TheChek News Flow

Former Fed Chair Bernanke: Sees some progress in US economy - global financial markets fourm

- Sees FY14 US GDP around 3%
- US household weath has recovered from crisis

The Walt Disney Company (DIS) and DISH Network Corporation (DISH) announce a groundbreaking, long-term, wide-ranging distribution agreement that will provide DISH customers with access to Disney's robust line-up of top quality sports, news and entertainment content across televisions, computers, smartphones, tablets, gaming consoles and connected devices.

The renewal agreement supports the companies' mutual goal to deliver the best video content to customers across multiple platforms by strengthening the value of the multichannel video subscription today and by creating the opportunity for DISH to deliver new services in the future.

The extensive and expanded distribution agreement grants DISH rights to stream cleared linear and video-on-demand content from the ABC-owned broadcast stations, ABC Family, Disney Channel, ESPN and ESPN2, as part of an Internet delivered, IP-based multichannel offering.

Additionally, for the first time, DISH customers will be able to access Disney's authenticated live and video-on-demand products, including Watch ESPN, WATCH Disney, WATCH ABC Family and WATCH ABC using Internet devices in the home and on the go.

The agreement will result in dismissal of all pending litigation between the two companies, including disputes over PrimeTime Anytime and AutoHop.

As part of the accord, DISH will disable AutoHop functionality for ABC content within the C3 ratings window.

The deal also provides a structure for other advertising models as the market evolves, including dynamic ad insertion, advertising on mobile devices and extended advertising measurement periods.

The state shareholder wants a 30% reduction of paychecks

Lundin Petroleum AB Issues drilling update: the exploration drilling of the Balqis prospect in the Baronang PSC, Natuna Sea, Indonesia has been completed

- Preliminary analysis of wireline logs indicates that the well encountered the targeted Oligocene Upper and Lower Gabus Formation sandstone in well developed reservoirs but no hydrocarbons were encountered. The Balqis-1 well reached
basement at a total depth of 2,109 metres below mean sea level (MSL).
- The lower section of the Balqis-1 will now be plugged and abandoned and the drilling of the Boni-1 exploration side-track well will commence below the Balqis-1 9 5/8" casing shoe.
- The Boni-1 side-track well will test the stratigraphic on-lap play of the Lower Gabus Formation sandstones against the Basement approximately 800 metres to the west of the vertical Balqis-1 well. Lundin Petroleum estimates the Boni rospect to have the potential to contain unrisked, gross, prospective resources of 55 million barrels oil equivalent (MMboe). The planned total vertical depth is 2,300 metres below MSL and the drilling is expected to take
approximately 5 days.
- Nido Petroleum Limited exercised its option in accordance with the farm-in agreement to increase its participating interest from 10 percent to 15 percent in the Baronang PSC on the 24th February 2014. The five percentage point increase remains subject to governmental approval.

Meggitt Plc Reports FY13 adj PBT £377.8M v £366.0M y/y; Rev £1.64B v £1.65Be

- Final dividend £0.1275 v £0.1180 y/y.

- Net debt reduced by £78m. The net debt/EBITDA ratio (as calculated on a covenant basis) is 1.2x v 1.3x y/y.

- Total R&D expenditure increased to £134.9m v £122.0m y/y reflecting strong win rate on new programmes.

- Comment: he Group achieved continued growth in revenue and underlying profit despite some operational and end market-related challenges. The Meggitt Production System, launched in 2013, has made an excellent start, and we are already starting to see improvements in quality and delivery in a number of our businesses. We have emerged from an intensive bid cycle resulting in technology sales into a significant number of new aircraft programmes. Many involve a full suite of Meggitt capabilities, exceeding the shipset content of their predecessors, and the resulting high level of investment in product development and capacity expansion will serve to deliver further good growth in 2014 and beyond. As a sign of our continuing confidence in the prospects for the Group, we are recommending an increase in the full-year dividend of 8%

Fresnillo PLC Reports FY13 Net $261M v $855M y/y; PBT $419M v $1.18B y/y; Rev $1.62B v $2.16B y/y

- Attributable gold production decreased by 10.0% to 425,831 ounces as a result of disrupted operations at Herradura District
- Investment in exploration totalled US$233.3 million resulting in 5.0 and 5.2 per cent increase in total silver and gold resources mainly at San Julin, Centauro Deep, Noche Buena and in the Cinega District.
- Gold and silver reserves declined by 14.5 and 4.3 per cent due to: i) lower prices used (Ag:US$19.5/oz, -27.8%; Au:US$1,250/oz, -10.7%); ii) change to more conservative open pit mine designs; and iii) use of 2012 Edition of the JORC code, a more prudent methodology
- Recommends a special and one-off dividend of US$50.1 million, equivalent to 6.8 US cents per share.

- CEO: Gold production declined as a result of the legal proceedings which halted operations at Soledad-Dipolos and, triggered the suspension of the use of explosives at Herradura. This, combined with lower precious metals prices, impacted our financial results. Nevertheless, our cost reduction initiatives, extensive exploration efforts and focus on operational excellence means we remain well placed to continue to create value for our stakeholders through the cycle as evidenced by today's recommendation of the special dividend. We look forward to making further progress towards our long-term goals in 2014.

2014 Outlook
- We expect attributable silver production to remain stable at 43 moz, including Silverstream. Attributable gold production is expected to rise to 450,000 oz as a result of resumed operations at Herradura, the continued ramp-up of production at Noche Buena, and the start up of operations at the dynamic leaching plant.
- Our development projects will advance in the year with the completion of Saucito II and further progress at San Julin. Once approved, we expect to begin construction on the expansion of the Cinega mill and the pyrites treatment plant at Fresnillo, whilst additional exploration will determine whether Mega Centauro and Centauro Deep will be submitted as new projects for Board approval.
- The Group's exploration budget for 2014 has been set at US$225.0 million (including capitalised exploration expenses), 3.6% below 2013. Capex, including capitalised exploration expenses of US$30.0m, is budgeted to rise to US$642.0 million.
- We expect continued cost pressures, mainly in energy, operating materials and labour, although less than in recent years. In addition, costs will be impacted by new mining duties that will be levied in 2014 and payable in early 2015.