>>> Ford Motor misses by $0.03, misses on revs; reaffirms FY15 profit

Ford Motor misses by $0.03, misses on revs; reaffirms FY15 profit

Reports Q1 (Mar) earnings of $0.23 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.26; revenues fell 6% year/year to $31.8 bln vs the $33.9 bln consensus.
  • Automotive operating-related cash flow positive; cash and liquidity in line with targeted levels
  • Wholesale volume and Company revenue down due to major product launches and the impact of the strong U.S. dollar on international revenue
  • North America, Asia Pacific and Middle East & Africa profitable
  • Three of 15 global new product launches complete; remainder on track.
Company reconfirms 2015 pre-tax profit guidance of $8.5B to $9.5B; improves North America operating margin guidance to 8.5-9.5 percent and revises South America profit guidance down in light of external environment.

>>> Boston Scientific reports EPS in-line, revs in-line; guides Q2 EPS in-line,

Boston Scientific reports EPS in-line, revs in-line; guides Q2 EPS in-line, revs below consensus; reaffirms FY15 EPS guidance, guides FY15 revs below consensus

Reports Q1 (Mar) earnings of $0.21 per share, in-line with the Capital IQ Consensus Estimate of $0.21; revenues fell 0.2% year/year to $1.77 bln vs the $1.78 bln consensus.
  • Co issues mixed guidance for Q2, sees EPS of $0.20-0.22 vs. $0.22 Capital IQ Consensus Estimate; sees Q2 revs of $1.800-1.850 vs. $1.86 bln Capital IQ Consensus Estimate.
  • Co issues mixed guidance for FY15, sees EPS of $0.878-0.92 vs. $0.91 Capital IQ Consensus Estimate; sees FY15 revs of $7.225-7.375 vs. $7.46 bln Capital IQ Consensus Estimate.
  • "We achieved strong results in the first quarter, and we continue to build global momentum." said Mike Mahoney, president and chief executive officer, Boston Scientific. "In particular, our Interventional Cardiology business, including structural heart, delivered excellent results. We are also excited about bringing new innovation to patients with the recent Food and Drug Administration approvals of the WATCHMAN™ Left Atrial Appendage Closure Device and the EMBLEM™ Subcutaneous Implantable Defibrillator System."

>>> Merck beats by $0.10, beats on revs; guides FY15 EPS in-line, revs in-line

Merck beats by $0.10, beats on revs; guides FY15 EPS in-line, revs in-line

Reports Q1 (Mar) earnings of $0.85 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus Estimate of $0.75; revenues fell 8.2% year/year to $9.43 bln vs the $9.06 bln consensus.
  • Co issues in-line guidance for FY15, sees EPS of $3.35-3.48, excluding non-recurring items, vs. $3.37 Capital IQ Consensus Estimate; sees FY15 revs of $38.3-39.8 bln vs. $39.23 bln Capital IQ Consensus Estimate.

(BFW) Pfizer 1Q Adj. EPS 51c, Est. 50c; Cuts Yr Profit View

BUS 04/28 11:00 PFIZER REPORTS FIRST-QUARTER 2015 RESULTS
BN 04/28 11:02 *PFIZER SEES YEAR ADJ EPS $1.95-$2.05, SAW $2-$2.10, EST. $2.07
BN 04/28 11:02 *PFIZER 1Q ADJ. EPS 51C, EST. 50C; YEAR FORECAST CUT ON FX
BFW 04/28 11:02 *PFIZER SEES YEAR ADJ EPS $1.95 TO $2.05, SAW $2.00 TO $2.10
BN 04/28 11:01 *PFIZER SEES YEAR ADJ EPS $1.95 TO $2.05, SAW $2.00 TO $2.10
BN 04/28 11:01 *PFIZER SEES YEAR REV $44B-$46B, SAW $44.5B TO $46.5B
BN 04/28 11:01 *PFIZER CUTS FORECAST DUE TO FOREIGN EXCHANGE RATES
BN 04/28 11:00 *PFIZER CUTS FORECAST
BN 04/28 11:00 *PFIZER 1Q ADJ. EPS INCL 3C NEGATIVE EFFECT ON OPKO
BN 04/28 11:00 *PFIZER 1Q ADJ. EPS 51C, EST. 50C
BN 04/28 11:00 *PFIZER 1Q ADJ. EPS 51C
Pfizer 1Q Adj. EPS 51c, Est. 50c; Cuts Yr Profit View
2015-04-28 11:02:21.731 GMT


By Brad Skillman
(Bloomberg) -- PFE sees 2015 adj. EPS $1.95-$2.05, saw $2-
$2.10, vs est. $2.07
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FT : Tsipras warns of referendum if talks on bailout deal fail


Greece’s leftwing prime minister has said he expects to reach a deal with international creditors by May 9 but warned that if a bailout agreement cannot be reached he would resort to holding a referendum.
In a late-night television interview, Alexis Tsipras ruled out defaulting on a €780m loan repayment to the International Monetary Fund due on May 12 even though Athens is struggling this week to pay pensions and subsidies, which he said must take priority.

“In spite of the difficulties, there are great possibilities for winning this negotiation . . . I’m confident we’ll achieve an interim agreement in the next week,” the premier told Star television, a private channel.
An interim agreement would allow Greece to unlock €7.2bn in bailout aid and open the way for talks to begin in June with the EU and IMF on a third bailout package.
Earlier on Monday Mr Tsipras put Euclid Tsakalotos, the deputy foreign minister for economic affairs and a close associate, in charge of the bailout negotiations, which have made little progress since his radical Syriza party won a general election in January on an anti-austerity platform.
Mr Tsakalotos has taken the lead role in the talks from Yanis Varoufakis, the outspoken finance minister who was sidelined after an acrimonious meeting of eurozone finance ministers in Riga last week. Mr Varoufakis retained his cabinet post and will serve on an economic policy making committee.
The prime minister ruled out calling a snap election if international lenders seek further austerity measures, but would instead go directly to the Greek people. “If the solution offered goes beyond our mandate, it will have to be endorsed by the people,” he said.
In a sign that the government is preparing a compromise, the finance ministry will present a package of structural reforms to parliament this week — the first since Mr Varoufakis took over as minister — that would accelerate a deal with creditors.
The measures would include fiscal management reforms, boosting the independence of the revenue collection authority and launching auctions for television licences which were agreed with the previous centre-right government but not implemented.

WSJ : China Readies Fresh Easing to Tackle Specter of Debt

China Readies Fresh Easing to Tackle Specter of Debt
Central bank’s shift will allow banks to swap local-government bailout bonds for loans

BEIJING—China’s central bank is planning to launch its own version of innovative credit-easing programs adopted by its counterparts in developed countries, according to officials with knowledge of the matter, as Beijing’s flagship plan to restructure trillions of dollars of local-government debts is hitting snags.

Under the plan, which could be put in place in the next couple of months, the People’s Bank of China will allow Chinese banks to swap local-government bailout bonds for loans as a way to bolster liquidity and boost lending, the officials said. The strategy—dubbed Pledged Supplementary Lending—is similar to the long-term refinancing operations, or LTROs, used by the European Central Bank.

The Wall Street Journal reported last week that the central bank was considering such a plan. Press officials at the PBOC didn’t respond to a request for comment.

Adopting the strategy would mark a major shift in the policies of the Chinese central bank, which has traditionally relied on interest rates and banks’ reserve requirements to regulate money supply. Now, the slowing Chinese economy, which has resulted in a surge in the amount of capital leaving China’s shores, is pressing the PBOC to come up with new ways to beef up bank lending and lower borrowing costs.

Driving the new program is Beijing’s struggle to solve the country’s mounting local-government debt problems. The latest official data show that borrowing by city halls and townships across China jumped nearly 50% from June 2013—the last time such data were available—to about 16 trillion yuan ($2.6 trillion). Such debt is responsible for a quarter of the buildup in China’s overall domestic debt since 2008, with the International Monetary Fund warning that China’s debt level is growing more rapidly than debt in Japan, South Korea and the U.S. did before those countries tumbled into recession.

FT : Hedge funds short UK asset managers


Hedge funds have taken out multimillion-pound bets against the shares of some of the UK’s largest assets managers, wagering that their value will fall because of exposure to vulnerable emerging markets.
Shares of investment groups Aberdeen Asset Management and Ashmore have been weighed down by growing worries over their business models.

Funds including Odey Asset Management and Marshall Wace have built up large so-called short positions — effectively bets that shares will fall in value — against their traditional asset manager cousins in recent months.
Ashmore and Aberdeen’s woes have centred on their exposure to the emerging markets as these regions have underperformed since the US Federal Reserve sparked the first “taper tantrum” in May 2013 when it signalled the possible end of quantitative easing.
Investors concerned about slowing growth in emerging markets often look for western proxies that can provide immediate returns. Last year, hedge funds shorted iron ore producers as a way of betting on lower demand in China. The investment managers appear to be the latest target.
Odey, which is run by the London hedge fund manager Crispin Odey, has built up a 6.45 per cent short position in Ashmore, the emerging markets-focused fund manager, and a 1.5 per cent short in Aberdeen Asset Management, according to regulatory disclosures.
Odey’s bet against Ashmore, based on its £2.1bn market value is worth about £135m, and just under £100m against the £6.5bn valued Aberdeen, based on the companies’ most recent closing prices.
Marshall Wace, one of London’s largest hedge funds, holds an 0.6 per cent short against Aberdeen, while Discovery and AQR, both US funds, are also betting against the company.
Ashmore, in particular, has suffered as it is a specialist emerging market fund manager with the bulk of its assets in debt. Ashmore’s shares have fallen 30 per cent since May 2013.
Aberdeen has high exposure to emerging markets with 60 per cent of its revenues coming from its three so-called blockbuster products of emerging market equities, Asia-Pacific equities and global equities.

Aberdeen’s share price has been very volatile over the past two years, while it has suffered large outflows of more than £25bn since the end of the second quarter of 2013.
Several analysts have downgraded Aberdeen’s shares in recent weeks because of worries that expected US interest rates this year will cause more volatility in the emerging markets.
Another UK investment group targeted by short sellers is the consumer-facing funds platform Hargreaves Lansdown, of which AQR holds a 1.1 per cent short position against.
Shares in Hargreaves Lansdown have dropped more than 20 per cent since they peaked in January 2014. This is because of worries that Hargreaves’ profit margins will suffer as UK regulatory reforms bite.
The UK’s Retail Distribution Review regulations mean online platforms such as Hargreaves must explain more clearly the way they charge customers, which has raised the prospect of some clients switching to rivals as they question fees.
Some investors also say that Hargreaves, which has an estimated 32 per cent share of the UK retail financial services market and more than £49bn under management, will struggle to grow and expand its business further.

FT : China rail group signs $5.5bn in Africa deals

--> Bollore biggest part of Group revenues is cominng from Transport & Logistic...Africa is also one of its main region...chinese companies appears to be very agressive competitors in this area...could jeopardise Bollore position in Africa...

FT Article

China rail group signs $5.5bn in Africa deals

A Chinese state-owned rail company has signed $5.5bn worth of contracts in Africa, in the latest sign that the country’s “New Silk Road” strategy to build infrastructure around the developing world is showing tangible results.
African units of China Railway Construction Corp will build a $3.5bn intercity rail line in Nigeria and a $1.9bn residential real estate project in Zimbabwe, the company said in exchange filings overnight on Monday.

The latest deal follows a $12bn contract that CRCC reportedly signed for a separate rail line in Nigeria last November, days after Mexico cancelled a $3.6bn high-speed rail contract with a consortium led by CRCC.
China’s “One Road, One Belt” strategy includes plans to build roads, railways, ports, natural gas pipelines and other infrastructure stretching into south and Southeast Asia, the Middle East, and through central Asia to Europe to create demand for China’s industrial exports in the face of overcapacity at home.
The 21st Century Maritime Silk Road and a land-based counterpart, the Silk Road Economic Belt, are expected to drive sales to Chinese trainmakers, port operators and electricity producers. China’s two other largest rail groups are also engaged in a merger aimed at creating a globally competitive giant.
CRCC said financing for its rail project had not been finalised but last week state media reported that China’s central bank would use the country’s foreign exchange reserves to inject $62bn in fresh capital into the country’s non-commercial “policy banks”, which are expected to play a key role in supporting the New Silk Road initiative.
China Development Bank, the largest of China’s three policy banks, has granted more loans to Africa than the World Bank, the African Development Bank and the Asian Development Bank combined over the past six years, the official China Daily newspaper reported in December.
In addition to CDB, China has pledged to create a new $40bn Silk Road Fund to finance overseas investments. The China-led Asia Infrastructure Investment Bank, in which at least 47 countries will participate, could be another source of funding.
Large Chinese investments in Africa have been controversial, however, in part because of concerns over transparency and corruption at Beijing’s largest state companies. The use of imported Chinese labour has also been a source of tension.
CRCC is listed in Shanghai and Hong Kong but is majority-owned by China’s central government. Its Shanghai-listed shares were up more than 6 per cent on Tuesday morning.
So-called concept stocks related to “One Road, One Belt” have performed especially well amid a broader China stock market boom that pushed the Shanghai Composite Index to a seven-year high on Monday.