(BFW) Brunello Cucinelli 1H Prelim. Rev. Beats Ests.


Brunello Cucinelli 1H Prelim. Rev. Beats Ests.
2014-07-17 15:41:05.203 GMT


By Heather Burke
July 17 (Bloomberg) -- Brunello Cucinelli 1H rev. EU175.8m,
est. EU174.3m (median of 6).
* 1H sales up 13% constant FX
* 1H Italy sales up 0.2%, North America up 18%

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To contact the reporter on this story:
Heather Burke in London at +44-20-7673-2044 or
hburke2@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net

Reuters - Shire, AbbVie to announce $53 billion merger by Friday: sources

Shire, AbbVie to announce $53 billion merger by Friday: sources

(Reuters) - Shire Plc and U.S. drugmaker Abbvie Inc plan to announce a $53 billion merger as soon as Friday morning, two people said on Thursday.

Dublin-based Shire, which sells drugs for rare diseases, said earlier this week it was ready to recommend a deal to shareholders after AbbVie increased its offer.

AbbVie, which is based in Chicago and makes top-selling arthritis drug Humira, boosted its bid for Shire to 53.20 pounds per share on Sunday. Shire has rejected four previous bids.

The people cautioned the deal could still take longer to complete and the deadline for an offer could be extended.

Under British takeover rules AbbVie has until July 18 to announce a firm offer for Shire, extend the deadline for an offer, or walk away.

AbbVie is eager to buy Shire both to reduce its U.S. tax bill by moving its tax base to Britain - a tactic known as inversion - and to diversify its drug portfolio. AbbVie currently generates nearly 60 percent of its revenue from Humira, the world's top-selling medicine, which loses U.S. patent protection in late 2016.

AbbVie's move is the second attempt by a U.S. drugmaker to buy a London-listed rival after Pfizer Inc's $118 billion pursuit of AstraZeneca Plc failed in May over price.

Reuters reported on Saturday that Shire had asked AbbVie to sweeten its offer to near 53 pounds per share so it could recommend the deal. Shire confirmed the news on Monday.

Representatives for Shire and AbbVie declined to comment.

>>> Gulf Keystone's outlook stronger in Kurdistan despite Iraq turmoil

Gulf Keystone's outlook stronger in Kurdistan despite Iraq turmoil

Gulf Keystone [LON:GKP] has the best asset in Kurdistan and the semi-autonomous region is now “looking much better,” Chairman Simon Murray said at the company’s AGM in Paris today, 17 July. Current political instability in Iraq has left Kurdistan in a more stable position, Murray told shareholders.

Iraq's turmoil has had the effect of strengthening Kurdistan’s autonomy and has been largely beneficial to the company, officials said. Still there has been some negative impact. In June there was no production for a few days due to an absence of police in the area, according to the group’s Chief Executive John Gerstenlauer. Some local villagers “came by to see if we wanted to share money or other things with them,” he said.

While investors voted in favour of all resolutions, 33% of shareholders voted against a long-term incentive plan, while 21.59% of investors voted against the directors’ remuneration package.

Minutes before today’s meeting, the company announced that founder and CEO Todd Kozel would not seek re-election to the board as an executive director, and would instead take a more minor role. Bowing to shareholder pressure, Kozel had previously announced he was stepping down as CEO. Major investors, such as M&G and Capital have been critical of Kozel’s remuneration and personal expenses when the company has been loss making.

COO Gerstenlauer was appointed chief executive during the meeting. The group has been without a CFO since Ewen Ainsworth departed in June. Four non-executive directors have also left the group in the past month.

The group’s cash flow issues have been largely resolved, said Murray. Exports had previously been hampered by Iraq’s national government’s attempts to stop oil being exported from Kurdistan. Since December 2013, the company has been exporting crude oil by truck through Turkey.

The group is producing between 21,000 and 25,000 barrels of oil per day (bopd) with total production of more than 4m barrels at its Shaikan oil field. The group has a target of 40,000 bopd by the end of 2014, and aims to produce 66,000 bopd in around 24 months. The company will look to hit a 100,000 bopd in the second half of 2017, Gerstenlauer said.

Gulf Keystone shares closed on Thursday at GBp 89, giving it a market capitalization of GBP 804.48m.

>>> Google Conference Call Highlights

Google Conference Call Highlights 

The prepared remarks of the call pretty much stayed to what was announced in the press release but Q&A provided some more color. Here are some of the initial highlights.
- Google noted that it saw a recovery in the UK. UK had a tough YoY comp in Q1 but not as tough in Q2 so UK saw a nice bounce back this quarter.
- Google Play margin opportunity? Has come from nowhere. Google gave away $5 bln to developers so that shows GOOG is benefiting as well.
- App indexing -- clearly this is an area of focus
- New screens for Android (watches etc.)? need to take a longer view, every screen has its own OS. Android is doing a good job at providing seamless experience, helping users move from one screen to others, there is a tremendous opportunity here.
- Retail was a strong vertical in the quarter. Google shopping express—users are delighted with the product
- Added 2,400 employees, highest headcount in a while, mostly in engineering and product management.
- Smartphone penetration? There is a long runway here, businesses are getting more serious about it, will monetize better than desktop over the long term.

>>> Celanese - Reports Q1 $1.47 v $1.23e, R$1.77B v $1.72Be; Raises FY14 EPS gro

Reports Q1 $1.47 v $1.23e, R$1.77B v $1.72Be; Raises FY14 EPS growth to 15-17% from 12-14% 

- Outlook: "Our excellent performance through the first six months of the year gives me confidence that we can generate adjusted earnings per share growth in the range of 15 to 17 percent in 2014... We now increase our focus on the Celanese-specific initiatives for 2015 that will help offset the expected headwind related to the expiration of a methanol co ntract in mid-2015."


--> +3,48% in after hours

FT : Netanyahu orders Gaza ground offensive

Netanyahu orders Gaza ground offensive

A Palestinian woman reacts next to debris in her house, which police said was targeted in an Israeli air strike, in Gaza City July 17, 2014. Israeli shelling killed four Palestinian boys on a Gaza beach on Wednesday, an incident the military called tragic, and Israel and Hamas said they would cease attacks for five hours on Thursday for a humanitarian truce requested by the United Nations. Palestinian militants fired more than 130 rockets into Israel on the ninth day of a war in which Israeli attacks have killed 216 Palestinians, including six in two air strikes on Wednesday. Most of the casualties were civilians, health officials in Gaza said. In Israel, a civilian has been killed by one of more than 1,000 Palestinian rockets fired and more than half a dozen people have been wounded. REUTERS/Mohammed Salem (GAZA - Tags: POLITICS CIVIL UNREST CONFLICT)©Reuters
A woman looks at debris in her house, which police said was targeted in an Israeli air strike, in Gaza City
Israel said on Thursday evening that it had launched a ground operation in the Gaza Strip, escalating its 10-day-old war with Hamas into a new phase that it said it might expand even further if need be.
The Israeli military bombarded the northern Gaza Strip in attacks that lit up the night sky as naval vessels fired at the Palestinian territory from the sea.

The escalation came after a brief five-hour humanitarian pause in fighting on Thursday, which was followed by a return to heavy Israeli shelling that health officials said killed five children and pushed the death toll from Operation Protective Edge above 235.
Israel withdrew from Gaza in 2005, and its decision to move troops into the territory for the first time since 2009 came after intense domestic pressure on Prime Minister Benjamin Netanyahu to launch a ground war to stop rocket fire into Israel from Hamas and other militant Palestinian factions. On Thursday evening, Gaza militants fired more rockets into Israel, sending sirens sounding in Tel Aviv and other cities in Israel’s coastal heartland and south.
Israeli military experts say that a ground operation would be necessary to root out the militants’ extensive tunnel and bunker systems. On Thursday morning, the Israel Defence Forces said it had foiled an attempt by 13 Hamas fighters to enter a border area near a kibbutz via a tunnel burrowed under the buffer zone.
“We started a ground operation against the tunnels – the sort of tunnel we saw this morning,” a senior Israeli official said. “The army is ready if need be to expand the ground operation.”
Five more Palestinian children were killed on Thursday as a result of Israel’s military operations, health officials there said, as the two sides intensified their hostilities.
Gaza health officials said that three children were killed in an Israeli air strike in south Gaza City. Al-Aqsa television broadcast footage of the children’s bodies on display alongside weeping relatives.
A four-year-old girl was also reported killed by a second air strike in Khan Younis in the southern Gaza Strip, and a fifth child died from injuries sustained earlier this week, officials said. According to Unicef, the UN children’s agency, at least 48 children have now died during the Israeli operation, dubbed Protective Edge, aimed at weakening the militant group Hamas.
The deaths came a day after four boys were killed in Gaza City’s port in a beachfront air strike witnessed by several journalists that produced gruesome images broadcasted around the world. The boys’ deaths intensified international calls for a ceasefire.
Both Israel and Hamas agreed to hold fire during Thursday’s “humanitarian window”, but Israel’s military said that Gaza militants fired mortars into the southern border region during the pause, and later barraged southern and central Israel with rockets that caused sirens to sound in several cities.
After 3pm Israeli drones returned to the skies over Gaza as its military resumed heavy bombardment.
During the 10am-3pm pause in fighting, the UN and other aid agencies set to work repairing Gaza’s damaged water and power facilities, while Palestinians emerged from houses or makeshift shelters to shop or withdraw money from automatic teller machines.

The International Committee of the Red Cross said that during the pause it had fixed a water pipeline, serving 150,000 people, that had been contaminated by sewage.
Several municipal workers in Gaza have been killed in Israeli strikes during Operation Protective Edge over the past week, the UN and ICRC said, causing others to stay home from work and the territory’s water utility to suspend activities.
Gaza’s public services were in serious crisis before the war began; over the past week, humanitarian organisations warned that without repairs to its water system, some taps in Gaza would run dry.

The UN’s Palestinian refugee agency, UNRWA, said that it found 20 rockets stashed by militants during an inspection of one of its empty schools in Gaza.
The agency employs tens of thousands of Palestinians in Gaza and the West Bank and is a frequent target of criticism by rightwing Israeli politicians. It said it “strongly condemned” the incident. Israel has accused Hamas and other militant groups of using civilian buildings to conceal military operations, while Israel has been accused of targeting civilians.
Israel and Hamas both denied reports of progress in talks to agree a ceasefire that would end the violence, which is their third conflict since 2008.
“The diplomatic effort continues, and we’re not there yet,” said an Israeli official. Israel wants to see a diplomatic solution that would involve Palestinian President Mahmoud Abbas, whose Fatah movement formed a unity government with Hamas last month, as a partner.
Mr Abbas held talks in Cairo with representatives of Hamas and fellow militant group Islamic Jihad. “There has been talk about details of a ceasefire or the aftermath of a ceasefire, but so far nothing has materialised,” a Palestinian official said, adding that Mr Abbas would visit Turkey and the Gulf in his diplomatic push.
Hamas and Islamic Jihad have set a series of conditions for a ceasefire, including the release of Hamas detainees rounded up after three Israeli teenagers were kidnapped and killed. They also want Israel to lift controls on the import of goods into Gaza, and to put the Rafah border crossing with Egypt under international supervision.

>>> Cheniere Energy and Electricite de France sign 20-year LNG sale and purchase

Cheniere Energy and Electricite de France sign 20-year LNG sale and purchase agreement  

Co announced that its subsidiary, Corpus Christi Liquefaction, has entered into a liquefied natural gas ("LNG") sale and purchase agreement ("SPA") with Électricité de France, S.A. ("EDF") under which EDF has agreed to purchase approximately 0.38 million tonnes per annum ("mtpa") of LNG upon the commencement of operations of Train 2 of the LNG export facility being developed near Corpus Christi, Texas, and increasing to approximately 0.77 mtpa of LNG upon the commencement of operations of Train 3. The Corpus Christi Liquefaction Project is being designed and permitted for up to three trains, with aggregate design production capacity of 13.5 mtpa of LNG.

Under the SPA, EDF will purchase LNG on a free on board basis for a purchase price indexed to the monthly Henry Hub price plus a fixed component. LNG will be loaded onto EDF's vessels. The term of the SPA will extend for twenty years beyond the date of first commercial delivery of the third train of the Corpus Christi Liquefaction Project, with an extension option of up to ten years. Deliveries from Train 3 are expected to occur as early as 2019.

>>> IBM: Initial notes from ongoing earnings conference call

IBM: Initial notes from ongoing earnings conference call 

IBM mgmt notes modest sequential improvement in growth markets.
Operating margin improved modestly while gross profit is flat; saw margin improvement in global financing, offset by declines in global business and systemes & tech.
Notes gross margin +50 bps, pre-tax margin +70 bps, net income margin +50 bps.
Continue to make investments in mobility, cloud.
Continue to expect to deliver at least $20.00 of Operating EPS in 2015.
IBM is trading -1.3% in after-hours at 189.97.

WSJ: Malaysia Airlines Plane Was Hit by Surface-to-Air Missile, U.S. Officials S

Malaysia Airlines Plane Was Hit by Surface-to-Air Missile, U.S. Officials Say
Airline Confirms It Lost Contact With MH17 Over Eastern Ukraine

The site of the Malaysia Airlines plane crash near the village of Grabovo, Ukraine, on Thursday. Associated Press
A Malaysia Airlines 3786.KU -2.17% plane carrying 295 passengers and crew came down Thursday while flying over the battle-torn east Ukraine region of Donetsk, after it was hit by what U.S. intelligence agencies said was a surface-to-air missile.

The intelligence sources didn't say whether the missile was fired by Ukrainian forces or pro-Russia separatist rebels.

Malaysia Airlines said contact was lost with Flight 17 about 50 kilometers (30 miles) from the Russia-Ukraine border. The Boeing BA -1.21% 777 departed from Amsterdam around noon on Thursday and was due to arrive in Kuala Lumpur early Friday.

Ukraine's state air-traffic control service confirmed the flight had crashed and said a special investigation commission has been rushed to the scene.

The plane went down near the village of Hrabove in the Donetsk region while flying at a height of about 10,000 meters (32,800 feet), according to Anton Gerashchenko, an adviser to Ukraine's Interior Ministry.

The crash immediately sparked speculation about the cause. For months, Ukrainian forces have been trying to subdue pro-Russia separatists who seized towns across the region in April and declared an independent republic. The fighting escalated this week when Ukrainian authorities reported that one of its military cargo planes and one of its military fighter jets had been downed in the area.

The disaster comes as a new trauma for Malaysia Airlines, the carrier already at the center of a global mystery over the disappearance of one of its flights in March, another Boeing 777 that went missing en route from Kuala Lumpur to Beijing.

Footage captured by locals from the wreckage site showed a massive grey plume of smoke emerging from a field before sunset. Subsequent images pictured Ukrainian emergency forces hosing down the wreckage, as well as passports, tickets and pieces of bodies found in tact near the crash site.



The war of accusations kicked off immediately after the crash. In a phone call with The Wall Street Journal, Mr. Gerashchenko alleged that pro-Russia rebels had set up a ground-to-air missile battery near the Russian border by the town of Snizhne.

"They clearly thought that it was a military transport plane that they were shooting at," he said. "They were the ones who did this." His claims couldn't be verified.

In a Facebook post, Mr. Gerashchenko alleged that the separatists had obtained a Buk surface-to-air missile system that he said locals saw them parading near the towns of Snizhne and Torez during the day on Thursday. He said a convoy with the anti-aircraft missile was seen heading toward Shakhtarsk, a town not far from the crash site, about an hour before the plane went down late Thursday afternoon.

In late June, separatist leaders told the Russian news outlets RIA Novosti and Interfax that they had taken control of a Ukrainian air-defense base near the village of Oleksiivka equipped with Buk missiles. The Donetsk People's Republic also posted a photo of the missiles, sometimes known as Gadfly systems, on its official Twitter feed at the time, declaring a victory in having seized the weaponry.

But on Thursday, separatist leaders denied that they had surface-to-air missiles such as the Buk system that were powerful enough to shoot down a Boeing 777 flying at such a height.

Sergei Kavtaradze, one of the leaders of the separatist Donetsk People's Republic, accused Ukrainian forces of having shot down the plane.

"The plane was shot down by the Ukrainian side," he told the Interfax news agency. "We simply don't have those kind of air defense systems."

Ukraine's president and prime minister didn't immediately assign blame for the incident.

Prime Minister Arseniy Yatsenyuk ordered a special investigation into the crash, as well as the downing of a Ukrainian AN-26 military cargo aircraft and a Ukrainian SU-25 fighter jet in the same area earlier this week.

"This is the third tragic incident in recent days after the AN-26 and SU-25 were shot down," Ukrainian President Petro Poroshenko said in a statement. "We can't rule out that this plane was also shot down, but we underscore that the Ukrainian armed forces were not carrying out any actions to strike airborne targets."

If a passenger jet was shot down over Ukraine, attackers would have had to use a sophisticated surface-to-air missile system, not the shoulder-fired weapons that are more accessible and easier to use.

Those weapons, nicknamed manpads, have been used in attacks against commercial aircraft in the past. But their rangedoesn't approach the 30,000-foot cruising altitude of passenger jets.

The Federal Aviation Administration said that Ukraine had advised pilots on Monday not to fly over the conflict zone in eastern Ukraine at altitudes between 26,000 and 32,000 feet—a height that Flight 17 appeared to have been exceeding before it crashed.

Under a codeshare agreement between Malaysia Air and the Dutch airline KLM, the downed flight was also flying as Flight KL4103. Dutch public broadcaster NOS reported that at least 55 Dutch citizens were on board the plane, based on early estimates of domestic travel agencies. Relatives of passengers gathered late Thursday at a restaurant in Amsterdam's Schiphol Airport to be briefed by officials. The people were escorted by security officers and couldn't be approached for comment.

French Foreign Minister Laurent Fabius said at least four French citizens were on board Flight 17. Air France, AF.FR -1.45% KLM, Lufthansa LHA.XE -2.37% and Air India announced that they would no longer route planes over the contested regions of eastern Ukraine. The FAA said U.S. airlines had also agreed to avoid the region.

Mr. Poroshenko expressed condolences to the relatives of those killed and said Ukrainian authorities were engaging in all possible rescue efforts.

Russian President Vladimir Putin expressed his sympathies to the prime minister of Malaysia for the crash over Ukrainian airspace, according to a statement published on the Kremlin's website.

"The Russian head of state asked to convey his most sincere words of sympathy and support to the families and friends of the victims," the Kremlin said. In 2001, the Ukrainian military mistakenly shot down a commercial passenger jet that was en route from Tel Aviv to Novosibirsk with a land-to-air missile that was fired during a military exercise. All the 66 passengers and 12 crew members on board the plane were killed in the blast.

In Malaysia, Prime Minister Najib Razak expressed shock and said the government was launching an immediate investigation into the incident.