>>> Standard Chartered plc Saw difficult trading conditions in H1; Guides H1 gro


Standard Chartered plc Saw difficult trading conditions in H1; Guides H1 group income 'down by mid-single digits' y/y, Op profit -20% y/y

- CE: This has been a disappointing first half, with difficult trading conditions, particularly in financial markets. We are making good progress against our refreshed strategy and are taking the right actions in response to a challenging environment - managing costs very tightly, disposing of non-core businesses and optimising the deployment of capital. As we navigate this difficult period, we remain focused on the drivers of value creation for our shareholders, continuing to build our franchise to make the most of the enormous opportunities in our markets 
- Loan impairment is expected to be up by a high-teens percentage in the first half of 2014 in line with expectations. Asset quality remains good and, in line with previous guidance, we remain watchful in India and of commodity exposures. 
- Other impairment includes some US$75 million in relation to valuation impairment of certain strategic investments. 
- We continue to see growth in customer loans and advances, up by a low single digit percentage on the 2013 year end position. 
- Group RWA, on a Basel 3 basis, are expected to have grown by a mid single digit percentage since the start of the year. This is largely the result of the expected introduction of regulatory changes to risk models, in particular the change to Exposure At Default (EAD) calculations, and credit migration. Underlying RWA growth is expected to be largely offset by very good progress on RWA management initiatives.

(BFW) Amadeus in Talks With Low Cost Airlines to Join Its Platform

 BN 06/26 08:17 *AMADEUS CEO LUIS MAROTO SPEAKS IN MADRID
 BN 06/26 08:16 *AMADEUS IN TALKS WITH LOW COST AIRLINES TO JOIN ITS PLATFORM
 BN 06/26 08:16 *AMADEUS SEEKING TO INCREASE NUMBER OF SUPPLIERS ON ITS PLATFORM
Amadeus in Talks With Low Cost Airlines to Join Its Platform
2014-06-26 08:29:04.869 GMT


By Rodrigo Orihuela
     June 26 (Bloomberg) -- Amadeus seeks to increase number of
suppliers on platform, CEO Luis Maroto says.
  * Maroto speaks to reporters in Madrid today

Link to Company News:{AMS SM <Equity> CN <GO>}

For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}

To contact the reporter on this story:
Rodrigo Orihuela in Madrid at +34-91-700-9647 or
rorihuela@bloomberg.net

To contact the editor responsible for this story:
Charles Penty at +34-91-700-9654 or
cpenty@bloomberg.net

(BFW) Danone an M&A Target, Pepsi, Nestle Most Likely Bidders: Natixis

Danone an M&A Target, Pepsi, Nestle Most Likely Bidders: Natixis
2014-06-26 08:05:47.212 GMT


By Heather Burke
     June 26 (Bloomberg) -- Danone needs to have a sustained
improvement in EPS, ROIC, “risk profile” to ward off a
takeover bid, Natixis says, raises to buy vs neutral.
  * Raises PT ~38% to EU73 vs EU53, factoring in takeover of
    EU81, with chance of avoiding a purchase by “radical and
    value-creating change”
  * Takeover possible right now, discount on asset value 50%
  * PepsiCo, Nestle 2 most likely buyers
  * Shrs up as much as 3.4%, most since March, tops CAC 40

Kepler (hold):
  * CFO reiterated 2014 trading oper. margin forecast at capital
    mkts event, China dairy head said rebuilding on schedule
  * Co-CEO Faber made commitment to increase ROIC
  * Kepler sees medical nutrition unit being sold
  * Sees signs of “fundamental” change in attitude amid Europe
    restructuring, came away from event more positive on co.
  * Next catalyst: 1H earnings July 25



For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>

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

(BFW) Europe Equities Attractive vs Bonds, Sees PE Expansion: Goldman

Europe Equities Attractive vs Bonds, Sees PE Expansion: Goldman
2014-06-26 07:49:58.564 GMT


By Morwenna Coniam
     June 26 (Bloomberg) -- Equities still attractive vs
government bonds, credit due to low yields, Goldman says in
report; valuation based on normalized earnings below historical
averages.
  * Expects valuations to be a positive contributor to equity
    returns, though sees most of returns coming from earnings
    recovery
  * Sees P/E expanding to 15.4x by end 2016 as real cost of
    equity continues to come down
  * Says decline in cost of equity could be even larger if bond
    yields rise less than forecast

For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}

To contact the reporter on this story:
Morwenna Coniam in Hong Kong at +852-2977-6612 or
mconiam@bloomberg.net

To contact the editor responsible for this story:
Roger Neill at +44-20-7673-2867 or
rneill3@bloomberg.net

>>> Philip Morris International Lowers FY14 $4.87-4.97 v $5.18e (prior $5.09-5.1


Philip Morris International Lowers FY14 $4.87-4.97 v $5.18e (prior $5.09-5.19) - Investor Day

- CEO: We continue to face significant currency headwinds, an improving but weak macro-economic environment in the EU and known challenges in Asia, partly offset by a robust performance in a number of markets and the contribution of our business development initiatives. Furthermore, we have recently witnessed significant price discounting at the low end of the market in Australia which, were it to persist, could lead us to be at the lower end of our 2014 guidance for full-year currency-neutral adjusted diluted EPS growth of 6%-8%

>>> Mothercare shares gain on vague private equity bid chatter, may cut up to 50

Mothercare shares gain on vague private equity bid chatter, may cut up to 500 jobs 

Mothercare shares gained yesterday, 25 June on vague talk of a bid from private equity for the listed UK-based children's clothing retailer, The Daily Mail reported. The newspaper’s market report section did not cite a source for the rumour.

The item also mentioned speculation that Mothercare might cut up to 500 customer service jobs.

Mothercare’s share price closed 9p up at 225p in London yesterday, giving the company a market capitalisation of GBP 199m (EUR 247m).


Source Daily Mail

(BFW) LSE to Buy Frank Russell for $2.7b Cash, Plans Rights Offer

 BN 06/26 06:51 *LSE: RUSSELL INDEX OPS ACCRETIVE FROM YR 2 ON STANDALONE BASIS
 BN 06/26 06:51 *LSE: RUSSELL PRESIDENT AND CEO BRENNAN WILL JOIN EXEC COMMITTEE
 BN 06/26 06:50 *LSE TO START REVIEW OF RUSSELL INVESTMENT MGMT OPS
 BN 06/26 06:50 *LSE SEES ANNUAL RUN-RATE COST SYNERGIES OF $78M BY END YR 3
 BN 06/26 06:50 *LONDON STOCK EXCHANGE RIGHTS ISSUE EXPECTED TO LAUNCH IN SEPT.
 BN 06/26 06:48 *LSE: ARD $1.1B FINANCED FROM EXISTING, NEW BANK DEBT FACILITIES
 BN 06/26 06:48 *LONDON STOCK EXCHANGE PROPOSES TO BUY FRANK RUSSELL FOR $2.7B
BFW 06/26 06:48 *LSE BUYS FRANK RUSSELL FOR $2.7B CASH, PLANS RIGHTS OFFER
 BN 06/26 06:48 *LSE: AROUND $1.6B TO BE FINANCED FROM PROCEEDS OF RIGHTS ISSUE
 BN 06/26 06:47 *LSE DEAL EARNINGS ADDING IN FIRST FY ON AGGREGATE BASIS
 BN 06/26 06:46 *LSE LSE CASH CONSIDERATION OF US$2,700M
 BN 06/26 06:46 *LSE LSE PURCHASE OF FRANK RUSSELL AND RIGHTS ISSUE
 BN 06/26 06:46 *LSE LSE PURCHASE OF FRANK RUSSELL, RIGHTS ISSUE
LSE to Buy Frank Russell for $2.7b Cash, Plans Rights Offer
2014-06-26 06:52:02.945 GMT


By James Ludden
     June 26 (Bloomberg) -- LSE’s largest acquisition to date.
  * LSE says $1.6b of payment to be financed by rights offer in
    Sept.
  * Sees “highly attractive” financial returns
  * Earnings accretive in first full year on aggregate basis
  * NOTE: Talks announced in May {NSN N5I1UY6TTDSD<Go>}

Link to Statement:{NSN N7RK5G3HBS3K <GO>}
Link to Company News:{2142Z US <Equity> CN <GO>}
Link to Company News:{LSE LN <Equity> CN <GO>}

For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net

(BFW) Iliad Buying Bouygues Telecom Most Likely French Tieup: SocGen

Iliad Buying Bouygues Telecom Most Likely French Tieup: SocGen
2014-06-26 06:06:11.224 GMT


By Morwenna Coniam
     June 26 (Bloomberg) -- Merger of Bouygues Telecom and Iliad
most realistic scenario for consolidation in French telecom
market, SocGen says in note.
  * Regulatory hurdles should be easily surmountable, merging
    fixed and mobile networks should deliver tangible synergies
  * Estimates Bouygues Telecom’s value in EU5.1b to EU7.4b range
  * As Iliad would likely struggle to fund a deal in debt only,
    est. EU1.1b capital increase would be needed
  * Sees little or no industrial rationale in alternative
    scenario of Bouygues Telecom being acquired by Orange; sees
    competition issues
  * Consolidation scenario fully priced in for Bouygues, cuts
    2014/15 EPS ests., raises PT to EU29 vs EU21: SocGen
  * Rates Bouygues sell, Iliad buy
  * NOTE June 10: Iliad’s Bid for Bouygues Telecom Said to
    Stumble Over Price Gap
  * NOTE: Telecoms accounted for 13.9% of Bouygues rev. in 2013:
    Bloomberg data

For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>

To contact the reporter on this story:
Morwenna Coniam in Hong Kong at +852-2977-6612 or
mconiam@bloomberg.net
To contact the editors responsible for this story:
Clyde Eltzroth at +1-212-617-1879 or
celtzroth1@bloomberg.net;
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
Roger Neill, Morwenna Coniam

>>> What to look at today - 26/06/2014

US Market CLosed Higher despite disappointing Q1 GDP Revision, Healthcare was strong with AbbVie & Shire Outperforming, consumer discretionary sector (+0.8%) lagged in the early going, but elbowed its way to the top of the leaderboard with help from media names after the Supreme Court ruled that start-up streaming service Aereo violated broadcaster copyright laws. CBS (CBS 62.48, +3.64) surged 6.2%, while Comcast (CMCSA 53.21, +0.57) and Disney (DIS 83.90, +1.22) advanced 1.1% and 1.5%, respectively...financials lagged...consumer staples sector spent the entire session climbing off lows, but still ended in the red (-0.1%) as General Mills (GIS 51.76, -1.94) weighed after reporting disappointing earnings...Volume in line with previous day still on the light side @ 650mil shares...VIX @ 11.59 -4.45%...After Hours CIDM -20.7%, BBBY -7.2%, MLHR -4.6%, FUL -1.7%, CWST -0.4%...Overnight, Beijing formally announced the start of major infrastructure projects in central and western China, shifting the focus of "targeted stimulus" to an area where wage costs are lower...Nikkei +0.33%...Hang Seng +0.89%...Shanghai +0.62%...


Eur$ 1.3638 S&P +0.6% EuroStoxx +0.28% FTSE +0.14% DAX+0.23% SMI +0.10%

Macro
- Iran Secretly Sending Drones, Supplies into Iraq: New York Times
- China Auditor Finds $15 Billion of Loans Backed by Falsified Gold Trades {NSN N7RD3S6JTSEH <go>}
- Paulson’s Puerto Rico Paradise Lures Hedge-Fund Traders Fleeing U.S. Taxes {NSN N7QXFI6KLVR4 <go>}

Keep an eye on :
- ABI BB : AB InBev/SABMiller Deal Likely in 6-18 Months, Citi Says {NSN N7RGZ26JTSEH <go>}
- AF FP : Air France to Review Short-Haul Options Following Internal Study, has make no decision on Alitalia, could increase stake after Ethiad Deal. (Interview French Radio)
- AZN LN : AstraZeneca Cancer Drug Fails to Win FDA Panel’s Backing
- BALSN SW : Basilea Reports Start of Phase 2a Study With Oncology Drug
- BARC LN : Barclays Dark Pool Said to Face N.Y. State Lawsuit
- GBF GY : Bilfinger Turns to Industrial Deals After Sealing U.K. Takeovers
- BC IM : Brunello Cucinelli Shifts Company Stake to Trust: Reuters {http://reut.rs/1v81AN0}
- BNP FP : BNP May Face Yr-Long Ban on Dollar Clearing, Reuters {http://reut.rs/1lfeenN}
- BT/A LN : BT Has Potential to Rerate Further, Credit Suisse Says
- BPTY LN : Bwin.Party Online Casino Said to Weigh Sale Among Other Options {NSN N7R0A06S972N <go>}
- ACA FP : Could be interested in participating in capital increase of Cajamar, the spanish rural savings bank - Expansion
- CLN VX : Clariant Targets Ebitda Margin Ex Items Above Last Yr’s 14.1%, to Increase Capacity at German Plant by 50%
- DANSKE DC : Danske Bank CEO Wants to Double Swedish Mkt Share, SvD Reports
- BN FP : Danon-Volga to be put up for sale by Danone - Kommersant, Vedomosti (Small)
- DLG GY : Dialog Considering SF4.2b Merger With AMS: Financial Times
- DTE GY : Deutsche Telekom to Keep Investing in U.S., Boerse Online Says
- DUFN VX : Dufry to Raise Up to CHF725m to Pay for Nuance Acquisition
- GLEN LN : Glencore CEO Says Has Confidence in Copper on Lack of New Mines
- HBH3 GY : Hornbach 1Q Ebit Rises 71% to EU87.3m; Reiterates Outlook
- KMR LN : Iluka Resources Makes Approach to Kenmare to Add Mozambique Mine {NSN N7RFYZ6JTSEF<Go>}
- KRN GY : Krones Confirms Targets 2014
- LUN DC : Lundbeck: Study Results Demonstrate Brintellix Is Efficacious
- NOVN VX : Novartis Sues Mylan Over Patents for Exjade Iron-Control Drug
- OMV AV : OMV on radar of Gazprom as IPIC seeks exit - Der Kurier
- UG FP : Peugeot to Seek New Competitivity Accord in 2016, Echos Says
- RLIA SM : Colonial makes bid for Realia (~€600m-->+32% premium vs yest close)- El confidencial
- RBS LN : RBS Said to Begin Talks That Could Sever Ties With Deloitte: Sky
- REP SM : Diamondback Energy Jumps After Report of Possible Repsol Bid
- SAABB SS : Saab could announce ThyssenKupp Marine Systems buy within days - Dagens Industri
- SAB LN : AB InBev/SABMiller Deal Likely in 6-18 Months, Citi Says
- SAN FP : Said to be in early stages of mulling the sale of certain older drugs from portfolio
- SAZ GY : Stada, Labor Union Fight Over Longer Working Hours, FAZ Reports
- SHP LN : Shire Holders Advised to Take No Action on AbbVie Proposal
- TFG NA : Tetragon Financials Reports May NAV $16.92/share