Contact with the EC : Sime Darby /NBPO

Subject: Contact with the EC : Sime Darby /NBPO

Last year New Britain Palm Oil Limited (LSE: NBPO) received a cash offer by Sime Darby Plantation at a price of GBP 7.15 or PGK 28.79 per share.

The offer is pending EC approval

The deadline was today and the EC website has not updated the decision yet (case M.7417)

We understand per our contact with the EC that the deal has been approved

A release to this effect will be out today by 12

Alex Olvera Makor Capital 34 Dover Street London W1S 4NG United Kingdom

Direct line: + 44(0) 207 993 0793 e-mail: aolvera@makorsecurities.com<mailto:aolvera@makorsecurities.com>

www. makor-capital.com<http://makor-capital.com>

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(ekathimerini) Tsipras forms government, plans new legislation

Alexis Tsipras was trying to form his first cabinet on Monday night after being sworn in as prime minister following his agreement with Independent Greeks leader Panos Kammenos to form a coalition government.

A number of Tsipras’s close allies are expected to take key roles in the new cabinet. One of his closest advisers, Nikos Pappas, is expected to become minister of state, with responsibility for coordinating the government’s efforts. SYRIZA spokesman Panos Skourletis is expected to take over the Interior Ministry.

Yiannis Dragasakis, the only member of SYRIZA’s frontline team with experience in government, is expected to be named deputy prime minister but will have responsibility for overseeing the government’s economic team and possibly negotiations with the troika.

Prominent economist Yanis Varoufakis is due to take on the role of finance minister, with Euclid Tsakalotos as his deputy.

Another economist, Giorgos Stathakis, is expected to be put in charge of the Development Ministry, which will be enlarged to incorporate other departments that currently operate separately.

SYRIZA’s left wing, or Left Platform, will probably be represented in the government by Panayiotis Lafazanis, Dimitris Stratoulis and Nikos Hountis.

Rania Antonopoulou, the director of the Gender Equality and the Economy program at the Levy Institute, is expected to be appointed to the Labor Ministry, possibly as a deputy to Stratoulis.

The Independent Greeks party is expected to have one ministerial and up to four deputy ministerial positions in the new government. Party leader Kammenos is likely to be named as the new defense minister.

Sources at Independent Greeks told Kathimerini that the agreement between Tsipras and Kammenos was relatively straightforward. The right-wing party has agreed to back SYRIZA’s economic policies, as set out by Tsipras at the Thessaloniki International Fair in September, as long as the new prime minister does not forge ahead with changes in areas where Kammenos’s party has objections. This includes foreign policy issues, such as reaching an agreement with the Former Yugoslav Republic of Macedonia (FYROM) on a composite name, which Kammenos disagrees with. SYRIZA has also agreed to put on hold any plans for a separation between the Church and state.

Kammenos gave the green light for SYRIZA to bring to Parliament as soon as possible the legislation it has prepared with the aim of implementing the pledges made in Thessaloniki. The first bill is expected to raise the minimum wage back to 751 euros and reintroduce regulations regarding collective wage bargaining.

The second draft law will focus on measures for taxpayers to be given better terms to repay overdue taxes and social security contributions. The bill foresees the new payment plans leading to no more than between 20 and 30 percent of taxpayers’ annual income going toward repaying their debts.

The new government also wants to pass legislation that will end the mobility scheme and evaluation process in the civil service. This will lead to some people who have lost their jobs as a result of these measures being rehired.

Other measures expected in the coming weeks are legislation that would allow some 300,000 households living under the poverty threshold to receive free electricity. Tsipras is also due to push for the reopening of public broadcaster ERT, which was shut down in June 2013.

SYRIZA and Independent Greeks have further agreed to form an investigative committee in Parliament to look into the circumstances that led to Greece being forced to sign its first troika bailout in 2010, including how the country’s debt spiraled.

After agreeing a deal with Kammenos, Tsipras visited Archbishop Ieronymos. Tsipras explained to the head of the Church of Greece that he did not want a religious swearing-in ceremony. Instead, he had a sparse civil ceremony at the Presidential Mansion.

“I think it would be good to get on with the process as we have an uphill task ahead,” Tsipras told President Karolos Papoulias before being sworn in.

After officially becoming prime minister, Tsipras visited the former rifle range at Kaisariani, where he laid flowers at a monument to more than 200 Greeks executed by Nazi occupiers in World War Two. Following that he went to Maximos Mansion to officially take over his duties but outgoing Premier Antonis Samaras was not present for the traditional handover. Instead, to the annoyance of SYRIZA officials, it was carried out by the head of Samaras’s prime ministerial office, Costas Bouras.

Russian President Vladimir Putin was among the world leaders to send the newly appointed premier a congratulatory telegram on winning the Sunday vote and offering to strengthen cooperation between the two countries. The telegram was passed on to Tsipras by Russian Ambassador Andrey Maslov during what was the leftist leader’s first meeting with a foreign envoy.

Meanwhile, during a telephone call with Nikos Anastasiades, president of Greece’s closest ally Cyprus, Tsipras confirmed Athens’s continued cooperation with Nicosia ahead of his visit to the Mediterranean island.

European Commission head Jean-Claude Juncker also called Tsipras to congratulate him, adding that he hoped the two would meet before the next EU summit.

(BFW) Afren Requires ‘Significant’ Equity Funding Above Market Value

Afren Requires ‘Significant’ Equity Funding Above Market Value
2015-01-27 07:18:55.662 GMT


By Benjamin Dow
(Bloomberg) -- Afren says assuming current debt structure
remains unchanged, there is equity funding requirement in excess
of co.’s current market cap (currently ~GBP200m).
* New funds will be required to meet interest, principal
repayments, working capital, reduced capex program
* Co. will have discussions with current stakeholders, new
third-party investors regarding recapitalization
* Board considers using 30-day grace period on $15m interest
payment due Feb. 1, is in talks on obtaining a deferral of
the $50m amortization payment due Jan. 31 from Ebok debt
lenders
* Co. has been advised that ad hoc committee of largest bond
holders has been convened
* Continues to be in talks with SEPLAT regarding possible
combination
* NOTE: Bondholders said to hire Blackstone as advisers,
Sunday Times reports
* Statement

For Related News and Information:
Top Stories:TOP<GO>

To contact the reporter on this story:
Benjamin Dow in Moscow at +7-495-771-7735 or
bdow2@bloomberg.net
Tim Barwell

>>> What to look at today - 27th of January 2015

Dow +0,03%S&P+0,26% Nasdaq +0,29% Russell +0,99%
US Market closed up, Small caps leaded the move, but activity was weak, volume were at 780mil shares thanks to a surge in volume in the last hour...Investors are waiting for more developments after Greek Election, Gov should be form today or Wed...Five of ten sectors registered gains with energy (+1.4%) holding the lead throughout the day. The sector narrowed its January decline to 1.8% while crude oil fell 1.0% to $45.12/bbl. Crude traded higher intraday after OPEC secretary general said prices could reach $200/bbl if producers choose not to increase supply, but selling into the pit close pressured the energy component into negative territory, Mattel -5% on cuatious guidance, DR Horton (DHI)+5.5% on better results...Big Tech were week ahead of MSFT Numbers (-4.2% in after Hours)...VIX @15.52 -6.84%...US after Hours GIGA +2.6%, SHBI +1.4%, ASH +0.7%, MSTR -12.1%, PKG -7.1%, MSFT -4.3% following earnings/guidance...China markets are marginally lower, even as PBoC decided to inject liquidity for the 2nd consecutive time, opting to follow last week's CNY50B 7-day reverse repo operation with a combined CNY60B in 7-day and 24-day tools. Recall last week, Chinese officials stated the operations are designed to address anticipated cash squeeze going into the Lunar New Year holiday.Industrial profits declines accelerated to -8% from -4.2% prior and 2014 growth was just 3.3% - below 5.3% YTD increase in November. Speaking after the release, China vice fin min said industrial operation is within reasonable range, though economy is faced with downward pressure amid "new normal" conditions
Nikkei +1.72% Hang Seng -0.40% Shanghai -0.60%

RUB $67.78 WTI $44.97 (-0.38%) CHF 0.9032

Eur$ 1.1238 S&P -0.09% EuroStoxx +0.06% Dax +0.09% SMI +0.99%


Macro :
- Sapin Says Greek Demands of EU Need ‘Respectful’ Response
- EU Commissioner Moscovici Says Greek Efforts Starting to Pay Off
- Eurogroup Will Discuss Greek Issue at Next Meeting: Dijsselbloem
- Danthine Says SNB Still Prepared to Intervene on FX Market: TDG
- Swiss National Bank Ready to Intervene in FX Mkt: Reuters Link

Keep ane eye on :
- AERL LN : Aer Lingus Board to Recommend IAG Offer, Irish Times Says
- AIR FP : Turkish Airlines in Talks for About 10 Airbus A380s: Reuters
- AF FP : Air France’s Transavia Targets 20M Passengers/Yr by 2020: Figaro
- BAF GY : Balda Investments USA Files Against Sellers of Balda C. Brewer
- BP/ LN : BP Imposes Freeze on Pay in 2015 on Lower Oil Prices
- ANN GY : Deutsche Annington Receives >85% of Gagfah Shares in Offer
- DBK GY : Deutsche Bank, Axia Ventures Placing 540.5m Hellenic Bank Shrs
- DGE LN : Diageo Says It Will Take 3 Mos. to Pay Its Bills: Telegraph
- EDF FP : EDF Aims to Double French Gas Sales by 2020, Les Echos Says
- ERICB SS : Ericsson 4Q Gross Margin Beats, Sees N.American Slowdown
- FIA1S FH : Finland Should Consider Cutting Finnair Stake, CEO Says: FT
- GIL GY : DMG Mori Seiki Raises Stake in German Partner to 26.5%
- ITP FP : Interparfums 2014 Sales EU297m, Up 19% on Comparable Basis
- EDPR PL : EDP Renovaveis Reaches Project Finance Agreement With BNDES
- ENEL IM : Enel Authorizes New Bond Issue Up to EU1b For Exchange Offers
- LAVA IM : Lavazza Selling GMCR Shrs to Fund Ongoing Transactions
- NOVN VX : Novartis CEO Says Co. Is ’Taking A Look at Our Swiss Cost Base’
- NOVOB DC : Novo Nordisk Gets FDA Approval for Higher Dose Norditropin Pen
- ORDI NA : Ordina Investigation Reveals One Case With Possible Irregularity
- PHIA NA : Philips 4Q Revenue Below Estimates, Net Income Ahead, Sees EU300m-EU400m Separation Costs in 2015
- UG FP : Peugeot, Unions Sign 3-Yr French Profit-Sharing Agreement
- RNO FP : Most Renault China Dealers Made Losses Last Yr: Beijing Business
- SIE GY : Siemens Names Montag CEO Heathcare Mgmt Unit, Kugel to Board
- SIE GY : Siemens 1Q Sales Beat, Net Income Misses Estimates, Sees ~EU3b Pretax Gains From Divestments
- SIK VX : Sika Buys Mozambique-Based Mortar Maker Duro-Moza
- TEC FP : Technip Wins Two Subsea Contracts in Gulf of Mexico
- VOD LN : Vodafone Not Planning to Buy Unitymedia Kabel BW: Handelsblatt

>>> Brokers Upgrades & Downgrades - 27th of January 2015

>>> Up
*ASHMORE GROUP RAISED TO BUY VS HOLD AT BERENBERG
*AXA RAISED TO OVERWEIGHT VS UNDERWEIGHT AT JPMORGAN
*DEUTSCHE EUROSHOP RAISED TO OVERWEIGHT VS NEUTRAL AT HSBC
*GIVAUDAN RAISED TO NEUTRAL VS SELL AT GOLDMAN
*K+S RAISED TO NEUTRAL VS UNDERPERFORM AT BOFAML
*K+S RAISED TO NEUTRAL VS SELL AT UBS
*LINDE RAISED TO BUY VS NEUTRAL AT BOFAML
*NORDEA BANK RAISED TO OUTPERFORM AT MACQUARIE
*NORILSK NICKEL RAISED TO BUY VS NEUTRAL AT UBS
*PEUGEOT ADDED TO CONVICTION BUY LIST AT GOLDMAN
*PEUGEOT RAISED TO BUY VS NEUTRAL AT CITI
*SGS RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE
*STMICROELECTRONICS RAISED TO BUY VS UNDERPERFORM AT BOFAML
*TESCO RAISED TO HOLD VS SELL AT SOCGEN

>>> Down
*ALLIANZ CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*ARKEMA CUT TO SELL VS NEUTRAL AT GOLDMAN
*BMW CUT TO SELL VS NEUTRAL AT GOLDMAN
*CONTINENTAL CUT TO NEUTRAL VS BUY AT GOLDMAN
*CREDIT SUISSE CUT TO HOLD VS BUY AT JEFFERIES
*DIXONS CARPHONE CUT TO UNDERWEIGHT AT MORGAN STANLEY
*GAM HOLDING CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*HSBC CUT TO HOLD VS ADD AT INVESTEC
*HUNTING CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*ICADE CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*JULIUS BAER CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*ROYAL MAIL CUT TO UNDERPERFORM AT RBC CAPITAL
*SCHWEITER TECHNOLOGIES CUT TO NEUTRAL VS BUY AT UBS
*SEB CUT TO NEUTRAL AT MACQUARIE

>>> PT Change


>>> Initiation
*ALROSA RESUMED BUY AT UBS, PT RUB95
*DRAX RATED NEUTRAL AT JPMORGAN; WAS NOT RATED
*IMMOFINANZ RATED NEW EQUALWEIGHT AT BARCLAYS, PT EU2.39

>>> Call
>> Stock
*DAIMLER EXITS GOLDMAN CONVICTION BUY LIST, STAYS BUY
*PEUGEOT ADDED TO CONVICTION BUY LIST AT GOLDMAN

>>> US After Hours Summary: GIGA +2.6%, SHBI +1.4%, ASH +0.7%, MSTR -1

after Hours Summary: GIGA +2.6%, SHBI +1.4%, ASH +0.7%, MSTR -12.1%, PKG -7.1%, MSFT -4.3% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: GIGA +2.6%, SHBI +1.4%, ASH +0.7%, WAT +0.4%

Companies trading higher in after hours in reaction to news: EROC +7.8% (provided update on Regency unit sale and Eagle Rock repurchase program: co has sold ~3.3 mln Regency Energy Partners units and has repurchased ~8.5 mln shares as of January 23, 2015); APAGF +0.4% (announced that its shareholders approved the proposal to adopt the previously announced merger agreement pursuant to which Pluspetrol Resources Corporation will acquire Apco)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: MSTR -12.1%, PKG -7.1%, SANM -5.2%, RMBS -4.6%, MSFT -4.3%, PLT -4.1%, UTX -2.2%, ZION -2.1%, SIMO -1.4%, CR -0.5%, SGB -0.5%, TXN -0.4%

Companies trading lower in after hours in reaction to news: JOE -9.1% (disclosed that it received a written 'Wells Notice' on Jan 20 2015), NVCN -1.6% (announced proposed public offering of 8 mln common shares), EPRS -1.1% (commenced an underwritten public offering of shares of common stock

>>> Asian Update

Asian Mid-session Update: PBoC continues to inject liquidity; Microsoft falls on weak outlook

***Economic Data***
- (CN) CHINA DEC CONFERENCE BOARD LEADING ECONOMIC INDEX M/M: 1.1% V 0.8% PRIOR
- (CN) CHINA DEC INDUSTRIAL PROFITS Y/Y: -8.0% V -4.2% PRIOR
- (AU) AUSTRALIA DEC NAB BUSINESS CONFIDENCE: 2 V 1 PRIOR; CONDITIONS: 4 V 5 PRIOR
- (JP) JAPAN DEC PPI SERVICES Y/Y: 3.6% V 3.5%E
- (KR) SOUTH KOREA JAN CONSUMER CONFIDENCE: 102 V 101 PRIOR; First rise in 4 months
- (KR) South Korea Dec final Department Store Sales y/y: -0.9% vs -6.5% prior; Discount store sales y/y: -3.8% v -4.7% prior

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 +1.3%, S&P/ASX +0.5%, Kospi +0.3%, Shanghai Composite -0.4%, Hang Seng -0.4%, Mar S&P500 flat at 2,053

***Commodities/Fixed Income***
- Feb gold -0.2% at $1,277, Mar crude oil flat at $45.25/brl, Mar copper -0.7% at $2.52/lb
- GLD: SPDR Gold Trust ETF daily holdings rise 1.7 tonnes to 743.4 tonnes
- (CN) PBoC to inject CNY30B in 7-day reverse repos and CNY30B in 28-day reverse repos (2nd consecutive injection, largest injection since Jan 27th, 2014)

***Market Focal Points/FX***
- China markets are marginally lower, even as PBoC decided to inject liquidity for the 2nd consecutive time, opting to follow last week's CNY50B 7-day reverse repo operation with a combined CNY60B in 7-day and 24-day tools. Recall last week, Chinese officials stated the operations are designed to address anticipated cash squeeze going into the Lunar New Year holiday. Further economic data from the mainland have also been underwhelming. Industrial profits declines accelerated to -8% from -4.2% prior and 2014 growth was just 3.3% - below 5.3% YTD increase in November. Speaking after the release, China vice fin min said industrial operation is within reasonable range, though economy is faced with downward pressure amid "new normal" conditions. December Conf Board leading index growth rose from the prior month, but resident economist said "current economic activity picked up in December on the back of strong consumption", adding "expectations and real estate remaining are subdued, suggesting weak economic growth in Q1 2015."

- USD/JPY is the largest mover among the dollar majors in an otherwise quiet FX session, falling about 50pips toward 118.10. The bulk of the plunge was attributed to comments from Econ Min Amari, who said neither overly weak nor strong Yen would be suitable. Amari also stated that recent fall in oil prices is having a significant impact on CPI and would likely push back timing of achieving 2% inflation.

- Australia NAB business confidence rose a point but conditions were down a point. NAB chief economist pointed to falling commodity prices undercutting mining confidence, though lower oil prices are boosting optimism among transport/utilities firms. AUD/USD hit session lows on the release near $0.79, but subsequently recovered toward $0.7940 in the afternoon trade.

- Microsoft was a notable decliner among tech giants reporting quarterly results, with sales slowing y/y in Licensing, Gaming, and Devices segments. MSFT made new lows afterhours following cautious conference call commentary, as management noted strong USD is impacting its outlook in addition to soft operating environment leading to y/y sales declines in China, Russia, and Japan markets.

***Equities***
US markets/ADRs:
- TXN: Reports Q4 $0.69 (adj) v $0.69e, R$3.27B v $3.27Be; +0.2% afterhours
- UTX: Reports Q4 $1.62 v $1.61e, R$17.0B v $17.1Be; -1.7% afterhours
- RMBS: Reports Q4 $0.14 v $0.06e, R$72M v $72.3Me; Approves 20M share buyback program (17% of shares outstanding); -2.9% afterhours
- MSFT: Reports Q2 $0.71 v $0.70e, R$26.5B v $26.1Be; Exec: Expects y/y Rev declines in China, Russia, Japan; Stronger USD to hurt forecast - conf call; -4.3% afterhours

Notable movers by sector:
- Consumer Discretionary: Alibaba Pictures Group 1060.HK +7.0% (FY14 guidance)
- Consumer staples: Biostime International 1112.HK +1.9% (positive update on gross margin)
- Materials: Lynas Corp LYC.AU -11.3% (Q2 results); Silver Lake Resources SLR.AU -18.3% (Q4 sales results); Marubeni Corp 8002.JP -1.3% (cuts FY15 guidance)
- Energy: Horizon Oil Ltd HZN.AU +4.0% (Q2 production results)
- Industrials: China State Construction 601668.CN +1.9% (awarded contract); Great Wall Motors 2333.HK +3.8% (FY14 results)
- Utilities: Huadian International 1071.HK +4.8% (FY14 guidance)

>>> US Close Dow +0,03%S&P+0,26% Nasdaq +0,29% Russell +0,99%

Closing Market Summary: Energy Sector Paces Quiet Advance

The stock market began the new week on a quiet note with the Dow (unch), Nasdaq (+0.3%), and S&P 500 (+0.3%) settling near their flat lines. The small-cap Russell 2000 (+1.0%) outperformed, but the action took place against the backdrop of anemic trading volume as the East Coast braced for Winter Storm Juno.

Because of the incoming storm, a State of Emergency was already declared in Connecticut, New York, New Jersey, and Massachusetts, while the New York Stock Exchange announced plans to open and operate as usual on Tuesday. The NYSE operated as usual today, but that did not stop some participants from sitting the session out. Intraday volume was light, but a surge in late-afternoon activity brought the final tally (780 million) relatively close to the 50-day average (803 million).

The intraday lack of trading activity masked the fact that the weekend featured an important election in Greece. As expected, the anti-bailout Syriza party came away victorious, and despite failing to secure absolute majority, the party was able to form a coalition with Independent Greeks—a party that also opposes EU bailouts. So far, Syriza officials have been very careful when discussing the future of Greece with Yanis Varoufakis, who is expected to be named finance minister, saying a euro exit is not in the plans and that talks of a ‘Grexit' should not be sensationalized.

Equity futures retreated at the Sunday open while the euro tested the 1.1100 level before bouncing into the 1.1250 area where it spent the bulk of the day. Similarly, equity futures erased the bulk of their losses ahead of the cash open.

The S&P 500 dipped below its 50-day moving average (2,047) in the early going, but the index found itself back above that level shortly thereafter. The S&P 500 returned to its flat line by 11:00 ET and traded within six points of that level for the remainder of the session.

Five of ten sectors registered gains with energy (+1.4%) holding the lead throughout the day. The sector narrowed its January decline to 1.8% while crude oil fell 1.0% to $45.12/bbl. Crude traded higher intraday after OPEC secretary general said prices could reach $200/bbl if producers choose not to increase supply, but selling into the pit close pressured the energy component into negative territory.

Elsewhere among cyclical sectors, financials (+0.5%) and consumer discretionary (+0.6%) outperformed while technology (-0.4%) struggled throughout the day. Notably, the discretionary sector received support from homebuilders after D.R. Horton (DHI 24.38, +1.28) reported better than expected results. The stock surged 5.5% while the iShares Dow Jones US Home Construction ETF (ITB 25.34, +0.52) gained 2.1%.

It wasn't all sunshine for discretionary shares as Mattel (MAT 26.64, -1.40) lost 5.0% after issuing cautious guidance and announcing the resignation of its Chief Executive Officer.

Also of note, the technology sector spent the day behind other groups due to relative weakness among heavily-weighted components like Google (GOOGL 536.72, -5.23), Oracle (ORCL 43.90, -0.29), Intel (INTC 35.80, -0.64), and Microsoft (MSFT 47.01, -0.17).

Over on the countercyclical side, health care (+0.5%) ended in the green while consumer staples (unch), telecom services (-0.4%), and utilities (unch) lagged throughout the session.

Treasuries registered modest losses with the 10-yr yield climbing two basis points to 1.82%.

Tomorrow, Durable Orders for December (consensus 0.5%) will be reported at 8:30 ET while the November Case-Shiller 20-city Index (consensus 4.3%) will be released at 9:00 ET. The Consumer Confidence report for January (consensus 96.0) will cross at 10:00 ET, alongside New Home Sales for December (consensus 450,000).
  • Nasdaq Composite +0.8% YTD 
  • S&P 500 -0.1% YTD 
  • Russell 2000 -0.3% YTD 
  • Dow Jones Industrial Average -0.8% YTD

>>> Microsoft reports EPS in-line, revs in-line



From: thechek@mac.com At: Jan 26 2015 22:20:45
To: LAURENT CHEKROUN (MAKOR SECURITIES LLP)
Subject: Fwd:>>> Microsoft reports EPS in-line, revs in-line
Microsoft reports EPS in-line, revs in-line 
Reports Q2 (Dec) GAAP earnings of $0.71 per share, in-line with the Capital IQ Consensus of $0.71; revenues rose 8.0% year/year to $26.47 bln vs the $26.27 bln consensus. EPS include $0.06 in unfavorable items. 
  • Devices and Consumer revenue grew 8% to $12.9 billion, with the following business highlights:
    • Surface revenue of $1.1 billion, up 24%, driven by Surface Pro 3 and accessories
    • Office 365 Home and Personal subscribers increased to over 9.2 million, up 30% sequentially over prior quarter
    • Search advertising revenue grew 23%, with Bing U.S. market share at 19.7%, up 150 basis points over prior year
    • Xbox console sales totaled 6.6 million units, with strong holiday season performance
    • Phone Hardware revenue of $2.3 billion, with 10.5 million Lumia units sold driven by growth in affordable smartphones
    • Windows OEM Pro revenue declined 13%; revenue was impacted by the business PC market and Pro mix returning to pre-Windows XP end of support levels and by new lower-priced licenses for devices sold to academic customers
    • Windows OEM non-Pro revenue declined 13%, with license growth from opening price point devices
  • Commercial revenue grew 5% to $13.3 billion, with the following business highlights:
    • Commercial cloud revenue grew 114% driven by Office 365, Azure and Dynamic CRM Online, and is now on an annualized revenue run rate of $5.5 billion
    • Office Commercial products and services revenue declined 1%; transactional revenue was impacted by the continued transition to Office 365 and declines in commercial PCs following the XP refresh cycle
    • Server products and services revenue grew 9%, with double-digit growth of SQL Server and System Center
    • Windows volume licensing revenue increased by 3%, with annuity revenue growth partially offset by declining transactional revenue.
  • Co also announced its intention to complete the existing $40 bln share repurchase authorization by Dec 31, 2016.