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Malaysia Airlines Flight 370

Malaysia Airlines Flight 370 (MH370/MAS370)[b] was a scheduled international passenger flight that disappeared on 8 March 2014, while flying from Kuala Lumpur International Airport near Kuala Lumpur, Malaysia, to Beijing Capital International Airport in Beijing, China. Flight 370 last made voice contact with air traffic control at 01:19 MYT (17:19 UTC, 7 March) when it was over the South China Sea, less than an hour after takeoff. The aircraft disappeared from air traffic controllers' radar screens at 01:22.[3][4] Malaysian military radar continued to track Flight 370 as it deviated from its planned flight path and crossed the Malay Peninsula. Flight 370 left the range of Malaysian military radar at 02:22 while over the Andaman Sea, 200 nautical miles (370 km; 230 mi) northwest of Penang in northwestern Malaysia.[5]:3[6] The aircraft, a Boeing 777-200ER, was carrying 12 Malaysian crew members and 227 passengers from 15 nations.[7] A multinational search effort began in the Gulf of Thailand and the South China Sea, where the flight's signal was lost on secondary surveillance radar, and was soon[8][9] extended to the Strait of Malacca and Andaman Sea.[10][11][12] Analysis of satellite communications between the aircraft and Inmarsat's satellite communications network concluded that the flight continued until at least 08:19 MYT and flew south into the southern Indian Ocean, although the precise location cannot be determined;[13][14][15] Australia took charge of the search effort on 17 March, when the search shifted to the southern Indian Ocean.[16] On 24 March 2014, the Malaysian government, noting that the final location determined by the satellite communication is far from any possible landing sites, concluded that "flight MH370 ended in the southern Indian Ocean."[13][14][15][17] The current phase of the search is a comprehensive search of the seafloor about 1,800 kilometres (1,100 mi) southwest of Perth, Western Australia, which began in October 2014.[18][19][20] Despite being the largest and most expensive search in aviation history,[21][22][23][24] no piece of the aircraft was found until July 2015 and the bulk of the aircraft has not been found, which has resulted in many theories about its disappearance. On 29 July 2015, marine debris was found on Réunion Island which was later confirmed to be a flaperon from Flight 370.[25][26][27] Malaysia established the Joint Investigation Team (JIT) to investigate the incident, working with foreign aviation authorities and experts.[5]:1 Neither the crew nor the aircraft's communication systems relayed a distress signal, indications of bad weather, or technical problems before the aircraft vanished.[28] Two passengers travelling on stolen passports were initially suspect in the disappearance, but they were later determined to be asylum seekers and terrorism has been ruled out.[29][30][31] Malaysian police have identified the Captain as the prime suspect if human intervention was the cause of the disappearance, after clearing all other passengers of any suspicious motives.[32] Power was lost to the aircraft's satellite data unit (SDU) at some point between 01:07 and 02:03; the SDU logged onto Inmarsat's satellite communication network at 02:25—three minutes after the aircraft left the range of radar.[5]:22 Based on analysis of the satellite communications, the aircraft turned south after passing north of Sumatra and flew for five hours without communication and with little deviation in its track, suggesting that the aircraft was flying on autopilot without manual input from the cockpit and that Flight 370 may have experienced a hypoxia event, ending when fuel was exhausted.[5]:34[33][34][35] At the time of its disappearance, and if the presumed loss of all on board is confirmed, Flight 370 was the deadliest aviation incident in Malaysia Airlines' history and the deadliest involving a Boeing 777.[36][37] It was surpassed in both regards 131 days later by the crash of another Malaysia Airlines Boeing 777 – Flight 17 – that was shot down over Ukraine.[38] Malaysia Airlines was struggling financially, a problem which was exacerbated by a decline in ticket sales after Flight 370 disappeared and before the crash of Flight 17; the airline was renationalised by the end of 2014. The Malaysian government received significant criticism, especially from China, for failing to disclose information in a timely manner during the early weeks of the search. Flight 370's disappearance brought to the public's attention the limits of aircraft tracking and flight recorders, including several issues raised four years earlier—but never mandated—following the loss of Air France Flight 447. A task force set up by the International Air Transport Association, with the support of the International Civil Aviation Organization, proposed a new standard that, by December 2015, commercial aircraft must report their position every 15 minutes.[39][40] The Malaysian Ministry of Transport issued an interim report on 8 March 2015

Citigroup Inc. Raises Fresnillo Plc Price Target to GBX 788 (FRES)

Investment analysts at Citigroup Inc. raised their price objective on shares of Fresnillo Plc (LON:FRES) from GBX 777 ($12.14) to GBX 788 ($12.31) in a research report issued on Thursday, Analyst Ratings Net reports. The brokerage presently has a “buy” rating on the stock. Citigroup Inc.’s price target suggests a potential upside of 21.60% from the stock’s current price. Fresnillo Plc (LON:FRES) opened at 647.5000 on Thursday. Fresnillo Plc has a 12 month low of GBX 616.50 and a 12 month high of GBX 1,037.00. The stock’s market capitalization is GBX 4.77 billion. The company’s 50-day moving average is GBX 670.24 and its 200-day moving average is GBX 738.17. Several other research analysts have also issued reports on the stock. Morgan Stanley reiterated an “equalwt/in-line” rating and issued a GBX 730 ($11.40) price target on shares of Fresnillo Plc in a research report on Tuesday. Beaufort Securities restated a “hold” rating on shares of Fresnillo Plc in a report on Wednesday. Deutsche Bank lowered their price objective on shares of Fresnillo Plc from GBX 750 ($11.72) to GBX 715 ($11.17) and set a “hold” rating on the stock in a report on Wednesday. Barclays reissued an “equal weight” rating and issued a GBX 700 ($10.93) target price on shares of Fresnillo Plc in a research note on Wednesday. Finally, RBC Capital reaffirmed an “outperform” rating and set a GBX 800 ($12.50) price objective on shares of Fresnillo Plc in a research report on Wednesday. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of GBX 855.73 ($13.37). Fresnillo plc is a holding company. Through its subsidiaries, the Company is engaged in the mining and beneficiation of non-ferrous minerals, and the sale of related production. The primary contents of this production include silver, gold, lead and zinc. The Company has six operating mines: Fresnillo, located in the State of Zacatecas, which is primary silver mine; Saucito, located in the State of Zacatecas, an underground silver mine; Cienega, located in the State of Durango, an underground gold mine, including the San Ramon satellite mine; Herradura, located in the State of Sonora, a surface gold mine; Soledad-Dipolos mine, located in the State of Sonora, a surface gold mine, and Noche Buena, located in State of Sonora, a surface gold mine. The Company has two development projects, which include Saucito II and San Julian. The Company’s subsidiaries include Minera Fresnillo, S.A. de C.V., Minera Penmont, S. de R.L. de C.V., Minera Saucito, S.A. de C.V. and Fresbal Investments, Ltd.

he Bank of Tokyo-Mitsubishi UFJ, Ltd, Jakarta Branch Sets Course to Achieve NSICCS Issuer and Acquirer Certification

Euronet Software Solutions, a division of leading electronic payments provider Euronet Worldwide, Inc. (NASDAQ:EEFT), today announced that the Bank of Tokyo-Mitsubishi UFJ, Ltd, Jakarta Branch-- a member of MUFG global financial group, has contracted with Euronet to complete a comprehensive upgrade to their card issuing and card processing systems. With the support of Euronet and Euronet's Indonesian partner, PT Sigma Cipta Caraka (Telkomsigma), the Bank of Tokyo-Mitsubishi UFJ, Ltd, Jakarta Branch will implement system modifications needed for the bank to support chip card based debit card transactions and receive National Standard Indonesia Chip Card Specification (NSICCS) Issuer certification. Additionally, an interface to the local interbank network will be established allowing the bank to process domestic card transactions locally improving operational efficiency. Indonesia, the 4th most populous country in the world (260+ million inhabitants), has seen an increase in the use of debit cards for purchases and ATM withdrawals in recent years. Because chip cards make it virtually impossible to create counterfeit cards, the Bank of Indonesia has mandated that all banks complete the NSICCS certification by January 1, 2016. The Bank of Tokyo-Mitsubishi UFJ, Ltd, Jakarta Branch will begin NSICCS certification in September 2015. "Improving the security of electronic transactions is vital in today's world and is always at the forefront of our minds as we develop solutions to meet the needs of our customers," said Cindy Ashcraft, Vice President of Euronet Worldwide and Managing Director for Euronet Software Solutions. "We are extremely proud that the Bank of Tokyo-Mitsubishi UFJ, Ltd, Jakarta Branch continues to trust Euronet to provide answers to today's security and technology challenges."

Ferrexpo Plc Receives Hold Rating from Jefferies Group (FXPO)

Jefferies Group reissued their hold evaluation on shares of Ferrexpo Plc (LON:FXPO) in a report published onThursday, AnalystRatings.Net reports. They currently have a GBX 60 ($0.94) price aim on the iron-ore company’s stock. Shares of Ferrexpo Plc (LON:FXPO) opened at 59.5000 on Thursday. The business’s market capitalization is GBX 348.35 million. The firm has a-50-day moving average price of GBX 61.54 and a-200 day moving average price of GBX 65.05. Ferrexpo Plc has a 1-year low of GBX 47.60 and a 1-year high of GBX 141.00. ! Several other research analysts have issued reports. JPMorgan Chase & Co. re-issued a neutral evaluation and issued a GBX 70 ($1.09) cost goal on shares of Ferrexpo Plc in a research note on Thursday. Morgan Stanley re-affirmed a equalwt/in line evaluation and establish a GBX 70 ($1.09) price target on shares of Ferrexpo Plc in a research report on Wednesday. Liberum Funds re-issued a sell rating and issued a GBX 60 ($0.94) target cost on shares of Ferrexpo Plc in a study report on Wednesday. Deutsche Bank reaffirmed a buy rating and issued a GBX 195 ($3.05) price target on shares of Ferrexpo Plc in a report on Tuesday. The stock has been rated by seven investment analysts with a sell rating, four have given a hold rating and five have assigned a buy rating to the organization. Ferrexpo plc is an iron ore pellet producer with mines in Ukraine. The Company creates, develops and markets its chief merchandise, iron-ore pellets, for sale to the metallurgical sector. It operate a processing plant near an interest in a port in Odessa Kremenchug in Ukraine and two mines all over the world and also marketing and sales activities, including offices in Ukraine, Dubai, Japan, China, Singapore and Switzerland. Furthermore, it owns logistics assets in Austria which runs a fleet of vessels working around the Danube and Rhine waterways and an oceangoing boat which features on international sea routes and materials services. Its functions are vertically integrated from iron-ore mining through to logistics and pellet production and iron ore concentrate that’s following. Its mineral properties lie within the Kremenchug Magnetic Anomaly and are being removed in the Gorishne Plavninskoye and Lavrikovskoye (LON:FXPO) and Yeristovskoye deposits.

Frontline Sees Significant Growth in Short Interest (FRO)

Frontline (NYSE:FRO) saw a large increase in short interest in the month of July. As of July 15th, there was short interest totalling 12,843,179 shares, an increase of 70.1% from the June 30th total of 7,550,188 shares, MarketBeat Ratings reports. Approximately 20.7% of the shares of the company are short sold. Based on an average daily trading volume, of 2,805,593 shares, the days-to-cover ratio is currently 4.6 days. A number of research analysts have weighed in on the company. Morgan Stanley upgraded shares of Frontline from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $2.50 to $3.00 in a report on Wednesday, May 27th. Evercore ISI raised Frontline from a “sell” rating to a “hold” rating and lifted their target price for the company from $2.00 to $3.00 in a research report on Monday, June 1st. Nordea Equity Research raised Frontline from a “sell” rating to a “hold” rating in a research report on Monday, June 1st. Finally, Zacks upgraded Frontline from a “hold” rating to a “buy” rating and set a $2.75 target price for the company in a research note on Tuesday, July 7th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $2.47. Shares of Frontline (NYSE:FRO) opened at 2.83 on Thursday. The stock’s market cap is $405.75 million. The firm has a 50-day moving average price of $2.74 and a 200-day moving average price of $2.67. Frontline has a 52 week low of $1.18 and a 52 week high of $5.05. Frontline (NYSE:FRO) last released its quarterly earnings data on Friday, May 29th. The company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.18 by $0.07. During the same quarter in the prior year, the company posted $0.04 earnings per share. On average, analysts forecast that Frontline will post $0.47 earnings per share for the current fiscal year. Frontline Ltd. is a Bermuda-based shipping company engaged primarily in the ownership and operation of oil tanker. The Company operates oil tankers of two sizes: Very Large Crude Carriers (NYSE:FRO), which are between 200,000 and 320,000 deadweight tonnages (dwt), and Suezmax tankers, which are vessels between 120,000 and 170,000 dwt. The Company operates through subsidiaries and partnerships located in the Bahamas, Bermuda, the Cayman Islands, India, the Isle of Man, Liberia, Norway, the United Kingdom and Singapore. The Company’s principal focus is the transportation of crude oil and its related refined dirty petroleum cargoes for oil companies and oil trading companies. The Company is also involved in the charter, purchase and sale of vessels.

Citigroup Inc. Raises Fresnillo Plc Price Target to GBX 788 (FRES)

Investment analysts at Citigroup Inc. raised their price objective on shares of Fresnillo Plc (LON:FRES) from GBX 777 ($12.14) to GBX 788 ($12.31) in a research report issued on Thursday, Analyst Ratings Net reports. The brokerage presently has a “buy” rating on the stock. Citigroup Inc.’s price target suggests a potential upside of 21.60% from the stock’s current price. Fresnillo Plc (LON:FRES) opened at 647.5000 on Thursday. Fresnillo Plc has a 12 month low of GBX 616.50 and a 12 month high of GBX 1,037.00. The stock’s market capitalization is GBX 4.77 billion. The company’s 50-day moving average is GBX 670.24 and its 200-day moving average is GBX 738.17. Several other research analysts have also issued reports on the stock. Morgan Stanley reiterated an “equalwt/in-line” rating and issued a GBX 730 ($11.40) price target on shares of Fresnillo Plc in a research report on Tuesday. Beaufort Securities restated a “hold” rating on shares of Fresnillo Plc in a report on Wednesday. Deutsche Bank lowered their price objective on shares of Fresnillo Plc from GBX 750 ($11.72) to GBX 715 ($11.17) and set a “hold” rating on the stock in a report on Wednesday. Barclays reissued an “equal weight” rating and issued a GBX 700 ($10.93) target price on shares of Fresnillo Plc in a research note on Wednesday. Finally, RBC Capital reaffirmed an “outperform” rating and set a GBX 800 ($12.50) price objective on shares of Fresnillo Plc in a research report on Wednesday. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of GBX 855.73 ($13.37). Fresnillo plc is a holding company. Through its subsidiaries, the Company is engaged in the mining and beneficiation of non-ferrous minerals, and the sale of related production. The primary contents of this production include silver, gold, lead and zinc. The Company has six operating mines: Fresnillo, located in the State of Zacatecas, which is primary silver mine; Saucito, located in the State of Zacatecas, an underground silver mine; Cienega, located in the State of Durango, an underground gold mine, including the San Ramon satellite mine; Herradura, located in the State of Sonora, a surface gold mine; Soledad-Dipolos mine, located in the State of Sonora, a surface gold mine, and Noche Buena, located in State of Sonora, a surface gold mine. The Company has two development projects, which include Saucito II and San Julian. The Company’s subsidiaries include Minera Fresnillo, S.A. de C.V., Minera Penmont, S. de R.L. de C.V., Minera Saucito, S.A. de C.V. and Fresbal Investments, Ltd.

MIDEAST STOCKS-Gulf markets edge down after short-lived rally on oil

DUBAI, Aug 6 (Reuters) - Major Gulf stock markets slipped back in early trade on Thursday after Brent oil fell below $50 per barrel again and Abu Dhabi heavyweight Etisalat dropped on news that it would face tougher competition. Etisalat fell 3.2 percent and was the main drag on the Abu Dhabi index , which edged down 0.5 percent. Its competitor, Dubai-listed du , said on Wednesday the United Arab Emirates had started to open its fixed-line consumer telecommunications market to competition. Du , whose shares rose 0.7 percent early on Thursday, had been largely confined to the newer areas of Dubai until the two companies quietly launched nationwide competition in fixed-line consumer services last month, du chief executive Osman Sultan told a conference call. Dubai's index fell 0.5 percent despite the gains made by du and developer DAMAC Properties , which jumped 2.7 percent after surging its daily 15 percent limit in the previous session on news that it had more than tripled its second-quarter profit. Most other Dubai stocks fell, including budget carrier Air Arabia , down 1.8 percent. The company reported a 13.6 percent fall in second-quarter net profit on Wednesday to 146.2 million dirhams ($39.8 million). That was better than analysts had expected - on average they had predicted 133.7 million dirhams - but revenues at the airline fell, apparently because of price competition. Qatar's bourse fell 0.7 percent, with most stocks in the red. Mesaieed Petrochemical was one of the most traded stocks and slid 1.8 percent after announcing its net profit fell 55 percent to 403 million riyals ($110.7 million) in the first half of this year. (Reporting by Olzhas Auyezov; Editing by Andrew Torchia, Larry King) ((olzhas.auyezov@thomsonreuters.com; +971 56 225 4871; Reuters Messaging: olzhas.auyezov.thomsonreuters.com@reuters.net))

Amazon India opens third customer service facility in Pune

Global e-commerce giant Amazon has launched its third customer service facility in India in line with its commitment in the growing e-commerce industry in India. The centre opened in Pune is third after the ecommerce behemoth had set up two sites in Hyderabad in 2005 and 2014, respectively. The facility will support Amazon.in and Amazon.com with pre and post-order customer service through various mediums like e-mail, chat, phone and social media. It will also host teams that provide support to Amazon’s operations in India in the form of training, workflow etc. The centre will help create employment opportunities in and around Pune. Raj Raghavan, Director Human Resources, Amazon India, said in a statement: “Pune is a fast-growing, vibrant and young city with a great talent pool, infrastructure and growth potential. In line with our vision of building Amazon as Earth’s most customer-centric company, the Pune Customer Service facility will augment our capabilities to serve our customers better and enable Amazon to deliver consistently high levels of customer experience.” Ever since its inception in India, Amazon has been relentlessly inventing on behalf of its customers. In 2014, Amazon.in had launched Hindi language phone support for customers enabling them to select their preferred language option on the Contact Us page or through the Toll free and DID number, the statement said.

Bloomberg: CF Industries, OCI Nearing A Fertilizer Merger - Quick Facts

U.S. nitrogen fertilizer group CF Industries Holdings, Inc. (CF) is nearing a deal to merge with Dutch rival OCI NV (OCINY), according to a Bloomberg report on Thursday. The deal could be announced as early as this week. Negotiations could still be delayed or fall apart, the people said. OCI, which is run by Egyptian billionaire Nassef Sawiris, has production assets in the Netherlands and the U.S. The two companies had confirmed on July 20 that they are in preliminary discussions regarding a potential combination involving certain of OCI's businesses. This is for the second time in less than a year that CF has tried to merge with a competitor. In October 2014, CF Industries and Norwegian peer Yara International ASA (YARIY) had to called off their near month long talks on a potential merger of equals transaction as they could not agree on valuation. The deal would have created the world's largest nitrogen fertilizer company.

How healthy are the banks?

The phoenix-like rise of the UK’s big banks continues. Resumed dividend payments, government share sales and shrinking write-offs show just how far the sector has come since Lloyds swallowed HBOS in September 2008, along with the latter’s toxic debt. The path here has not been easy. Larger capital requirements (the amount banks have to set aside against the loans they’ve made) PPI claims and fines for Libor rigging have seen to that. Not only that, banks got off to a poor start this economic cycle. Just as the economy was getting going again, the focus was on restructuring, including moves out of investment banking, adapting to a tighter regulatory environment and the introduction of a bank levy. Banks are cyclical beasts. That means they depend heavily on the health of the general economy. They need to be in a good position to exploit opportunities once growth begins to turn positive. That they were focused on other things this time round was a sure impediment. At least one think tank believes the hard work is not over. Last month, the New Economics Foundation called for more bank sector reforms and said that it believes the UK has the weakest financial system of the world’s leading industrial economies1. But the attractions today from an investment standpoint are clear enough. A sector that has been pummelled repeatedly and frequently since the financial crisis began but which comprises companies getting their houses in order may spell opportunity. Really what matters to investors are the potential catalysts there might be from here. For Lloyds and other banks as well, claims for mis-sold PPI remains a road seemingly without end. In its half-year results, released last week, the Black Horse put aside another £1.4 billion against future claims. Against that – and it’s a big consideration – Lloyds has resumed dividend payments and it’s thinking about returning capital to shareholders too2. As such, it joins the banks that held their own through the financial crisis without government assistance – Barclays and HSBC. RBS seems to be further back down the road that Lloyds has travelled already. It’s still lossmaking, because charges for past misdeeds continue to eat up operating profits, and there won’t be a dividend until 2017 at the earliest3. However, since the general election, it’s looking increasingly likely that both Lloyds and RBS are on their way back to full public ownership. Following recent share sales, the UK government owns less than 15% of Lloyds². On Monday, the Chancellor authorised the government’s first sale of RBS shares4. Banks might be one of the few sectors to benefit from a rise in interest rates. As interest rates increase, it’s easier for them to widen the gap between deposit and lending rates and profit from it. The rise of so-called challenger banks is another factor investors should remember though, because it threatens to disrupt parts of the domestic market. The financial crisis and loss of faith in the “big four” left gaps for the likes of TSB Banking, Virgin Money and OneSavings to fill. That process continues, with Yorkshire & Clydesdale and Metro Bank among those said to be drawing up plans to float on the stock market either later this year or next. The opening up of the lending market has fostered innovation too. In May, the peer-to-peer lender Zopa announced it had partnered Metro Bank, allowing its users to access bank loans for the first time5. As we found out during the financial crisis, the health of the banking sector has implications for the whole economy. While it would be premature to believe that we have seen the end of fines for past misdeeds and charges for restructuring, that even the most crisis-hit banks appear to be on the mend is a welcome sign for the UK economy and stock market as a whole. Investors have a reasonably clear choice between banks at different stages of recovery and plenty of ways of accessing them via UK funds. The prospect of respectable dividends in future means that banks are, once again, on the radar of income fund managers too. The banks, it seems, are back.

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