>>> *IRAQI KURDS TO ALLOCATE REV. FROM OIL SALES TO IOCS FROM SEPT.

*IRAQI KURDS TO ALLOCATE REV. FROM OIL SALES TO IOCS FROM SEPT.
*IRAQI KURDS TO ALLOCATE ON MONTHLY BASIS REV. FROM OIL SALES
*IRAQI KURDS EXPECTS OIL SALES TO RISE IN 2016
*KRG ENVISAGES MAKING ADDITIONAL REV. AVAILABLE TO IOCS IN 2016
*KRG'S NATURAL RESOURCES MINISTRY COMMENTS ON ITS WEBSITE

--> All names related to Kurdistan & Irak are trading Higher DNO, GENL,...

(BN) Goldman Raises Estimate of Possible Legal Losses to $5.9 Billion

Goldman Raises Estimate of Possible Legal Losses to $5.9 Billion
2015-08-03 10:21:44.305 GMT


By Michael J. Moore
(Bloomberg) -- Goldman Sachs Group Inc. increased its
estimate for reasonably possible legal costs in excess of
reserves by 55 percent to $5.9 billion.
The second-quarter figure, which the New York-based firm
disclosed in a regulatory filing Monday, was up from $3.8
billion three months earlier. Unlike in previous quarters, the
estimate included costs that could arise from a Department of
Justice probe into sales of mortgage-backed securities.
Goldman Sachs has held talks with the Justice Department
over a settlement of that probe and may pay as much as $3
billion, a person familiar with the talks said in June. The bank
added $1.45 billion to reserves for litigation and regulatory
proceedings in the second quarter, more than in the previous
five quarters combined.
The estimate released Monday gives investors an idea of
potential losses beyond those reserves. U.S. firms began
disclosing estimates for possible legal losses after the U.S.
Securities and Exchange Commission told finance chiefs in 2010
they should provide investor guidance “when there is at least a
reasonable possibility” costs will be incurred, even if the
risk is too low to require reserves.

For Related News and Information:
Top financial stories: FTOP <GO>
Goldman Sachs earnings: GS US <Equity> EM <GO>
On bank earnings: TNI BNK ERN <GO>
Goldman Sachs events: GS US <Equity> EVT <GO>

To contact the reporter on this story:
Michael J. Moore in New York at +1-212-617-6919 or
mmoore55@bloomberg.net
To contact the editors responsible for this story:
Peter Eichenbaum at +1-212-617-5722 or
peichenbaum@bloomberg.net
Steve Dickson

(BI) Apple is preparing to launch a voicemail service that will use Siri to tran

Apple is preparing to launch a voicemail service that will use Siri to transcribe your messages

Apple employees are testing a voicemail service which uses Siri to answer your calls and transcribe voicemail messages. Apple's iCloud service will then send you the text of the transcribed voicemail — meaning that you'll never need to listen to your voicemails again, sources tell Business Insider. The new service is being prepared for launch in 2016, we hear.

Apple's proposed solution is both incredibly simple and incredibly clever: People like to leave voicemails (it's often quicker to orally deliver your information than it is to type it in a text message). But they don't like to receive voicemails (it's a lot quicker to read a text than it is to listen to the other person talking at you). The new product will also bridge a generation gap: Older users like voicemails. Young people do not.

We first heard about Apple employees using a new kind of voicemail service several weeks ago.

Here is how it works: When someone using iCloud Voicemail is unable to take a call, Siri will answer instead of letting the call go to a standard digital audio recorder.

iCloud Voicemail can relay information about where you are and why you can't pick up the phone to certain people. But the coolest feature of the service is that Siri will transcribe any incoming voicemails, just like it does with anything else you say to it.

Apple sends voice data to company servers, where Siri converts the words spoken into text. iCloud Voicemail will presumably function in the same way, sending the raw voicemails to Apple, and Siri will then transcribe them and make them available on your iPhone.

Siri is already going to be upgraded in iOS 9, Apple's upcoming mobile operating system. It's going to be able to search within applications and predict what you want to do. Clearly, Apple is focusing on its virtual assistant, and iCloud Voicemail is going to be another part of what it can do.

Multiple Apple employees are currently testing iCloud Voicemail. Business Insider understands that if the service works reliably enough then it is currently scheduled to be launched in 2016, presumably with the iOS 10 mobile operating system.

Apple has already launched products that stray into the domain of mobile phone network and wireless service providers. It quietly launched Apple SIM in 2014 which lets customers switch between networks easily, all through the device. There has been continued speculation that Apple may want to become its own mobile virtual network operator. (An MVNO rents bandwidth from traditional wireless service suppliers and bills customers who go through it.) iCloud Voicemail would replicate something that carriers already do. Another incentive for Apple to launch its own carrier network would be to compete with Google. Google is currently operating its own service, but only through its Nexus 6 smartphone


(Handelsblatt) Update for Volkswagen

Martin Winterkorn provides a foretaste of the Group restructuring. The Volkswagen boss has this new competitor like Apple in sight. The car world stand before a historic upheaval. What to Winterkorn presents.

Frankfurt These were strong words. CEO Martin Winterkorn went before gathered 350 communicators from Volkswagen into the full ones. "There is no doubt that the automotive world is on the eve of a historic upheaval," he said last Wednesday in a speech, the text of which is before the Handelsblatt. The gathered PR managers of Germany's largest industrial group should be prepared for radical change....



(Exane) Automotive Suppliers : MAgnetti Marelli - 3 options. PEugeot Merger ?

Mulling moves for Magneti Marelli

Mr. Marchionne makes no secret of his desire to restructure the auto industry and recent press
reports remind the market of the potential to dispose of Magneti Marelli (Exane valuation EUR3bn).
We analyse MM businesses and find FCA has three different options to leverage the value in its
main supplier division, which we present in increasing order of likelihood.

#1) In-house restructuring of MM top-line and profitability
MM ranks poorly vs EU rivals on top-line growth and profitability (-350bp vs avg). This may well be
due to lack of focus on a business that is a minor concern within the group, as MM accounts for c5-
6% of sales and profit for FCA. Every 1% increase in MM revenue would only fetch a c0.3%
upgrade to FCA’s EBIT while a 100bp improvement in profitability only equals a 1.5% upgrade to
FCA’s EBIT. We think the upside in executing a major MM restructuring is thus rather low for FCA.

#2) Sale to an industrial or financial buyer
A sale of MM to industrial or financial buyers is perhaps the most consensual view. The obvious
rationale for a financial investor is to restructure to drive growth and profitability expansion and
eventually multiple enhancement, ahead of a future exit. Auto suppliers would be interested in
MM’s technology (especially Lighting) and in its EU exposure (Chinese suppliers). FCA has some
optionality to sell individual divisions rather than the whole business, but the absolute size limits the
valuation it could achieve in divisional sales and FCA risks being left with unsold divisions.

#3) Key tactical lever in a potential FCA/PSA merger
We are convinced that an FCA + PSA merger is still the most sensible goal for both OEMs, putting
the option of a MM + Faurecia combo clearly on the table. MM would enhance Faurecia's portfolio
with its Lighting and Powertrain businesses while leveraging synergies in Interior, Emission Control
and Exterior. The combined exposure to FCA would be an acceptable 13% and we believe the only
real hurdle would be the negotiation on respective valuations. Faurecia is publicly interested in
restructuring its product portfolio, a desire that could turn into an advantage for Mr. Marchionne in a
negotiation for a potential FCA/PSA merger.

(BFW) FCA-Peugeot Merger Would Allow Magneti-Faurecia Tie-Up: Exane

FCA-Peugeot Merger Would Allow Magneti-Faurecia Tie-Up: Exane
2015-08-03 08:18:14.496 GMT


By Elizabeth Fournier
(Bloomberg) -- Merger of Fiat Chrysler and Peugeot is
“most sensible goal” for both companies, also allowing option
of combining Magneti Marelli and Faurecia, says Exane BNP in
note exploring Magneti options.

* Magneti Marelli lighting, powertrain units would enhance
Faurecia’s portfolio: Exane
* Tie-up would have synergies in interiors, emission control
and exteriors
* Combined entity would be 5th-=largest supplier by revenue,
boost Faurecia revenue by ~35%: Exane
* Wouldn’t rule out sale of Magenti Marelli to industrial or
financial buyers; easiest option is full sale to industrial
buyer
* In-house restructuring unlikely
* Exane values Magenti Marelli at EU3b
* NOTE: July 17: Fiat Chrysler Considers Sale of Magneti
Marelli Unit: Reuters NSN NRN8FT6JIJUO<GO>
* July 14 Fiat Chrysler Union Talks Seen Contentious as
Merger Urged NSN NRHVM26K50YA<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:
Elizabeth Fournier in London at +44-20-3525-4935 or
efournier5@bloomberg.net
To contact the editor responsible for this story:
Aaron Kirchfeld at +44-20-3525-8830 or
akirchfeld@bloomberg.net