Latham Timber Share News (LTHM)

LONDON (Alliance News) - UK shares have opened mostly lower Wednesday, as the investors exercise caution ahead of meeting minutes due later in the day from both the Bank of England and US Federal Reserve.

Glencore shares share the top of the FTSE 100 with SSE, Centrica and Standard Chartered. Glencore early Wednesday reported higher half-year profit and a USD1 billion share buyback. Standard Chartered late Tuesday announced a settlement with New York regulators.

Among broker rating changes early Wednesday, BHP Billiton has suffered several downgrades following its demerger announcement on Tuesday. Meanwhile, Deutsche Bank has initiated the newly merged Dixons Carphone with a Buy rating and 400 pence price target. The shares were quoted at 343.20 early Wednesday, up 0.9%.

Here is what you need to know at the UK market open:
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MARKETS
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FTSE 100: down 0.2% at 6,765.83
FTSE 250: down 0.4% at 15,830.79
AIM ALL-SHARE: up 0.1% at 763.74
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Hang Seng: up 0.2% at 25,181.60
Nikkei 225: closed xxxx xxxx at xxxxxxx
DJIA: closed up 0.5% at 16,919.59
S&P 500: closed up 0.5% at 1,981.60
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GBP-USD: flat at USD1.6623
EUR-USD: down at USD1.3306

GOLD: up at USD1,295.84 per ounce
OIL (Brent): up at USD101.62 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)

09:30 UK Bank of England Minutes and MPC Vote
10:00 EU Construction Output
11:00 UK CBI Industrial Trends Survey - Orders
12:00 US MBA Mortgage Applications
13:30 Canada Wholesale Sales
15:30 US EIA Crude Oil Stocks
19:00 US FOMC Minutes
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Russian President Vladimir Putin and Ukrainian President Petro Poroshenko will meet at a summit next week in Belarus, the Kremlin said Tuesday, raising hopes for a political solution to the bloodshed in eastern Ukraine. Putin and Poroshenko will participate in an August 26 regional summit in Minsk, which will also be attended by EU officials. The Kremlin said "a number of bilateral meetings" were planned at the summit, but Putin's spokesman Dmitry Peskov said it was too early to say with whom the president will meet, the Itar-Tass news agency reported.
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A ceasefire between Israel and militants in the Gaza Strip broke down, with exchanges of fire between the sides on Wednesday as negotiators failed to agree on a deal for a longer term truce. Dozens of rockets were fired from the Gaza Strip into Israel while the Israeli military carried out retaliatory airstrikes, killing at least three people, including a young girl. Hamas denied involvement in the initial rocket which broke the ceasefire, but its armed wing claimed credit for later volleys into southern and central Israel that caused no injuries. Israeli Prime Minister Benjamin Netanyahu ordered his negotiators at indirect talks in Cairo with Palestinian militant factions to return home immediately after the rocket fire resumed on Tuesday afternoon.
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Germany's producer prices continued to decline in July, data from Destatis showed. Producer prices were down 0.8% year-on-year in July, sharper than the 0.7% fall seen in June. Economists had forecast prices to fall again by 0.7%. Month-on-month, producer prices slid 0.1% after staying flat a month ago.
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Japan posted a merchandise trade deficit of JPY963.99 billion in July, the Ministry of Finance said - remaining in the red for a record 25th consecutive month. The headline figure missed forecasts for a deficit of JPY713.9 billion following the JPY823.2 billion shortfall in June. Exports were up 3.9% on year to JPY6.188 trillion - slightly ahead of estimates for an increase of 3.8% following the 1.9% decline in the previous month. Imports were up an annual 2.3% to JPY7.152 trillion versus forecasts for a decline of 1.7% following the 8.4% spike a month earlier.
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The Islamic State militia released a video purporting to show the decapitation of US photojournalist James Foley, who went missing in Syria in November 2012. The gruesome video, posted on social media by the Islamists, could not be independently verified.
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Some 6,300 fighters have joined the Islamic State jihadist militants since last month in the northern Syrian provinces of Aleppo and al-Raqqa, a monitoring group said Tuesday. The Britain-based Syrian Observatory for Human Rights said the new recruits included 5,000 Syrians, 800 of them experienced fighters who switched allegiances from various rebel groups or from the Syrian al-Qaeda affiliate al-Nusra Front. The remaining 1,300 were foreigners, most of whom had entered Syria across its northern border with Turkey, said the group, which compiles its reports based on updates from a network of activists across Syria. The extremist group now counts more than 50,000 fighters, compared to only 15,000 a year ago, Observatory director Rami Abdel-Rahman told dpa.
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About 200 people suspected of being newly infected with Ebola were quarantined in northern Sierra Leone, the World Food Programme said Tuesday as the outbreak spread across West Africa. The cases had all been reported this week in the town of Lunar in Port Loko district, said Glen Myers, a representative with the UN's food aid agency. Myers said the large number of new cases were "worrisome."
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Residents of the riot-struck US city of Ferguson, Missouri should come out during the daytime to call for calm and distinguish themselves from the violent protests that resulted in 31 arrests overnight, police said Tuesday. Racially charged clashes, which have been ongoing for more than a week following the shooting of an unarmed black teenager by a white police officer, resumed late Monday after the lifting of a curfew. Meanwhile, another black man was shot and killed by police officers in nearby St Louis Tuesday. The unnamed 23-year-old allegedly stole two energy drinks and a pastry from a convenience store and then brandished a knife at the responding police officers, police said.
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BROKER RATING CHANGES
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CITIGROUP CUTS BHP BILLITON TO 'NEUTRAL' ('BUY') - PRICE TARGET 2100 PENCE
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CREDIT SUISSE CUTS BHP TO 'UNDERPERFORM' ('NEUTRAL') - PRICE TARGET 2000 (2250) PENCE
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S&P CAPITAL IQ RAISES BHP BILLITON TO 'BUY' ('HOLD') - PRICE TARGET 2200 (1900) PENCE
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DEUTSCHE BANK INITIATES DIXONS CARPHONE WITH 'BUY' - TARGET 400 PENCE
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GOLDMAN CUTS ASOS PRICE TARGET TO 4300 (5750) PENCE - 'BUY'
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NOMURA INITIATES SSP GROUP WITH 'BUY' - TARGET 263 PENCE
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COMPANIES - FTSE 100
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Glencore reported a higher profit for the first half of the year as it continued to benefit from the synergies it is eking out of its its Xstrata and Viterra acquisitions, and as higher production offset commodity price falls and a hit from currency movements. The metals and mining giant raised its interim dividend and announced a buyback of up to USD1 billion over the next seven months. Net profit more than tripled in the first-half, reaching USD1.72 billion compared with USD645 million a year earlier. Profit in the year-earlier period was lowered by USD466 million after the company finalised the fair value adjustments relating to the Xstrata acquisition.
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British Land Co said it has sold its office block on Poland Street, London to Amazon Property in a deal worth GBP26 million, reflecting a capital value of nearly GBP1,300 per square foot. The site on 52 Poland Street, near Oxford Circus underground station, is a 20,500 square foot multi-let building. The total passing rent of GBP693,373 equates to GBP33.84 per square foot.
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Miner Antofagasta said Executive Chairman Jean-Paul Luksic will become non-executive chairman at the start of September, with the head of the company's mining division, Diego Hernández, stepping up to become chief executive. The move means the company has fallen back into line with the UK corporate governance code which says that companies should split the chairman and chief executive roles. Luksic, who's family own 65% of the company's share capital, has been doing the CEO job since former CEO Marcelo Awad resigned in March, 2012 when the company missed production targets at a new mine.
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Standard Chartered said late Tuesday it has agreed a USD300 million settlement with banking regulator the New York State Department of Financial Services over deficiencies in the anti-money laundering transaction surveillance system at its New York branch. Standard Chartered said it "accepts responsibility for and regrets" the deficiencies. In addition to the penalty, the settlement also calls upon Standard Chartered to make enhancements to the transaction surveillance system at the New York office and a two-year extension to the term of the Department of Financial Services-appointed independent monitor.
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COMPANIES - FTSE 250
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Hikma Pharmaceuticals reiterated its guidance of around 5% revenue growth for all of 2014, as it raised its guidance for its Generics business and lowered guidance for Branded products, while reporting a rise in pretax profit in the half year to end-June. The pharmaceutical company maintained its interim dividend of 7.0 cents, in line with the previous year, and declared a special dividend of 4.0 cents, which it said was due to the "exceptionally strong market opportunities" secured by its US businesses during the period. Hikma posted a pretax profit of USD219 million in the recent half, up from USD111 million in the same period a year before, as revenue rose to USD738 million from USD638 million and it posted fewer exceptional costs.
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Balfour Beatty PLC early Wednesday closed the door on a proposed merger with Carillion PLC, stating that Carillion's revised proposal late Tuesday failed to address two key concerns that it raised last week. Balfour Beatty said the new proposal from Carillion did not address the considerable risks associated with the proposed business plan, including the strategy to reduce the scale of the UK construction business when it is "poised to benefit from a recovery in the market" and Carillion's continued intention to terminate the sale of Parsons Brinckerhoff, when talks are well advanced. "Therefore the board will not be seeking an extension to the PUSU (Put Up or Shut Up) deadline of 5pm on August 21, 2014," Balfour Beatty said in a statement.
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Hochschild Mining H1 Pretax Loss USD3.4M Vs Pretax Loss USD48.7M; H1 Revenue USD282.0M Vs USD308.6M; 2014 Production Target 21.0M
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UK Commercial Property Trust NAV Per Share On June 30 Was 78.1p, Up 6.8% From 73.1p On Dec 31; H1 NAV Total Return 10.1%, Ahead Of IPD Benchmark At 8.3%; Acquires Regent Circus, Swindon for GBP40.5M
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COMPANIES - LONDON MAIN MARKET AND AIM
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Vp said its good start to the new financial year has continued, with demand levels sustained in August and the integration of the Balfour Beatty Rail Ltd business progressing well. The equipment rental firm said the positive performance reported as its annual general meeting in July has continued into August, with robust demand, in particular from the infrastructure and housebuilding sectors, and a gradual improvement in general construction.
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Ascent Resources said it has promoted its Financial Controller and Company Secretary Colin Hutchinson to the role of finance director with immediate effect. Hutchinson has served in his current roles since March last year, after joining the business from Lochard Energy PLC where he was financial controller.
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Pharmaceutical company Clinigen Group said it has acquired the global rights to oncology support therapy, Ethyol, from AstraZeneca PLC. Ethyol is a drug used to reduce the incidence of the side effect of xerostomia, or dry mouth, in patients undergoing post-operative radiation treatment for head and neck cancer. In 2013, Ethyol revenue was approximately USD4.9 million.
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Gem Diamonds reported a dazzling set of first-half results, saying profit more than doubled and revenue rose 54%, driven by a strong performance at its Letšeng mine in Lesotho. The diamond producer said its still on track to pay out a first dividend at the end of the 2014 financial year, supported by an increase in its cash position in the first-half, with cash on hand of just short of USD114 million. The company said an "exceptional performance" at the Letšeng mine saw an increase in revenue of 54% to USD148.9 million in the six months to June 30, compared with USD96.5 million the previous year, which it said was driven by both increased volume of carat sales and higher diamond prices. The strong revenue growth drove first-half pretax profit up to USD54.8 million from USD23.2 million in the first half of 2013.
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Greencoat UK Wind said it has acquired a 51.6% stake in four wind farms from subsidiaries of The AES Corporation for a total of GBP90.6 million. The renewable infrastructure fund said it has agreed to buy the stake in the Sixpenny Wood, Yelvertoft, North Rhins and Drone Hill wind farms, meaning it is now invested in 16 UK wind farms with net generating capacity of 271.5 megawatts.
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Harvey Nash Group said its half-year results are expected to be in line with expectations, as its performance in the UK, Ireland and the US proved robust and temporary recruitment in mainland Europe offset subdued demand for permanent recruitment and currency headwinds. The recruitment and professional services firm said its results for the six months to July 31 will be in line with management expectations, with adjusted pretax profit set to rise around 5% on the back of an expected 8% rise in revenue in the half to around GBP356 million from GBP329 million last year. Those results were hit substantially, however, by currency movements, with profit and revenue estimated to have risen 12% on a constant currency basis.
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AFC Energy said it has appointed Christopher Tawney as Finance Director, replacing Jane Dumeresque who in June said she would leave to focus on her other business interests.
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COMPANIES - INTERNATIONAL
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Dutch brewer Heineken N.V. reported a marginal drop in the first-half net profit as revenue slipped due to currency impact. However, adjusted profit increased and organic revenue grew with volume increase. Net profit slipped to EUR631 million from EUR639 million last year. Excluding exceptional items and amortization of acquisition-related intangibles, earnings rose to EUR772 million from EUR679 million in the prior year. Looking ahead, Chairman and CEO Jean-François van Boxmeer said, "The economic outlook remains mixed and we expect some moderation in top-line and profit growth in the second half of the year. We are confident that our strong brand portfolio, geographic breadth and focus on cost control will result in healthy top and bottom line growth in 2014 and beyond."
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Carlsberg Group reported first-half pretax profit of DKK3.22 billion, compared to DKK3.14 billion, a year ago. Net income to shareholders was DKK2.14 billion, flat with prior year. Earnings per share was DKK 14.0, flat with last year.
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Swiss telecommunication services firm Swisscom AG posted 2.0% lower net income attributable to equity holders of CHF799 million Swiss francs in the first half of 2014, compared with CHF815 million francs, a year earlier.
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Microsoft's former chief executive officer Steve Ballmer announced Tuesday that he is stepping down as a board member of the software giant. Ballmer officially became owner of the LA Clippers on August 12, which he bought for a record 2 billion dollars from Shelly Sterling, wife of embattled former owner Donald Sterling. Ballmer said focusing on the Clippers, teaching and studying would not leave enough time to focus on his work as board member.
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Customers of Microsoft's cloud service Azure experienced connectivity issues, the software giant confirmed Tuesday. Azure provides online applications and resources for businesses and governments. Microsoft said the outages affected customers using Azure systems that included cloud services, virtual machines, websites, automation, service bus, backup, site recovery, HDInsight, mobile services, StorSimple.
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Wednesday's Scheduled AGMs/EGMs

James Latham
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By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite

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