Camellia Share News (CAM)

LONDON (Alliance News) - Heightened tensions between Ukraine and Russia have depressed London shares at the open Wednesday.

Standard Chartered PLC will be last of the big UK-listed banks to provide interim results at 0915 BST, following a newspaper report that it is set to face action from New York's financial regulator over failures in a computer system designed to detect transactions vulnerable to money laundering.

Here is what you need to know at the UK market open:
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MARKETS
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FTSE 100: down 0.6% at 6,640.88
FTSE 250: down 0.6% at 15,264.94
AIM ALL-SHARE: down 0.2% at 754.48
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Hang Seng: down 0.4% at 24,560.19
Nikkei 225: closed down 1.1% at 15,159.79
DJIA: closed down 0.8% at 16,429.47
S&P 500: closed down 1.0% at 1,920.21
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GBP-USD: down at USD1.6863
EUR-USD: down at USD1.3364

GOLD: up at USD1,291.50 per ounce
OIL (Brent): down at USD104.74 a barrel

(changes since end of previous GMT day)
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ECONOMICS AND GENERAL
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Wednesday's Key Economic Events still to come
(all times British Summer Time)

09:00 Italy Industrial Output
09:30 UK Industrial Production
10:00 Italy Gross Domestic Product
12:00 US MBA Mortgage Applications
13:30 Canada International Merchandise Trade
13:30 US Trade Balance
15:00 UK NIESR GDP Estimate (3M)
15:30 US EIA Crude Oil Stocks change
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Ukraine said Tuesday its forces were preparing to take control of the rebel-held cities of Donetsk and Luhansk, where the humanitarian situation was rapidly deteriorating according to local authorities. The United Nations said that some 730,000 people have left the region for Russia, while Russia reiterated that it wants a "humanitarian mission" deployed in eastern Ukraine. In Washington, the Pentagon said that the Russian military build-up of more than 10,000 troops had moved closer to Ukraine's eastern border. They were equipped with artillery, armored tanks, air defence and special forces, said spokesman Admiral John Kirby.
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UK JULY BRC SHOP PRICE INDEX -0.7% M/M; -1.9% Y/Y; SHOP PRICE DEFLATION LOWEST IN DATA SERIES
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The UK Department of Energy & Climate Change announced new legislation aimed at stopping price rigging in the wholesale gas and electricity market. Under the new proposals, anyone found guilty of energy price rigging faces up to two years in jail, when currently people can only be investigated and fined for manipulating the energy market.
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IRELAND JULY SERVICES PMI 61.3 VS. 62.6 IN JUNE
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German factory orders declined unexpectedly in June as both domestic and foreign orders decreased from prior month, data showed. Factory orders were down by an adjusted 3.2% in June from May, when it fell by 1.6%, Destatis reported. Economists had forecast a 0.9% increase for June. Within total orders, domestic orders declined 1.9% in June. Foreign orders dipped by 4.1% as demand from euro area plunged 10.4%.
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Japan's leading index rose for the first time in five months, preliminary figures from Cabinet Office showed. The leading index rose to 105.5 in June from 104.8 in May, which was the lowest since January 2013. Economists had forecast a score of 105.4 for June.
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Israeli and Egyptian officials held several hours of talks on a long-term Gaza truce late on Tuesday after a three-day ceasefire went into effect and the last Israeli soldiers pulled out of the Palestinian enclave. The Israeli delegation returned to Tel Aviv before midnight, as planned, after Egyptian security officials updated them on demands put forward earlier by Palestinian negotiators, an Egyptian security source who accompanied the delegates to Cairo airport told dpa.
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The death toll rose to 589 from an earthquake in south-western China, with nine people still missing and 2,401 injured, the Ministry of Civil Affairs said. Military and civilian rescue teams were still battling to send medical aid and relief supplies to remote villages in the mountainous region. They were clearing blocked roads and trying to drain several barrier lakes formed by landslides. Sunday's 6.5-magnitude quake was the most damaging one in Yunnan province for 14 years, forcing the evacuation of 230,000 people from collapsed homes and vulnerable areas, the provincial government said.
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A uniformed Afghan soldier killed a top US officer and wounded a German brigadier general and 14 others Tuesday in a shooting attack at a military school west of Kabul, Afghan and German defence officials said. The Pentagon identified the US officer as Major General Harold J Greene, a 34-year-veteran of the Army. The two-star general was believed to have been the highest ranking US soldier killed in the war since the terrorist attacks on the US on September 11, 2001, said Admiral John Kirby, the spokesman.
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US President Barack Obama announced a total of USD33 billion in fresh investment in Africa, including USD14 billion from private companies, as he vowed at the US-Africa Leaders Summit Tuesday that the US would be a "partner in Africa's success."
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Classified documents published Tuesday on a whistleblowing website have led the US government to conclude there is a new leaker exposing US national security secrets, a news report said. The documents published on The Intercept website provide extensive details about the government's Terrorist Screening Database. Some of the material was dated after former National Security Agency contractor Edward Snowden left the country, and the government believes someone else released them, broadcaster CNN reported, citing an unidentified US official.
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Australia contracted a Dutch survey company to conduct a search of the southern Indian Ocean sea floor for missing Malaysia Airlines flight MH370, a senior official said. Deputy Prime Minister Warren Truss said Fugro Survey Pty Ltd will employ two vessels equipped with towed deep-water vehicles to search for possible debris.
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BROKER RATING CHANGES
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TRADERS: CREDIT SUISSE RAISES FRESNILLO TO 'NEUTRAL' ('UNDERPERFORM')
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TRADERS: JEFFERIES STARTS PRUDENTIAL WITH 'BUY'
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TRADERS: JEFFERIES INITIATES AVIVA WITH 'BUY' - TARGET 584 PENCE
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COMPANIES - FTSE 100
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Standard Chartered PLC is set to face action from New York's financial regulator over failures in a computer system designed to detect transactions vulnerable to money laundering, The New York Times reported. Benjamin Lawsky, the city's superintendent of Financial Services, is discussing a settlement with the bank, the newspaper reported, citing sources briefed on the matter. He is understood to have warned he could file an enforcement action should the talks fall apart. The news comes ahead of Standard Chartered's half-year results at 0915 BST Wednesday, in which the bank is expected to disclose Lawsky's investigation.
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Legal & General Group PLC reported a 7.1% rise in pretax profit, driven in the main by the performances of its retirement and private equity arms. Legal & General increased its interim dividend to 2.90 pence from 2.40p. In a statement, the FTSE 100 life pensions and investment company reported a GBP636.0 million pretax profit in the six months ended June 30, compared with GBP594.0 million in the corresponding period last year.
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Low-cost airlines easyJet PLC and Ryanair Holdings PLC reported rises in traffic and load factors for July. easyJet said it flew 6.4 million passengers during the month, up 7.7% on the 6.0 million passengers flown in July last year. Load factor - the measure of how full its seats were - also rose during the month, up 1.3% to 92.9% from 91.6% in 2013. Ryanair said its traffic in July rose 4% to 9.15 million passengers from the 8.84 million flown in July last year, while load factor was 3% higher at 91% from 88% in July 2013.
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Water industry regulator Ofwat on Wednesday wrote to United Utilities Group PLC, Bristol Water and Thames Water Utilities Ltd to inform the companies their re-submitted plans on individual price controls still contain "very material differences" against its assessment on efficient wholesale costs. The watchdog said its concerns centre on United Utilities' wholesale wastewater price control, the future planned expenditures on the wholesale water price control plans at Bristol Water, and the proposed separate price control for Thames Water's Thames Tideway Tunnel project.
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The Sage Group PLC said Wednesday that it has appointed Stephen Kelly as group chief executive officer, succeeding Guy Berruyer, with effect from November 5. Kelly has served as chief operating officer for the UK government, responsible to the minister for the Cabinet Office since 2012. In the role he was responsible for Efficiency & Reform, as well as encouraging the government's agenda for small and medium-sized organisations. Before this he held roles at at NASDAQ-listed Chordiant Software Inc and London Stock Exchange-listed Micro Focus International PLC.
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Friends Life H1 IFRS Operating Pretax Profit GBP159M Vs GBP171M; Interim Dividend Flat At 7.05p
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COMPANIES - FTSE 250
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Ferrexpo PLC said pretax profit jumped in its first half due to a large reduction in operating costs through production efficiencies and the devaluation of the Ukrainian currency. The iron-ore producer, which operates solely in Ukraine, said its pretax profit increased 65% to USD247.6 million for the six months ended June 30 from USD149.9 million the previous year. The company said revenue fell 2.0% to USD758.9 million from USD774.7 million due to lower benchmark iron ore prices, which on average fell by 19% compared to the same period the previous year. Ferrexpo maintained its interim dividend at 3.3 US cents per share.
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Al Noor Hospitals Group PLC said Chief Executive Officer and founder Dr Kassem Alom will step down, effective October 1. The private hospital group said that, in line with its succession plan, it has appointed Ronald Lavater as CEO with effect of the same date. He joins the company from healthcare firm Johns Hopkins Medicine International where he is currently serving as senior executive for the Middle East region.
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Grainger PLC said group sales revenues fell in the ten months to July 31 but profits were boosted on the back of better margins on its sales and a rise in prices achieved against the comparable period last year. The residential property company said group sales revenues totalled GBP236.5 million for the period, a drop against the GBP258.7 million a year earlier. The fall came in spite of a rise in the number of units sold by the firm over the period, up to 2,358 against 2,091 a year earlier.
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Interserve H1 Pretax Profit GBP50.2M, Up 36% From GBP36.8M Year Before; Revenue GBP1.37B, Up 29% From GBP1.07B Year Before; Interim Dividend 7.5p, Up 10% From 6.8p
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COMPANIES - MAIN MARKET AND AIM
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Hydrogen energy company Acta SpA said it has raised GBP2.0 million via a share placing with institutional investors, funds it said it will use to finance working capital requirements for its current commercial expansion. The shares were placed at 3.0 pence per share.
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MDM Engineering Group Ltd said it has been awarded a contract with MMG Ltd's Kinsevere copper project, located in the Katanga Province of the Democratic Republic Of Congo. The minerals process and project management company said it will provide specific design and detailed engineering support on a number of MMG-identified projects, as part of the deal.
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Avon Rubber PLC said it has continued to trade in line with management expectations over the last few months, and after taking a hit from the strength of sterling, it still expects a full-year result in line with expectations. The manufacturer of rubber-based products said trading since the first half of the year to March 31, has continued to be strong, supported by buoyant growth in its protection & defence business, and improving market conditions in its dairy business, particularly in China.
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Tangiers Petroleum Shares Suspended Pending Further TAO-1 Well Announcement
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Canaccord Genuity Q1 Revenue CAD245.6M Vs CAD187.2M; Net Income CAD18.9M Vs CAD7.9M
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Shaft Sinkers Subsidiary Wins GBP37M Contract With TNK Kazchrome
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GW Pharmaceuticals Q3 Pretax Loss USD12.5M, Widened On Quarter And Year; Revenue USD13.0M, Up From USD7.3M Year Earlier; Expects Strong Double-Digit Sativex Sales Revenue Growth In 2014
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Johnston Press H1 Pretax Loss GBP6.3M Vs GBP254M; Revenue GBP135.8M Vs GBP141.9M, Down 4.3%
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Avingtrans Says FY Results Broadly In Line With Market Expectations; Intends To Acquire Trade, Certain Assets Liabilities Of RMDG For GBP1.1M Cash Excluding Costs
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COMPANIES - INTERNATIONAL
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21st Century Fox Tuesday said it has withdrawn its proposal to acquire Time Warner Inc, citing Time Warner's refusal to engage in talks, and the reaction in 21st Century Fox's share price in response to the offer. 21st Century Fox said it viewed a combination with Time Warner as a unique opportunity to bring together two great companies, each with celebrated content and brands. The offer had significant strategic merit and compelling financial rationale and its approach was friendly, it said. However, Fox said Time Warner management and its board refused to engage with 21st Century Fox to explore an offer which was highly compelling.
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Wireless carrier Sprint Corp is planning to abandon its bid to acquire rival wireless provider T-Mobile US, Inc. after it pursued the deal for nearly eight months, as the deal continues to face tough regulatory hurdles, according to a Wall Street Journal report on Tuesday. Japan's third-largest mobile carrier Softbank Corp, which currently owns more than 80% of Sprint, is also reportedly planning to replace Sprint CEO Dan Hesse with billionaire Marcelo Claure, Sprint's director and founder of mobile phone distributor Brightstar Corp. Hesse has headed Sprint since 2007. SoftBank bought control of Brightstar in January and put Claure on Sprint's board.
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Apple and Samsung, two of the world's top technology companies, agreed to end ongoing patent lawsuits against each other outside of the US, the companies said in a joint statement. "Samsung Electronics and Apple have agreed to end patent-related disputes in all countries, except for the US," Samsung said in the statement, according to Yonhap news agency. "The agreement, however, is not related to a patent licensing deal ... and the patent lawsuit in the US will continue," it said.
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Apple is expected to introduce its latest iPhone during an event on September 9, according to media reports Tuesday. Apple has scheduled a media event on that day, leading to speculation that it will the introduction of the new phone. The next generation iPhones are supposed to have larger displays of 12 centimetres and 14 centimetres and run speedy new A8 processors, the technology website re/code and the Wall Street Journal said.
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Diversified media and entertainment conglomerate Walt Disney Co. said Tuesday after the markets closed that its third quarter profit rose 22% from last year, helped by strong performance of all its business segments especially its movie division. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue.
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Cerner Corp. said Tuesday that it has agreed to buy the assets of Siemens AG's health information technology business unit, Siemens Health Services, for USD1.3 billion in cash. As part of the agreement, Cerner and Siemens will form a strategic alliance to bring new solutions to market that combine Cerner's health IT leadership and Siemens' strengths in medical devices and imaging. Each company will contribute up to USD50 million to fund projects of shared importance to both companies and their clients.
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American International Group Inc said it will buy Ageas Protect Ltd from the Belgium-based international insurer Ageas Group for GBP181 million pounds. The acquisition is expected to close in the fourth quarter of 2014.
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Reinsurer Swiss Re Ltd reported that its second-quarter net income increased to USD802 million from last year's USD786 million. Earnings per share were USD2.34, compared to USD2.28 a year ago. Premiums earned and fee income for the quarter climbed to USD7.56 billion from USD6.80 billion in the prior year. All business segments contributed positively in the second quarter, with strong underwriting performance by Property & Casualty Reinsurance, steady growth from Corporate Solutions and excellent gross cash generation by Admin Re. Further, the company said it is well on track toward achieving its 2011 - 2015 financial targets.
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Dutch financial services company ING Group NV said second-quarter net result climbed to EUR1.07 billion from EUR895 million last year. Earnings per share were EUR0.28, compared to EUR0.23 in the prior year. Prior-year results have been restated.
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Wednesday's Scheduled AGMs/EGMs

Camellia
Canaccord Genuity
Renewable Energy Holdings
European Convergence Development Co
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By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite

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