E Tightening Impact

It concludes that the trend is your friend, however. Hebba expects boosted output in H2 to further cut costs/oz.

*Delays in approvals for oil-by-rail links from the Bakken fields to Oregon and Washington ports favor the pipeline alternative. This is good news for our Veresen and its partners. Unlike the company's own releases, which are banned from distribution in the USA, the oil and gas industry's API SmartBrief goes out to journalists here. FCGYF also gains from announcing an August dividend of C$0.0833/sh and again Canadians will be able to reinvest this at a 5% discount, not open to US shareholders.

*Cameco was slashed to market perform from outperform by brokerage Cowen & Co. CCJ mines uranium in Canada. The targe price is now $20, vs $25. The share is marginally over that level.

*Goldman Sachs in a paper on Russian telcos slashed Yandex to neutral from overweight because of concerns over its cost of capital and high p/e ratio. However, it also wrote that YNDX will benefit from monetization and growth of ads in Russia, and its “contextual ads” will be be “relatively immune to macro headwinds.” While Yandex is Dutch, it has a priority shareholder, Sberbank, which is on the western sanctions list over Ukraine where it also offers search services.

*Veolia is up sharply today on big volume. This may be a further result of VE Euroland water and sewage revenues rising as recovery inches up in its key markets, or perhaps merely the hope that this will occur.

*Abengoa SA common (not the yield shares) are up ~5% today on huge volumes, perhaps for the same reason. Our Frida Ghitis wrote up ABGB which is from Spain.

*Another Frida stock, Australian miner Orocobre, which is developing a lithium mines in Argentina, is up 9% so far today. OROCF is benefiting from a sagging Argentine peso which is the currency in which it incurs costs.

*As promised, your editor bought more China Chaintech, CTEK, at 92 UK pence.

*Treasury Wine Estates which we sold is a target for takeover. But it is losing money. In its FY 2013-4 to end June it lost A$101 mn (US$94 mn) because of collapsing Chinese demand and US wine glut. It was spun out by Foster's, the beer firm.

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