Suntory Beverage prices $4 billion IPO near bottom of range

By Taiga Uranaka and Ritsuko Shimizu

TOKYO (Reuters) - Japan's Suntory Beverage and Food Ltd will raise 388 billion yen ($4 billion) after it set its IPO price near the bottom of its marketing range, hurt by concerns about its valuation and weak appetite amid market volatility.

The food and soft drinks unit of Suntory Holdings Ltd set the price of its initial public offering at 3,100 yen per share, compared with its 3,000-3,800 yen indicative range, it said in a regulatory filing on Monday.

The maker of Boss canned coffee had been seeking as much as 470 billion yen in Asia's biggest IPO so far this year, to bolster its war chest for acquisitions in emerging markets like Southeast Asia and boost its competitiveness against rivals like Kirin Holdings Co Ltd .

"It's obviously a sign that the stock is not popular among institutional investors," said a hedge fund manager based in Singapore, who was not authorized to discuss the matter publicly.

"Given its valuation compared with its peers and high volatility in the market, I think even the price of 3,100 yen is too high for many institutional investors," he said.

The IPO price values Suntory Beverage at a price-to-earnings ratio of 23 based on its 2013 profit forecast. That is higher than 17 at domestic rival Asahi Group Holdings and 16 at Kirin, according to Thomson Reuters data.

At the IPO price, Suntory Beverage would have a market capitalization of 958 billion yen, behind Kirin's 1.5 trillion yen and Asahi's 1.2 trillion yen.

Suntory Beverage's IPO was also seen as a test of investor appetite for new listings at a time of high volatility in Japanese stock markets. The benchmark Nikkei <.n225> has lost about 18 percent since hitting a 5-1/2 year high in late May.

Still, the offering is almost twice the size of the $2.1 billion IPO by the infrastructure fund of Thailand's BTS Group Holdings Pcl , the second-biggest Asia IPO this year, and provides Suntory with the funds to ramp up its acquisition drive.

OVERSEAS EXPANSION

Privately held Suntory Holdings is led by President Nobutada Saji, the 67-year-old grandson of the company's founder. The group, which is known for its Premium Malt's beer and whisky, gets half of its revenue from non-alcoholic drinks unit Suntory Beverage.

Suntory Beverage said it expects its net profit to rise 50 percent to 35 billion yen and its revenue to increase 14 percent to 1.13 trillion yen this year. It has set a target for annual revenue growth of at least 5 percent over the next three years.

In Japan, Suntory is the second-largest soft drinks maker after Coca-Cola Co and the gap in their market share has been narrowing. "In terms of domestic share, Coca-Cola is 27.9 percent and Suntory 19.6 percent. The gap used to be much bigger," said Kazuhiro Miyashita, editor of a trade magazine.

Still, Suntory and its rivals see little room for growth in their saturated home market and have set their sights overseas in recent years.

Suntory acquired soft drinks maker Orangina Schweppes and New Zealand's No. 2 beverage firm Funcor Group, both in 2009. In 2011, it entered into a joint venture with Indonesian food and beverage group GarudaFood. Suntory has said that it is also eyeing the Middle East, Africa and Latin America through acquisitions.

But industry officials and analysts say that acquisitions, especially in Southeast Asia, are increasingly costly and difficult to execute.

Such concerns came to light earlier this year when Kirin lost the chance to buy Singapore-listed Fraser and Neave Ltd's (F&N) food and beverage business after Thailand's TCC Assets Ltd and Thai Beverage PCL successfully acquired the control of F&N.

Kirin sold its 15 percent stake in F&N to TCC Assets after a Thai beer baron won a two-month bidding war with an Indonesian group, a major setback for the Japanese company to gain quick access to the market.

"There are a host of enthusiastic buyers, and sellers tend to be bullish," Masaaki Kitami, an analyst at Merrill Lynch Japan Securities Co, said of the intensifying competition for beverage-company acquisitions in that region. ($1 = 97.4750 Japanese yen)

(Additional reporting by Emi Emoto and Nathan Layne; Editing by Chris Gallagher)

Source: http://news.yahoo.com/suntory-set-price-4-8-billion-ipo-bolstering-040509583.html

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Lucrative long-hauls get boost at Paris Air Show

LE BOURGET, France (AP) ? Airbus and Boeing won pledges for big purchases of their lucrative long-haul wide-body jets at the Paris Air Show Monday, raising hopes that demand is recovering following the worldwide recession.

The global aviation event at Le Bourget airfield north of Paris is once again playing host to the rivalry between U.S.-based Boeing and France-based Airbus. After several years of success for their smaller models, the world's leading plane makers are hoping to get orders for the bigger, more expensive long-haul jets.

Ahead of the aerospace industry showcase, Airbus heavily promoted the A350 ? its first all-new plane in eight years. The A350 seats up to 440 and is Airbus' best chance to catch up with Boeing's 787 and 777, which carry up to 300 and 365 passengers respectively, in the race to sell planes used on long-haul flights.

Airbus hoped that the A350's short test flight last week would bring in potential customers at the show, especially after recent problems with Boeing's competing 787, dubbed the Dreamliner.

But for the crowds who slogged through torrential downpours, then steamy sun, there was no sight of the Airbus plane. With only four air hours logged, it was not yet approved for flight at Le Bourget's airfield.

The Dreamliner, by contrast, made a few passes above the airfield at Le Bourget, its silence providing a stark contrast to Monday's other showstopper: the Russian fighter the Su-35, which flew for the first time outside its home country.

As the order race got under way, Boeing said GECAS, the aircraft leasing arm of General Electric, has made a promise to buy 10 of its 787 jets. Those would be worth more than $2.4 billion at list prices, though customers often negotiate deep discounts. GECAS is ordering the new version of the 787, the 787-10X.

Qatar Airways also put in orders for Boeing's other long-haul aircraft, the Boeing 777.

Meanwhile, Airbus announced a potential order Monday for its superjumbo 800-passenger A380 jets, which have seen disappointing sales since launching because of the state of the global economy over the past few years. Doric Lease Corp. signed a memorandum of understanding for the purchase of 20 A380s. That deal, if confirmed, would be worth $8 billion at list prices.

Fernando Alonso, head of Airbus' flight test division, said Monday that the first A350 flight went exactly as the simulator had predicted, and just like Airbus planes currently in operation. That's a selling point for airlines reluctant to take the time or expense to retrain pilots.

At a time when fuel costs are a major concern for airlines, many have wondered if the A350, which makes extensive use of fuel-friendly lightweight carbon fiber, would give Airbus a jump on Boeing. But Ray Conner, chief executive of Boeing's civilian aircraft division, claimed Monday that its upcoming revamped 777 isn't that much heavier and that it has other advantages.

He told reporters that a wing redesign and improved engines will allow the plane to carry the same number of passengers "a lot farther."

"The A350-1000 will be a generation behind on engine technology," he said.

The most spectacular displays at the air show, though, are the demonstrations of fighter jets rocketing up toward space before diving back down gracefully. Russia is hoping its twin-engine multipurpose fighter, the Su-35, will clean up orders in the absence of American competition this year. American fighter jets are not on display for the first time in more than two decades because of budget cuts in Washington.

"It's two different trends between commercial aircraft and defense," said Eric Bernardini, a consultant with AlixPartners who follows the aerospace industry. "Commercial aircraft is booming."

Smaller planes dominated the last air show in Paris and also had a good showing Monday. Lufthansa confirmed its March deal for 100 planes in the smaller Airbus A320 family, Airbus said. And International Lease Finance Corporation made a firm order for 50 short-haul A320neo jets. At list prices, those deals together would be worth about $15 billion. Los Angeles-based ILFC is Airbus' biggest customer.

Brazilian Embraer, which makes smaller-capacity commercial jets, announced the sale of 215 of its new-generation planes, with an option for another 165. The bulk of the commitments ? 100 of the E175-E2 aircraft ? went to U.S. based regional airline SkyWest. The new planes have a list price of between $46 million and $60 million.

___

AP writer Sarah DiLorenzo in Le Bourget, France, contributed to this article.

___

Follow Lori Hinnant at https://twitter.com/lhinnant

Source: http://news.yahoo.com/lucrative-long-hauls-boost-paris-air-show-162635784.html

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Smarter Than C-3PO: Future Robots Will Work in Teams, Scientist Says

In the next few decades, teams of roving robots will take to the seas, the air and other hard-to-reach spots, communicating with one another and working to solve scientific problems, according to a Canadian scientist.

Such flotillas of smart machines could peer at coral reefs from underwater and in the air, or perhaps explore terrain that is difficult for humans to reach, said Gregory Dudek, research director of McGill University's mobile robotics laboratory in Montreal.

First, however, researchers will need to make sure the robots do not overwhelm the waiting humans with data. These robots should parse much of the information themselves and communicate the most interesting results to humans, sort of like a highlight reel from a sports game.

"It's getting a robot to go in some environment ? on the surface, under the water, on the moon, wherever ? and getting it to tell me what it sees," Dudek told the Canadian Science Writers' Association June 7 during its annual meeting.

One example, he said, could be an underwater robot that sends back the locations and types of coral that it views.

'This perception of C-3PO'

Last year, Dudek took on a new responsibility: leading the new NSERC Canadian Field Robotics Network. With the federal government and industry partners providing 5 million Canadian dollars ($4.91 million) in matching contributions, robotics scientists across Canada will work together on projects to advance research in the field.

This work will culminate in an annual field test, in which robots will rove together underwater or on land, for applications ranging from monitoring oil pipelines to making real-time iceberg warnings.

At the conference, Dudek showed a video of a robot that could adjust to walking from the beach to swimming in the nearby water. He said advances in the field are making these machines smarter and faster. For instance, robots can perform multiple functions at the same time: walking, analyzing and sending back information.

The public, however, "has this perception of C-3PO" from "Star Wars" when talking about robotics, so it is difficult to convey how exciting this really is to researchers, Dudek said.

Networks of robots will need to balance how often they will meet and how often they'll work, he added. Regular contact will be essential to ensuring one robot isn't doing all of the assignments. For example, if two machines are exploring the city of Montreal, and one were to stumble into a dead end, resources should be reallocated, Dudek said.

Meeting, however, could involve long-distance technologies ? the same ones as humans often use. Depending on the terrain, the robots could communicate using short-range radio, Bluetooth or even light beams. But talking shouldn't happen all the time, Dudek added.

"If we say, 'Let's meet very often,' it's not efficient, and you spend all your time in meetings," he said.

Follow Elizabeth Howell @howellspace, or LiveScience on Twitter @livescience. We're also on Facebook & Google+.

Copyright 2013 LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://news.yahoo.com/smarter-c-3po-future-robots-teams-scientist-says-143445186.html

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94% Blancanieves

All Critics (53) | Top Critics (14) | Fresh (49) | Rotten (3)

A sensual and sophisticated retelling of a beloved fairytale re-imagined as a homage to European silent cinema, Spanish writer-director Pablo Berger's black-and-white Blancanieves will leave you transfixed.

Most films are experiences to be ignored or at best forgotten. "Blancanieves" is a little classic to be treasured.

It is a full-bodied silent film of the sort that might have been made by the greatest directors of the 1920s, if such details as the kinky sadomasochism of this film's evil stepmother could have been slipped past the censors.

Blancanieves, which won 10 Goyas (Spain's equivalent of the Oscars) and was a smash hit in its native Spain, has traces of a kinky undertone and an uncommon willingness to embrace the darkness inherent in this fairy tale.

As if bewitched, the legend of Snow White is transferred to Seville in the early twentieth century and transformed into high melodrama.

Sensuous, mischievous, hotblooded retelling of the old Teutonic fairy tale.

The film is -- to understate the matter -- overconceptualized.

Like The Artist, Blancanieves is delightfully novel, but it also feels trapped by its innovative gimmickry.

A boldly conceived fairy tale from Spain

Succeeds in all its cinematic experiments

The story might be familiar, but Berger's film is so beautifully shot and so wonderfully scored - and so distinctively Spanish - that it stands as its own film.

Blancanieves holds to the structure, but not strictures, of the source fairy tale.

A new, purely silent movie from Spain that never once speaks and doesn't need to speak. What's more, it seems to get the infinite possibilities of silence, and how much passion can come from it.

Berger's film doesn't show loyalty to any traditional version of Snow White. Berger's Blancanieves takes a darker approach, which seems appropriate.

A completely enchanting fairy tale about the vicissitudes of fate, in live action and glorious black and white.

The fun in the Spanish "Blancanieves" is the way it plays with our expectations.

May not have much depth to its characters or particular surprise, but its lovely depiction of family's ability to harm and mend has the flair of flamenco and the sorrow of opera.

No, "Blancanieves" isn't subtle, but it's an unforgettable time at the movies.

Inspired filmmaking steeped in the imagery of silent film history, a dark Iberian strain of Roman Catholicism and the magic of fairy tales.

... lusty and heartfelt, fiery flamenco and spirited country jig. Don't go expecting a Disney-fied fable. Berger seasons with S&M and the kind of macabre touches you'd expect in vintage Browning or Bunuel.

If not for some faintly disturbing imagery and a pleasingly feminist heroine, you could mistake this for a movie actually made in the 1920s (and even those two factors weren't utterly unknown then).

A loving tribute to European silent films of the 1920s; a reminder that cinema need not be constrained by words.

By the time the film arrives at its grand theatrical finale, you're almost prepared for Berger's last great twist. Almost.

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Source: http://www.rottentomatoes.com/m/blancanieves/

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Silicon Valley Real Estate Update: The Craziest Market In The U.S. Just Got A Little Less Crazy

Editor?s note:Glenn Kelman is the CEO of Redfin, a technology-powered real estate broker backed by Madrona Venture Group and Greylock Partners. Well what do you know! After writing on TechCrunch for the past year about how Silicon Valley?s Gatsbyesque wealth couldn?t find much real estate to buy, Bay Area inventory is up. Bidding wars are down. And rising rates are squeezing buyers who have to borrow money. Below is Redfin?s quarterly rundown of what?s happening in Silicon Valley real estate.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/m3EH2Qeuj_8/

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Security Psychology And Why Even Messy Numbers Of Government Data Demands Are Valuable

People assume the worst. So when it comes to counting government "requests" for private data, a hard number, even a high number, is far better than the fear of infinity. That's why tech giants are fighting to show they aren't open books surrendered to the NSA. They want to prove only the suspicious are spied upon.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/PnGglyGfVBs/

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Bloomberg: Thousands of Firms Actually Share Data With US Agencies

Bloomberg is reporting that the recent NSA Prism scandal is just a tiny scratch on the privacy surface. Citing "four people familiar with the process", the agency claims that in fact thousands of technology, finance and manufacturing companies work with US national security agencies.

In return for providing "sensitive information", Bloomberg claims these companies receive benefits "that include access to classified intelligence." The news agency explains that many internet and telecom companies don't just hand over the details of their customers' private communications, but also details like equipment specifications, too.

While there's no list of named companies the article does claims that "makers of hardware and software, banks, Internet security providers, satellite telecommunications companies and many other companies" all participate in government programs to supply data. It goes on to explain that the data is often used to both defend the nation and attack others.

It explains, for instance, how Microsoft gives government agencies a heads-up when it comes to bug fixes?and two sources describe how the news is used to exploit vulnerabilities in software sold to foreign governments. There are plenty of other examples given in the Bloomberg piece.

The overall message? Data sharing by high-powered organizations is rife and currently unstoppable. While that's not to say it's always a bad thing?clearly, if it can help maintain the security of the US, we should be happy?it fosters a mentality where data is just another commodity. Regardless of whose it is. [Bloomberg]

Image by Tischenko Irina/Shutterstock

Source: http://gizmodo.com/bloomberg-us-agencies-actually-share-data-with-thousan-513341290

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