BoEs Weale: Economy is looking better; wages are starting to grow
- Reiterates rates will not stay at 0.5% indefinitely, as economy normalizes rates should also normalize.
Europe should copy the US policies that facilitated the shale boom, writes Michael Levi
Calls are mounting for the US to export shale gas to Europe to help free the continent from Russian influence. Observers are right to focus on Moscow’s energy leverage but they are prescribing the wrong response. The most useful thing that Europe could import is not American gas itself but the open economic model that has enabled the US natural gas industry to thrive.
Europe buys nearly 30 per cent of its natural gas from Russia. This has led to concern that President Vladimir Putin might turn off a few taps to gain leverage in the confrontation with Ukraine. For now, these fears are overblown – among other things, Europe has a lot of natural gas in storage – but the fundamental worry is well founded.
Yet US natural gas exports would do little to reduce Russian leverage. They cannot replace Russian gas in the current crisis since it will be more than a year until any US export terminals are built. Even once these facilities are up and running, the economics of sending shale gas to Europe are unlikely to make much sense. Once the cost of shipping is included, Russian gas is far cheaper; Moscow’s share of the European market is not likely to change much. Instead, American gas will flow mainly to Asia.
This is not to say that US exports would not hurt Mr Putin. They would push down the price of gas in Europe, which is one of the many reasons why they should be allowed. But it is fanciful to suppose that they could provide a decisive edge against Moscow in a future crisis.
Europe’s politicians should instead put their energy into copying the successful US policies that laid the groundwork for a spectacular boom in natural gas production. This might allow Europeans to produce more gas at home instead of buying it from Russia. The US Energy Information Administration estimates that Europe has 598tn cubic feet of technically recoverable shale gas, roughly half as much as the US. Yet almost none of this is being exploited. In part, that is because the continent is playing catch-up with a boom that started elsewhere. But there are deeper reasons, too. Many European countries have banned shale gas production. Those that allow development have slapped on taxes and government royalties that do much to deter it.
The US has lessons to offer on both fronts. Most gas-rich US states have rejected calls to prohibit shale gas production; instead, they have allowed development subject to robust environmental safeguards. The specifics vary from state to state. In Texas, a longtime energy producer, the industry has won public acceptance with less oversight than elsewhere. In Ohio or Illinois, which are new to the natural gas game, regulation is more stringent. Europeans would be wise to draw lessons from US states that have struck a balance between development and the environment.
The American shale gas industry has flourished on private land, where property owners are susceptible to commercial incentives. In Europe, mineral rights are generally publicly owned and unlikely to be privatised. Still, the more basic lessons – that government policy should be careful not to undermine the economics of gas development, and that care should be taken to ensure that local communities benefit from development – should be listened to carefully.
The US can also export lessons about gas markets. The US market responds efficiently to disruptions because regulators insist on open access to infrastructure such as pipelines, and enforce standards of transparency that ensure market participants are adequately informed. Europe has moved in this direction. Unlike the US, it needs to protect itself against foreign producers that might manipulate liberalised markets. Still, it has room to improve.
Focusing on steps such as these may be less attractive than talking up US natural gas exports: it denies America a chance to brag about its strategic influence and forces Europeans to grapple with their own political problems. The biggest opportunity to improve European security, though, comes from exporting the US model, not selling American gas.
Cherkizovo Group OJSC Acquires poultry producer LISKO Broiler; no terms disclosed
- APK Mikhailovsky LLC, which is a part of the Cherkizovo Group, acted as a buyer. The deal was approved by the Federal Antimonopoly Service.
- LISKO Broiler is the largest poultry producer in the Voronezh Region and one of the market leaders in the Central and Southern ederal Districts. Based on Russian Poultry Union data, LISKO ranks seventh among top poultry producers with a 2% nationwide market share. Its production capacity is approximately 95,000 tonnes (live weight) per year.
Hundreds of depositors have raced to pull their cash from a small rural bank in eastern China, forcing local officials to take emergency measures to calm the panic after the bank run began to spread.
Coming just weeks after the first true default in the Chinese bond market, the run on Jiangsu Sheyang Rural Commercial Bank is the latest sign of growing stresses in the country’s financial system.
But it has also been a localised event, contained to one farming county where a series of lightly regulated credit co-operatives and loan guarantee companies failed earlier this year after mismanaging funds.
Worried depositors rushed to Jiangsu Sheyang Rural Commercial Bank after rumours spread that it was on the verge of collapse, according to state media. The panic first hit the bank’s branch in an industrial park on Monday. On Tuesday, big queues of depositors gathered at its branches in at least three other villages in Sheyang county, according to the Xinhua news agency.
The bank took a series of steps to try to reassure people. Photographs showed that the bank had prepared large bricklike stacks of renminbi to meet the demand for withdrawals. On the dot matrix sign outside one stricken branch, the bank promised to operate uninterrupted for 24 hours to serve people withdrawing money.
At its doors, the bank broadcast a recorded message on repeat: “Savers’ deposits are protected by law. There is no situation in which we cannot meet cash withdrawal demands. Depositors must not listen to rumours and cause unnecessary panic.”
But these measures failed to allay concerns. Throughout the day on Tuesday, crowds gathered in the rain outside the bank to withdraw cash.
With the panic reaching other branches of the bank, the government intervened on Wednesday. In a video posted on the local government’s website, the governor of Sheyang county promised depositors that their mone
Last-minute jitters among investors led game developer King to price its US initial public offering at the midpoint of its range, as the company behind the blockbuster Candy Crush Saga faced concerns over its ability to repeat the app’s success.
London-based King raised $500m from the IPO late on Tuesday, valuing the company’s equity at $8bn on a fully diluted basis and making it one of the most valuable European technology companies to go public in years. It said that two-thirds of the funds raised would be used for “general corporate purposes” including acquisitions, while the remainder would go to investors selling down their holdings.
Its flotation on the New York Stock Exchange will bolster the fortunes of its biggest backer, Apax Partners, which owned 48 per cent of its shares before the IPO.
People close to the offering said it was about seven times subscribed, but at least one investor said that underlying interest for King’s shares was significantly less.
King is the latest global technology company to go public in the US, but the move comes amid growing debate among investors over the high valuations that start-ups are fetching.
“I don’t think investors are viewing this IPO with a lot of conviction. Many see this still as a ‘show-me’ story. It’s one of those names you don’t want to put your neck on the line for,” said one portfolio manager at a large hedge fund.
King, founded in Sweden in 2002, sold 22.2m shares for $22.50, the midpoint of a $21 to $24 range set out by the company’s executives before they criss-crossed the Atlantic to meet investors over the past two weeks.
Some fund managers are eager for a way to tap the fast-growing mobile apps market, from which King derives almost three quarters of its income. Its revenues leapt from $164m in 2012 to $1.9bn in 2013, largely due to the popularity of Candy Crush.
In private meetings investors questioned Riccardo Zacconi, the 46-year-old chief executive whose 10 per cent stake in the company is now worth $800m, over why they should buy into the pitch that its fate would differ to Zynga’s, the digital game maker whose shares have fallen sharply since its IPO in December 2011.
Link to Google Translation : {http://bit.ly/OTsDxI}
Link to Original French Article : {http://bit.ly/1goSzvD}
The recent history of France Telecom is emblematic of the current dynamics of the country. France Telecom, which still does not resign in this column to call the name of an intermediate position of traffic - which immediately precedes the stop position - is one of the finest companies in the world. After the very elitist Directorate General of Telecommunications, the company has never stopped being pioneer in all areas that concern. The development of the first optical fiber in 1970, the first time switch in the world in 1971 (CNET Lannion), Minitel in 1982, the first smart card, the radio, satellites launched by Arianespace, submarine cables marine Alcatel For decades, France Telecom has continued to fund, inspire or produce the most decisive in the field of telecommunications inventions. Like the great French successes in the field of energy and aerospace-defense, France Telecom is the sign and the factor of a French genius, ahead of global competition, particularly American.
And then something along the way, broke. We will not go here into the deleterious game of "finger pointing" and we affirm the contrary, without further precaution, the last leaders of France Telecom, Gérard Théry Stéphane Richard, were all rise successive missions and changing the state had entrusted to them.
This is precisely where the rub: for at least a decade, the project of the French government for this company, which is the largest shareholder, is absurd. It could be summarized as follows: the maximum rise in dividends to compensate for the inability of the state to balance its own for months.
Over the past five years alone, more than 18 billion euros have been raised to the shareholders of France Telecom. Everything was good to milk the cash cow: abandonment of research and development in France and significant foreign investments; agreement singular roaming, site closures and job cuts to all floors. The shareholder, devoid of any industrial state vision, turned into a manager of mutual funds at year performance bond. The financial markets , which is always wrong in the short term but not long-term, have sanctioned this depletion: since March 2009, the low point of the financial markets after the crisis "subprime", France Telecom has lost 40% of its value, nearly 20 billion euros. At the same time, the CAC 40 progressed by 50%; Iliad (Free) tripled in value, and Deutsche Telekom, which was equivalent to that France Telecom market value five years ago, is now worth double.
The losers are not only shareholders but also France Telecom employees. In this very union, where the practices of the French co-management is a powerful factor immobility and mismanagement, the only horizon, when it is not as dramatic recovery wave current suicide, is that of attrition and despair: 30,000 positions will be eliminated by 2020.
France Telecom, the country's image, deserves better than this short-sighted management and purely hexagonal proclaimed a decline. The future in the field of communication, carries exciting challenges, and job creation in the tens of thousands: building a European Internet network, as proposed by Angela Merkel Francois Hollande at the Council Franco-German Ministers of 19 February, the creation of a commercial offering and a regulatory framework giving Europeans the right to digital privacy, the rapid development of telecommunication and audiovisual markets in Africa, where France has more a playing card, especially under the Francophonie, and the necessary concentration of a European telecoms market, fragmented between more than 100 operators, where the U.S. market has only three.
The choice for the state shareholder, is binary. If it continues to have no strategy for its industrial holdings, then we must sell all, EDF in France Télécom, through Aéroports de Paris, Air France, etc.. These companies deserve real industrial shareholders with a strategic and capable of bearing dynamic growth vision: they find them in the private sector, in France and abroad. If, however, the French government would recover one day and give an industrial ambition, then the prescription is very different. It is always open these firms - in terms of capital, management and strategic vision - their European partners, particularly Germany. If the "Airbus" digital, energy and finance, to be anything other than slogans worn, it is time to actively prepare these reconciliations. For France Telecom, without underestimating governance issues, the obvious strategic alliance is that it will build with Deutsche Telekom, before developing all southern markets (Mediterranean, Africa) and East (Central Europe and Eastern) and deploy a credible offer technology provider in the area of connectivity, "big data" cloud, etc.. Building together the European Internet; explore with budgets and methods of R & D and significant common now the potential that digital (virtual currency, cyber security, financial services) create long-term value for shareholders, and jobs by the tens of thousands. Like the country, it is in giving a European sustainable and vibrant future Orange happen in the green.
Mengniu 2013 Profit Beats Estimates on Milk Beverage Demand
--> +ve for Danone
Mengniu 2013 Profit Beats Estimates on Milk Beverage Demand (1)
2014-03-26 01:49:41.267 GMT
(Updates with share surge in first paragraph.)
By Bloomberg News
March 26 (Bloomberg) -- China Mengniu Dairy Co., the
country’s largest dairy producer, posted profit that beat
analyst estimates last year as Chinese demand rose for liquid
milk and milk beverages. The stock surged the most in 10 months.
Net income climbed 25 percent to 1.63 billion yuan ($263
million) and sales increased 20 percent to 43.4 billion yuan,
the Hohhot, Inner Mongolia-based company said in a filing today.
Analysts projected profit of 1.5 billion yuan, according to the
average of 13 estimates compiled by Bloomberg.
Mengniu is winning back customers through increased foreign
partnerships such as with France’s Danone, after scandals
including melamine-tainted milk from the company led buyers to
shun Chinese food products. The company moved to strengthen its
supply chain and products through stake purchases in raw-milk
producer China Modern Dairy Holdings Ltd. and baby-milk maker
Yashili International Holdings Ltd. last year amid a government
push to raise food-industry standards.
“Earnings growth at the company this year was boosted by
their acquisitions of Yashili and Modern Dairy,” Charles Yan,
the Greater China consumer analyst at Standard Chartered Bank
(H.K.) Ltd., said before the earnings. “These helped consumer
confidence in Mengniu.”
Yan is one of 11 analysts tracked by Bloomberg who
recommend holding the stock, while 17 analysts suggest buying
and two suggest selling.
Mengniu gained as much as 8.4 percent, headed for the
largest advance since May 20. The stock rose 6.3 percent to
HK$37.80 as of 9:43 a.m. in Hong Kong trading.
Flavored Milk
The company, which sells dairy products including yogurt
and flavored milk under its namesake brand in China, said sales
of milk beverages jumped 30 percent to 10.4 billion yuan, and
rose 18 percent for yogurt. Mengniu will focus on developing
those two markets while the market matures for liquid milk,
sales of which rose 17 percent to 38 billion yuan, it said.
Mengniu has the biggest share in China’s drinking-milk
market, with about 34 percent in 2012, according to industry
analyst Euromonitor International.
In a separate statement, the company said four directors
have resigned to cut the size of the board, allowing more
efficiency in decision-making.
Food and drug safety was voted the third-biggest concern
for ordinary Chinese this year, up from seventh place in 2013,
according to an annual online poll of 3.26 million people by the
state-run People’s Daily in February.
Food Safety
In 2011, Mengniu said moldy cattle feed led to excessive
toxin levels in its milk. Mengniu also was among 22 dairy
companies found in 2008 to have sold milk products containing
melamine, a chemical used to make plastics and dishware, that
killed at least six infants in China.
Since then, Mengniu has entered into pacts to strengthen
control of its supply chain and expand its infant formula
business amid a government consolidation of the industry.
Mengniu agreed to buy about 27 percent of Modern Dairy in
May for HK$3.18 billion ($410 million), giving it preferential
purchase rights to Modern Dairy’s milk supply. A month later,
Mengniu offered to purchase 75 percent of Yashili International
Holdings Ltd. in a deal valued at about HK$12.5 billion.
The company also expanded its product lineup to tap
consumer demand for safer food, starting sales of organic infant
formula and organic milk with Danish partner Arla Foods amba in
the second half of 2013. In January, Mengniu formed a joint
venture with WhiteWave Foods Co., the maker of Silk plant-based
beverages and Horizon organic milk, to produce and sell
nutritious products in China.
Danone Shareholding
Last month, Danone, the world’s biggest yogurt maker,
agreed to pay 486 million euros ($672 million) to more than
double its stake in Mengniu, raising its holding to 9.9 percent.
Danone will help Mengniu expand in chilled products such as as
yogurt and will improve the Chinese company’s quality control
and production efficiency, Bessie Wu, Mengniu’s chief financial
officer, said Feb. 12.
China is seeking to create as many as five large domestic
infant-formula companies under a government plan to raise food
product standards by 2018, according to the China Securities
Journal in August.
For Related News and Information:
Danone Raises Mengniu Stake Amid China Food Safety Concerns
{NSN N0VLXA6KLVR4 <GO>
Chinese Pay Double for Organic Kale After Food Scandals: Retail
NSN N2E76M6TTDSA <GO>
China Mengniu Offers $1.6 Billion to Buy Carlyle-Backed Yashili
NSN MOL7K26TTDU1 <GO>
Bloomberg’s top consumer stories: RTOP <GO>
Mengniu income statement chart: 2319 HK <EQUITY> FA ISBAR <GO>
To contact Bloomberg News staff for this story:
Liza Lin in Shanghai at +86-21-6104-3047 or
llin15@bloomberg.net
To contact the editors responsible for this story:
Stephanie Wong at +852-2977-6036 or
swong139@bloomberg.net
Lena Lee
2014-03-26 01:49:41.267 GMT
(Updates with share surge in first paragraph.)
By Bloomberg News
March 26 (Bloomberg) -- China Mengniu Dairy Co., the
country’s largest dairy producer, posted profit that beat
analyst estimates last year as Chinese demand rose for liquid
milk and milk beverages. The stock surged the most in 10 months.
Net income climbed 25 percent to 1.63 billion yuan ($263
million) and sales increased 20 percent to 43.4 billion yuan,
the Hohhot, Inner Mongolia-based company said in a filing today.
Analysts projected profit of 1.5 billion yuan, according to the
average of 13 estimates compiled by Bloomberg.
Mengniu is winning back customers through increased foreign
partnerships such as with France’s Danone, after scandals
including melamine-tainted milk from the company led buyers to
shun Chinese food products. The company moved to strengthen its
supply chain and products through stake purchases in raw-milk
producer China Modern Dairy Holdings Ltd. and baby-milk maker
Yashili International Holdings Ltd. last year amid a government
push to raise food-industry standards.
“Earnings growth at the company this year was boosted by
their acquisitions of Yashili and Modern Dairy,” Charles Yan,
the Greater China consumer analyst at Standard Chartered Bank
(H.K.) Ltd., said before the earnings. “These helped consumer
confidence in Mengniu.”
Yan is one of 11 analysts tracked by Bloomberg who
recommend holding the stock, while 17 analysts suggest buying
and two suggest selling.
Mengniu gained as much as 8.4 percent, headed for the
largest advance since May 20. The stock rose 6.3 percent to
HK$37.80 as of 9:43 a.m. in Hong Kong trading.
Flavored Milk
The company, which sells dairy products including yogurt
and flavored milk under its namesake brand in China, said sales
of milk beverages jumped 30 percent to 10.4 billion yuan, and
rose 18 percent for yogurt. Mengniu will focus on developing
those two markets while the market matures for liquid milk,
sales of which rose 17 percent to 38 billion yuan, it said.
Mengniu has the biggest share in China’s drinking-milk
market, with about 34 percent in 2012, according to industry
analyst Euromonitor International.
In a separate statement, the company said four directors
have resigned to cut the size of the board, allowing more
efficiency in decision-making.
Food and drug safety was voted the third-biggest concern
for ordinary Chinese this year, up from seventh place in 2013,
according to an annual online poll of 3.26 million people by the
state-run People’s Daily in February.
Food Safety
In 2011, Mengniu said moldy cattle feed led to excessive
toxin levels in its milk. Mengniu also was among 22 dairy
companies found in 2008 to have sold milk products containing
melamine, a chemical used to make plastics and dishware, that
killed at least six infants in China.
Since then, Mengniu has entered into pacts to strengthen
control of its supply chain and expand its infant formula
business amid a government consolidation of the industry.
Mengniu agreed to buy about 27 percent of Modern Dairy in
May for HK$3.18 billion ($410 million), giving it preferential
purchase rights to Modern Dairy’s milk supply. A month later,
Mengniu offered to purchase 75 percent of Yashili International
Holdings Ltd. in a deal valued at about HK$12.5 billion.
The company also expanded its product lineup to tap
consumer demand for safer food, starting sales of organic infant
formula and organic milk with Danish partner Arla Foods amba in
the second half of 2013. In January, Mengniu formed a joint
venture with WhiteWave Foods Co., the maker of Silk plant-based
beverages and Horizon organic milk, to produce and sell
nutritious products in China.
Danone Shareholding
Last month, Danone, the world’s biggest yogurt maker,
agreed to pay 486 million euros ($672 million) to more than
double its stake in Mengniu, raising its holding to 9.9 percent.
Danone will help Mengniu expand in chilled products such as as
yogurt and will improve the Chinese company’s quality control
and production efficiency, Bessie Wu, Mengniu’s chief financial
officer, said Feb. 12.
China is seeking to create as many as five large domestic
infant-formula companies under a government plan to raise food
product standards by 2018, according to the China Securities
Journal in August.
For Related News and Information:
Danone Raises Mengniu Stake Amid China Food Safety Concerns
{NSN N0VLXA6KLVR4 <GO>
Chinese Pay Double for Organic Kale After Food Scandals: Retail
NSN N2E76M6TTDSA <GO>
China Mengniu Offers $1.6 Billion to Buy Carlyle-Backed Yashili
NSN MOL7K26TTDU1 <GO>
Bloomberg’s top consumer stories: RTOP <GO>
Mengniu income statement chart: 2319 HK <EQUITY> FA ISBAR <GO>
To contact Bloomberg News staff for this story:
Liza Lin in Shanghai at +86-21-6104-3047 or
llin15@bloomberg.net
To contact the editors responsible for this story:
Stephanie Wong at +852-2977-6036 or
swong139@bloomberg.net
Lena Lee
(Reuters) - Blackstone Group LP (BX.N) is close to a deal to buy industrial conglomerate Gates Global Inc for more than $5.5 billion, people familiar with the matter said, in what would be one of the largest leveraged buyouts so far this year.
The buyout firm is in the final stages of negotiations with Gates' private equity owners, Onex Corp (OCX.TO) and the Canada Pension Plan Investment Board (CPPIB), and the two sides are aiming to finalize an agreement by early next week, the people said on Tuesday.
Blackstone is preparing to do the deal on its own after another buyout firm, TPG Capital Management LP TPG.UL, with which it had teamed up to submit a joint bid two weeks ago, decided not to back a higher bid to meet Gates' price expectations, the people said. The pair had bid around $5.4 billion then, one person said.
The final deal price could not be learned, but the transaction is now expected to value the auto parts and building products maker at between $5.5 billion and $6 billion including debt, according to the people.
Blackstone has yet to complete confirmatory due diligence and a deal has yet to be signed, cautioned the people, who asked not to be named because the matter is not public.
Representatives for Blackstone and CPPIB declined to comment, while Onex, TPG and Gates did not immediately respond to requests for comment.
Reuters reported last week that Blackstone was working on a higher takeover bid for Gates after its previous offer was turned down as too low by Onex and CPPIB.
A deal for Gates would mark the second-largest private equity deal reached so far this year following Cerberus Capital Management LP's $9.4 billion merger of its Albertsons supermarket chain with Safeway Inc (SWY.N), which was announced earlier this month.
Previously known as Tomkins Plc, Gates filed for an IPO in December, more than three years after it was taken private for $5 billion in 2010.
Reuters first reported in November, citing people familiar with the matter, that Onex and CPPIB were seeking to hire banks to explore both an outright sale of Gates to another company and a public offering.
Blackstone and TPG were among a few buyout firms that were shortlisted to bid for Gates, Reuters reported in January. The two buyout firms later teamed up to pursue a joint bid at TPG's request, but TPG ultimately could not narrow the price gap with sellers.
Denver-based Gates has manufacturing operations in 29 countries. It sells products ranging from power transmission systems to acrylic bathtubs in more than 120 countries.
Gates serves a broad range of sectors, including oil and gas, mining, construction, agriculture, transportation, automotive and manufacturing.
The company generated $2.9 billion in sales and $536 million in adjusted earnings before interest, taxes, depreciation and amortization in the 12 months ended September 28, according to a regulatory filing.
Onex, CPPIB and Tomkins' management invested $2.2 billion as equity when they took Tomkins private for $5 billion, including debt. In September 2012, CPPIB agreed to acquire Tomkins' air distribution division, which makes products for air-conditioning systems, for about $1.1 billion.
Orange moves M&A team to Spain to consider options
French teleco Orange has transferred a team of M&A experts from Paris to the Spanish capital Madrid to analyse the market, Expansion reported, without citing sources. According to the report, Orange is in discussions with analysts about options to consolidate its business in Spain.
The Spanish cable operator Jazztel (JAZ:SM) is Orange's most obvious target, but given the company's current market capitalisation – it closed at EUR 2.665bn on Tuesday from EUR 1.2bn in January 2013 – Orange is considering an all-paper acquisition, the paper said. An alternative would be merging Orange's Spanish unit with Jazztel, in a cash and paper deal, the Spanish-language report said.
Orange could also continue as a standalone company and develop its own fiber network, the report said, or strengthen its mobile telephone business with the purchase of the Swedish TeliaSonera's Spanish unit Yoigo.
As reported, Orange has appointed Bank of America Merrill Lynch to advise on the strategy in Spain.
Source Expansion
US MArket Closed Higher, helped by blue chip, news on potential European QE helped the market (Weidmann)...IBM +3.6%
...almost sector higher except cons. Discret (-0.6%)...VIX @ 14.02 -7.10%...FB announced acquisition of Oculus (OCLS US) for $2bil...Sovereign wealth fund (CIC) Chairman Li expressed concern that it is becoming more difficult to find investible long-term projects, also noting that while QE may weigh on emerging markets in the short term, those challenges would likely be temporary. Li also said Q1 GDP in China thus far appears to be unsatisfactory, but Q2 will likely see "very real growth."...Japan PM Abe's economic advisor Honda echoed sentiment from adviser Hamada earlier this week, pushing the BOJ into further policy easing with the announcement as early as mid-May if the upcoming consumption tax increase derails the fragile progress of Abenomics. Separately, a press report late in the day suggesting the govt is looking to bring forward public works spending to offset the impact of Apr 1st sales tax hike, with plans to spend minimum of ¥10T of public works budget by end of September....Nikkei +0.37% HS +0.87%...Shanghai -0.20%
Eur$ 1.3811 S&P Fut +0.10% European fut. +0.60%
Macro
- China GDP Growth to Stabilize in 7-7.5% Range in 2H: Tao
- Fed's Bullard Says He Sees `Bit of Ambiguity' on End Date of QE
What to look at today :
- AIR FP : Airbus Helicopter to Extend Partnership With China’s Avic: Echos
- ALBK IR : Moody’s Says Irish Banks Unlikely to Need Capital After EU Tests
- AZA IM : Alitalia, Etihad Accord Near Completion, Repubblica Says
- BLT LN : BHP May Announce Buyback in Aug.; Rio Tinto in Feb.: Macquarie
- BNP FP : BNP Paribas Fortis Raises Dividend 51% After Full BNP Takeover
- CGG FP : CGG, Baker Hughes Sign Exclusive RoqSCAN Pact; No Terms Given
- CWC GY : Cewe Sees 2014 Profit Rising 10%; Aims at Div. Raise in Future
- DAN IM : Danieli Sees Delay in Ukraine Projects, Better 2015 Steel Market
- EDF FP : EDF, Veolia Agree to Divide Operations of Dalkia JV
- GFC FP : Soc Gen Sells 1.1% of Gecina Shr Capital at EU92.75/Shr
- GFJ GY : Gagfah 2013 Recurring FFO Up 13% to EU123.7m; Says Outlook Good
- IBAB BB : Ion Beam Sees 2014 Operating Profit Margin of at Least 10%
- JUST EAT IPO : Just Eat May be Valued at More Than GBP1b in IPO: Telegraph
- KPN NA : America Movil’s Stake in KPN Falls to 26.69%, AFM Filing Shows
- LLOY LN : U.K. to Sell ~7.5% of Lloyds, Cut Stake to ~25%, Share-Sale Orders Below 75.5p Said Likely to Miss Out
- LUPE SS : Lundin to List Ngex in Stockholm in 1H, Dagens Industri Reports
- MAERSKB DC : Maersk Wants to Sell Stake in Esvagt, Borsen Reports
- MDG1 GY : Medigene Wins U.S. Patent For Mature Dendritic Cells Production
- MMT FP : M6 Plans to Start Four Online TV Channels, Le Figaro Says
- MT IM : Maire Tecnimont Signs Petrochemical Deal in $1.7-1.95b Project
- ORA FP : Orange Considering Possible Purchases in Spain, Expansion Says
- ORP FP : Orpea Lifts Sales Target as 2013 Op. Profit Rises 21%
- UG FP : Moscovici: France Will Be Active as Peugeot Shareholder: Echos
- UG FP : Peugeot 2008, 208 GTi Orders Above Targets, La Tribune Says
- PTC PL : Unitel Says Can’t Pay Dividends to Portugal Telecom Subsidiary
- RIO LN : BHP May Announce Buyback in Aug.; Rio Tinto in Feb.: Macquarie
- TEL NO : Telenor Broadcast Sells Conax to Kudelski Group for NK1.509B
- TEL NO : Telenor May Raise Stake in Uninor Unit to 100%: E. Times Link
- ZO1 GY : Zooplus Posts 2013 Earnings Profit; Sees Favorable Business