>>> Cosmetics startup Luxola acquired by LVMH-owned Sephora

Cosmetics startup Luxola acquired by LVMH-owned Sephora

Singapore-based e-commerce platform Luxola, which was launched in 2011, has been acquired by French luxury goods conglomerate LVMH, following an undisclosed investment into Luxola by LVMH’s cosmetics subsidiary Sephora. The financial details of the acquisition are undisclosed.
According to Crunchbase data, Luxola raised $15.6 million across four rounds of venture funding. The last funding it raised was a Series C round in May 2014 involving F&H Fund Management and QueensBridge Venture Partners, who invested $3 million in the venture. Gree Ventures has also previously invested.
Commenting on the transaction, Alexis Horowitz-Burdick, CEO of Luxola, said “Sephora’s investment enables us to take this vision further. With greater market reach and brand depth, we will offer an unparalleled customer experience.”
Currently employing 120 people, Luxola brands itself as an online shop for various beauty products and accessories, with a presence across 11 markets and retailing over 250 brands.
Anne-Véronique Bruel, president of Sephora Asia, stated: ”Investing in Luxola is a unique opportunity to penetrate the online beauty market and accelerate Sephora’s growth in Southeast Asia. We are thrilled to welcome Luxola to the Sephora family.”
Online shopping landscape
While Indonesia presents the largest market for e-commerce in the region, with its growing middle class driving consumption, Singapore and Malaysia are also crucial markets. According to an ASEAN Briefing report on regional e-commerce, Singapore’s online shopping market has grown significantly, from S$1.1 billion ($881 million) in 2010 to a projected S$4.4 billion ($3.5 billion) for 2015.
Approximately 40 per cent of the total sales originating from Singapore-based websites in 2014 were led by the sales of events tickets and insurance; and a community of Singapore-based e-commerce startups sustained through cross-border sales in the entertainment and publishing industries.
With mobile shopping possessing significant growth potential, Luxola is well placed to leverage on the city-state’s treaty network, connectivity, high cross-border trade and the ability to ship consumer goods valued below $320 without any duties.
An e-commerce industry cluster is already emerging in the city-state, with clustering behaviour driving the growth of e-commerce ventures alongside other virtues of the city-states startup ecosystem. Notable retailers like Reebonz (luxury products and services) and Redmart (household items, groceries) are already established in the city-state.

Future markets where Luxola may expand its footprint are Indonesia and the Philippines, growth markets presenting tremendous opportunities. However, they also present challenges to online retailers at this point, mostly due to issues with infrastructure.
For Indonesia, demand from Greater Jakarta drove most of the initial growth in e-commerce. However, with orders from beyond Jakarta growing, there are big opportunities for growth in second and third-tier cities throughout Indonesia, as the infrastructure improves and middle class expands.
However, Indonesia’s online shopping industry is hindered by the current state of internet infrastructure. Indonesia’s inefficient transportation channels also present a challenge. While online shopping is more attractive to urban dwellers and rural residents, goods deliveries can suffer from deficits in maps, lack of clarity in addresses and unreliable courier services.
The Philippines is another prospect for Luxola expansion, as it stands out from other Southeast Asian markets by virtue of the population of internet users, which stands at an estimated 38 million as of 3Q 2014.
This makes it the largest English-language online market in Southeast Asia, with foreign online retailers having to do less work to adapt their websites to the local market. Social media use is also pervasive in the Philippines. This makes it especially lucrative for online sales, as over 70 per cent of the Philippines’ GDP came from consumption in 2014. By contrast, most ASEAN markets operate as export-driven economies.
The Philippines also presents compelling logistics opportunities, with a maturing market sustaining e-commerce activity, indicating a strong logistics base and established supply chain. Firms like FedEx and DHL have brought down prices and streamlined the delivery of consumer goods in the Philippines.
These considerations are likely to play a role in Luxola’s future development. And they are also likely to gain centrality as factors in the strategic planning of investors and entrepreneurs for market entry into the e-commerce markets of both nations.

>>> IMF updates World Economic Outlook (WEO) 2015 Growth Outlook

IMF updates World Economic Outlook (WEO) 2015 Growth Outlook
- Cuts 2015 global growth forecast from 3.5% to 3.3%
- Cuts Advanced Economies 2015 GDP from 2.4% to 2.1%
- Cuts EM and Developing Economies 2015 GDP from 4.3% to 4.2%
- Maintains Euro Area (Eurozone) 2015 GDP at 1.5%
- Cuts US 2015 GDP from 3.1% to 2.5%
- Maintains German 2015 GDP growth at 1.6%
- Maintains France 2015 GDP growth at 1.2%
- Cuts UK 2015 GDP growth from 2.7% to 2.4%
- Cuts Japan 2015 GDP growth from 1.0% to 0.8%
- Maintains China 2015 GDP growth at 6.8% 
- Raises Russia 2015 GDP from -3.5% to -3.4%

2016 Growth Outlook
- Maintains 2016 global growth forecast at 3.8%
- Maintains Advanced Economies 2016 GDP at 2.4%
- Maintains EM and Developing Economies 2016 GDP at 4.7%
- Raises Euro Area (Eurozone) 2016 GDP from 1.6% to 1.7%
- Cuts US 2016 GDP from 3.1% to 3.0%
- Raises German 2016 GDP growth from 1.6% to 1.7%
- Maintains France 2016 GDP growth at 1.5%
- Cuts UK 2016 GDP growth from 2.3% to 2.2%
- Maintains Japan 2016 GDP growth at 1.2%- Maintains China 2016 GDP at 6.3%
- Raises Russia 2016 GDP from -1.1% to +0.2%

(BFW) Hedge Fund Positions Show Rising Risk-Off View, SocGen Says

Hedge Fund Positions Show Rising Risk-Off View, SocGen Says
2015-07-09 13:01:54.763 GMT


By Blaise Robinson
(Bloomberg) -- Hedge funds have turned net short sellers of
S&P 500 in early June, net short positions now biggest since
June 2012, Societe Generale strategists say in note, citing CFTC
data.

* Hedge funds have been increasing their net short positions
on copper
* Net short positions on VIX have been ‘strongly reduced’
* Hedge funds remain net short euro vs dollar
* Earlier: Bears get rare victory on U.S. stocks as shorts
index falls 10%


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

To contact the reporter on this story:
Blaise Robinson in Paris at +33-1-5365-5008 or
brobinson58@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-3525-2645 or
jludden@bloomberg.net

>>> Alcoa: Color on Qtr (10.50)

Alcoa: Color on Qtr

  • Cowen & Co notes AA reported adjusted 2Q15 EPS of $0.19, below firm's $0.20 estimate and consensus $0.23. Adjusted EBITDA of $942MM was generally in line with consensus and above our $880MM. Firm believes Alcoa shares will continue to be dominated by macro headlines and that attention has largely shifted away from 2Q results.
  • Stifel Research notes 2Q15 EPS of $0.19 was about inline with firm's below-consensus estimate of $0.20. Looking ahead, Alcoa guided to cost improvements in EP&S as well as growing demand for autos/aerospace and a seasonal uptick in packaging benefitting GRP. Both mid and downstream segments are expected to see a 5-10% y/y improvement in ATOI that firm believes will offset commodity price declines in the upstream segments. As a result, it maintains 3Q15 EPS estimate of $0.16 and 4Q15 EPS estimate of $0.20. Stifel maintains Buy rating and $18 target price.

>>> US Gapping up

Gapping up
In reaction to earnings/guidance: PEP +2.3%, WBA +2.3%, AA +1.2%, COST +1.2%, (June SSS)

M&A news: MM +26.9% (TechCrunch report suggesting Verizon (VZ) might be considering acquisition of MM), YY +7.1% ("Going Private" Proposal for $68.50/ADS), AVP +1.7% (reports its divestiture of Liz Earle for £140 million in cash)

Select China related names showing strength: SHI +18.1%, AMCN +15.6%, WBAI +14.9%, NQ +14.5%, BZUN +12.4%, LTBR +11.5%, NOAH +11.5%, EJ +11.5%, JMEI +11%, CMCM +10.2%, YOKU +10.1%, XNET +9.9%, QIHU +9%, DANG +8.8%, VISN +8.1%, SINA +7.9%, SOHU +7.3%, JRJC +6.9%, WUBA +6.1%, JD +5.9%, CTRP +5.3%, LFC +4.4%, BIDU+3.4%

Select EU bank stocks trading higher: ING +4.1%, DB +3.1%, NBG +2.9%, HSBC +2.4%, CS +2.2%, BCS +2%

Select solar names showing early strength: SOL +8.7%, JASO +8.2%, JKS +6.9%, TSL +6.1%, YGE +5.3%

Other news: RMGN +35.3% (announces the signing of a multimillion agreement; Initial purchases under the award total $1.1 mln), IPCI +12.7% (announced the FDA rescinds previous requirement to meet newly-imposed conditions for bioequivalence prior to receiving final approval for generic Focalin XR), CLLS +4.6% (announced it is eligible to receive an undisclosed payment under the terms of its collaboration agreement with Servier), IG +4.4% (FDA approval and commercial launch of Diclofenac Sodium, 1.5%; has already secured orders), TMUS +4% ( reports it generated 2.1 million total net customer additions), JUNO +3.3% ( Celgene (CELG) discloses 9.1 active stake in 13D filing; collaboration was announced on June 29), FIT +2.9% (cont vol post IPO), DEPO +2.2% (announced that the Patent Trial and Appeal Board has confirmed the patentability of each of the 25 claims subject to the inter partes review proceedings initiated by Purdue Pharma against two Depomed patents), MU +1.6% (appointed Trevor Schulze as Chief Information Officer), AZN +1.6% (AZN and EvoRx meet primary goal of the collaboration; AZN to continue the development of the lead candidates), CAG +0.9% (announced appointments of Bradley A. Alford and Timothy R. McLevish to the ConAgra Board of Directors; ConAgra and JANA have entered into a cooperation agreement)

Analyst comments: TUBE +6.9% (initiated with a Overweight at JP Morgan), MBLY +4.6% (upgraded to Outperform from Neutral at Robert W. Baird), CHGG +3.1% (initiated with a Outperform at Barrington Research), PUK +2.6% (added to Conviction Buy list at Goldman), SNN +2.3% (upgraded to Buy at Berenberg ), TRV +1.4% (upgraded to Buy from Neutral at BofA/Merrill),NI +0.9% (upgraded to Overweight from Neutral at JP Morgan
)

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: WDFC -5.4%, ZUMZ -0.5%


Other news: ANTH -8.2% (proposed offering of common stock), BGMD -5.9% (announced a one-for-four reverse stock split), SSRI -0.3% (reported it delivered ~48,700 ounces of gold in Q2; raised FY15 production guidance)

Analyst comments: DNKN -1.5% (downgraded to Neutral at Goldman), PNK -1.5% (downgraded to Neutral from Positive at Susquehanna), SHAK -0.9% (downgraded to Sell at Goldman
)

>>> ISSI may be required to divest most of Taiwan assets to satisfy regulator

Deal Reporter

ISSI may be required to divest most of Taiwan assets to satisfy regulator – sources

Integrated Silicon Solution Inc [NASDAQ: ISSI], the Milipitas, California-based memory chip designer may be required to sell most, if not all, of its businesses in Taiwan to clear the scrutiny from the country's Investment Commission (IC), according to two sources familiar with the regulator.

Shareholders approved on 29 June a sale of the company to China’s Uphill Investment – led by Summitview Capital, eTown MemTek Ltd., Hua Capital and Huaqing Jiye – for USD 23 per share in cash. The transaction is subject to clearance by the Taiwan IC and several additional regulators including the Committee of Foreign Investment of the United States (CFIUS).

Under the ISSI merger agreement, the company and buyer have agreed to formulate a "Taiwan plan" to restructure ISSI and its subsidiaries to allow the transaction to be consummated under Taiwan law. If they are unable to draft a viable restructuring plan, they have agreed to divest the subsidiaries incorporated in Taiwan.

ISSI's legal representatives in Taiwan are said to have prepared different divestment packages to the IC in past few months. The packages ranged from fully divesting the Taiwan assets to non-Chinese third parties, restructuring part of the assets alongside selling some of them, and restructuring most of the assets while keeping them under ISSI's control, the sources said.

Although no final restructuring or divestment packages have reached the IC as of early July, the IC prefers the most conservative divestment package – in which most or all entities are divested – given the nature of the Taiwanese subsidiaries, according to the sources.

Under Taiwan law, entities controlled by Chinese companies or funds are not allowed to own any interests, no matter directly nor indirectly, in Taiwanese semiconductor chip designers, the source explained. As a result, ISSI's chip designing businesses in Taiwan are expected to be divested before the transaction is closed.

ISSI has four companies in Taiwan, three of which it acquired in 2005, 2009, and 2012 respectively. The Taiwan subsidiaries – most of them are operating in memory chip designing sector – includes Integrated Circuit Solution (ICSI), Enable Semiconductors, Chingis Technology Corporation, and an entity set up by ISSI.

This news service reported in April that ISSI has identified “at least four or five options” regarding the possible divestiture of one or more of its businesses in Taiwan as part of its deal to sell to a Chinese consortium.

No matter which option ISSI and its buyer pursue, Taiwan's IC will look to see that the controlling interests are not owned by Chinese entities, as well as that the core technology/patent pool of ICSI and Chingis will not be shared with the Chinese entities post acquisition, as earlier reported.

Typically, an IC review takes up to 60 calendar days, but so far the IC has not yet started to look at the final version of ISSI's restructuring/divestment plan.

ISSI said on 26 June that it expects the acquisition to close in the third calendar quarter of 2015.

ISSI's stock traded at USD 21.85 apiece, or 5% lower than the offer price, on Tuesday.

T-Mobile Adds 2.1 Million Customers in the Second Quarter 2015

+------------------------------------------------------------------------------+

BN 07/09 11:01 *TMUS 2Q 1.3% BRANDED POSTPAID PHONE CHURN BN 07/09 11:01 *TMUS 2Q 178,000 BRANDED PREPAID NET CUSTOMER ADDITIONS BN 07/09 11:01 *TMUS 2Q 760,000 BRANDED POSTPAID PHONE NET CUSTOMER ADDITIONS BN 07/09 11:00 *T-MOBILE 2Q OVER 1M BRANDED POSTPAID NET CUSTOMER ADDITIONS BFW 07/09 11:00 *T-MOBILE ADDS 2.1M CUSTOMERS IN 2Q ’15 BN 07/09 11:00 *T-MOBILE 2Q NET CUSTOMER ADDITIONS UP 41% BN 07/09 11:00 *T-MOBILE ADDS 2.1M CUSTOMERS IN 2Q 2015 BN 07/09 11:00 *T-MOBILE ADDS 2.1M CUSTOMERS IN 2Q '15

+------------------------------------------------------------------------------+

T-Mobile Adds 2.1 Million Customers in the Second Quarter 2015 2015-07-09 11:00:00.185 GMT

T-Mobile Adds 2.1 Million Customers in the Second Quarter 2015

Customers Continue to Flock to America’s Un-carrier for Choice, Flexibility and Value

* 2.1 million total net customer additions, up 41% year-over-year -- 9^th consecutive quarter with over 1 million * More than 1 million branded postpaid net customer additions, up 11% year-over-year -- 4th consecutive quarter with over 1 million * 760,000 branded postpaid phone net customer additions, up 31% year-over-year -- demonstrating a continued focus on the most valuable customer segment of the market * 178,000 branded prepaid net customer additions, up 75% year-over-year -- growing the industry’s biggest and best prepaid brands * 1.3% branded postpaid phone churn -- continued record-low churn and a year-over-year reduction of 16 basis points

Business Wire

BELLEVUE, Wash. -- July 9, 2015

T-Mobile US, Inc. (NYSE:TMUS) today provided a preliminary view of key customer results for the second quarter of 2015, once again demonstrating continued strong momentum and positive customer response to its Un-carrier moves. The Company generated 2.1 million total net customer additions, including over 1.0 million branded postpaid net customer additions. This marks the ninth consecutive quarter that T-Mobile has delivered over 1 million total net customer additions and the fourth consecutive quarter with over 1 million branded postpaid net customer additions.

“T-Mobile’s momentum continued in full force for the second quarter, with 2.1 million customers voting in favor of the Un-carrier,” said John Legere, President and CEO of T-Mobile. “Now we are doubling down again with Un-carrier Amped! Once again making it absolutely clear that...We Won’t Stop!”

Preliminary Second Quarter 2015 Customer Results

In the second quarter of 2015, T-Mobile added 2.1 million customers, bringing its total customer base to 58.9 million across postpaid, prepaid and wholesale. Total net customer additions were up 41% year-over-year and 14% sequentially.

T-Mobile reported continued strength in its branded postpaid customer segment in the second quarter of 2015. Total branded postpaid net customer additions were more than 1.0 million, up 11% compared to the prior year. Branded postpaid phone net customer additions were 760,000, up 31% compared to the prior year. Branded postpaid mobile broadband net customer additions were 248,000, down compared to last year, but up 85% sequentially.

“T-Mobile continues to win with the industry’s most valuable customer segment - postpaid phone customers,” continued Legere. “We attract phone customers with signature moves that resonate and with the nation’s fastest 4G LTE network.”

Branded prepaid net customer additions were 178,000 in the second quarter of 2015, which represents an improvement of 144% sequentially and 75% year-over-year. Branded prepaid to branded postpaid migrations of approximately 175,000 were down sequentially.

Wholesale net customer additions in the second quarter of 2015 were 886,000, up 93% year-over-year and 43% sequentially.

Branded postpaid phone churn of 1.3% in the second quarter of 2015 was down 16 basis points year-over-year, essentially flat from the record-low in the first quarter of 2015. The year-over-year decrease in churn reflects ongoing improvements in T-Mobile’s network as well as the increased customer value provided through Un-carrier innovations.

T-Mobile expects to report full financial results for the second quarter of 2015 on July 30, 2015.

Preliminary Customer Results and Churn Metrics

The following table sets forth the number of ending customers:

      As of June 30,     March 31,     June 30, (in thousands) 2015 ^(1) 2015 2014 Customers, end of period Branded postpaid phone customers 27,595 26,835 23,633 Branded postpaid mobile broadband 1,723 1,475 897 customers Total branded postpaid customers 29,318 28,310 24,530 Branded prepaid customers 16,567 16,389 15,639 Total branded customers 45,885 44,699 40,169 M2M customers 4,529 4,562 4,047 MVNO customers 8,494 7,575 6,329 Total wholesale customers 13,023 12,137 10,376 Total customers, end of period 58,908 56,836 50,545  

The following table sets forth the number of net customer additions (losses):

      Three Months Ended     % Change June 30,     March     June Qtr/Qtr     Year/Year 31, 30, (in thousands) 2015 ^(1) 2015 2014     Net customer additions (losses) Branded postpaid phone 760 991 579 (23 )% 31 % customers Branded postpaid mobile 248   134 329 85 % (25 )% broadband customers Total branded postpaid 1,008 1,125 908 (10 )% 11 % customers Branded prepaid 178   73 102 144 % 75 % customers Total branded 1,186   1,198 1,010 (1 )% 17 % customers M2M customers (33 ) 141 225 NM NM MVNO customers 919   479 235 92 % NM   Total wholesale 886   620 460 43 % 93 % customers Total net customer 2,072   1,818 1,470 14 % 41 % additions

NM - Not meaningful.  

The following table sets forth the churn:

      Three Months Ended     bps change June 30,     March     June Qtr/Qtr     Year/Year 31, 30, 2015 2015 2014     ^(1) Branded postpaid phone 1.32% 1.30% 1.48% +2 bps -16 bps churn Branded prepaid 4.93% 4.62% 4.50% +31 bps +43 bps churn

^(1) The Company's customer results for the second quarter of 2015 are preliminary and subject to completion of the Company's quarter-end closing review procedures. Full second quarter results are expected to be reported on July 30, 2015.  

T-Mobile Social Media

Investors and others should note that the Company announces material financial and operational information to its investors using its investor relations website, press releases, SEC filings and public conference calls and webcasts. The Company also intends to use the Twitter accounts @TMobileIR and @JohnLegere, which Mr. Legere also uses as a means for personal communications and observations, as means of disclosing information about the Company and its services and for complying with its disclosure obligations under Regulation FD. The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these social media channels in addition to following the Company’s press releases, SEC filings and public conference calls and webcasts. The social media channels that the Company intends to use as a means of disclosing the information described above may be updated from time to time as listed on the Company’s investor relations website.

About T-Mobile US, Inc.

As America’s Un-carrier, T-Mobile US, Inc. (NYSE:TMUS) is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company’s advanced nationwide 4G LTE network delivers outstanding wireless experiences to approximately 59 million customers who are unwilling to compromise on quality and value. Based in Bellevue, Washington, T-Mobile US provides services through its subsidiaries and operates its flagship brands, T-Mobile and MetroPCS. For more information, please visit http://www.t-mobile.com.

Forward-Looking Statements

This news release includes “forward-looking statements” within the meaning of the U.S. federal securities laws. Any statements made herein that are not statements of historical fact, including statements about T-Mobile US, Inc.’s plans, outlook, beliefs, opinion, projections, guidance, strategy, integration of MetroPCS, expected network modernization and other advancements, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “anticipate,” “expect,” “suggests,” “plan,” “project,” “believe,” “intend,” “estimates,” “targets,” “views,” “may,” “will,” “forecast,” and other similar expressions. The forward-looking statements speak only as of the date made, are based on current assumptions and expectations, and involve a number of risks and uncertainties. Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the following: our ability to compete in the highly competitive U.S. wireless telecommunications industry; adverse conditions in the U.S. and international economies and markets; significant capital commitments and the capital expenditures required to effect our business plan; our ability to adapt to future changes in technology, enhance existing offerings, and introduce new offerings to address customers’ changing demands; changes in legal and regulatory requirements, including any change or increase in restrictions on our ability to operate our network; our ability to successfully maintain and improve our network, and the possibility of incurring additional costs in doing so; major equipment failures; severe weather conditions or other force majeure events; and other risks described in our filings with the Securities and Exchange Commission, including those described in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 19, 2015. You should not place undue reliance on these forward-looking statements. We do not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150709005340/en/

Contact:

Press Contact: Media Relations T-Mobile US, Inc. mediarelations@t-mobile.com http://newsroom.t-mobile.com or Investor Relations Contact: Nils Paellmann T-Mobile US, Inc. 877-281-TMUS or 212-358-3210 investor.relations@t-mobile.com http://investor.t-mobile.com

-0- Jul/09/2015 11:00 GMT