>>> US Rep Barton (R-TX) reportedly aiming to create legislation that would remo

US Rep Barton (R-TX) reportedly aiming to create legislation that would remove the ban on exporting crude from the US; legislation to be introduced in next session beginning in 2015 - press 
- Reminder: In mid June reports were that Obama administration said to have cleared way for initial exports of unrefined US oil; Allows energy firms more access following a ban of 40 years on selling US crude overseas. Sources indicate Federal officials have informed two energy firms 
- Pioneer Natural Resources and Enterprise Products Partners 
- they can legally export ultra-light oil condensate (more readily available due to the increased tapping of shale formations across the US, which require minimal processing); oil shipments could begin as early as August.

Reuters : Airbus gets Qatar A380 okay, but questions on A320 test

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Airbus gets Qatar A380 okay, but questions on A320 test

Airbus (AIR.PA) and Qatar Airways have resolved a three-month old dispute that had been blocking the delivery of the first of ten A380s ordered by the Gulf airline, industry sources said.

Airbus declined to comment.

Qatar Airways, which had refused to take delivery of the first three aircraft, citing concerns about the quality of the cabin interior, was not immediately available for comment.

The airline's chief executive said in July it would seek compensation for the delay.

Separately, industry sources said Airbus had been forced to hold off the first flight of the A320neo because of what one described as a "minor" technical issue that emerged in testing.

A spokesman for Airbus declined to comment on whether there had been a delay, but said the company's plan to fly the plane in the third quarter remained unchanged.

Airbus has sold over 3,000 of the A320neo, a revamped version of its best-selling A320 short- and medium-haul jet, which is due to enter service in 2015.

It has not published a detailed schedule for the maiden flight in Toulouse, France, making it difficult to verify whether the schedule has slipped within the published window.

But the sources said it was earlier expected to take place in the first half of September.

The timing of maiden flights is typically decided by the independent in-house flight-test team a few days beforehand, depending on the outcome of final tests and the weather.

Airbus is conducting ground trials but is running out of margin to ensure the flight does not slip back into the fourth quarter, which was the original target date for the debut.

The maiden flight and the first aircraft in service will use engines supplied by Pratt & Whitney (UTX.N), derived from the same family as a new generation of engines for the Bombardier (BBDb.TO) CSeries, which has suffered recent problems in tests.

"Airbus and Pratt & Whitney are working together towards the first flight and there is no change in plans to carry it out in the third quarter," the Airbus spokesman said.

Speaking at the Reuters Aerospace and Defense Summit in Washington, Barry Ecclestone, president and CEO of Airbus Americas, said he was not aware of any disruption and said Airbus had been pleased with development of the main new feature of the engine, a fuel-saving gear system.

In another key milestone this month, European safety authorities say Airbus is due to achieve certification for its newest wide-body jet, the A350, by the end of September.

WSJ :Banks' Estimates Value Alibaba IPO Price at Discount to Tencent

Banks' Estimates Value Alibaba IPO Price at Discount to Tencent
Earnings Forecasts Put Chinese Internet Giant's Initial Stock Price at 20% Discount to Rival's Valuation

Salespeople at banks working on Alibaba Group Holding Ltd.'s potentially historic initial public offering are pitching the shares as a bargain.

In recent days, citing future profit estimates from their banks' stock analysts, stockbrokers have told clients they could get shares in the Chinese e-commerce giant at a discount, roughly 20%, to where shares of Chinese Internet rival Tencent Holdings Ltd. TCEHY -0.90% are trading, and an even bigger discount to shares of Facebook Inc., FB +0.70% people familiar with the conversations said.

That discount could translate into a tidy profit for investors who get in on the deal, as many investors and other analysts have said Alibaba will command a valuation on par with its peers once it begins trading publicly.

The discussions come as China's largest e-commerce player, Alibaba, and its advisers are in the thick of a two-week campaign to win over investors. Later next week, the company is expected to sell stock to select investors at a set price, and the following day, likely Friday, shares will begin trading on the New York Stock Exchange.

Meetings with investors are taking place this week across the U.S., before moving next week to Asia and Europe.

Last week, Alibaba set an initial price range of $60-$66 per share. However, even in big deals like this one, companies and their bankers on occasion raise the final price for the shares from the initial range. Such a bump, made depending on bankers' assessment of demand, would raise more money for Alibaba but leave less potential gain for its investors. Of the 14 global listings bigger than $10 billion since 1995, four priced above their initial offering range, according to Dealogic.

Alibaba, which charges commissions and advertising fees to merchants looking to promote themselves in its online stores, has impressive profit margins, converting 52% of its revenues into net income in calendar-year 2013.

The first half of this calendar year saw $2.3 billion in profits, taking out any one-time gains. Analysts at the banks working on the deal recently forecast that the company will grow its profit to nearly $7 billion by calendar-year 2015, people familiar with the figures said.

At that level, the middle of the price range proposed for Alibaba's potential $24 billion IPO values the Chinese e-commerce giant at about 24 times its future earnings—a discount compared with more than 29 times for rival Tencent, according to analyst estimates compiled by FactSet.

>>> Taminco announces definitive agreement to be acquired by Eastman Chemical Co

To be acquired by Eastman Chemical for $26/shr in cash; total deal valued around $2.8B Taminco announced a definitive agreement to be acquired by Eastman Chemical Company for $26.00 per share, for a total transaction value of approximately $2.8 billion in cash. The transaction was approved by the Board of Directors of Taminco and the Board of Directors of Eastman. The merger agreement includes a 30-day go-shop period, during which Taminco, with the assistance of Morgan Stanley, its financial advisor, will actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals. For a 15-day period following the termination of the go-shop period, Taminco will be permitted to continue discussions and enter into or recommend a transaction with any person that submitted a qualifying superior proposal during the 30-day period. There are no guarantees that this process will result in a superior proposal.

The transaction is expected to close in the fourth quarter of 2014, subject to receipt of written approval by a majority of Taminco's shareholders, the receipt of regulatory approvals, the satisfaction of other customary closing conditions and assuming that the go-shop process does not result in an alternative superior proposal. In connection with the receipt of shareholder approval, Eastman has entered into a support agreement with affiliated investment funds of Apollo Global Management, LLC, who own a majority of Taminco's common stock, pursuant to which Apollo has agreed to act by written consent to approve the present offer from Eastman.

Kirkland & Ellis LLP acted as legal advisor to Taminco. Morgan Stanley & Co. LLC acted as financial advisor to Taminco and delivered a fairness opinion. Jones Day acted as legal advisor and Citigroup acted as financial advisor to Eastman.

Taminco is also cancelling its Investor Day, which had been previously scheduled for Monday, September 15, 2014.