(ZH) With ISIS Now Controlling 35% Of Syria And Most Of Its Oil Fields, Iraq


With ISIS Now Controlling 35% Of Syria And Most Of Its Oil Fields, Iraq Issues An Ultimatum To The US


 Remember when the extremist Al Qaeda spinoff ISIS (or, now known as Islamic State following the formation of its own caliphate in the middle of Iraq and Syria) was still a "thing" two weeks ago? In this case out of sight does not mean out of mind, and while the world has found a new story line to follow in the middle east with the war between Israel and Gaza, now in its 14th day - whenever it is not busy responding to emotional appeals about the MH 17 crash - ISIS has continued to expand and as Al Arabiya reports it "is now in control of 35 percent of the Syrian territory following a string of victories, the London-based Syrian Observatory for Human Rights said Friday."
What's more troubling is that ISIS holdings now include nearly all of Syria’s oil and gas fields. While these are hardly significant on a global scale, they certainly allow ISIS to preserve its self-sustaining and self-funding status.
One of the latest gains of the self-proclaimed “caliphate” was the seizure of the country’s biggest oil fields, in Deir el-Zour in eastern Syria, earlier in the week.

 

Deir Ezzor borders Homs province as well as Iraq, where the jihadist group has spearheaded a major Sunni militant offensive that has seen large swathes of territory fall out of the Baghdad government’s control.

 

Meanwhile, jihadists have killed 270 Syrian regime fighters, civilian security guards and employees since seizing a gas field in Homs province, the Observatory added, according to Agence France-Presse.

 

The London-based group described Thursday’s takeover of the Shaar field as “the biggest” anti-regime operation by the ISIS since it emerged in the Syrian conflict a year ago.

 

“Eleven of the dead were civilian employees, while the rest were security guards and National Defence Forces members,” he added.

 

A counter-attack by Bashar al-Assad’s forces on Friday left 40 ISIS militants dead, Abdel Rahman said.

 

The Syrian government did not officially confirm the deaths, but supporters of Assad posted photographs of the dead, and described their killings as a “massacre”.
Ironically, it only took ISIS a little over a month to take over Syria's energy infrastructure and cripple the Assad regime, something the US forces were unable to do last summer.  Perhaps it is time for the Pentagon to retain them, i.e., al-Qaeda 2.0, as mercenaries?
As for ISIS in Iraq, things continue to escalate and as the Institute for the Study of War reports, ISIS has placed IEDs in places such as Mada'in, Yusifiyah, and Mahmudiyah in the southern belts of Baghdad. Iraqi Shi'a militia executions inside Baghdad may increase in response to the VBIED wave in Shi'a neighborhoods on July 19. The deployment of volunteers from southern Iraq to Kirkuk province signifies the spread of their role to protect shrines in areas where ISIS is making advances. The reallocation of Iraqi security forces from Baghdad to Dhuluiya signals the real challenge that ISIS poses there.
ISW's conclusion is that ISIS may try to draw the ISF out of Baghdad in advance of more robust attackes there.
Visually, here are the latest areas of conflict in Iraq.
Perhaps sensing the fact that the tide of war may be shifting for the worse, Iraq has become increasingly more vocal in demanding US assistance and a few hours ago went as far as to issue an ultimatum on the US - help us now or we will find another bigger borther, one who will actually help us.
Bloomberg reports that earlier today, speaking at the Atlantic Council, the Iraqi Ambassador to U.S. Lukman Faily called for US air strikes warning that Iraqis are skeptical about U.S. intent to support Iraq in its fight against Sunni terrorist groups, and implicitly threatening that "other countries will step in to fill the vacuum if greater American support isn’t forthcoming."
Faily calls for U.S. air strikes to stop influx of terrorists from Syria, to target “terrorist camps,” and precision air strikes in urban areas “occupied by ISIL terrorists”
He also said that Iraq has chosen the U.S. as its preferred strategic partner, has bought >$10b in U.S. military equipment and plans "to buy billions more."
"If Iraqis do not believe meaningful U.S. assistance is forthcoming, they will not have enough incentives to adopt political reforms. Now more than ever the United States needs to be careful not to send mixed signals about its intentions. These mixed signals will create vacuum that will be filled by others."
Such as Russia?
As for Iraq, in the future pick better "preferred strategic partners."

(MergerMarket) Celanese ‘very active’ in M&A space; technology, customer service

Celanese ‘very active’ in M&A space; technology, customer services in focus 

Celanese (NYSE:CE), the Dallas, Texas-based technology and specialty materials company, is actively looking for acquisitions and will concentrate its efforts on technology and customer services, according to CEO Mark Rohr.

On Friday’s 2Q14 earnings call, Wells Fargo analyst Frank Mitsch asked about Celanese’s cash usage plans. Rohr said the company had an annual objective to repurchase at least USD 150m of shares, with just more than USD 100m made during the first half.

“When you go beyond that, we still have a good bit of cash on the balance sheet,” he said. “We're very active in the M&A arena, and are looking hard to find ways that we can supplement our portfolio in a very constructive fashion. So hopefully, as we get into this year, you'll see some of that and hear about some of those things.”

Later on the call, BofAML analyst Kevin McCarthy asked Rohr to comment on the type of M&A opportunities sought.

“We're looking for ways that we extend the reach of either our technology-based kind of businesses or our customer solutions kind of businesses,” the CEO replied. “We're very interested in the material space and expanding out in that, everything from biopolymers and cellulosics, through the composites, particularly in aerospace and automotive. [These are] areas that are really emerging areas for us and are really attractive. I think some of the derivatives around C1 chemistry are also pretty much of interest to us, and we're working hard in that area as well.”

Rohr added that while there was nothing to report at present, the team was “working like crazy” with commercial leaders to find good opportunities for its shareholders.

Separately, Morgan Stanley's Vincent Stephen Andrews asked the CEO if the company's sweetener business was core to its portfolio, with the analyst noting that WILD Flavors had recently sold for an attractive multiple relative to Celanese’s trading price. Rohr described Celanese’s unit as “a really interesting business,” which offered a unique perspective on chemical modification and end-market application.

“So that kind of model is an integral part of Celanese,” he added. “Having said that, we have strong ambitions for that business, and we're putting a lot of energy and effort into driving that. If it got to a point where someone else could drive that better, we'd certainly consider that. Right now, we think we're the right company to promote that technology and that brand, and I think inherently it's good for Celanese to have it in a portfolio.”

Celanese engineers and manufactures products for a range of end-use applications including: paints and coatings, automotive applications, performance industrial applications, paper and packaging, chemical additives, consumer and industrial adhesives, and food and beverage applications. The company’s products are organized into six segments: Engineered Materials, Cellulose Derivatives, Intermediate Chemistry, Eva Polymers, Emulsion Polymers and Food Ingredients. The latter includes the company’s Qorus Sweetener System and Sunett Sweeteners.

Celanese’s M&A efforts have been light in the past few years, although it has previously been active on both the buy and sell sides. In April this year, Celanese announced it would consider a joint venture for its Bishop, Texas-based ethanol unit, similar to a USD 800m project for its Clear Lake, Texas-based facility. In May 2013, Celanese formed a 50/50 JV with Mitsui & Co to manufacture methanol at the former’s plant in Clear Lake.

While financial advisory is typically handled in-house on both the buy and sell sides, the company used Dresdner Kleinwort for one of its largest disposals in the last decade. It has worked with numerous law firms during this time, including Germany's Hengeler Mueller for multiple European deals, while Bingham McCutchen was retained for the purchase of Ashland’s Polyvinyl acetate homopolymer and copolymer business in late 2011.

On the call, Celanese reported a cash balance at quarter-end of USD 1.1bn. The company has a market capitalization of USD 9.7bn.

>>> Vivendi considering relaunching GVT sale or merger with Tim

Vivendi considering relaunching GVT sale or merger with Tim Brasil; Moelis could be advising 

Vivendi, the listed French media and telecom group, is understood to be considering relaunching the sale of Brazilian mobile phone operator GVT, La Lettre de L’Expansion reported, citing no source.

The French-language weekly said Vincent Bollore, chairman of the Vivendi supervisory board, made the decision previously to review options for the business, which could be either sold directly or merge with Tim Brasil, the Brazilian unit owned by Telecom Italia. Tim Brasil is also known as TIM Participacoes.

According to the publication, Vivendi is in discussions to appoint Moelis & Company as the adviser on the sale.


Source La Lettre de l'Expansion

WSJ : Tiffany Taps Frederic Cumenal As CEO

Tiffany Taps Frederic Cumenal As CEO
Michael Kowalski to Retire in March After Leading Luxury Retailer Since 1999

Tiffany TIF -0.19% & Co. tapped its president, Frederic Cumenal, as its next chief executive as longtime leader Michael Kowalski plans to retire from the company next year.
Mr. Kowalski, who will continue as non-executive chairman of the board, is slated to retire March 31, 2015, with Mr. Cumenal assuming the role April 1.
Mr. Kowalski, 62, was named chief executive in 1999 and assumed the role of chairman in 2003. He first joined the company in 1983.
Since he took the helm of the luxury jewelry brand, Tiffany has seen its stock price rise from about $15 to Friday's close of $99.68.
In recent quarters, the company's results have reflected the brand's staying power through Mr. Kowalski's tenure, as the company's business has proved relatively stable amid a generally weak retail environment. In January, Tiffany said its holiday sales rose on growth in all its regions as other retails saw tepid results amid a harsh winter.
"I am immensely satisfied by what we have accomplished at Tiffany over the past 30 years, and I am confident that the company is superbly positioned for the future," Mr. Kowalski said.
While the outgoing chief was a Tiffany veteran when assuming the role, his successor is relatively new to the company. Mr. Cumenal joined Tiffany in 2011 to oversee sales and distribution, and went on to be appointed president and landed a spot on the board in 2013, making him a clear candidate to become the next CEO. Also that year, his responsibilities were expanded to include the design, merchandising and marketing functions.
Mr. Cumenal has a historic in luxury brands. He had come to Tiffany from the LVMHMC.FR +0.14% Group, the holding company for brands such as Louis Vuitton and Moet Hennessy, where he had been chief executive officer of Moet & Chandon, SA.

Fwd:(Oppenheimer) Starbucks: Still prefer SBUX over MCD

MCD continue to UP, MCD is reporting tomorrow before the open...


From: LAURENT CHEKROUN () At: Jul 18 2014 13:34:24
To: LAURENT CHEKROUN ()
Subject: Fwd:(Oppenheimer) Starbucks: Still prefer SBUX over MCD
Starbucks: Still prefer SBUX over MCD
Oppenheimer continues to favor SBUX (Outperform) over MCD (Perform) into next week's results and beyond. While MCD contains limited valuation risk, the Street's sales/earnings estimates through '15 appear too optimistic which could keep the shares restrained. SBUX still has significantly more slack in its model with new internal drivers, fewer external risks and "lower-than-usual" sales/earnings expectations through '15—which gives investors a better opportunity for upside. While SBUX's 24x forward P/E is richer, firm believes comps will remain above average and the stock will continue to grow into its expanding EPS skin.
  • SBUX is set to report 7/24 after the close
  • MCD is set to report 7/22 before the open

>>> Tencent QQ Wallet heating up competition in mobile payment market

--> Could be seen as -ve fpr Alibaba mobile payment solution as competition is heating up

Tencent's online payment service arm Cai Fu Tong recently teamed up with IM QQ to launch another payment service called QQ Wallet, which is expected to intensify competition in the mobile payment market that is currently shared by Tencent's WeChat payment service and Alibaba's Alipay Wallet, reports the Chinese-language Time Weekly.

The mobile payment service has exhibited great potential over the recent years. Chinese internet conglomerates Tencent and Alibaba dominate the market and command a sizeable client base.

The launch is being considered as Tencent's move to cannibalize market share from long-time rival Alibaba.

QQ Wallet hosted an event online during the World Cup, in which users could bet on the winning or losing teams of each game of the quadrennial competition. It was estimated that over 1 million users bet on the payment platform during the World Cup.

The development of mobile payment services in China has grown rapidly, particularly in first and second-tier cities. Consulting firm iResearch data showed that China's mobile payment market was worth 1.53 trillion yuan (US$248.3 billion) in the first quarter of this year, up by 112.7% from the earlier quarter.

China's largest online payment services, Cai Fu Tong and Alipay, have been battling in several areas. The competition ramped up after they launched their respective mobile payment services WeChat Wallet and Alipay Wallet.

But some people questioned whether Tencent will end up duplicating work for QQ Wallet since it already has the WeChat payment service.

Data showed that the number of active users on QQ is at least 80 million, while that of IM QQ is 550 million, with users being recruited from large to smaller cities and even the countryside.

In comparison, most of WeChat's users reside in large cities. In other words, QQ Wallet will help penetrate the market in the remote areas into which WeChat has not forayed.

It is expected that IM QQ and WeChat, which has 500 million users, and Alipay with its 400 million users, will become the dominating forces in the mobile payment market.

REuters - Malaysia Airlines flies over Syrian airspace - Flightradar24


(Reuters) - Malaysia Airlines re-routed a Kuala Lumpur-to-London flight over Syrian airspace on Sunday after its usual route over Ukraine was closed, flight tracking data showed on Monday.

Flightradar24 posted a flight map on its Twitter account on Monday showing the change in the flight's route. Flight tracking data showed this flight had previously crossed over eastern Ukraine. (To view the link: bit.ly/1wPJDUr)

After Malaysia Airlines' Flight MH17 was shot down last Thursday by a ground-to-air missile in eastern Ukraine, airlines began to avoid the airspace below which the Ukrainian military has been fighting with Russian-backed rebels.

On Friday and Saturday the Kuala Lumpur-London flight, MH4, had taken a different route over eastern Turkey, tracking data showed.

The change in route on Sunday highlights the challenge that airlines face in finding conflict-free passageways on the congested routes between Asia and Europe. Hundreds of flights routinely crossed over Ukraine before Thursday's incident, and it is not unusual for international airlines to overfly war zones such as Syria or Afghanistan.

The U.S. Federal Aviation Administration, whose regulations are among the world's strictest, "strongly discourages" U.S. operators from flying to, from or over Syria, according to a May 2013 notice on its website.

A spokesperson for Malaysia Airlines did not immediately respond to a phone call seeking comment.

>>> Allergan beats by $0.07, beats on revs; guides Q3 EPS in-line, revs in-line;

Allergan beats by $0.07, beats on revs; guides Q3 EPS in-line, revs in-line; raises FY14 guidance; guides FY15 EPS above consensus

Reports Q2 (Jun) earnings of $1.51 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus Estimate of $1.44; revenues rose 16.7% year/year to $1.86 bln vs the $1.77 bln consensus; total product net sales increased 15.9%.

Co issues in-line guidance for Q3, sees EPS of $1.44-1.47, excluding non-recurring items, vs. $1.45 Capital IQ Consensus; sees Q3 net product sales of $1.675-1.750 bln vs. $1.72 bln Capital IQ Consensus Estimate.

Co issues guidance for FY14, raises EPS to $5.74-5.80, excluding non-recurring items, from $5.64-5.73 vs. $5.71 Capital IQ Consensus; raises FY14 net product sales to $6.90-7.05 bln from $6.775-7.00 bln vs. $6.98 bln Capital IQ Consensus Estimate.
  • Total specialty pharmaceuticals net sales between $5,865 million and $5,975 million. Total core medical devices net sales between $1,010 million and $1,050 million. RESTASIS product net sales between $1,040 million and $1,070 million. BOTOX product net sales between $2,200 million and $2,280 million.
Co issues upside guidance for FY15, sees EPS of $8.20-8.40, excluding non-recurring items, vs. $6.86 Capital IQ Consensus.

Allergan estimates 2016 EPS at ~$10.00.

Additional strategic options are available including business development / acquisitions and capital return. Allergan reconfirms its aspiration of double digit sales growth across the strategic plan period (2014 through 2019), as the planned reductions in selling, general and administrative expenses and reduced focus on lower-value spend will have only a modest impact on the net sales growth.

Allergan will execute a restructuring in the remainder of 2014 that it estimates will deliver annual pre-tax savings of ~ $475 million in calendar year 2015 as compared to previously communicated 2015 expectations. Such savings will come from efficiencies and reductions in spend across the commercial organization, general and administrative functions, manufacturing and the research and development organization.