renminbi liquidity to ease credit crunch Markets: up Malaysia deal weighs on AIA profit margins
AIA's acquisition of ING's Malaysian division weighed on the insurance group's profit margins in the first half, but it still reported another set of record numbers overall.
http://on.ft.com/19ltPBC Russia gives green light to stimulus programme
Russia's government has given the green light to a stimulus programme designed to jump-start the country's slowing economy with a range of infrastructure investments and breaks for small and medium-sized businesses.
http://on.ft.com/14NyUk7 China grants HSBC renminbi investment licence
HSBC has received approval from mainland Chinese regulators to invest renminbi onshore, the latest step in the opening up of China's financial markets to overseas funds.
http://on.ft.com/12lWB2G Asian stocks fall as Topix slides on earnings; gas climbs
Asian stocks fell, with the regional benchmark index trimming a fifth weekly advance, as Japanese shares dropped amid disappointing earnings. The yen and South Korea's won climbed, while gasoline rebounded.
http://bloom.bg/16fIEjV [snap]: Ghana raises $750m, but pays a premium
It's a sign of the times. Ghana on Thursday raised $750m from the sale of 10-year eurobonds, but the deal did not come easy. With investors more cautious about lending to frontier countries with shaky finances following June's violent market rout, Ghana had to pay a premium to get the deal off the ground.
http://on.ft.com/1c70YAq GSK replaces head of China operations
GlaxoSmithKline has replaced the head of its China operations with one of its top two European managers, as the UK-based drugs company seeks to battle a widening corruption investigation.
http://on.ft.com/11fXmrv Hong Kong boosts renminbi liquidity to ease credit crunch
The Hong Kong Monetary Authority has taken fresh steps to improve renminbi liquidity, a month after a credit crunch in China spread to the city's banking system. Hong Kong's central bank announced on Thursday it would add two additional renminbi lending facilities to its existing seven-day liquidity tap. As of July 26, the HKMA will offer one-day funds, as well as overnight funds in renminbi.
http://on.ft.com/19lut23 Emerging Markets
MSCI Emerging Market Index up +0.33% at 965.54 Americas
DJIA up +0.09% at 15,556
S&P 500 up +0.26% at 1,690
Bovespa up +1.43% at 49,067 Asia
Nikkei 225 down -2.42% at 14,211
Topix down -2.69% at 1,170
Hang Seng up +0.02% at 21,906
Shanghai Composite down -0.81% at 2,005
MSCI Asia ex-Japan up +0.23% at 524.41
CNX Nifty up +0.22% at 5,920 Currencies
€/$ 1.33 (1.33)
$/¥ 98.72 (99.28) Commodities
Brent Crude (ICE) up +0.03 at 107.68
Light Crude (Nymex) up +0.05 at 105.54
100 Oz Gold (Comex) unchanged 0.00 at 1,329 | 
