| * Cutifani unveils Anglo American shake-up * Emerging market sparkle begins to fade * Samsung expects slower smartphone growth * Malaysia deal weighs on AIA profit margins * Most Emerging Stocks Decline as Samsung Slides, Tencent Gains * Russia gives green light to stimulus programme * China grants HSBC renminbi investment licence * [snap]: Ghana raises $750m, but pays a premium * GSK replaces head of China operations * Hong Kong boosts renminbi liquidity to ease credit crunch Markets: mixed Cutifani unveils Anglo American shake-up
Mark Cutifani condemned Anglo American's performance as "unacceptably poor" as he began reshaping the diversified mining group three months after becoming chief executive.
http://on.ft.com/1dZpFwX Emerging market sparkle begins to fade
An uncomfortable truth is making itself felt around the world of emerging market investors: the emerging market growth story is dead.
http://on.ft.com/1691lb6 Samsung expects slower smartphone growth
Samsung Electronics said smartphone sales growth would continue to slow in the third quarter, as it reported that earnings at its flagship division were pulled down by high marketing costs in the three months through June.
http://on.ft.com/13Ke5UB 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 Most Emerging Stocks Decline as Samsung Slides, Tencent Gains
Most emerging-market stocks fell after Samsung Electronics Co. reported earnings that missed estimates, countering a rally in health-care and Internet shares.
http://bloom.bg/1bTNRnT 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 [snap]: Ghana raises $750m, but pays a premium
It's a sign of the times. Ghana on Thursday raised $750m from the sale of 10-year eurobonds, but the deal did not come easy. With investors more cautious about lending to frontier countries with shaky finances following June's violent market rout, Ghana had to pay a premium to get the deal off the ground.
http://on.ft.com/1c70YAq GSK replaces head of China operations
GlaxoSmithKline has replaced the head of its China operations with one of its top two European managers, as the UK-based drugs company seeks to battle a widening corruption investigation.
http://on.ft.com/11fXmrv Hong Kong boosts renminbi liquidity to ease credit crunch
The Hong Kong Monetary Authority has taken fresh steps to improve renminbi liquidity, a month after a credit crunch in China spread to the city's banking system. Hong Kong's central bank announced on Thursday it would add two additional renminbi lending facilities to its existing seven-day liquidity tap. As of July 26, the HKMA will offer one-day funds, as well as overnight funds in renminbi.
http://on.ft.com/19lut23 Emerging Markets
MSCI Emerging Market Index up +0.12% at 963.47 Europe
FTSE down -0.18% at 6,576
RTS down -0.07% at 1,352
Warsaw Wig down -0.79% at 46,345
FTSE 300 Eurotop down -0.05% at 1,209 Americas
DJIA up +0.09% at 15,556
S&P 500 up +0.26% at 1,690
Bovespa up +1.43% at 49,067 Asia
Nikkei 225 down -2.97% at 14,130
Topix down -2.93% at 1,167
Hang Seng up +0.31% at 21,969
Shanghai Composite down -0.51% at 2,011
MSCI Asia ex-Japan up +0.14% at 446.48
CNX Nifty down -0.36% at 5,886 Currencies
€/$ 1.33 (1.33)
$/¥ 98.51 (99.28) Commodities
Brent Crude (ICE) down -0.59 at 107.06
Light Crude (Nymex) down -0.90 at 104.59
100 Oz Gold (Comex) unchanged 0.00 at 1,329 | 
